Group 1 - The stock price of Aotwei decreased by 2.02% on October 16, trading at 44.60 CNY per share, with a total market capitalization of 14.058 billion CNY [1] - Aotwei's main business revenue composition includes photovoltaic equipment (78.86%), transformation and other main businesses (13.61%), lithium battery equipment (5.20%), semiconductor (2.13%), and others (0.19%) [1] - The company has seen a stock price increase of 8.23% year-to-date, but a decline of 12.19% over the last five trading days [1] Group 2 - As of June 30, Aotwei reported a total revenue of 3.379 billion CNY for the first half of 2025, a year-on-year decrease of 23.50%, and a net profit of 308 million CNY, down 60.00% year-on-year [2] - Aotwei has distributed a total of 1.884 billion CNY in dividends since its A-share listing, with 1.627 billion CNY distributed over the past three years [3] - The number of shareholders decreased by 4.86% to 19,200 as of June 30, with an increase of 5.32% in the average circulating shares per person [2]

Core Viewpoint - The company, Aotwei, primarily supplies lithium battery equipment to domestic customers as of October 15 [1] Group 1 - Aotwei's lithium battery equipment is mainly focused on the domestic market [1]

Group 1 - The company has announced a collaboration with a well-known solid-state battery manufacturer and has already shipped solid-state battery equipment [1]

Core Viewpoint - The company, Aotwei (688516.SH), stated that its lithium battery equipment primarily serves domestic customers and that the General Administration of Customs' Document No. 58 of 2025 has little impact on the company's lithium battery equipment [1] Summary by Category - **Company Operations** - Aotwei's lithium battery equipment is mainly supplied to domestic clients [1] - **Regulatory Impact** - The General Administration of Customs' Document No. 58 of 2025 does not significantly affect the company's lithium battery equipment [1]

Core Viewpoint - The company, Aotwei (688516.SH), stated that its lithium battery equipment primarily serves domestic customers and that the General Administration of Customs' Document No. 58 of 2025 has little impact on its operations [1] Group 1 - Aotwei's lithium battery equipment is mainly supplied to domestic clients [1] - The impact of the General Administration of Customs' Document No. 58 of 2025 on the company's lithium battery equipment is minimal [1]

Core Viewpoint - The company, Aotewei, announced that it has no overdue guarantees, indicating a stable financial position and risk management strategy [2] Summary by Category Company Announcement - Aotewei released a statement on the evening of October 10, confirming that there are no overdue guarantees [2]

Group 1 - The company, Aotwei, announced that as of the disclosure date, the total guarantees provided for its consolidated subsidiaries amount to approximately 1.727 billion yuan, which represents 41.84% of the company's latest audited net assets and 12.31% of total assets [1] - For the year 2024, the revenue composition of Aotwei is as follows: equipment manufacturing accounts for 89.98%, renovation and other services account for 9.84%, and other businesses account for 0.18% [1] - As of the report date, Aotwei's market capitalization is 15.3 billion yuan [1]

证券代码：688516 证券简称：奥特维 公告编号：2025-104 转债代码：118042 转债简称：奥维转债 无锡奥特维科技股份有限公司 关于注销部分募集资金专项账户的公告 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、准确性和完整性依 法承担法律责任。 无锡奥特维科技股份有限公司（以下简称"公司"或"奥特维"） 向特定对象发行股票、向不特定对象发行可转换公司债券募集资金按 照相关法律、法规、规范性文件的规定在银行开立了募集资金专项账 户。鉴于公司向特定对象发行股票募集资金部分募投项目已经结项并 将节余募集资金永久补充流动资金，近日，公司办理完成了部分募集 资金专项账户的注销手续，具体情况如下： 一、 募集资金基本情况 1、2022年公司向特定对象发行股票 根据中国证券监督管理委员会"证监许可〔2022〕1250号"文《关 于同意无锡奥特维科技股份有限公司向特定对象发行股票注册的批 复》的核准，并经上海证券交易所同意，公司向特定投资者葛志勇发 行人民币普通股（A股）770.46万股，每股面值1.00元，每股发行价 格为68.79元。本次非公开发行募集 ...

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： 证券代码：688516 证券简称：奥特维 公告编号：2025-103 转债代码:118042 转债简称：奥维转债 无锡奥特维科技股份有限公司 关于为子公司提供担保的公告 | | | 被担保人名称 | 司 | 无锡奥特维科芯半导体技术有限公 | | --- | --- | --- | --- | --- | | | | 本次担保金额 | 1,000.00 万元 | | | 担 | 保 对 | | | | | 象 | | 实际为其提供的担保余额 | 2,700.00 万元 | | | | | 是否在前期预计额度内 | □否 ☑是 | □不适用：_________ | | | | 本次担保是否有反担保 | ☑是 □否 | □不适用：_________ | | 担 | 保 对 | 被担保人名称 | | 无锡唯因特数据技术有限公司 | | | | 本次担保金额 | 3,000.00 万元 | | | 象 | | 实际为其提供的担保余额 | 8,800.00 万元 | | ...

Summary of Conference Call Notes Industry Overview - **Industry**: China Industrials, specifically focusing on New Energy Equipment - **Key Focus**: Lithium-ion battery (LiB) equipment and solar equipment orders Core Insights - **LiB Equipment Orders**: - Expected to show positive quarter-over-quarter (QoQ) growth in 3Q25 due to strong demand for energy storage systems (ESS) and recovery in industry utilization [6][8] - Wuxi Lead Intelligent anticipates new orders to rise over 40% year-over-year (YoY) in 3Q25, aiming for a full-year growth target of over 30% in 2025 [8] - Zhejiang Hangke Technology also expects QoQ improvement in new orders, maintaining a 30% growth target for 2025 [8] - **Solar Equipment Orders**: - New orders for solar equipment were either zero or very limited for most players in 3Q25, indicating a significant downturn [6][8] - DR Laser is an exception, expecting intact orders for BC cells to offset weak demand for TOPCon equipment [6][8] - **Gross Profit Margin (GPM)**: - GPM is under pressure due to legacy low-margin orders and a low overseas order mix, but is expected to recover alongside revenue recognition [6][8] Company-Specific Insights - **Wuxi Lead Intelligent (300450.SZ)**: - New orders expected to rise >40% YoY in 3Q25, with modest sales recovery but ongoing GPM pressure [8] - **Zhejiang Hangke Technology (688006.SS)**: - Similar expectations for new orders and GPM pressure as Wuxi Lead [8] - **DR Laser (300776.SZ)**: - Anticipates stable GPM with a higher mix of BC equipment despite slowing sales growth [8] - **Wuxi Autowell Technology Co Ltd (688516.SS)** and **Shenzhen SC New Energy Technology Corp (300724.SZ)**: - Both companies are facing muted solar equipment orders and ongoing sales/NP pressure due to global overcapacity [8] - **Suzhou Maxwell Technologies Co Ltd (300751.SZ)**: - Semi equipment orders are in line with targets, but limited HJT orders are expected due to overcapacity [8] - **Jingsheng Mechanical & Electrical Co (300316.SZ)**: - Likely downside surprise in SiC substrate orders due to high costs and complexity [8] Additional Considerations - **Market Sentiment**: - The market has largely priced in the muted solar equipment orders, reflecting cautious downstream capital expenditure during the downcycle [8] - **Future Outlook**: - Further shortfalls in solar equipment orders are expected into 3Q25, with intensified overcapacity in the solar wafer process, indicating downside risks to fundamentals into 2H26 [8] Conclusion - The conference call highlighted a mixed outlook for the China Industrials sector, with LiB equipment players showing signs of recovery while solar equipment orders face significant challenges. The focus remains on the recovery of GPM and the impact of global market conditions on future orders.