Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The report maintains a positive outlook on the company's performance, particularly in the context of the recovery in the power lithium battery sector and advancements in solid-state battery technology [2][3] - The company achieved a revenue of 1.53 billion yuan in H1 2025, representing a year-on-year increase of 5%, while the net profit attributable to shareholders was 58 million yuan, up 14% year-on-year [1] - The report anticipates revenue growth to 3.64 billion yuan in 2025, 4.94 billion yuan in 2026, and 6.03 billion yuan in 2027, with net profits projected at 327.65 million yuan, 450.78 million yuan, and 569.36 million yuan respectively [3] Financial Performance Summary - In H1 2025, the gross margin was 27%, down 3 percentage points year-on-year, while the net profit margin was 3.8%, remaining stable year-on-year [1] - For Q2 2025, the company reported a revenue of 660 million yuan, a decrease of 9% year-on-year, and a net profit of 11 million yuan, down 52% year-on-year [1] - The company has a total market capitalization of 7.51 billion yuan and a current price of 22 yuan per share [6] Revenue Structure and Product Development - The revenue structure indicates that 80% of H1 2025 revenue came from power lithium batteries, with expectations for improvement as the industry recovers and production capacity utilization stabilizes [2] - The company has completed the development of several new products, including a titanium alloy large shell welding process and multi-beam cutting technology, which have shown a 50% increase in equipment efficiency [2][3] - The company is also collaborating with leading industry players to develop solid-state battery production equipment, having delivered several production lines in H1 2025 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 1.533 billion yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 58 million yuan, up 13.16% year-on-year [4][7] - The lithium battery business is showing signs of recovery, with increasing demand from leading customers and new technology developments in solid-state batteries [7] - The consumer electronics segment is expected to grow, with new projects in the pipeline and successful delivery of welding equipment for steel shell batteries [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.385 billion yuan, with a year-on-year growth rate of 7.5% [6] - Net profit attributable to shareholders is projected to be 307 million yuan in 2025, representing an 85.6% year-on-year increase [6] - The gross profit margin is expected to improve, with non-lithium battery businesses, particularly in consumer electronics, contributing to overall profit structure enhancement [7]

Group 1 - The core viewpoint of the news is that 联赢激光 (688518.SH) has reported its semi-annual results for 2025, revealing significant details about institutional ownership and changes in shareholding among public funds [1][2] - As of August 22, 2025, a total of 31 institutional investors hold shares in 联赢激光, with a combined holding of 39.2387 million shares, representing 11.50% of the total share capital [1] - The top ten institutional investors account for 10.86% of the total shares, with a decrease of 2.25 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, 金鹰科技创新股票A, with an increase ratio of 0.41% [2] - Two new public funds disclosed their holdings this quarter, including 兴全商业模式混合(LOF)A and 南华丰淳混合A [2] - Eleven public funds were not disclosed in this quarter compared to the previous quarter, including notable funds like 景顺长城新能源产业股票A类 and 广发科创主题灵活配置混合(LOF) [2]

Core Viewpoint - Shenzhen United Winners Laser Co., Ltd. reported a revenue of approximately 1.53 billion RMB for the first half of 2025, reflecting a year-on-year increase of 5.30%, while the total profit decreased by 14.24% due to lower gross margins and reduced other income [2][3][10]. Company Overview and Financial Indicators - The company is a leading manufacturer in the laser welding equipment industry, focusing on high-end equipment manufacturing, particularly in laser processing technology [4][6]. - The company achieved a net profit attributable to shareholders of approximately 57.92 million RMB, an increase of 13.16% compared to the previous year [3][10]. - The total assets of the company reached approximately 7.66 billion RMB, marking an 8.73% increase from the previous year [2][3]. Industry and Main Business Situation - The laser welding equipment industry is experiencing growth due to increased applications in sectors such as power and energy storage batteries, automotive, and consumer electronics [4][5]. - The market for laser welding equipment in China is projected to grow, with sales expected to reach approximately 12.5 billion RMB in 2025, up from 12.25 billion RMB in 2024 [4][5]. - The demand for laser welding technology is driven by the need for higher production efficiency and product quality in traditional industries undergoing transformation [5][6]. Competitive Position and Market Share - The company holds a significant market share in the laser welding equipment sector, with approximately 34% in 2022 and 26% in 2023 [7]. - The company has established strong relationships with leading clients in the lithium battery and consumer electronics sectors, enhancing its competitive edge [7][11]. Research and Development - The company invested approximately 119.28 million RMB in R&D, accounting for 7.78% of its revenue, focusing on developing new products and technologies to meet market demands [11][12]. - The company has developed several core technologies, including real-time laser energy control and multi-wavelength coaxial composite welding technology, which are recognized as industry-leading innovations [14][15][17]. Future Outlook - The company anticipates continued growth in the laser welding equipment market, particularly in the lithium battery sector, as major clients expand production capacity [11][12]. - The introduction of new technologies and products, such as those for solid-state battery production, is expected to drive future revenue growth [11][12].

Core Viewpoint - Shenzhen Lianying Laser Co., Ltd. reported a revenue increase of 5.30% year-on-year for the first half of 2025, but a decline in total profit by 14.24% compared to the previous year [1][2]. Financial Summary - Total assets at the end of the reporting period reached approximately 7.66 billion RMB, an increase of 8.73% from the end of the previous year [1]. - Operating revenue for the reporting period was approximately 1.53 billion RMB, compared to approximately 1.46 billion RMB in the same period last year [1]. - Total profit amounted to approximately 47.37 million RMB, down from approximately 55.23 million RMB year-on-year [1]. - Net profit attributable to shareholders of the listed company was approximately 42.46 million RMB, reflecting a 10.52% increase from approximately 38.42 million RMB in the previous year [1]. - The net cash flow from operating activities was not specified in the provided data [1]. Shareholder Information - The total number of shareholders as of the reporting period was 16,213 [2]. - The largest shareholder, Han Jinlong, holds 8.42% of the shares, amounting to 28,724,356 shares [2]. - Other significant shareholders include Niu Zengqiang with 3.79% and Shenzhen Huitong Jinkong Fund with 2.71% [2][3].

Meeting Overview - The fifth session of the supervisory board of Shenzhen Lianying Laser Co., Ltd. was held on August 22, 2025, combining on-site and remote voting methods [1] - The meeting notification was sent to all supervisors on August 12, 2025, in written and electronic formats [1] - The attendance of supervisors at the meeting complied with relevant laws, regulations, and the company's articles of association [1] Supervisory Board Resolutions - The supervisory board unanimously agreed that the preparation and review of the company's 2025 semi-annual report comply with the Company Law, Securities Law, Information Disclosure Content and Format Standards, and the company's articles of association [1] - The supervisory board confirmed that the information disclosed in the 2025 semi-annual report is true, accurate, and complete, with no false records, misleading statements, or significant omissions [1] - Voting results were unanimous with 3 votes in favor, 0 against, and 0 abstentions [1] Additional Information - Details regarding the special report on the use of raised funds for the first half of 2025 can be found on the Shanghai Stock Exchange website [2]

Core Viewpoint - Shenzhen Lianying Laser Co., Ltd. is focused on enhancing operational efficiency and market competitiveness through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, which aims to safeguard investor rights and improve overall company performance [1][12]. Group 1: Business Performance - The company achieved operating revenue of 153.34 million yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 57.92 million yuan, up 13.16% compared to the previous year [2]. - The gross profit margin for the reporting period was 27.32%, a decrease of 1.46 percentage points, primarily due to nearly 80% of revenue coming from the lithium battery industry [2][3]. Group 2: Innovation and Development - The company is a leading supplier of precision laser welding equipment and automation solutions, focusing on R&D and innovation to drive growth [1]. - During the reporting period, the company invested 11.93 million yuan in R&D, accounting for 7.78% of operating revenue, and added 108 patent applications, including 36 invention patents [4][5]. Group 3: Market Expansion - The company is expanding its non-lithium battery business while optimizing its business structure, with a strong performance in the consumer electronics sector [3][5]. - The company has successfully developed and delivered new laser welding equipment for solid-state battery production, meeting the needs of industry-leading clients [5]. Group 4: Operational Efficiency - The company has implemented standardized systems and improved procurement processes, resulting in reduced costs and shorter procurement cycles [6]. - The net cash flow from operating activities was 69.86 million yuan, showing a significant improvement compared to the previous year [7]. Group 5: Shareholder Returns - The company has distributed cash dividends of 1.50 yuan per 10 shares, totaling 51.20 million yuan, reflecting its commitment to shareholder returns [7]. Group 6: Corporate Governance - The company has strengthened its governance structure and compliance, holding multiple board meetings and enhancing the training of key personnel [8][10]. Group 7: Social Responsibility - The company actively fulfills its social responsibilities by providing high-quality products to industries such as new energy vehicles and battery storage, and by collaborating with educational institutions to cultivate talent [10][11]. Group 8: Investor Relations - The company has improved its information disclosure practices and engaged with investors through meetings and Q&A sessions, enhancing transparency and trust [12].

Fundraising Overview - The company raised a total of RMB 52,907.59 million from its initial public offering (IPO) by issuing 74.8 million shares at RMB 7.07 per share, with the funds deposited into a regulatory account on June 1, 2020 [1] - In a subsequent private placement, the company raised RMB 98,999.99 million by issuing 36,330,275 shares at RMB 27.25 per share, with net proceeds of RMB 97,292.58 million after deducting underwriting fees [1][2] Fund Utilization and Balance - As of June 30, 2025, the actual usage and balance of the raised funds are as follows: - For the IPO: Net proceeds of RMB 49,890.55 million, with RMB 47,861.87 million used for investment projects and RMB 4,466.53 million remaining [1] - For the private placement: Net proceeds of RMB 97,292.58 million, with RMB 85,989.82 million used for investment projects and RMB 13,976.80 million remaining [1][3] Fund Management Practices - The company has established a dedicated fund management system in compliance with relevant laws and regulations, including the establishment of special bank accounts for fund storage and management [1][3] - The company signed tripartite and quadripartite supervision agreements with banks and sponsors to ensure proper management of the raised funds [2][4] Cash Management of Idle Funds - The company has approved the use of temporarily idle funds for cash management, allowing for investments in low-risk, liquid financial products, with a maximum of RMB 60,000 million allocated for such purposes [3][5] - As of June 30, 2025, the balance of idle funds used for cash management was zero, indicating effective utilization of the raised funds [5] Project Implementation and Adjustments - The company has not reported any early investments or replacements of funds for investment projects during the reporting period [3][6] - There have been no changes in the use of raised funds for ongoing or new projects, nor any transfer or replacement of investment projects [7][8] Compliance and Disclosure - The company has adhered to the regulatory requirements for the management and use of raised funds, ensuring timely and accurate disclosure of fund storage and usage [7][8]

Core Viewpoint - Lianying Laser (688518.SH) reported a revenue of 1.533 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.3% [1] - The net profit attributable to shareholders reached 57.9186 million yuan, marking a year-on-year increase of 13.16% [1] - The basic earnings per share stood at 0.17 yuan [1] Financial Performance - Revenue for the first half of 2025: 1.533 billion yuan, up 5.3% year-on-year [1] - Net profit attributable to shareholders: 57.9186 million yuan, up 13.16% year-on-year [1] - Basic earnings per share: 0.17 yuan [1]

证券代码：688518 证券简称：联赢激光 公告编号:2025-022 深圳市联赢激光股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 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。 2、根据中国证券监督管理委员会《关于同意深圳市联赢激光股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2022〕2965号）文核准，并经上 海证券交易所同意，公司由主承销商中信证券股份有限公司采用竞价方式，向特 定对象非公开发行股票36,330,275万股，发行价为每股人民币27.25元，共计募集 资金98,999.99万元，坐扣承销和保荐费用1,435.50万元后的募集资金为97,564.49 万元，已由主承销商中信证券股份有限公司于2023年1月17日汇入公司募集资金 监管账户。另减除申报会计师费、律师费、印花税等与发行权益性证券直接相关 1 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 1、根据中国证券监督管理委员会《关于同意深圳市联赢激光股份有限公司 首次公开发行股票注册的批复》（证监许可〔2020 ...