Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, particularly addressing the solid-solid interface issues and innovations in materials and equipment systems [1][2][3]. Key Points and Arguments 1. **Manufacturing Techniques**: Solid-state batteries utilize dry forming, isostatic pressing, structured materials, and laser equipment to enhance ionic conductivity and reduce side reactions, thereby improving overall performance and commercialization [1][7]. 2. **International vs. Domestic Strategies**: - International companies like QuantumScape and Solid Power have advanced in high-end equipment and are in pilot to small-scale production stages, employing Atomic Layer Deposition (ALD) technology for interface modification [1][5]. - Domestic companies focus on technological innovation using cost-effective methods such as dry processes and structured materials, currently in small-scale to pilot stages [5][11]. 3. **Key Manufacturing Processes**: - **Solvent-free Dry Forming**: This method has the highest application certainty and is valued at tens of millions, with high technical barriers and a significant degree of localization [11]. - **Isostatic Pressing**: This technology addresses interface contact issues systematically and is also valued at tens of millions, currently in the technical verification or small-scale procurement phase [11]. - **Structured Materials**: These include structured copper foils and supporting membranes, which are in the scale testing or introduction phase, valued in the tens of millions [11]. - **Laser Equipment**: Used for cutting and processing, currently in scale testing or introduction stages, with a high degree of localization [11]. - **Atomic Layer Deposition (AOD)**: Although primarily used in semiconductor or photovoltaic fields, its potential in lithium batteries is significant, with domestic leaders collaborating with top companies [12]. 4. **Interface Modification Techniques**: - Techniques such as coating, doping, controlled reactions, and alloying are crucial for enhancing performance by increasing contact area and blocking adverse reactions [13][14]. - ALD is highlighted as one of the most effective methods for improving interface stability and ionic conductivity [15]. 5. **Challenges in Solid-State Batteries**: - Key challenges include ionic conduction barriers due to the absence of liquid electrolytes, side reactions from active materials, mechanical matching issues, high interface resistance, and dendrite growth risks [9][10]. - Solutions require advanced material selection, precise processing techniques, and innovative design to ensure reliability, safety, and long cycle life [10]. Additional Important Insights - **Market Leaders**: Companies like QuantumScape and Solid Power are leading the global solid-state battery development due to their deep ties with automotive manufacturers and measurable progress [12]. - **Emerging Players**: Domestic companies such as CATL and BYD are beginning sample trials and pilot line setups, indicating a slower but growing presence in the market [12]. - **Key Equipment Suppliers**: Companies like Xian Dai Intelligent and Li Yuan Heng are significant players in the dry and isostatic equipment sectors, contributing to the supply chain [17][18]. - **Potential Growth Companies**: Firms like DeLong Laser and Yanhang Precision are noted for their roles in the solid-state battery supply chain, with potential for growth despite some uncertainties [23][24]. This summary encapsulates the critical aspects of the solid-state battery industry as discussed in the conference call, highlighting the technological advancements, market dynamics, and key players involved.

新能源车需求催化，产业化进程加速 中金主要观点如下： 新能源车企加速布局全固态电池路线，多数头部车企预计全固态电池将在2026年实现装车，2027年进入 小批量生产。宁德时代（300750）、比亚迪（002594）、清陶能源、LGES等均已启动中试线建设，逐 步向百兆瓦-吉瓦级量产导入。 核心设备更迭，前+中段价值量抬升 固态电池取消注液封装工序，引入干法电极、胶框印刷、等静压、高压化成等关键新工艺。我们判断电 池整线价值量由传统锂电的1-2亿元提升至2-3亿元，其中前、中、后段价值量分别占比约 35%/40%/25%。 技术壁垒提升，龙头设备厂具备先发优势 中金发布研报称，随着全固态电池向产业化导入阶段稳步迈进，设备端作为最先兑现的产业链环节处 于"从验证到放量"的关键窗口期。车企或于2027年小批量全固态电池装车，测算2027年全固态电池设备 增量市场空间或达到25亿元，并有望以122%的CAGR增长至2030年达到273亿元。另外，前中段设备价 值量占比升至75%-80%，干法电极、等静压等新工艺所需设备是核心增量，具备明确替代与重估逻辑。 前道干法负极和后道高压化成分容逐步放量，干法正极由于高镍等正极 ...

Summary of the Conference Call for Lianying Laser Company Overview - **Company**: Lianying Laser - **Industry**: Lithium Battery Equipment and 3C Consumer Electronics Key Points Industry and Market Dynamics - The lithium battery equipment market is recovering, driven by major companies like CATL and BYD restarting capital expenditures, which is expected to boost orders for Lianying Laser significantly [2][10] - The 3C consumer electronics welding equipment business is experiencing substantial growth, with projected revenue exceeding 800 million yuan in 2025, accounting for over 20% of total revenue [2][5] - The solid-state battery industry is receiving 6 billion yuan in R&D funding from the Ministry of Industry and Information Technology, which is expected to enhance Lianying Laser's position in the solid-state battery welding equipment market [2][15] Financial Performance - New orders are expected to reach 4.5 to 5 billion yuan in 2025, representing over 50% year-on-year growth, and 6 to 7 billion yuan in 2026, with a growth rate of at least 20% to 30% [2][9] - The company's net profit for 2024 is projected to decline by 40% to 160 million yuan due to reduced capital expenditures and impairment losses, but a recovery is anticipated in 2025 with a 13% increase in net profit to 60 million yuan [2][6][25] - Overall profit for 2025 is expected to be between 250 million and 300 million yuan, primarily driven by the 3C business [4][24] Competitive Positioning - Lianying Laser is a leading player in the lithium battery sector, with a comprehensive product line including various welding technologies [4][13] - The company is the exclusive supplier of steel shell batteries for Apple, which enhances its order and profit potential [21][26] - The competitive landscape in the laser welding market for lithium batteries is favorable, with Lianying Laser focusing on this niche while other competitors target different segments [12] Cost Management and Operational Efficiency - The company has implemented strict cost control measures, resulting in a reduction in employee numbers and an increase in per capita output, which is expected to improve expense ratios significantly [4][8] - As of mid-2025, the company reported contract liabilities exceeding 1 billion yuan and inventory over 2 billion yuan, indicating strong order backlog and operational capacity [4][9] Future Outlook - The 3C business is expected to continue driving growth, with significant contributions from new orders in the power business anticipated to improve profit margins in 2026 [25] - The valuation of Lianying Laser is currently low, with a price-to-earnings ratio in the teens, suggesting high investment value [4][26] Additional Insights - The introduction of steel shell batteries in Apple's product line is expected to create a ripple effect in the market, with other manufacturers likely to follow suit, further increasing demand for Lianying Laser's welding equipment [16][18] - The solid-state battery technology is poised to create new opportunities for equipment manufacturers, with Lianying Laser already collaborating with leading clients to develop relevant equipment [15][26] This summary encapsulates the critical insights from the conference call, highlighting Lianying Laser's strategic positioning, financial outlook, and market dynamics within the lithium battery and 3C consumer electronics sectors.

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

Core Viewpoint - The article emphasizes the significant growth and global expansion of China's lithium battery industry, highlighting the need for companies to adopt a more rational and cautious approach to overseas ventures, balancing policy, market, and cost considerations [4][42]. Group 1: Lithium Battery Segment - CATL's overseas revenue reached 61.208 billion yuan in the first half of the year, accounting for 34.22% of total revenue, with a year-on-year increase of 21.14% [8]. - BYD exported 89.9 GWh of power batteries and energy storage systems in the first half of the year, a year-on-year increase of 58.4%, capturing a global market share of 17.8% [9][10]. - EVE Energy's overseas revenue for the first half of 2025 was 6.969 billion yuan, a year-on-year increase of 28.05%, with a gross margin of 21.71% [11]. - Guoxuan High-Tech's overseas revenue was 6.4 billion yuan, accounting for 33% of total revenue, with a focus on expanding production capacity in Thailand, Vietnam, and Morocco [13][14]. - A new trend in the industry is the shift from simple product exports to comprehensive overseas strategies, including technology, capital, and project investments [43]. Group 2: Positive Developments in the Industry - The article notes that many leading lithium battery companies have overcome previous overcapacity issues and are now experiencing full order books for overseas factories, such as CATL's German factory and EVE Energy's Indonesian project [44]. - The article highlights the supportive policies from Chinese customs to facilitate the export of lithium batteries, which are classified as hazardous goods [45]. - Southeast Asia is identified as a key market for lithium battery companies, with favorable policies and abundant resources, making it an attractive base for expansion [46]. Group 3: Emerging Markets and Strategic Considerations - The article discusses the complexities of entering European and North American markets, where Chinese companies face high barriers but also opportunities due to the lack of established local supply chains [46]. - Emerging markets in Africa, the Middle East, and South America are seen as important areas for energy storage and solar power projects, requiring companies to understand local regulations and policies [47].

Group 1 - The core point of the news is that Lianying Laser's stock price dropped by 5.23% to 26.44 CNY per share, with a trading volume of 305 million CNY and a turnover rate of 3.32%, resulting in a total market capitalization of 9.025 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 business revenue composition includes: 59.01% from automated laser welding equipment, 19.69% from workbenches, 13.61% from other sources, and 7.69% from lasers and laser welding machines [1] Group 2 - According to data from the top ten heavy stocks of funds, Guolian Fund has one fund heavily invested in Lianying Laser, specifically the Guolian Value Growth 6-Month Holding Mixed A (009347), which reduced its holdings by 35,900 shares in the second quarter, now holding 143,500 shares, accounting for 3.25% of the fund's net value [2] - The Guolian Value Growth 6-Month Holding Mixed A fund was established on August 5, 2020, with a latest scale of 78.6169 million CNY, achieving a year-to-date return of 36.81% and a one-year return of 63.59% [2] - The fund manager, Liang Qinzhi, has been in position for 318 days, with the fund's total asset scale at 353 million CNY, achieving a best return of 58.03% and a worst return of -2.99% during his tenure [3]

Core Viewpoint - The company is a leading player in the domestic laser welding industry, with revenue returning to growth in the first half of 2025 [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.533 billion yuan, a year-on-year increase of 5.30% [1] - The net profit attributable to shareholders reached 58 million yuan, up 13.16% year-on-year [1] - The net profit excluding non-recurring items was 42 million yuan, reflecting a year-on-year growth of 10.52% [1] Market Position - The company is a leading supplier of precision laser welding equipment and automation solutions, with applications in various sectors including power and energy storage batteries, automotive manufacturing, consumer electronics, hardware appliances, optical communications, and medical devices [2] - According to the "China Laser Industry Development Report," the company's market share in laser welding equipment was 34%, 30%, and 26% for the years 2022-2024, maintaining its industry leadership [2] Industry Trends - The demand for equipment is recovering due to the accelerated expansion pace of lithium battery customers, with significant growth in the new energy power battery and energy storage battery sectors [3] - The company has delivered solid-state battery assembly lines, including laser welding equipment, in collaboration with leading industry players [3] Non-Lithium Business Development - The company is actively expanding its non-lithium business, particularly in the consumer electronics sector, where it continues to secure orders for small cylindrical battery welding equipment from top international clients [4] - The company currently has a sufficient order backlog, with production capacity utilization nearing saturation, which supports future profitability improvements [4] Investment Outlook - The recovery of the lithium battery equipment business and the strong momentum in non-lithium sectors like consumer electronics are expected to drive continued performance improvement [5] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 282 million, 411 million, and 578 million yuan, corresponding to price-to-earnings ratios of 30.14, 20.70, and 14.71 times based on the closing price on September 1, 2025 [5]

中信证券股份有限公司 关于深圳市联赢激光股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳市 联赢激光股份有限公司（以下简称"联赢激光"或"公司"或"上市公司"）向 特定对象发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职责， 并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 19 日、2025 年 8 月 29 日对公司募集资金进行 了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （ ...

Summary of Key Points from Conference Call Records Industry Overview - **High-end Equipment and AI PCB Market**: The AI PCB market is driven by key players such as Xinxin Microelectronics, Dazhu CNC, and Dongwei, which dominate the exposure machine, mechanical drilling, and pulse plating segments, respectively. Their capital expenditures are expected to account for over 80% of the AI PCB market in 2025, indicating strong stock performance and investment potential [1][3]. Core Insights and Arguments - **Domestic Substitution in PCB Equipment**: There is significant potential for domestic substitution in the PCB equipment sector. While Shenghong Technology relies heavily on imported equipment, companies like Dazhu CNC and Dongwei are positioned to capitalize on domestic alternatives. By the second half of 2025 to the first half of 2026, domestic substitutes for CO2 laser drilling machines and horizontal three-in-one plating are expected to emerge [1][5]. - **Apple's Investment in AI**: Apple plans to significantly increase its investment in generative AI and related machine learning technologies, committing an additional $100 billion, bringing total investments to $900 billion over four years. The upgrade of the mobile GPT-4 model to GPT-5 is also anticipated [1][10]. - **Apple's Hardware Innovations**: The years 2026 and 2027 are projected to be pivotal for Apple's hardware innovations, including the iPhone 17, which will support edge AI applications and introduce new cooling technologies. The launch of a foldable phone is expected in 2026, with sales projections of 10 million units in the first year, increasing to 25 million in 2027, benefiting related mechanical companies [1][11][13]. - **Lithium Battery Equipment Sector**: The lithium battery equipment industry is experiencing a domestic cyclical turning point, driven by ongoing overseas cycles and advancements in solid-state battery technology. Revenue and profit recovery is evident, with significant growth reported by leading companies [1][18]. Additional Important Insights - **Investment Opportunities in 3C Automation Equipment**: The 3C automation equipment market is heavily reliant on Apple's product innovation cycles. Despite a relatively stagnant performance in 2025, the upcoming product launches and AR device demand are expected to provide substantial growth opportunities [4][9][17]. - **Solid-State Battery Technology Impact**: The solid-state battery technology is catalyzing growth in the lithium battery equipment sector, with significant government subsidies and a projected release of equipment flexibility between 2026 and 2027 [19][20]. - **Military Sector Trends**: The military sector is expected to continue its upward trend post-adjustment, with a focus on new types of equipment that enhance systemic confrontation, unmanned capabilities, and strategic deterrence. Key areas of investment include drones, laser weapons, and commercial aerospace [4][26][30]. - **Emerging Investment Recommendations**: Investors are advised to focus on leading companies in the lithium battery equipment sector, such as Xian Dao Intelligent and Hangke Technology, which are well-positioned for growth due to their strong financial performance and market positioning [23][24][25]. This summary encapsulates the critical insights and trends from the conference call records, highlighting the potential investment opportunities and risks within the high-end equipment, AI PCB, 3C automation, lithium battery, and military sectors.

Market Performance - The automation equipment sector rose by 3.45% on September 5, with Lianying Laser leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers in Automation Equipment Sector - Lianying Laser (688518) closed at 26.20, up 13.52% with a trading volume of 310,400 shares and a transaction value of 780 million [1] - Shitianxia (688559) closed at 41.35, up 13.29% with a trading volume of 359,100 shares and a transaction value of 1.437 billion [1] - Delong Laser (688170) closed at 39.62, up 12.62% with a trading volume of 77,300 shares and a transaction value of 296 million [1] Fund Flow Analysis - The automation equipment sector saw a net inflow of 120 million from institutional investors, while retail investors contributed a net inflow of 322 million [2] - The sector experienced a net outflow of 442 million from speculative funds [2] Individual Stock Fund Flow - Huagong Technology (000988) had a net inflow of 301 million from institutional investors, while it faced a net outflow of 142 million from speculative funds [3] - Dongjie Intelligent (300486) saw a net inflow of 67.73 million from institutional investors, but a net outflow of 48.91 million from speculative funds [3] - Robotech (300757) had a net inflow of 66.72 million from institutional investors, with a net inflow of 41.57 million from speculative funds [3]