Core Viewpoint - The stock of Gaoce Co., Ltd. has experienced fluctuations, with a recent decline of 2.00%, and the company is facing challenges in revenue and profit margins despite a notable increase in stock price over the year [1][2]. Financial Performance - As of September 30, 2025, Gaoce Co., Ltd. reported a revenue of 2.431 billion yuan, a year-on-year decrease of 29.17%, and a net profit attributable to shareholders of -81.63 million yuan, representing a year-on-year decrease of 139.76% [2]. - The company has distributed a total of 925 million yuan in dividends since its A-share listing, with 878 million yuan distributed over the past three years [3]. Stock Market Activity - The stock price of Gaoce Co., Ltd. has increased by 15.59% year-to-date, with a 3.12% increase over the last five trading days, a 25.95% increase over the last 20 days, and a 12.92% increase over the last 60 days [1]. - The company’s market capitalization is currently 10.966 billion yuan, with a trading volume of 1.02 billion yuan and a turnover rate of 0.91% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Gaoce Co., Ltd. has increased to 21,700, a rise of 7.50% from the previous period, with an average of 38,279 circulating shares per shareholder, an increase of 0.95% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which holds 11.7984 million shares, and several new entrants such as China Europe Digital Economy Mixed Fund A [3]. Business Overview - Gaoce Co., Ltd. specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials, with its main business revenue sources being silicon wafer and cutting processing services (48.98%), photovoltaic cutting consumables (23.42%), and other related products [1]. - The company operates within the power equipment sector, specifically in photovoltaic equipment and processing [1].

Group 1 - The core point of the news is that Gaoce Co., Ltd. experienced a decline of 5.03% in its stock price, reaching 13.21 yuan per share, with a trading volume of 888 million yuan and a turnover rate of 7.76%, resulting in a total market capitalization of 10.975 billion yuan [1] - Gaoce Co., Ltd. is based in Qingdao, Shandong Province, and was established on October 20, 2006. It was listed on August 7, 2020. The company's main business involves the research, production, and sales of cutting equipment and consumables for hard and brittle materials [1] - The revenue composition of Gaoce Co., Ltd. includes: 48.98% from silicon wafer and cutting processing services, 23.42% from photovoltaic cutting consumables, 9.14% from other cutting equipment and consumables, 8.91% from other waste income, 7.45% from photovoltaic cutting equipment, 2.08% from services and others, and 0.02% from rental income [1] Group 2 - Among the top ten circulating shareholders of Gaoce Co., Ltd., a fund under Huafu Fund ranks first. The Huafu Technology Momentum Mixed A Fund (007713) entered the top ten circulating shareholders in the third quarter, holding 9.2 million shares, which accounts for 1.11% of the circulating shares. The estimated floating loss today is approximately 6.44 million yuan [2] - The Huafu Technology Momentum Mixed A Fund (007713) was established on November 6, 2019, with a latest scale of 1 billion yuan. Since the beginning of the year, it has incurred a loss of 0.25%, ranking 8688 out of 8827 in its category. Over the past year, it has achieved a return of 108.8%, ranking 109 out of 8084 in its category, and has a cumulative return of 101.33% since inception [2]

Group 1 - The core point of the news is that Gaoce Co., Ltd. experienced a 5.03% decline in stock price, closing at 13.21 yuan per share, with a trading volume of 888 million yuan and a turnover rate of 7.76%, resulting in a total market capitalization of 10.975 billion yuan [1] - Gaoce Co., Ltd. is based in Qingdao, Shandong Province, and was established on October 20, 2006, with its listing date on August 7, 2020. The company specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials [1] - The revenue composition of Gaoce Co., Ltd. includes: 48.98% from silicon wafer and cutting processing services, 23.42% from photovoltaic cutting consumables, 9.14% from other cutting equipment and consumables, 8.91% from other waste income, 7.45% from photovoltaic cutting equipment, 2.08% from services and others, and 0.02% from rental income [1] Group 2 - Among the top ten circulating shareholders of Gaoce Co., Ltd., one fund from China Europe Fund ranks first. The fund, China Europe Digital Economy Mixed Initiation A (018993), entered the top ten shareholders in the third quarter, holding 11.0093 million shares, which accounts for 1.33% of the circulating shares. The estimated floating loss today is approximately 7.7065 million yuan [2] - The China Europe Digital Economy Mixed Initiation A (018993) fund was established on September 12, 2023, with a latest scale of 5.274 billion yuan. Year-to-date, it has a return of 1.55%, ranking 5918 out of 8827 in its category; over the past year, it has a return of 152.57%, ranking 12 out of 8084; and since its inception, it has a return of 212.58% [2]

Group 1 - The core viewpoint of the report emphasizes the disruptive advantages of space computing over traditional ground data centers, including high deployment efficiency, excellent energy efficiency, and low cooling costs [1][2] - The report highlights the emergence of "orbital data centers" driven by the imbalance in computing power supply and demand in the AI era, with examples such as the "Three-body Computing Constellation" launched by Zhijiang Laboratory and Guoxing Aerospace, which has already deployed 12 satellites and plans for a 1000 POPS computing scale [1][3] - The report recommends companies such as Maiwei Co., Ltd. (300751.SZ) and Gaomei Co., Ltd. (688556.SH) due to their involvement in the space computing and HJT battery sectors [1] Group 2 - The energy system weight significantly impacts the overall cost of satellites, with energy system costs accounting for 22% of the total, making lightweight and high-power quality ratio structures like rollable solar arrays critical for development [2] - The report notes that rollable solar arrays are gradually replacing traditional Z-type structures in LEO orbits, and they are best suited for flexible and thin-film batteries, with companies like NexWafe and Solestial accelerating their layouts in this area [2] - HJT batteries are identified as the optimal bottom cell for perovskite tandem cells, showcasing long-term evolution potential [2] Group 3 - The report discusses the current tightness of orbital resources, with LEO and SSO being the main orbits, and SSO providing stable sunlight year-round, making it the optimal choice for high-power data centers, with approximately 9617 available satellites remaining [3] - To address the shortage of orbital resources, space computing platforms are evolving along two paths: large-scale deployment, exemplified by Starcloud's construction of a 4km×4km photovoltaic mothership platform, and cluster deployment, as seen in Google's Suncatcher plan with 81 to 324 satellite formations [3] - The report estimates that a 10GW photovoltaic capacity can correspond to 448 Google Suncatcher satellite clusters or 2 Starcloud motherships [3]

格隆汇1月8日｜A股光伏设备板块午后上扬，双良节能涨停，迈为股份涨超17%，国际实业、钧达股份 此前封板，高测股份、奥特维、海优新材跟涨。 ...

Investment Rating - The report recommends a focus on HJT equipment leaders with overseas customer bases, specifically highlighting Maiwei Co., Ltd. and Gaomei Co., Ltd. for their production capabilities of ultra-thin silicon wafers [4]. Core Insights - The space computing paradigm is emerging due to the imbalance in supply and demand for computing power driven by AI advancements, leading to the development of "orbital data centers" [3]. - The energy system's weight significantly impacts the overall cost of satellites, with rollable photovoltaic arrays paired with flexible batteries being crucial for development [4]. - The current mainstream orbital resources are limited, prompting the evolution of computing platforms towards large motherships and multi-satellite clusters [5]. Summary by Sections Space Computing - Space computing represents a new paradigm where modular server nodes with training and inference capabilities are deployed on low or medium orbit satellites, creating "orbital data centers" [9]. - The first batch of AI satellites in the "Trinity Computing Constellation" has been launched, with plans for a total of 1,000 satellites [9]. Energy Systems - The cost of energy systems accounts for 22% of the total satellite cost, making it a critical factor in satellite economics [4]. - Rollable structures are gradually replacing traditional Z-shaped structures, becoming the mainstream solution for LEO orbits, and are compatible with flexible, thin-film batteries [4]. Market Dynamics - The limited availability of orbital resources is driving the development of computing platforms towards larger motherships and multi-satellite clusters, with significant deployment plans outlined by companies like Starcloud and Google [5]. - The report emphasizes the importance of HJT technology as the optimal solution for large-scale applications in space computing, particularly due to its compatibility with new energy systems [7]. Investment Recommendations - The report specifically recommends investing in HJT equipment leaders and companies capable of producing ultra-thin silicon wafers, indicating a strong potential for growth in this sector [4].

Important Matters - Pritchard has achieved a significant breakthrough in LCP film technology, being the only company in China to do so, and is collaborating with overseas clients for applications in brain-computer interfaces [1] - Zhongtian Rocket's small guided rocket products primarily serve military trade, with product gross margins fluctuating between 35% and 40% [1] - CIMC's subsidiary is providing liquid oxygen storage tanks and other equipment in the commercial aerospace sector, with expected revenue and orders exceeding 100 million yuan by 2025 [1] - Gaode Infrared is supplying infrared detector cores for commercial aerospace and satellite applications [1] - Zhongfu Shenying's M55J-grade carbon fiber is undergoing application verification in satellite structural components [1] Investment and Operations - Dazhong Mining plans to invest 3.688 billion yuan in a 20 million tons per year lithium mining and selection project [1] - Zhongkuang Resources has commenced trial production for a high-purity lithium salt project with an annual output of 30,000 tons [1] - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its subsidiary fund [1] - Huagong Technology has launched a self-developed silicon photonic chip for 1.6T optical modules [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Xinlitai's innovative drug SAL0145 injection has had its clinical trial application accepted [1] - Hengrui Medicine's innovative drug Rilaforpu α injection has been approved for market launch, with no similar products approved domestically or internationally [1] - Yifan Pharmaceutical's wholly-owned subsidiary has received a registration acceptance notice for Yihuang Decoction granules, with no similar products from the same prescription available domestically [1] Partnerships and Collaborations - Taisheng Wind Power has formed strategic partnerships with multiple arrow manufacturers [2] - Guangqi Technology's subsidiary has signed batch production contracts totaling 264 million yuan for metamaterials with four clients [2] - Lingyi Intelligent Manufacturing has reached a strategic cooperation agreement with Qiangnao Technology [2] Performance - Zhongke Lanyun expects a net profit increase of 367%-377% year-on-year in 2025, driven by significant fair value changes from investments in Moer Thread and Muxi Co., Ltd. [2] - Kangchen Pharmaceutical anticipates a net profit increase of 243%-315% year-on-year in 2025 [2] - Chuanjinno expects a net profit increase of 144%-173% year-on-year in 2025 [2] - Beifang Navigation forecasts a net profit increase of 86.32%-137.14% year-on-year in 2025 [2]

Brain-Computer Interface - Daoshih Technology has strategically invested in Qiangnao Technology [1] - Lingyi Zhi Zao has reached a strategic cooperation agreement with Qiangnao Technology [1] Commercial Aerospace - Taisheng Wind Power is collaborating with multiple complete rocket manufacturers [1] - Tianqi Mould has obtained supplier qualifications from COMAC and XAC for its aviation products [1] - Guotai Group's Xinyu Guotai has achieved stable mass production of small solid rocket engines [1] - Gaode Infrared's products are applied in commercial aerospace and satellite-mounted infrared detector cores [1] Other Developments - Cuiwei Co., Ltd. has indirectly invested 150 million yuan in Super Fusion through its fund [1] - AVIC Optoelectronics has developed mature interconnection solutions for the robotics sector [1] - Gaomei Co., Ltd. has formed small batch orders for composite tungsten wire tendon ropes [1] - Huagong Technology is actively laying out business directions in embodied intelligence, focusing on torque and tactile sensor products [1] - Zhongfu Shenying's M55J carbon fiber is undergoing application verification in satellite structural components [1]

证券日报网讯1月7日，高测股份在互动平台回答投资者提问时表示，公司主推的复合钨丝腱绳性能优势 明显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入 研发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不 方便披露相关信息。 ...

格隆汇1月7日丨高测股份(688556.SH)在投资者互动平台表示，公司主推的复合钨丝腱绳性能优势明 显，受到市场高度关注，目前该产品已进入多家机器人相关企业试用，并已与国内头部企业开展深入研 发合作，在国内已形成小批量订单。产品已在多家头部企业试用并反馈良好，基于客户保密协议，不方 便披露相关信息。 ...