Core Viewpoint - The actual controller of Lianying Laser, Mr. Niu Zengqiang, plans to reduce his holdings by up to 3 million shares, representing no more than 0.88% of the company's total share capital, due to personal funding needs [1] Summary by Sections Share Reduction Plan - The share reduction will be executed through centralized bidding and block trading methods [1] - The reduction plan will take place within three months after the announcement, starting 15 trading days post-disclosure [1] - If there are any changes in shares due to stock dividends, capital reserve transfers, or rights issues during the reduction period, the number of shares to be reduced will be adjusted accordingly [1] Pricing and Conditions - The reduction price will be determined based on the market price at the time of implementation, and it will not be lower than the company's initial public offering price [1]

Core Viewpoint - The controlling shareholder of Lianying Laser (688518) plans to reduce their stake in the company by up to 3 million shares, which represents 0.88% of the total share capital [1] Summary by Category Company Actions - The controlling shareholder, Niu Zengqiang, intends to reduce holdings through centralized bidding and block trading methods [1] Shareholder Impact - The proposed reduction amounts to a maximum of 3 million shares, indicating a strategic move by the controlling shareholder [1]

Core Points - The actual controller of the company, Niu Zengqiang, holds 12.9266 million shares, accounting for 3.79% of the total shares, with 250,000 shares obtained through equity incentives [1] - Due to personal financial needs, Niu Zengqiang plans to reduce his holdings by no more than 3 million shares, which is up to 0.88% of the total shares, during the period from December 3, 2025, to March 2, 2026 [1] - The shares to be reduced were acquired before the IPO, and the selling price will not be lower than the company's initial public offering price. The reduction will be paused if legal window periods are encountered [1]

Core Viewpoint - The actual controller of Lianying Laser, Mr. Niu Zengqiang, plans to reduce his holdings by up to 3 million shares, representing no more than 0.88% of the company's total share capital, due to personal funding needs [1] Summary by Relevant Sections - **Share Reduction Details** - The share reduction will occur through centralized bidding and block trading methods [1] - The reduction period is set from December 3, 2025, to March 2, 2026 [1] - The selling price will be determined based on market prices, not lower than the company's initial public offering price [1] - **Impact on Company Control** - This share reduction will not lead to a change in the company's controlling shareholder or actual controller [1] - The reduction is not expected to have a significant impact on the company's ongoing stable operations [1]

Core Viewpoint - The company has accumulated multiple billion orders in the semi-solid battery equipment sector and has provided pilot line equipment for two leading clients in the all-solid-state battery equipment area, entering the trial production phase [1] Group 1: Orders and Revenue - The company has signed new orders this year, showing a significant year-on-year increase, surpassing the total orders of the previous year [1] - The annual target for orders is set at 4.5 billion yuan (including tax), which is expected to be achieved, with approximately 70% of this coming from the lithium battery sector, primarily from leading clients [1] Group 2: Equipment and Technology - The equipment provided by the company includes laser welding, laser cleaning (scoring), and glue dispensing equipment [1] - Currently, the all-solid-state battery technology is still in the research and development stage, focusing on pilot and pilot production lines, and has not yet entered large-scale mass production [1] Group 3: Future Prospects - More clients and products are expected to materialize in 2026 as the company continues technical integration with other battery manufacturers [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady growth in revenue and profit for Q3 2025, with a total revenue of 2.248 billion yuan for the first three quarters, representing a year-over-year increase of 2.16%. The net profit attributable to the parent company was 108 million yuan, up 14.08% year-over-year [4][7] - The Q3 revenue was 714 million yuan, showing a year-over-year decline of 3.97% but a quarter-over-quarter increase of 7.72%. The net profit for Q3 was 50 million yuan, reflecting a year-over-year increase of 15.17% and a significant quarter-over-quarter increase of 356.21% [4][7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.37 billion yuan, with a projected year-over-year growth rate of 7.0%. The net profit forecast for 2025 is 224 million yuan, with a year-over-year growth rate of 35.6% [6] - The gross profit margin for Q3 2025 was 33.93%, an increase of 0.38 percentage points year-over-year and 4.91 percentage points quarter-over-quarter. The net profit margin was 6.79%, up 1.19 percentage points year-over-year and 5.42 percentage points quarter-over-quarter [7] - The company has adjusted its profit forecast downwards due to increased personnel costs, expecting net profits of 224 million, 411 million, and 595 million yuan for 2025, 2026, and 2027 respectively [7]

深圳市联赢激光股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688518 证券简称：联赢激光 深圳市联赢激光股份有限公司 2025 年第一次临时股东大会会议资料 二零二五年十一月 1 | | | 深圳市联赢激光股份有限公司 2025 年第一次临时股东大会会议资料 深圳市联赢激光股份有限公司 2025年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序及议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》以及《深圳市联赢激光股份有限公司章程》《深圳市联赢 激光股份有限公司股东大会议事规则》等相关规定，深圳市联赢激光股份有限公 司（以下简称"公司"）特制定2025年第一次临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出席会 议的股东及股东代理人须在会议召开前30分钟到会议现场办理签到手续，并请按 规定出示证券账户卡、身份证明文件或法人单位证明、授权委托书等，经验证后 方可出席会议。 二、为保证本次大会的 ...

Group 1 - The core point of the news is that Lianying Laser's stock price has dropped by 5.02%, currently trading at 24.76 CNY per share, with a total market capitalization of 8.451 billion CNY [1] - Lianying Laser, established on September 22, 2005, and listed on June 22, 2020, specializes in the research, production, and sales of precision laser welding machines and automated laser welding equipment [1] - The company's main revenue sources are: 59.01% from automated laser welding equipment, 19.69% from workbenches, 13.61% from other products, and 7.69% from lasers and laser welding machines [1] Group 2 - Among the top ten circulating shareholders of Lianying Laser, Hu'an Fund has a fund that entered the list, holding 4.7433 million shares, which accounts for 1.39% of the circulating shares [2] - The Hu'an Ju You Selected Mixed Fund (009714) has a current scale of 4.147 billion CNY and has achieved a return of 18.59% this year, ranking 4679 out of 8223 in its category [2] - The fund manager, Rao Xiaopeng, has a tenure of nearly 12 years, with the best fund return during his tenure being 194.11% and the worst being -28.57% [3]

Summary of the Conference Call for Lianwin Laser Company Overview - **Company**: Lianwin Laser - **Industry**: Laser equipment manufacturing, focusing on lithium battery and consumer electronics sectors Key Financial Metrics - **Q3 2025 Revenue**: 714 million CNY, a decrease of 3.97% year-on-year [2][3] - **Net Profit**: 50.18 million CNY, an increase of 15.17% year-on-year [2][3] - **Total Revenue for First Three Quarters**: 2.248 billion CNY, a growth of 2.16% year-on-year [3] - **Gross Margin**: 29.42% for the first three quarters, a decrease of 0.3 percentage points [3] - **Q3 Gross Margin**: 33.93%, an increase of 2.09 percentage points year-on-year [3] Revenue Composition - **Revenue Breakdown**: - Complete equipment: 58.44% - Workbenches: 20% - Main units (lasers): 8% - Other services: 10% [2][6] - **Industry Contribution**: - Lithium battery sector: 67% - Non-lithium battery sector: 31% - Consumer electronics contributed over 400 million CNY, primarily from small steel shell orders [2][6][9] Asset and Cash Flow Situation - **Total Assets**: 7.829 billion CNY, an increase of 11.13% from the previous year [7] - **Net Assets**: 3.2 billion CNY, an increase of 1.76% [7] - **Accounts Receivable**: Over 1.6 billion CNY, an increase of 2.7% [7] - **Inventory**: Over 2.4 billion CNY, an increase of 17% [7] - **Contract Liabilities**: Over 1.5 billion CNY, an increase of 20% [7] - **Operating Cash Flow**: Over 100 million CNY, showing significant year-on-year growth [7] Expense Management - **Expense Ratio**: 26% for the first three quarters, stable year-on-year; however, Q3 saw an increase to 30%, up 3 percentage points [8] - **Management Expenses**: Increased significantly due to hiring, reaching 20% in Q3 [8][20] Market Dynamics and Future Outlook - **Consumer Electronics**: Expected to maintain growth, with significant contributions from small steel shell projects [4][21] - **New Orders**: Significant growth in new orders, with total orders expected to reach around 4 billion CNY [11] - **Solid-State Battery Equipment**: Initial deliveries made, but most clients are still in R&D stages [15][19] - **2026 Outlook**: Demand in both lithium and non-lithium sectors expected to remain stable or grow [18] Strategic Initiatives - **Expansion into New Markets**: Actively exploring general automation fields, including hydrogen fuel and medical devices [4][25] - **Collaboration with Key Clients**: Engaging with major clients like CATL for future expansions [14] - **International Business**: Limited direct overseas clients, but following domestic leaders in international projects [22] Emerging Technologies - **New Product Development**: Focus on solid-state technology and new laser applications [16][25] - **Efficiency in Production**: Current production efficiency is low, with improvements expected as products move to mass production [17] Conclusion Lianwin Laser is navigating a challenging market environment with a focus on expanding its product offerings and maintaining strong relationships with key clients. The company is poised for potential growth in 2026, driven by new orders and strategic initiatives in emerging technologies.

Group 1 - The core viewpoint of the article highlights the financial performance of Lianying Laser in Q3 2025, showing a revenue increase and profit growth compared to the previous year [1] - The company's revenue for the first three quarters of 2025 is approximately 2.248 billion yuan, representing a year-on-year increase of 2.16% [1] - The net profit attributable to shareholders is around 108 million yuan, reflecting a year-on-year increase of 14.08% [1] - Basic earnings per share stand at 0.32 yuan, which is a 14.29% increase year-on-year [1] Group 2 - As of the report, Lianying Laser has a market capitalization of 8.8 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence and a new "slow bull" pattern driven by technology [2]