深圳市联赢激光股份有限公司 关于 2025 年度"提质增效重回报"行动方案 的半年度评估报告 为践行"投资者为本"的发展理念，进一步提升公司经营效率，强化市场竞争 力，保障投资者权益，深圳市联赢激光股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日披露了 2025 年度"提质增效重回报"行动方案，公司根据行动方案 内容开展和落实各项工作，现将 2025 年上半年实施情况报告如下： 2、持续研发投入，创新驱动发展 公司坚持以市场需求为导向，通过研发创新驱动未来发展。报告期内，公司 严格控制期间费用支出，但仍然保持高比例的研发投入，投入研发费用 11,928.18 万元，研发费用占营业收入比例为7.78%。截至报告期末，公司研发人员数量1,915 人，占比 40.54%。 报告期内，公司新增申请专利 108 项，其中发明专利 36 项；新增申请软件 著作权 16 项；截至报告期末，公司新增获得有效专利 43 项，其中发明专利 4 项；新增获得软件著作权 12 项。报告期内，公司凭借"一种随动式环形滑轨自 动送料装置"的发明专利荣获"第二十五届中国专利优秀奖"。 报告期内，公司完成了 300W/50 ...

证券代码：688518 证券简称：联赢激光 公告编号：2025-021 深圳市联赢激光股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 1 本议案所述内容详见公司刊登在上海证券交易所网站（www.sse.com.cn）的 《2025年半年度募集资金存放与使用情况的专项报告》。（公告编号：2025-022）。 二、监事会会议审议情况 1、审议通过《关于<2025年半年度报告及其摘要>的议案》 经全体监事审核，一致认为公司2025年半年度报告的编制和审议符合《公司 法》《证券法》《信息披露内容与格式准则》和《公司章程》的规定。监事会全 体监事承诺公司2025年半年度报告所披露的信息真实、准确、完整，其中不存在 任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性 依法承担法律责任。 表决结果：同意3票，反对0票，弃权0票。 2、审议通过《关于<2025年半年度募集资金存放与使用情况的专项报告>的 议案》 表决结果：同意3票，反对0票，弃权0票 ...

[Definitions](index=4&type=section&id=Definitions) This section defines key terms and company entities used throughout the report, providing essential context for understanding the financial and operational discussions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company entities (e.g., UW Laser, UW Limited), reporting period, regulatory bodies, and industry-specific technical terms like laser processing, power batteries, and consumer electronics, providing a foundation for understanding the report content - Company entity definitions: Company, this company, joint-stock company, and **UW Laser** refer to Shenzhen United Winners Laser Co., Ltd.; **UW Limited** refers to Shenzhen United Winners Laser Equipment Co., Ltd., the predecessor of UW Laser; **UW Software** refers to Shenzhen United Winners Software Co., Ltd., a wholly-owned subsidiary of UW Laser; **Huizhou UW** refers to Huizhou United Winners Laser Co., Ltd., a wholly-owned subsidiary of UW Laser; **UW Technology** refers to Huizhou United Winners Technology Co., Ltd., a wholly-owned subsidiary of UW Laser; **Jiangsu UW** refers to Jiangsu United Winners Laser Co., Ltd., a wholly-owned subsidiary of UW Laser; **Sichuan UW** refers to Sichuan United Winners Zhiguang Technology Co., Ltd., a wholly-owned subsidiary of UW Laser; **German UW** refers to United Winners Laser Deutschland GmbH; **US UW** refers to United Winners Laser LLC; **UW JAPAN** refers to UW JAPAN Inc[12](index=12&type=chunk) - Industry term definitions: **Laser processing** refers to the technology of using light energy focused by a lens to achieve high energy density at the focal point, relying on the photothermal effect for processing; **Laser** refers to a device that emits laser light; **Consumer electronics** refers to electronic products designed for consumer applications; **Power battery** refers to a storage battery that provides power for electric vehicles, electric bicycles, etc.; **Pulsed laser** refers to a mode of laser operation that outputs laser light at a certain frequency; **Fiber laser** refers to a laser that uses rare-earth-doped glass fiber as the gain medium[12](index=12&type=chunk) - Reporting period definition: **January 1, 2025, to June 30, 2025**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and presents its key financial performance metrics for the reporting period [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) This section provides the company's basic registration details, including its Chinese name, abbreviation, legal representative, registered address, office address, website, and email, ensuring investors can quickly access company identity information - Company Chinese name: **深圳市联赢激光股份有限公司 (Shenzhen United Winners Laser Co., Ltd.)**, abbreviation: **联赢激光 (UW Laser)**[14](index=14&type=chunk) - Legal Representative: **韩金龙 (Han Jinlong)**[14](index=14&type=chunk) - Company registered address: **深圳市坪山区坑梓街道沙田社区荣沙路18号A栋联赢大厦101 (Building A, No. 18 Rongsha Road, Shatian Community, Kengzi Street, Pingshan District, Shenzhen, UW Building 101)**[14](index=14&type=chunk) - Company website: **http://www.uwlaser.com**, email: **ir@uwlaser.com**[14](index=14&type=chunk) [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This section lists the names, contact addresses, phone numbers, fax numbers, and email addresses of the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, facilitating information inquiries and communication for investors - Board Secretary (domestic representative for information disclosure): **谢强 (Xie Qiang)**, contact address: **深圳市福田区紫竹六道49号建安山海中心6B (6B, Jian'an Shan Hai Center, No. 49 Zizhu 6th Road, Futian District, Shenzhen)**, phone: **0755-86001062**, email: **ir@uwlaser.com**[15](index=15&type=chunk) - Securities Affairs Representative: **黄帅宇 (Huang Shuaiyu)**, contact address: **深圳市福田区紫竹六道49号建安山海中心6B (6B, Jian'an Shan Hai Center, No. 49 Zizhu 6th Road, Futian District, Shenzhen)**, phone: **0755-86001062**, email: **ir@uwlaesr.com**[15](index=15&type=chunk) [Information Disclosure and Document Availability Changes](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Availability%20Changes) This section introduces the company's designated information disclosure newspapers, the website address for semi-annual reports, and the location where semi-annual reports are available, ensuring transparency and accessibility of information disclosure - Company's selected information disclosure newspapers: **《中国证券报》(China Securities Journal)**, **《上海证券报》(Shanghai Securities News)**, **《证券日报》(Securities Daily)**, **《证券时报》(Securities Times)**[16](index=16&type=chunk) - Website address for semi-annual reports: **www.sse.com.cn**[16](index=16&type=chunk) - Location where company's semi-annual reports are available: **Company Board Office**[16](index=16&type=chunk) [Company Stock/Depositary Receipt Overview](index=5&type=section&id=Company%20Stock%2FDepositary%20Receipt%20Overview) This section outlines the company's stock listing, including stock type, listing exchange and board, stock abbreviation, and code, for investor identification and trading - Company stock type: **A-shares**[17](index=17&type=chunk) - Stock listing exchange and board: **Shanghai Stock Exchange STAR Market**[17](index=17&type=chunk) - Stock abbreviation: **联赢激光 (UW Laser)**, stock code: **688518**[17](index=17&type=chunk) [Company Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue growth and net profit increase, despite a total profit decline due to lower gross margin and reduced other income, while benefiting from R&D tax incentives 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (million Yuan) | 1,533.35 | 1,456.19 | 5.30 | | Total Profit (million Yuan) | 47.37 | 55.23 | -14.24 | | Net Profit Attributable to Shareholders of the Listed Company (million Yuan) | 57.92 | 51.18 | 13.16 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses (million Yuan) | 42.46 | 38.42 | 10.52 | | Net Cash Flow from Operating Activities (million Yuan) | 69.86 | -371.07 | N/A | | Basic Earnings Per Share (Yuan/share) | 0.17 | 0.15 | 13.33 | | Diluted Earnings Per Share (Yuan/share) | 0.17 | 0.15 | 13.33 | | Weighted Average Return on Net Assets (%) | 1.83 | 1.68 | Increased by 0.15 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.34 | 1.26 | Increased by 0.08 percentage points | | R&D Investment as % of Operating Revenue (%) | 7.78 | 7.78 | - | - Total profit decreased by **14.24%** year-on-year, primarily due to a year-on-year decrease in gross margin and other income[20](index=20&type=chunk) - Net profit attributable to shareholders of the listed company increased by **13.16%** year-on-year, mainly because the company's "industrial mother machine" qualification was approved in May 2025, allowing it to enjoy a **120% super deduction** tax incentive for R&D expenses, which adjusted income tax expenses based on the final settlement results[20](index=20&type=chunk) - Net cash flow from operating activities was **69.86 million Yuan**, primarily due to an increase in cash received from sales of goods and provision of services during the reporting period[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, totaling **15.46 million Yuan**, primarily from government subsidies, fair value changes in financial assets, and entrusted investment income 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-back of impairment provisions already made | -93,033.82 | | Government grants recognized in current profit or loss, except for those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 14,253,650.58 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to normal business operations | 1,482,161.53 | | Gains or losses from entrusted investments or asset management | 2,095,937.93 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 684,000.00 | | Other non-operating income and expenses apart from the above | -792,187.23 | | Less: Income tax impact | 2,163,868.71 | | Impact on minority interests (after tax) | 3,730.50 | | **Total** | **15,462,929.78** | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, financial condition, and future outlook, including industry trends, business strategies, and risk factors [Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section outlines the company's leading position in the laser processing equipment industry, driven by growing laser welding applications in power batteries, automotive, and consumer electronics, with strategic expansion into new technologies and favorable government policies - The company's industry is **manufacturing—specialized equipment manufacturing**, specifically the **laser processing equipment manufacturing** sub-industry, which belongs to the high-end equipment manufacturing sector[25](index=25&type=chunk) - In 2024, China's laser welding complete equipment market sales revenue was approximately **12.25 billion Yuan**, a year-on-year increase of **6.3%**, with market sales revenue expected to grow to **12.5 billion Yuan** in 2025[25](index=25&type=chunk) - The company maintains a **leading position** in the laser welding complete equipment market, with a market share of approximately **26%** in 2024[28](index=28&type=chunk) - The company has delivered its **first complete solid-state battery assembly line**, including laser welding equipment, to a leading industry customer, and continues to secure international top-tier customer orders for **small steel-shell battery welding equipment** in the consumer electronics sector, establishing it as a new growth area[29](index=29&type=chunk) - Laser welding technology development trends include: increasing application of **composite laser welding equipment** with different wavelengths of lasers, or lasers combined with electric arcs or other heat sources; continuous increase in demand for laser welding equipment for **new materials** such as plastics, glass, carbon fiber, and titanium; gradual emergence of market demand for **special wavelength laser welding equipment** for high-reflection, low-absorption materials; laser welding equipment demonstrating more **fully digital, automated, and intelligent** technical requirements; a surge in demand for **reliability testing technology** for laser welding processes; and the application material thickness for laser welding developing towards both **thinner and thicker** directions[32](index=32&type=chunk) - The company's main products include **lasers, laser welding heads, laser welding machines, robot welding workstations, laser welding automation complete equipment, and various non-standard automation solutions**[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=10&type=section&id=Discussion%20and%20Analysis%20of%20Operations) This section analyzes the company's H1 2025 operations, highlighting revenue and net profit growth despite a gross margin decline, driven by sustained R&D, market expansion, and standardized management, with near-saturated capacity supporting future profitability - During the reporting period, the company achieved operating revenue of **1,533.35 million Yuan**, a year-on-year increase of **5.30%**; net profit attributable to shareholders of the listed company was **57.92 million Yuan**, a year-on-year increase of **13.16%**[34](index=34&type=chunk) - The gross margin for the reporting period was **27.32%**, a year-on-year decrease of **1.46 percentage points**, mainly because nearly **80%** of the main business revenue came from the lithium battery industry[35](index=35&type=chunk) - The company has **sufficient orders on hand**, and its **capacity utilization rate is near saturation**, with **374 new employees** added by the end of the reporting period compared to the beginning of the year, and expansion projects in Shenzhen and Liyang, Jiangsu, are both operational[36](index=36&type=chunk) - R&D investment during the reporting period was **119.28 million Yuan**, accounting for **7.78%** of operating revenue[37](index=37&type=chunk) - R&D achievements include: successful delivery of the **first full solid-state battery assembly line** developed for a leading industry customer; research and development of **ultra-high power single-mode fiber lasers, ten-kilowatt annular beam fiber lasers, high-power QCW fiber lasers, 300W/500W air-cooled fiber lasers, 6KW/12KW high-power lasers**; completion of software function upgrades for the **Laser Real-time Welding Depth Detection System (RWD)**, which has been implemented for mass production by customers; and completion of process R&D for **ultrasonic-assisted laser welding, arc-assisted laser welding, metal and glass laser welding, metal and plastic laser welding, titanium alloy large square-shell battery welding, consumer steel-shell battery welding, and multi-beam scribing and synchronous cleaning of pole pieces**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has improved its standardization system and multi-level standardized component library, achieving **rapid iterative design, reduced procurement costs, precise control of production parameters**, and established an equipment technology knowledge base, which has increased problem matching accuracy to **85%** and improved engineer troubleshooting efficiency by **40%**[40](index=40&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=12&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section analyzes the company's core competencies, including strong R&D capabilities, comprehensive complete equipment development, extensive customer and service networks, and a stable and efficient management team, with continuous high R&D investment, leading core technologies, and active industrialization of research achievements [(I) Core Competency Analysis](index=12&type=section&id=%28I%29%20Core%20Competency%20Analysis) This section details the company's four core competencies: R&D advantages (high investment, patents, collaborations), complete equipment development (industry experience, customized solutions), customer and service advantages (marketing network, brand image), and management and team advantages (stability, experience) - The company's R&D investment amounted to **119.28 million Yuan**, accounting for **7.78%** of operating revenue; the number of R&D personnel was **1,915**, accounting for **40.54%** of the company's total employees[41](index=41&type=chunk) - The company possesses multiple industry-leading core technologies, including **laser energy control technology, real-time image processing technology, intelligent production line information management and industrial cloud platform technology, multi-wavelength laser coaxial composite welding technology, and laser welding processing technology**[42](index=42&type=chunk) - As of June 30, 2025, the company had obtained **477 patents** (including **55 invention patents**) and **276 software copyrights**[42](index=42&type=chunk) - The company specializes in laser welding and its automated equipment, accumulating **deep industry experience** and capable of integrated design to efficiently assemble precision laser automation complete equipment based on customer capacity needs, personnel situations, production site conditions, and product process requirements[43](index=43&type=chunk) - The company has **localized professional marketing and service teams**, providing pre-sales communication, mid-sales product follow-up, and after-sales warranty and software/hardware maintenance, establishing a strong brand image as "UW Laser Welding Expert" among industry customers[43](index=43&type=chunk) - The company boasts a **long-term stable management team**, with most members having worked at the company for over ten years, accumulating rich industry experience in one or more areas such as R&D, production, or sales[45](index=45&type=chunk) [(III) Core Technologies and R&D Progress](index=14&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) This section details the company's eight core technologies, highlighting their leading positions, with 43 new patents and 12 software copyrights granted, and 49 ongoing R&D projects across diverse fields, showcasing continuous innovation and broad application potential - The company possesses **8 major core technologies**, including: **Laser Energy Control Technology** (internationally leading), **Multi-wavelength Laser Coaxial Composite Welding Technology** (domestically leading/internationally advanced), **Blue Light Laser Welding Technology** (domestically leading/internationally advanced), **Real-time Image Processing Technology** (domestically leading/internationally advanced), **Intelligent Production Line Information Management and Industrial Cloud Platform Technology** (domestically leading/internationally advanced), and **Laser Welding Processing Technology** (domestically leading/internationally advanced)[46](index=46&type=chunk)[47](index=47&type=chunk) - During the reporting period, the company obtained **43 new authorized patents** (including **4 invention patents**) and **12 software copyrights**[49](index=49&type=chunk) - As of June 30, 2025, the company had obtained **477 authorized patents** (including **55 invention patents**) and **276 software copyrights**[49](index=49&type=chunk) 2025 Semi-Annual R&D Investment | Indicator | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 119,281,825.40 | 113,310,714.82 | 5.27 | | Capitalized R&D Investment | - | - | - | | Total R&D Investment | 119,281,825.40 | 113,310,714.82 | 5.27 | | R&D Investment as % of Operating Revenue (%) | 7.78 | 7.78 | - | - The company has **49 ongoing R&D projects**, covering areas such as laser welding, adhesive dispensing, stack testing, intelligent laser control, FPC welding, large-format welding, power battery assembly, overseas rapid intelligent manufacturing for lithium equipment, adaptive production for energy storage lithium equipment, innovative manufacturing for blade lithium equipment, intelligent lithium equipment process R&D, precision laser pole piece surface etching, heavy-duty maglev conveying lines, EOL-flying probe FPC testing machines, multi-energy field laser composite welding, ultrafast laser brittle material cutting, high-brightness blue light lasers, five-axis laser processing centers, single-module fiber lasers, coaxial wire-feeding laser welding heads, thin-walled irregular 3D curved steel laser welding, thin-walled steel sealed welding, thin-walled steel shell sealed nail welding, thin material curved surface cutting, photovoltaic panel laser dismantling machines, FPC laser soldering machines, new energy carrier intelligent forming platforms, logistics path optimization and automation, CBB basic R&D technology platform, BSB welding quality improvement, kilowatt-level high-brightness blue light laser key technologies, electric vehicle electronic controller laser welding processing technology, blade battery positive and negative electrode shell cover laser full welding machines, cylindrical battery sealing welding clutches, current collector maglev welding workstations, cylindrical battery necking machines, square-shell battery inverted shell cover laser full welding machines, gantry handling equipment, cylindrical battery positive electrode seam welding workstations, cylindrical battery UV printers, laser annealing processes, oil spray ring welding processes, cylindrical battery magnetic drive turret sealed nail welding workstations, coaxial additive welding processes, square-shell 20PPM sealed nail welding machine flexible lines, laser welding/additive manufacturing processes and typical new energy vehicle parts, laser thinning equipment, picosecond lasers, wafer scribing machines, gantry workstations, and laser wafer modification cutting machines[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The number of R&D personnel is **1,915**, accounting for **40.54%** of the company's total employees[66](index=66&type=chunk) [Risk Factors](index=28&type=section&id=Risk%20Factors) This section identifies the company's main risks, including core competency risks (technological obsolescence, increased competition), operational risks (price competition, order loss), financial risks (high accounts receivable and inventory balances, bad debt risk), and industry risks (reliance on new energy sector, policy changes), advising investors to consider potential adverse impacts - Core competency risk: The laser welding industry experiences rapid technological upgrades and iterations; if the company fails to maintain technological advancement, its market competitiveness may decline[67](index=67&type=chunk) - Operating risk: Competition in the laser welding sector is expected to intensify, with competitors potentially increasing industry competition through price reductions, which could adversely affect the company's profitability and even lead to performance decline[67](index=67&type=chunk) - Financial risk: The large balance of notes receivable and accounts receivable, totaling **1,862.79 million Yuan** and accounting for **121.48%** of operating revenue, poses a risk of bad debt losses; the book value of inventory is **2,352.67 million Yuan**, accounting for **38.42%** of current assets, posing an impairment risk[68](index=68&type=chunk) - Industry risk: The company's product sales are primarily concentrated in the power and energy storage battery equipment sector; if downstream industry capacity becomes saturated or industrial policy support significantly weakens, the company faces the risk of slowing or even declining revenue and profit growth[69](index=69&type=chunk) [Key Operating Performance During the Reporting Period](index=29&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section summarizes the company's overall operating performance for H1 2025, with operating revenue increasing by 5.30% and net profit attributable to shareholders increasing by 13.16%, while also detailing the reasons for changes in various financial statement items, such as decreased selling and administrative expenses, increased financial and R&D expenses, and significant improvement in net cash flow - During the reporting period, the company achieved operating revenue of **1,533.35 million Yuan**, a year-on-year increase of **5.30%**[70](index=70&type=chunk) - Net profit attributable to shareholders of the listed company was **57.92 million Yuan**, a year-on-year increase of **13.16%**[70](index=70&type=chunk) 2025 Semi-Annual Financial Statement Item Variation Analysis | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,533,350,739.72 | 1,456,189,797.13 | 5.30 | Primarily due to increased contract acceptance and recognized revenue during the reporting period | | Operating Cost | 1,114,381,615.50 | 1,037,154,503.53 | 7.45 | Primarily due to increased operating revenue and corresponding increase in operating costs during the reporting period | | Selling Expenses | 37,353,073.84 | 41,726,749.05 | -10.48 | Primarily due to decreased advertising and other expenses during the reporting period | | Administrative Expenses | 219,660,764.02 | 223,657,824.57 | -1.79 | Primarily due to decreased travel expenses during the reporting period | | Financial Expenses | 2,374,337.51 | 2,269,505.75 | 4.62 | Primarily due to increased interest expenses and exchange gains/losses during the reporting period | | R&D Expenses | 119,281,825.40 | 113,310,714.82 | 5.27 | Primarily due to increased investment in company R&D projects | | Net Cash Flow from Operating Activities | 69,860,045.81 | -371,074,464.50 | N/A | Primarily due to increased cash received from sales of goods and provision of services during the reporting period | | Net Cash Flow from Investing Activities | -29,674,007.05 | -161,344,374.80 | 81.61 | Primarily due to decreased purchases of wealth management products during the reporting period | | Net Cash Flow from Financing Activities | 218,650,876.07 | 440,465,516.05 | -50.36 | Primarily due to increased cash paid for debt repayment during the reporting period | [Analysis of Assets and Liabilities](index=31&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) This section analyzes period-end asset and liability changes, showing an 8.73% increase in total assets driven by monetary funds, notes receivable, inventory, and fixed assets, with fixed assets growing 80.16% from construction in progress transfers, alongside significant increases in accounts payable, long-term borrowings, and current portion of non-current liabilities 2025 Semi-Annual Assets and Liabilities Status | Item Name | Current Period End Balance (Yuan) | Proportion of Total Assets (%) | Prior Period End Balance (Yuan) | Proportion of Total Assets (%) | Change from Prior Period End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,120,737,391.93 | 14.63 | 839,011,374.35 | 11.91 | 33.58 | Primarily due to customer collections, bill discounting, and redemption of matured wealth management products | | Trading Financial Assets | 252,664,855.56 | 3.30 | 352,600,910.46 | 5.00 | -28.34 | | | Notes Receivable | 156,290,339.31 | 2.04 | 118,467,583.89 | 1.68 | 31.93 | Primarily due to increased notes held at the end of the reporting period | | Accounts Receivable | 1,706,497,415.43 | 22.28 | 1,648,494,730.24 | 23.40 | 3.52 | | | Inventory | 2,352,674,780.59 | 30.71 | 2,054,123,169.54 | 29.16 | 14.53 | | | Fixed Assets | 1,077,003,326.00 | 14.06 | 597,799,633.99 | 8.48 | 80.16 | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Construction in Progress | 46,564.08 | 0.00 | 368,781,457.27 | 5.23 | -99.99 | Primarily due to transfer of construction in progress to fixed assets during the reporting period | | Short-term Borrowings | 647,601,531.93 | 8.45 | 595,197,816.38 | 8.45 | 8.80 | | | Accounts Payable | 1,555,776,990.64 | 20.31 | 1,188,452,732.96 | 16.87 | 30.91 | Primarily due to increased procurement during the reporting period | | Contract Liabilities | 1,429,278,109.77 | 18.66 | 1,325,039,122.83 | 18.81 | 7.87 | | | Non-Current Liabilities Due Within 1 Year | 52,090,003.80 | 0.68 | 5,791,013.00 | 0.08 | 799.50 | Primarily due to reclassification of long-term borrowings due within one year at the end of the reporting period | | Long-term Borrowings | 99,768,068.99 | 1.30 | 46,182,131.58 | 0.66 | 116.03 | Primarily due to increased bank borrowings during the reporting period | - Overseas assets amounted to **33.85 million Yuan**, accounting for **0.44%** of total assets[78](index=78&type=chunk) [Analysis of Investment Status](index=33&type=section&id=Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, with a total investment of **461.72 million Yuan** during the reporting period, an increase from the previous year, and also discloses the opening and closing balances and changes in financial assets measured at fair value, primarily including trading financial assets, notes receivable financing, and other equity instrument investments - The investment amount for the reporting period was **461.72 million Yuan**, an increase of **43 million Yuan** compared to the prior period[80](index=80&type=chunk) 2025 Semi-Annual Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Current Period Purchase Amount (Yuan) | Current Period Sale/Redemption Amount (Yuan) | Other Changes (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 567,799,963.49 | 1,182,759.26 | 280,000,000.00 | 381,279,750.28 | -58,348,814.36 | 411,016,018.18 | | Of which: Trading Financial Assets | 352,600,910.46 | 1,482,161.53 | 280,000,000.00 | 381,279,750.28 | -138,466.15 | 252,664,855.56 | | Notes Receivable Financing | 200,593,148.36 | - | - | - | -58,210,348.21 | 144,044,660.22 | | Other Equity Instruments | 8,780,349.87 | -299,402.27 | - | - | - | 8,480,947.60 | | Other Non-Current Financial Assets | 5,825,554.80 | - | - | - | - | 5,825,554.80 | [Analysis of Major Holding and Participating Companies](index=35&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section provides financial information for the company's major holding and participating companies, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, noting that Jiangsu UW Laser Co., Ltd. was profitable, while Huizhou UW Technology Co., Ltd. incurred losses Major Subsidiary Financial Information (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (ten thousand Yuan) | Total Assets (ten thousand Yuan) | Net Assets (ten thousand Yuan) | Operating Revenue (ten thousand Yuan) | Operating Profit (ten thousand Yuan) | Net Profit (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu UW Laser Co., Ltd. | Subsidiary | R&D, production, and sales of laser welding equipment | 30,000.00 | 186,463.97 | 68,600.62 | 39,509.11 | 647.48 | 548.46 | | Huizhou UW Technology Co., Ltd. | Subsidiary | R&D, production, and sales of laser welding equipment | 10,000.00 | 114,883.78 | -20,210.82 | 41,670.40 | -1,514.85 | -1,484.25 | [Corporate Governance, Environment, and Society](index=35&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section addresses the company's governance structure, environmental responsibilities, and social contributions, including changes in key personnel and incentive plans [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=35&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, reflecting the stability of the management team - During the reporting period, there were **no changes** in the company's directors, supervisors, senior management, and core technical personnel[86](index=86&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=36&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section clarifies that the company's semi-annual report does not include a profit distribution plan or a capital reserve conversion to share capital plan, indicating no such distribution plans for the current reporting period - This semi-annual report does **not include** a profit distribution plan or a capital reserve conversion to share capital plan[87](index=87&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=36&type=section&id=Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section discloses that the registration for the third vesting period of the company's 2021 restricted stock incentive plan's reserved grant was completed on February 21, 2025, and officially listed for trading on February 28 - On **February 21, 2025**, the company completed the share registration for the third vesting period of the reserved grant under its 2021 restricted stock incentive plan[88](index=88&type=chunk) - These shares were officially listed for trading on **February 28, 2025**[164](index=164&type=chunk) [Significant Matters](index=37&type=section&id=Significant%20Matters) This section covers important events and disclosures that could significantly impact the company's operations, financial position, or shareholder interests, including commitments, guarantees, and fundraising activities [Fulfillment of Commitments](index=37&type=section&id=Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company and its key personnel, including share lock-up, price stabilization, and avoidance of horizontal competition, confirming all commitments were strictly and timely met during the reporting period - The company's controlling shareholder, actual controller, company director, and core technical personnel **Han Jinlong** and **Niu Zengqiang** made commitments regarding share lock-up, extension of lock-up periods, and reduction intentions, which were **timely and strictly fulfilled**[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The company, its controlling shareholder, actual controller, current directors (non-independent directors), and senior management made commitments regarding **share price stabilization measures**, which were **timely and strictly fulfilled**[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company, its controlling shareholder, actual controller, directors, supervisors, and senior management made commitments regarding the **repurchase of shares in case of fraudulent issuance**, which were **timely and strictly fulfilled**[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company, its actual controller, directors, and senior management made commitments regarding **measures to enhance returns for diluted immediate returns**, which were **timely and strictly fulfilled**[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company's controlling shareholder, actual controller, directors, supervisors, and senior management made commitments regarding **profit distribution policies**, which were **timely and strictly fulfilled**[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - The company, its controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel made commitments regarding **binding measures for commitments**, which were **timely and strictly fulfilled**[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - The company's controlling shareholder and actual controllers, **Han Jinlong** and **Niu Zengqiang**, issued a **"Commitment Letter to Avoid Horizontal Competition"**, which was **timely and strictly fulfilled**[123](index=123&type=chunk) - The company's controlling shareholder, actual controller, directors, supervisors, and senior management issued commitments regarding **reducing and regulating related party transactions**, which were **timely and strictly fulfilled**[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company's actual controller made commitments regarding **tax-related matters, social security and housing provident fund, defects in housing leases, avoidance of occupying company funds, and not seeking control**, which were **timely and strictly fulfilled**[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - The company's directors, senior management, controlling shareholder, actual controller, and their concerted parties made commitments regarding the **effective implementation of the company's return enhancement measures**, which were **timely and strictly fulfilled**[136](index=136&type=chunk)[137](index=137&type=chunk) - The company made commitments regarding **equity incentives**, which were **timely and strictly fulfilled**[138](index=138&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=50&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) This section explicitly states that there was no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period, indicating compliance in fund management - During the reporting period, there was **no non-operating fund occupation** by the controlling shareholder or other related parties[139](index=139&type=chunk) [Irregular Guarantees](index=50&type=section&id=Irregular%20Guarantees) This section declares that the company did not provide any external guarantees in violation of decision-making procedures during the reporting period, reflecting its principle of compliant operations - During the reporting period, there was **no external guarantee** provided in violation of decision-making procedures[8](index=8&type=chunk) - During the reporting period, there were **no irregular guarantees**[139](index=139&type=chunk) [Significant Litigation and Arbitration Matters](index=51&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) This section confirms that the company had no significant litigation or arbitration matters during the reporting period, indicating stable operations free from major legal disputes - The company had **no significant litigation or arbitration matters** during this reporting period[140](index=140&type=chunk) [Significant Contracts and Their Performance](index=52&type=section&id=Significant%20Contracts%20and%20Their%20Performance) This section primarily discloses significant guarantees provided by the company and its subsidiaries during and after the reporting period, with the company mainly guaranteeing its subsidiaries, totaling **113.6 million Yuan** in new guarantees and a period-end balance of **0.2 million Yuan**, representing **0.01%** of the company's net assets, indicating low guarantee risk [(II) Significant Guarantees Performed and Not Yet Performed During the Reporting Period](index=53&type=section&id=%28II%29%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Performed%20During%20the%20Reporting%20Period) This section details the company's guarantees for its subsidiaries, with new guarantees totaling **113.6 million Yuan** and a period-end balance of **0.2 million Yuan**, representing **0.01%** of the company's net assets, indicating low guarantee risk - The total amount of guarantees provided to subsidiaries during the reporting period was **113.6 million Yuan**[143](index=143&type=chunk) - The total balance of guarantees provided to subsidiaries at the end of the reporting period was **0.2 million Yuan**[143](index=143&type=chunk) - The company's total guarantee amount (including guarantees to subsidiaries) was **0.2 million Yuan**, accounting for **0.01%** of the company's net assets[143](index=143&type=chunk)[144](index=144&type=chunk) [Explanation of Proceeds Utilization Progress](index=55&type=section&id=Explanation%20of%20Proceeds%20Utilization%20Progress) This section details the company's overall utilization of raised funds and project progress, with IPO proceeds 95.93% invested and private placement proceeds 88.38% invested, noting some projects are operational but below expected benefits or delayed, while idle funds were used for cash management [(I) Overall Utilization of Raised Funds](index=55&type=section&id=%28I%29%20Overall%20Utilization%20of%20Raised%20Funds) This section outlines the overall utilization of the company's initial public offering and private placement proceeds, with cumulative investment progress of **95.93%** for IPO funds and **88.38%** for private placement funds by the end of the reporting period, totaling **1,338.52 million Yuan** invested Overall Utilization of Raised Funds (As of Period End) | Source of Raised Funds | Total Raised Funds (ten thousand Yuan) | Net Raised Funds (ten thousand Yuan) | Committed Investment Amount of Raised Funds in Prospectus (ten thousand Yuan) | Cumulative Raised Funds Invested as of Period End (ten thousand Yuan) | Cumulative Raised Funds Investment Progress as of Period End (%) | Amount Invested in Current Year (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 58,418.80 | 49,890.55 | 49,890.55 | 47,861.87 | 95.93 | 2,486.22 | | Private Placement | 98,999.99 | 97,292.58 | 97,292.58 | 85,989.82 | 88.38 | 11,220.47 | | **Total** | **157,418.79** | **147,183.13** | **147,183.13** | **133,851.69** | **-** | **13,706.69** | [(II) Details of Raised Fund Investment Projects](index=55&type=section&id=%28II%29%20Details%20of%20Raised%20Fund%20Investment%20Projects) This section details raised fund project progress, noting the "High-Precision Laser Welding Production Base" is operational but below expected benefits, the "New Laser R&D Center" is extended to 2026, the "East China Base Expansion" is ramping up, and the "High-Precision Laser Capacity Project" is usable but without current period benefits - The **"High-Precision Laser Welding Complete Equipment Production Base Construction Project"** was completed in the second half of 2022, with 2024 revenue reaching the expected full-capacity revenue, but 2025 semi-annual net profit was below the expected full-capacity benefits, mainly due to a slight decrease in the company's product gross margin influenced by intensified market competition[150](index=150&type=chunk) - The **"New Laser and Laser Welding Complete Equipment R&D Center Construction Project"** had its construction period extended to **August 2026** due to changes in implementation location and tight factory space[151](index=151&type=chunk)[152](index=152&type=chunk) - The production base (Phase III) of the **"UW Laser East China Base Expansion and Technology Center Construction Project"** achieved revenue of **122.97 million Yuan** and net profit of **4.35 million Yuan** from January to June 2025; as it is in the capacity ramp-up phase, it had not yet reached the estimated full-capacity benefits by the end of June 2025[152](index=152&type=chunk) - The **"High-Precision Laser and Laser Welding Complete Equipment Capacity Construction Project"** reached its intended usable state in June 2025, but did not generate benefits from January to June 2025[152](index=152&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=59&type=section&id=%28IV%29%20Other%20Uses%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) This section explains other uses of the company's raised funds, including the completion of replacing self-raised funds with raised funds and the board's approval to use temporarily idle raised funds for cash management, with a zero balance for idle raised funds used for cash management as of June 30, 2025 - The company completed the use of raised funds to replace self-raised funds previously invested on **July 27, 2020**, and **February 27, 2023**[154](index=154&type=chunk)[155](index=155&type=chunk) - The company's board of directors approved the use of temporarily idle raised funds, up to a maximum of **600 million Yuan**, for cash management, specifically for purchasing **highly secure, liquid, and principal-guaranteed investment products**[157](index=157&type=chunk) - As of **June 30, 2025**, the balance of idle raised funds used for cash management was **0 Yuan**[158](index=158&type=chunk)[159](index=159&type=chunk) [Share Changes and Shareholder Information](index=61&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including the total number of shareholders and the holdings of major shareholders [Share Capital Changes](index=61&type=section&id=Share%20Capital%20Changes) This section discloses the company's share capital changes during the reporting period, with the total share capital increasing by **75,200 shares** due to the completion of registration for the third vesting period of the 2021 restricted stock incentive plan's reserved grant, which officially listed for trading on February 28, 2025 Share Capital Change Table | | Before This Change | Change (+,-) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion (%) | Subtotal | Quantity | Proportion (%) | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | | 1. RMB Ordinary Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | | III. Total Shares | 341,249,895 | 100.00 | 75,200 | 341,325,095 | 100.00 | - On **February 21, 2025**, the company completed the share registration for the third vesting period of the reserved grant under its 2021 restricted stock incentive plan, with these **75,200 shares** officially listed for trading on **February 28, 2025**[164](index=164&type=chunk) [Shareholder Information](index=62&type=section&id=Shareholder%20Information) This section discloses the total number of shareholders and the shareholding situation of the top ten shareholders as of the end of the reporting period, with **16,213 common stock shareholders**, and **Han Jinlong** and **Niu Zengqiang**, as actual controllers and their concerted parties, holding a relatively high combined stake among the top ten shareholders - As of the end of the reporting period, the total number of common stock shareholders was **16,213**[166](index=166&type=chunk) Top Ten Shareholders' Shareholding as of Period End | Shareholder Name | Increase/Decrease During Reporting Period (shares) | Period-End Shareholding Quantity (shares) | Proportion (%) | Quantity of Restricted Shares Held (shares) | Quantity of Restricted Shares Including Securities Lending (shares) | Pledge, Mark, or Freeze Status (Share Status) | Pledge, Mark, or Freeze Status (Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Han Jinlong | 0 | 28,724,356 | 8.42 | 0 | 28,724,356 | None | 0 | Domestic Natural Person | | Niu Zengqiang | 0 | 12,926,646 | 3.79 | 0 | 12,926,646 | None | 0 | Domestic Natural Person | | Shenzhen Huitong Jinkong Fund Investment Co., Ltd. | 0 | 9,241,314 | 2.71 | 0 | 9,241,314 | None | 0 | State-owned Legal Entity | | Li Jin | 0 | 7,824,600 | 2.29 | 0 | 7,824,600 | None | 0 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Golden Eagle Technology Innovation Stock Fund | 1,593,363 | 5,563,542 | 1.63 | 0 | 5,563,542 | None | 0 | Other | | National Manufacturing Transformation and Upgrade Fund Co., Ltd. | 0 | 5,504,587 | 1.61 | 0 | 5,504,587 | None | 0 | State-owned Legal Entity | | Jia Song | 0 | 3,923,996 | 1.15 | 0 | 3,923,996 | None | 0 | Domestic Natural Person | | Jinjiang Yidian Najin Asset Management Co., Ltd. - Yidian Najin Guanhong Phase VI Private Securities Investment Fund | 1,350,889 | 3,850,889 | 1.13 | 0 | 3,850,889 | None | 0 | Other | | Invesco Great Wall Fund - China Life Insurance Co., Ltd. - Participating Insurance - Invesco Great Wall Fund China Life Shares Growth Stock Portfolio Single Asset Management Plan (Available for Sale) | -4,859,878 | 3,663,306 | 1.07 | 0 | 3,663,306 | None | 0 | Other | | China Everbright Bank Co., Ltd. - Xingquan Commercial Model Preferred Mixed Securities Investment Fund (LOF) | 3,590,460 | 3,590,460 | 1.05 | 0 | 3,590,460 | None | 0 | Other | - **Han Jinlong** and **Niu Zengqiang** are concerted parties and the actual controllers of the company; **Li Jin** is the spouse of actual controller Han Jinlong; **Jia Song** is the company's Vice Chairman and General Manager[169](index=169&type=chunk) [Bond-Related Information](index=65&type=section&id=Bond-Related%20Information) This section provides details on any outstanding bonds or debt financing instruments issued by the company, including corporate bonds and convertible bonds [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=65&type=section&id=Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period, indicating that the company did not use these methods for financing - The company has **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[173](index=173&type=chunk) [Convertible Corporate Bonds](index=65&type=section&id=Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period, further indicating that the company did not use such equity-related financing instruments - The company has **no convertible corporate bonds**[173](index=173&type=chunk) [Financial Report](index=65&type=section&id=Financial%20Report) This section presents the company's complete financial statements, including the audit report, balance sheet, income statement, cash flow statement, and notes to the financial statements [Audit Report](index=65&type=section&id=Audit%20Report) This section explicitly states that the company's H1 2025 semi-annual report is unaudited, advising investors to note the nature of the report - This semi-annual report is **unaudited**[6](index=6&type=chunk) [Financial Statements](index=65&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position, operating results, and cash flow - Consolidated Balance Sheet as of **June 30, 2025**[174](index=174&type=chunk) - Parent Company Balance Sheet as of **June 30, 2025**[179](index=179&type=chunk) - Consolidated Income Statement for **January-June 2025**[181](index=181&type=chunk) - Parent Company Income Statement for **January-June 2025**[185](index=185&type=chunk) - Consolidated Cash Flow Statement for **January-June 2025**[187](index=187&type=chunk) - Parent Company Cash Flow Statement for **January-June 2025**[191](index=191&type=chunk) - Consolidated Statement of Changes in Owners' Equity for **January-June 2025**[194](index=194&type=chunk) - Parent Company Statement of Changes in Owners' Equity for **January-June 2025**[199](index=199&type=chunk) [Company Basic Information](index=84&type=section&id=Company%20Basic%20Information) This section outlines the company's establishment background, historical evolution, registered capital, listing status, and main business activities, clarifying its positioning as a supplier of laser welding systems and embedded application software in the special equipment manufacturing industry - The company's predecessor, Shenzhen United Winners Laser Equipment Co., Ltd., was established on **September 22, 2005**, and was wholly converted into a joint-stock company on **September 7, 2011**[204](index=204&type=chunk) - The company's shares were listed and traded on the **STAR Market of the Shanghai Stock Exchange on June 22, 2020**[204](index=204&type=chunk) - The company currently holds a business license with a unified social credit code of **91440300779880020Q** and a registered capital of **341,325,095.00 Yuan**[204](index=204&type=chunk) - The company belongs to the **specialized equipment manufacturing industry**, with its main business activities being the R&D, production, and sales of laser welding systems and the development and sales of embedded application software[205](index=205&type=chunk) [Basis of Financial Statement Preparation](index=84&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis and confirms no significant doubts about its ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a **going concern basis**[207](index=207&type=chunk) - There are **no matters or circumstances** that would cause significant doubt about the company's ability to continue as a going concern within 12 months from the end of the reporting period[208](index=208&type=chunk) [Significant Accounting Policies and Estimates](index=84&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial instrument impairment, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, ensuring standardized and accurate financial statement preparation in accordance with enterprise accounting standards, using a 12-month liquidity classification, and defining materiality criteria - The financial statements prepared by the company comply with the requirements of **Enterprise Accounting Standards**, truthfully and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[210](index=210&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar[211](index=211&type=chunk) - The company's operating cycle is relatively short, using **12 months** as the liquidity classification standard for assets and liabilities[212](index=212&type=chunk) - The company identifies accounts receivable with individual impairment provisions and amounts exceeding **10 million Yuan** as significant accounts receivable[214](index=214&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20, 30 | 5.00 | 4.75, 3.17 | | Machinery and Equipment | Straight-line method | 5 | 5.00 | 19.00 | | Transportation Equipment | Straight-line method | 5 | 5.00 | 19.00 | | Electronic and Other Equipment | Straight-line method | 5 | 5.00 | 19.00 | - The company's sales of laser welding machines and other products constitute performance obligations fulfilled at a point in time, with revenue recognition methods as follows: for domestic sales, revenue is recognized upon **customer acceptance and receipt of acceptance certificate**; for export sales, revenue is recognized upon **customs declaration, departure from port, and receipt of bill of lading**, and if acceptance is required, upon receipt of the buyer's acceptance certificate, otherwise based on the customs declaration and delivery order[269](index=269&type=chunk) [Taxation](index=107&type=section&id=Taxation) This section details the company's and its subsidiaries' main tax types and rates, and discloses the tax incentives enjoyed, with the company and some subsidiaries benefiting from a **15% corporate income tax rate** due to high-tech enterprise qualifications, and also from VAT super deduction and R&D expense super deduction policies for industrial mother machine enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services calculated according to tax laws, with output tax minus deductible input tax as payable VAT | 3%, 6%, 9%, 13%, 19% | | Consumption Tax | Taxable sales amount (volume) | 10% | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30% from the original property value; for rent-based assessment, 12% of rental income | 1.2%, 12% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 15%, 15.825%, 22.64%, 25% | - The company, Jiangsu United Winners Laser Co., Ltd., and Huizhou United Winners Technology Co., Ltd. enjoy a **15% corporate income tax preferential rate** due to their high-tech enterprise qualifications[281](index=281&type=chunk) - The company and Jiangsu United Winners Laser Co., Ltd. benefit from a **15% VAT super deduction policy** for industrial mother machine enterprises in 2025[283](index=283&type=chunk) - The company and Jiangsu United Winners Laser Co., Ltd., as industrial mother machine enterprises, enjoy a **120% super deduction tax incentive** for R&D expenses in 2025[283](index=283&type=chunk) [Notes to Consolidated Financial Statement Items](index=109&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventory, fixed assets, construction in progress, short-term borrowings, accounts payable, contract liabilities, and undistributed profits, highlighting significant increases in several items, with fixed assets and construction in progress changes primarily due to project construction and transfers - The ending balance of monetary funds was **1,120.74 million Yuan**, of which **70.59 million Yuan** was restricted funds, mainly for bank acceptance bill deposits and letter of guarantee deposits[285](index=285&type=chunk) - The ending balance of notes receivable was **156.29 million Yuan**, of which **88.89 million Yuan** were bank acceptance bills that had been endorsed or discounted and were not yet due on the balance sheet date[287](index=287&type=chunk)[289](index=289&type=chunk) - The ending book value of accounts receivable was **1,706.50 million Yuan**, with an impairment provision of **221.87 million Yuan**[295](index=295&type=chunk) - The ending book value of inventory was **2,352.67 million Yuan**, with an inventory impairment provision of **62.74 million Yuan**[338](index=338&type=chunk)[340](index=340&type=chunk) - The ending book value of fixed assets was **1,077.00 million Yuan**, an increase of **80.16%** from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets during the reporting period[354](index=354&type=chunk)[76](index=76&type=chunk) - The ending balance of construction in progress was **46,564.08 Yuan**, a decrease of **99.99%** from the beginning of the period, primarily due to the transfer of construction in progress to fixed assets during the reporting period[362](index=362&type=chunk)[76](index=76&type=chunk) - The ending balance of short-term borrowings was **647.60 million Yuan**, an increase of **8.80%** from the beginning of the period[385](index=385&type=chunk)[76](index=76&type=chunk) - The ending balance of accounts payable was **1,555.78 million Yuan**, an increase of **30.91%** from the beginning of the period, primarily due to increased procurement during the reporting period[388](index=388&type=chunk)[77](index=77&type=chunk) - The ending balance of contract liabilities was **1,429.28 million Yuan**, an increase of **7.87%** from the beginning of the period[394](index=394&type=chunk)[77](index=77&type=chunk) - The ending balance of undistributed profits was **908.79 million Yuan**[425](index=425&type=chunk) [Research and Development Expenses](index=173&type=section&id=Research%20and%20Development%20Expenses) This section details the company's H1 2025 R&D expenses, totaling **119.28 million Yuan**, primarily composed of employee compensation and material costs, all recognized as expensed R&D 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 99,411,072.58 | 93,383,556.01 | | Material Costs | 14,141,087.84 | 14,110,808.34 | | Depreciation and Amortization | 3,265,431.16 | 3,019,139.79 | | Equity Incentive | - | 557,154.00 | | Other | 2,464,233.82 | 2,240,056.68 | | **Total** | **119,281,825.40** | **113,310,714.82** | | Of which: Expensed R&D Investment | 119,281,825.40 | 113,310,714.82 | | Capitalized R&D Investment | - | - | [Changes in Consolidation Scope](index=173&type=section&id=Changes%20in%20Consolidation%20Scope) This section states that there were no changes in the consolidation scope during the reporting period due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries - During this period, there were **no changes** in the consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk) [Interests in Other Entities](index=174&type=section&id=Interests%20in%20Other%20Entities) This section lists the company's enterprise group structure and main subsidiaries, detailing their business, registered capital, and shareholding, noting that Jiangsu Chuangying Guangneng Technology Co., Ltd. is consolidated despite 50% ownership due to the company's effective control over its operating decisions Enterprise Group Structure (Main Subsidiaries) | Subsidiary Name | Principal Place of Business | Registered Capital | Business Nature | Shareholding Proportion (%) (Direct) | Shareholding Proportion (%) (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen UW Software Co., Ltd. | Shenzhen | 500,000.00 Yuan | Software Industry | 100.00 | - | Established | | Huizhou UW Laser Co., Ltd. | Huizhou | 5,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Jiangsu UW Laser Co., Ltd. | Liyang | 300,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Huizhou UW Technology Co., Ltd. | Huizhou | 100,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Sichuan UW Zhiguang Technology Co., Ltd. | Yibin | 20,000,000.00 Yuan | Manufacturing | 100.00 | - | Established | | Jiangsu UW Semiconductor Technology Co., Ltd. | Liyang | 10,000,000.00 Yuan | Manufacturing | 60.00 | - | Established | | Jiangsu Chuangying Guangneng Technology Co., Ltd. | Liyang | 33,400,000.00 Yuan | Manufacturing | 50.00 | - | Established | | UW JAPAN Inc. | Japan | 60,000,000.00 Japanese Yen | Manufacturing | 97.00 | - | Established | | United Winners Laser Deutschland GmbH |

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The report emphasizes the significant growth potential in the humanoid robotics sector, with a projected cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][20] - The report highlights the acceleration of N-type penetration in photovoltaic equipment, strengthening the competitive edge of leading companies under the Matthew effect [21] - The energy storage sector is identified as essential for building a new type of power grid, with favorable policies enhancing industry prosperity [21] - The semiconductor equipment market is expected to reach $140 billion by 2030, with an increasing share from mainland China, although the domestic production rate remains low [21] - The automation market, particularly industrial consumables, is projected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [22] - Hydrogen energy, particularly green hydrogen, aligns with carbon neutrality goals, supported by the rapid development of photovoltaic and wind energy [21] Summary by Sections Humanoid Robotics - Key companies recommended for investment include Huasheng Tiancai, Sanhui Electric, and Zhejiang Rongtai, among others [4] - The report discusses the recent humanoid robot sports event in Beijing, showcasing over 500 robots from 16 countries competing in various categories [15][20] - The introduction of the Genie Envisioner platform by Zhiyuan Robotics is noted as a significant advancement in the field, integrating video generation with robotic control [11][20] Photovoltaic Equipment - The report suggests focusing on leading companies like Maiwei and Jiejiacreating, which possess technological innovation and customer base advantages [21] - The overall price center of the photovoltaic industry chain is declining, with a focus on cost and efficiency improvements [21] Energy Storage - The report highlights the favorable policies for both generation-side and user-side energy storage, driving comprehensive development in the sector [21] - Companies like Xingyun and Kexin are identified as key players in the energy storage market [21] Semiconductor Equipment - The semiconductor equipment market is projected to double in the next decade, with a significant increase in demand for domestic production [22] - Companies such as Zhongwei and Beifang Huachuang are recommended for investment [22] Automation - The automation market is expected to grow significantly, with a focus on industrial consumables and the potential for leading companies to benefit from increased market concentration [22] Hydrogen Energy - The report emphasizes the importance of green hydrogen in achieving carbon neutrality, recommending companies like Longi Green Energy and Yihua Tong for investment [21]

Investment Rating - The report maintains an "Accumulate" rating for the solid-state battery equipment industry [4]. Core Insights - Solid-state batteries, utilizing solid electrolytes, are recognized as the most promising new battery technology, addressing the low energy density and safety concerns of current lithium-ion batteries. The industry is expected to exceed 100 billion yuan for all-solid-state batteries and 180 billion yuan for the solid-state battery industry by 2030 [1][33]. - The production processes for solid-state batteries will undergo significant changes, leading to new equipment demands. Key processes include dry electrode preparation, electrolyte transfer coating, and isostatic pressing technology, which will require new production equipment compared to traditional liquid lithium batteries [1][2][38]. Summary by Sections 1. Solid-State Battery: Future Battery Technology Direction - Solid-state batteries replace liquid electrolytes with solid electrolytes, significantly enhancing performance and safety, making them the future direction for power batteries [15][19]. - Solid-state batteries offer high energy density, safety, long cycle life, and a wide operating temperature range, addressing critical issues in current power batteries [20][30]. 2. Technology Iteration and Equipment Development Opportunities - The manufacturing processes for all-solid-state batteries will change, creating new equipment needs. The introduction of new processes and equipment upgrades will significantly increase investment in solid-state battery production lines [2][38]. - The front-end processes will see the introduction of dry electrode and solid electrolyte film preparation equipment, which is more compatible with solid-state batteries [2][41]. - Stacking technology will become mainstream in the mid-process, with isostatic pressing introduced to solve issues related to porosity and insufficient contact [2][54]. - High-pressure formation equipment will be necessary in the later stages to optimize battery performance by enhancing contact area and reducing interface resistance [2][63]. - Soft-pack packaging is highly compatible with solid-state batteries, providing advantages in thermal management and structural stability [2][66]. 3. Investment Recommendations - The report suggests focusing on companies involved in solid-state battery equipment, including Naconor, Honggong Technology, Mannester, Liyuanheng, Xianhui Technology, Xinyuren, Xiandai Intelligent, Hangke Technology, Yinghe Technology, Lianying Laser, and Haimeixing [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.00 CNY, indicating a potential upside of over 20% from the current price of 21.95 CNY [6]. Core Insights - The report highlights a recovery in capital expenditure in the lithium battery sector, with significant growth expected in battery demand driven by diverse sources, including power and energy storage applications. The global shipment of lithium batteries is projected to grow from 1766 GWh in 2025 to 5154 GWh by 2030, representing a compound annual growth rate (CAGR) of 24% [2]. - The company is positioned to benefit from the increasing adoption of high-strength steel in battery casing, particularly in heavy-duty electric vehicles, which is expected to enhance safety and reduce costs [3]. - The demand for small steel shell batteries in consumer electronics is anticipated to rise due to technological advancements and policy support, leading to an increase in both volume and price for laser welding processes [4]. Summary by Sections Historical Stock Price and Operational Review - The company's stock price has undergone significant fluctuations since its listing, experiencing a peak in December 2021 and a trough in February 2024, with a total decline of over 75% from peak to trough [14]. Current Operations: Diversified Performance and Potential Recovery - The company is expected to see a recovery in performance as it diversifies its operations, with a projected revenue of 36.4 billion CNY, 49.4 billion CNY, and 60.3 billion CNY for the years 2025 to 2027, respectively [4][5]. Lithium Battery Sector: Upward Capital Expenditure and Market Growth - Major lithium battery manufacturers have resumed expansion cycles, with capital expenditures reaching 28.7 billion CNY in Q4 2024, a year-on-year increase of 17%, and 20.6 billion CNY in Q1 2025, up 22% year-on-year [2]. Large Steel Shell Batteries: Enhanced Applications and Market Penetration - The report notes that the application of high-strength steel in battery casings is progressing faster than market expectations, particularly in heavy-duty electric vehicles, which could lead to increased demand for laser welding equipment [3]. Consumer Batteries: Demand and Technological Synergy - The report anticipates a synergistic effect from demand, technology, and policy driving the transition of mobile phone batteries towards higher energy density and replaceable designs, which will likely boost the market for small steel shell battery laser welding [4]. Profit Forecast and Valuation - The company is projected to achieve a net profit of 3.3 billion CNY, 4.5 billion CNY, and 5.7 billion CNY from 2025 to 2027, with a corresponding average PE ratio of 27 for comparable companies in 2026, leading to a target market capitalization range of 9 to 11.3 billion CNY [4][5].

Group 1 - The report from China Merchants Securities highlights the introduction of new isostatic equipment and UV printing technology in the solid-state battery manufacturing process to address core interface challenges [1] - UV printing technology is favored for its high precision and automation, making it suitable for the stringent production requirements of solid-state batteries, and is currently a primary choice for leading battery manufacturers [1][2] - The overall cycle time of the solid-state battery production line is currently a bottleneck, with precise control required over various parameters such as laser settings, dispensing speed, adhesive viscosity, and UV curing energy [2] Group 2 - The production of solid-state batteries imposes higher requirements on UV adhesives, particularly in terms of tensile strength, flexibility, and puncture resistance, due to their use in insulating the electrodes [3] - New formulations of solid-state battery UV adhesives are reported to have significant barriers to entry, as they must not react with sulfur-based electrolytes, indicating a specialized market for these materials [3] - Leading companies in the UV adhesive sector, such as Songjing Co., have made significant advancements in solid-state UV adhesive products and equipment [3]

Investment Rating - The report rates the lithium battery equipment industry as "Overweight" due to its expected outperformance compared to the overall market [4]. Core Insights - Solid-state batteries are anticipated to drive increased equipment demand due to their multiple performance advantages, including high energy density, safety, and long cycle life. The market for semi-solid batteries is projected to reach 10GWh in shipments by 2024, with full solid-state batteries expected to enter the GWh application stage by 2028 [4]. - The application of lasers in solid-state batteries is more extensive than in traditional lithium batteries, leading to an expected increase in the value per GW. Key processes include laser insulation of electrode sheets, preheating of dry electrodes, ultra-fast laser cutting, online cleaning with lasers, and laser welding [4]. - Key companies in the sector include Lianying Laser, Delong Laser, Haimu Star, and Jieput. These companies are actively developing equipment suitable for solid-state battery production and have secured orders or partnerships with industry leaders [4]. Summary by Sections Industry Overview - Solid-state batteries are gaining traction due to their superior characteristics, which are expected to accelerate equipment demand [4]. Technology Application - Laser technology is increasingly utilized in various stages of solid-state battery production, enhancing efficiency and reducing costs compared to traditional methods [4]. Key Companies - Lianying Laser has developed equipment for solid-state battery production and has increased its delivery of devices compared to previous years [4]. - Delong Laser focuses on key technologies such as laser insulation and has received orders for its equipment [4]. - Haimu Star is collaborating with leading firms in solid-state battery technology and has signed significant procurement contracts [4]. - Jieput continues to deliver laser products to battery clients, improving production efficiency and quality [4]. Financial Metrics - The report includes a valuation table for laser companies in the solid-state battery sector, highlighting market capitalization and projected net profits for the years 2024 to 2027 [5].

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]