Core Viewpoint - The strategic cooperation between Liyuanheng and Zhongyuan Special Steel focuses on solid-state battery technology and aims to enhance the efficiency of equipment delivery in this sector [5][7]. Group 1: Strategic Cooperation - Liyuanheng and Zhongyuan Special Steel signed a strategic cooperation agreement to deepen collaboration in the field of solid-state battery and static pressure equipment [4][5]. - The partnership aims to establish a strategic relationship based on business openness, technical mutual promotion, resource sharing, and mutual benefits [6][7]. - A joint laboratory will be established to combine Liyuanheng's battery process know-how with Zhongyuan Special Steel's expertise in special materials and pressure vessel design [6]. Group 2: Technological Development - The primary task of the joint laboratory is to develop a new generation of high-efficiency and high-uniformity static pressure equipment to address interface impedance issues in high-pressure forming of solid electrolytes and electrode materials [6]. - This collaboration is expected to accelerate the industrialization of solid-state batteries by integrating technology and resources [7]. Group 3: Industry Positioning - Liyuanheng is recognized as a leading enterprise in the global intelligent equipment sector, with capabilities in various solid-state battery equipment [5]. - Zhongyuan Special Steel is the largest manufacturer of high-quality special steel forgings in China, with nearly 30 years of experience in producing ultra-high-pressure vessels [6].

证券代码：688499 证券简称：利元亨 公告编号：2025-063 广东利元亨智能装备股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/2/28，由实际控制人、董事长、总裁周俊雄 先生提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 年 月 2025 2 | 27 | 日~2026 | 2 | 26 | 日 | | 预计回购金额 | 3,000 万元~4,000 万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,413,421 股 | | | | | | | 累计已回购股数占总股本比 | 0.8377% | ...

Group 1 - The 12th China (Suzhou) Battery New Energy Industry International Summit Forum will be held from November 11 to 13, 2025, organized by the Zhongguancun New Battery Technology Innovation Alliance and ABEC Committee [1] - The event will feature the 15th Annual Awards Ceremony for the Chinese Battery Industry, including awards for Industry Person of the Year, Innovation Award, Growth Potential Award, and Outstanding Supplier Award [1] - The forum will attract participants from the entire battery new energy industry chain, including upstream and downstream sectors [1] Group 2 - Guangdong Liyuanheng Intelligent Equipment Co., Ltd. has successfully developed a complete production process for solid-state batteries, capable of adapting to various types of equipment [3] - The company has delivered solid-state battery production line projects to leading automotive manufacturers [3] - Liyuanheng has maintained a research and development investment ratio of over 11% for many years and holds over 4,000 intellectual property rights globally [3]

Core Viewpoint - The 2025 (15th) Gaogong Lithium Battery Annual Conference will focus on the high-quality development of the lithium battery industry, emphasizing the importance of intelligent equipment and digital solutions in driving industry transformation [2][4]. Group 1: Event Details - The conference will take place from November 18 to 20, 2025, at the JW Marriott Hotel in Shenzhen Qianhai Huacheng [2]. - Key sponsors include Hai Moxing Laser, Dazhu Lithium Battery, and several other companies in the lithium battery sector [2]. Group 2: Company Insights - Liyuanheng, represented by Vice Chairman Lu Miao, aims to drive lithium battery manufacturing upgrades and empower global green energy through a comprehensive industrial model that includes core technology R&D, intelligent equipment manufacturing, and full-process digital services [2][3]. - The company focuses on long-term capabilities rather than short-term revenue, emphasizing the importance of strong and precise intelligent equipment to empower extreme manufacturing in the technology industry [3]. Group 3: Industry Outlook - The lithium battery industry has seen significant advancements in technology, talent, and product quality over the past 15 years, supported by national strategic guidance, leading to a complete industrial ecosystem [3]. - The vast Chinese market and the abundance of engineering talent present significant opportunities for the equipment industry, indicating that the sector still has considerable potential for growth [3].

Group 1 - The STAR Market indices showed positive performance, with the STAR 50 Index rising by 1.2%, STAR 100 Index and STAR Composite Index both increasing by 0.9%, and the STAR Growth Index up by 0.8% [1] - The photovoltaic sector experienced a significant surge, with notable stocks such as Aters reaching the daily limit, and Trina Solar, Goodwe, and Airo Energy rising over 10%. Jinko Solar, Daqo Energy, and YN Energy also saw increases of over 7% [1] - The solid-state battery sector also performed well, with Xiamen Tungsten New Energy rising over 9%, Hangke Technology up over 8%, and Jiayuan Technology and Liyuanheng increasing by over 4% [1] Group 2 - Small innovative enterprises in the electronic and pharmaceutical sectors accounted for over 80% of the market, indicating a high concentration in these industries [5] - The STAR Composite Index ETF by E Fund tracks the STAR Composite Index, which encompasses all market securities on the STAR Market, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [7] - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, highlighting a strong growth style with a significant representation from the electronic and pharmaceutical sectors [7]

Core Insights - Liyuanheng's stock price increased by 5.23% to 62.59 CNY per share, with a trading volume of 419 million CNY and a turnover rate of 4.06%, resulting in a total market capitalization of 10.561 billion CNY [1] Group 1: Company Overview - Liyuanheng Intelligent Equipment Co., Ltd. was established on November 19, 2014, and went public on July 1, 2021 [1] - The company specializes in the research, production, and sales of intelligent manufacturing equipment, providing high-end equipment and factory automation solutions for industries such as lithium batteries, automotive parts, precision electronics, security, and rail transportation [1] - The revenue composition of the company's main business includes: 80.56% from lithium battery manufacturing equipment, 12.23% from value-added accessories and services, 3.62% from intelligent warehousing equipment, 2.72% from automotive parts manufacturing equipment, and 0.87% from equipment in other fields [1] Group 2: Shareholder Information - E Fund's ETF, the E Fund National Robot Industry ETF (159530), entered the top ten circulating shareholders of Liyuanheng in the third quarter, holding 1.8612 million shares, which is 1.1% of the circulating shares [2] - The ETF has a current scale of 13.315 billion CNY and has achieved a year-to-date return of 34.63%, ranking 1413 out of 4216 in its category [2] - Over the past year, the ETF has returned 40.89%, ranking 999 out of 3877 in its category, and since its inception, it has achieved a return of 56.18% [2]

Core Viewpoint - Liyuanheng has shown significant stock performance with a year-to-date increase of 171.35%, despite recent fluctuations in trading volume and price [1][2]. Group 1: Stock Performance - As of October 29, Liyuanheng's stock price reached 60.70 CNY per share, with a market capitalization of 10.242 billion CNY [1]. - The stock has experienced a 4.37% increase over the last five trading days, but a 16.38% decrease over the past 20 days [1]. - The company has appeared on the stock market's "龙虎榜" four times this year, with the latest occurrence on September 8 [1]. Group 2: Financial Performance - For the period from January to September 2025, Liyuanheng reported a revenue of 2.424 billion CNY, reflecting a year-on-year growth of 4.37% [2]. - The net profit attributable to shareholders for the same period was 47.4929 million CNY, marking a substantial increase of 109.14% year-on-year [2]. Group 3: Shareholder and Dividend Information - As of September 30, 2025, the number of Liyuanheng shareholders increased by 9.92% to 24,600, while the average number of circulating shares per shareholder decreased by 9.02% to 6,861 shares [2][3]. - Since its A-share listing, Liyuanheng has distributed a total of 87.2418 million CNY in dividends, with 35.3218 million CNY distributed over the last three years [3]. - Notable new institutional shareholders include E Fund National Robot Industry ETF and Dongfang Alpha Industry Pioneer Mixed A, which have recently entered the top ten circulating shareholders [3].

Industry Overview - The lithium battery industry is entering a new high prosperity cycle, with equipment companies reporting new signed and backlog orders exceeding 30 billion yuan in the first half of 2025, reflecting a year-on-year growth rate of 70% to 80% [2][3] - The expansion cycle in the battery sector has fully commenced, indicating robust growth prospects for the industry [2] Company Highlights - Liyuanheng will attend the conference and deliver a keynote speech, showcasing its breakthroughs in lithium battery intelligent equipment [3] - In the first half of 2025, Liyuanheng invested 156 million yuan in R&D, accounting for 10.22% of its revenue, which supports its technological innovation [3] - The company achieved a net profit of 33.41 million yuan, successfully turning a profit, with a comprehensive gross margin increase of 2.64 percentage points [3] - Liyuanheng's operating cash flow reached 224 million yuan, indicating improved operational quality [3] - The company experienced a tenfold increase in order amounts in the intelligent warehousing sector and secured significant orders in emerging fields such as AI computing power servers [3] - Liyuanheng is making steady progress in expanding its overseas market, with its production base in Poland achieving localized production [3] Event Details - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen Qianhai [2][4] - The event will include the 15th anniversary celebration and the High-tech Golden Ball Award ceremony, along with the release of a blue paper and themed sessions addressing industry concerns [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [10]. Core Views - The company has shown significant recovery in its third-quarter performance for 2025, with a year-on-year revenue increase of 4.37% to 2.424 billion yuan and a return to profitability with a net profit of 47 million yuan [4]. - The strong demand for consumer lithium battery equipment is driven by the recovery in production rates among leading domestic battery manufacturers and the introduction of innovative battery technologies in new smartphone models [6]. - The company has made substantial progress in solid-state battery equipment technology, establishing itself as a leader in the industry with successful collaborations and ongoing projects with over 30 clients [7]. Financial Performance - In Q3 2025, the company achieved a revenue of 895 million yuan, reflecting a year-on-year growth of 90.63% and a quarter-on-quarter increase of 9.93% [4]. - The gross margin for the first three quarters of 2025 was 25.11%, an increase of 4.06 percentage points year-on-year, while the net margin improved to 1.92%, up 24.4 percentage points year-on-year [5]. - The company has effectively reduced its operating expenses, leading to a total expense ratio decrease of 13.33 percentage points [5]. Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 3.203 billion yuan, 3.945 billion yuan, and 4.790 billion yuan, respectively, with year-on-year growth rates of 29.06%, 23.16%, and 21.40% [8]. - The forecasted net profits for the same period are 80 million yuan, 162 million yuan, and 211 million yuan, with substantial growth rates of 107.66%, 103.13%, and 30.06% [8].

Core Viewpoint - The article highlights the significance of the 2025 High-Performance Lithium Battery Annual Conference and the ongoing selection process for the High-Performance Golden Ball Award, which serves as a benchmark for the lithium battery industry in China, showcasing innovation and excellence in the sector [2][3]. Group 1: Event Overview - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event is organized by GGII and features various sponsors, including Hai Moxing Laser and Dazhu Lithium Battery [2]. Group 2: Industry Participants - Over 160 companies are participating in the 2025 Golden Ball Award selection, which aims to recognize credible products and brands within the lithium battery industry [2]. - Notable participants include Guangdong Liyuanheng Intelligent Equipment Co., Ltd., which is recognized as a leader in lithium battery intelligent equipment [3]. Group 3: Company Highlights - Liyuanheng has established a strong market presence by partnering with top global battery manufacturers, achieving a leading market share in critical manufacturing processes [3]. - The company emphasizes technological innovation, having made significant advancements in all-solid-state battery technology and integrating AI with industrial internet to enhance production efficiency [4]. - Liyuanheng also plays a crucial role in building the industry ecosystem by providing comprehensive solutions that lower technical barriers for new entrants [4]. Group 4: Sustainability Efforts - Liyuanheng incorporates green principles into its products, achieving over 90% energy recovery efficiency with its integrated formation and capacity machine, contributing to the industry's carbon footprint reduction [5]. Group 5: Financial Performance of Other Companies - GreenMei reported a revenue of 6.467 billion yuan from its key metal resource recycling business, a 2.56% increase year-on-year, and 10.226 billion yuan from its new energy battery materials business, reflecting a 0.56% growth [7]. - Aochuang Technology, established in 2020, focuses on developing composite materials for battery safety, with a production capacity of 2 million square meters of fire-resistant materials [9]. Group 6: Innovations in Materials - Jiangsu Yinglian Composite Current Collector Co., Ltd. is developing ultra-thin composite current collectors that enhance battery energy density by 5%-10%, addressing safety concerns during short circuits [12]. - Beijing North Huachuang Vacuum Technology Co., Ltd. has introduced the eMeridian series of PVD equipment, which supports the production of high-performance composite current collectors, enhancing manufacturing efficiency and reducing costs [15].