Core Insights - The company, HaiMuxing, has made significant technological breakthroughs in the field of solid-state battery equipment, particularly in ultra-thin coating and laser cutting technologies [1]. Group 1: Technological Breakthroughs - HaiMuxing has developed an innovative micro-embossed ultra-thin coating technology that achieves a coating thickness of 0.5-4μm, enabling the company to enter the international market with its products [1]. - The ultra-thin multi-layer coating technology has reduced the coating thickness of silicon-carbon anodes to 7.5-15μm, which is over 80% thinner than traditional processes. This technology is crucial for enhancing the quality energy density and volume energy density of solid-state batteries [1]. - The lithium metal foil laser cutting system utilizes ultra-fast laser non-contact processing, effectively avoiding foreign material generation and interface reactions, thereby improving the solid-solid interface contact issues in solid-state batteries [1]. - The ultra-fast laser marking technology creates micro-gas channels, significantly enhancing the battery's cycle life and rate performance. HaiMuxing is the first in the industry to apply ultra-fast laser technology to solid-state batteries, achieving a leading position in lithium metal cutting and marking processes [1].

Core Viewpoint - The BC Battery Index experienced a strong intraday surge, with significant activity among its major constituent stocks, indicating positive market sentiment in the battery sector [1]. Group 1: Stock Performance - Saiwu Technology reached its daily limit up, showcasing robust investor interest [1]. - Zhonglai Co., Ltd. increased by 2.57%, reflecting a positive trend in its stock performance [1]. - Yonghe Intelligent Control rose by 2.35%, indicating strong market confidence [1]. - Haimeixing saw a gain of 1.61%, contributing to the overall positive movement in the index [1]. - Dike Co., Ltd. experienced a 1.41% increase, further highlighting the active trading environment [1].

Core Insights - The Chinese lithium battery industry is expected to see over threefold growth in shipment volume from 2025 to 2035, with shipments exceeding 1.7 TWh by 2025 [4][5] - The solid-state battery sector is entering a critical phase of GWh-level capacity construction from 2027 to 2030, driven by increasing demand in the power battery and energy storage markets [1][12] - The industry is transitioning from scale expansion to value creation, with significant technological breakthroughs and new application scenarios emerging [1][6] Industry Growth Projections - By 2025, the shipment volume of power lithium batteries in China is projected to exceed 1.05 TWh, with nearly threefold growth anticipated over the next decade [4] - Energy storage lithium battery shipments are expected to reach 600 GWh by 2025, with a doubling in the next five years and nearly threefold growth in the following decade [4] - Midstream material demand, including separators and electrolytes, is also expected to see over threefold growth from 2025 to 2035 [4] Price Trends - The lithium battery supply chain is experiencing price stabilization and recovery, with expectations of price increases due to supply-demand imbalances [3][5] - Predictions indicate a potential 5%-10% increase in the price of 280Ah energy storage cells by 2026, along with significant rises in processing fees for various materials [5] Solid-State Battery Development - The solid-state battery industry is categorized into four development phases, with the current phase (2023-2027) focusing on initial market applications and transitioning to GWh-level production by 2030 [10][11] - Over 20 domestic companies are currently building pilot lines for solid-state batteries, with a focus on customer development and cost control rather than immediate technical performance [11] - The solid-state battery market is expected to see rapid growth post-2027, particularly in the electric vehicle sector, with global shipments projected to exceed 900 GWh by 2035 [12][14] Capacity and Investment - The planned expansion of the solid-state battery industry in China exceeds 450 GWh, with over 250 billion yuan in planned investments over the past four years [15] - Actual production capacity remains significantly lower, with only over 25 GWh currently operational and effective utilization below 20 GWh [15] - The investment required for solid-state battery production lines is estimated at 250-300 million yuan per GWh, indicating a substantial financial commitment to this emerging technology [14]

Core Insights - The lithium battery industry is experiencing a price stabilization and recovery in 2023, driven by strong demand in the power battery and energy storage markets [1] - A new round of lithium battery production expansion has quietly begun, indicating growth in the sector [1] - The global industry is entering a new technological era, with solid-state technology leading the way, creating new application scenarios and investment opportunities [1] - The synergy between the new cycle and new technologies is injecting robust growth momentum into the lithium battery industry, providing long-term growth potential [1]

Summary of Key Points from Conference Call Industry Overview - **Industry Focus**: Lithium mining, lithium battery materials, lithium battery equipment, and solid-state batteries [1][2][3] Core Insights and Arguments - **Significant Growth in Energy Storage Demand**: Driven by the increase in renewable energy share and AI data center needs, energy storage demand is rapidly growing. Major manufacturers have orders booked until the end of Q1 2026, leading to expansion in upstream lithium battery materials, lithium mining, and lithium equipment [1][2] - **Tight Lithium Resource Supply**: Domestic salt lake expansion is limited, and overseas mining companies are reducing capital expenditures. This results in a slowdown in global lithium resource supply growth. Despite lithium carbonate inventory exceeding 3,000 tons, the weekly production from Ningde is about 2,000 tons, suggesting optimistic short-term pricing, potentially exceeding 100,000 yuan by 2026 [1][4] - **Strong Material Demand Growth**: The dual drivers of power and energy storage are expected to boost material demand. Global sales of new energy vehicles are projected to grow by 16%-17% in 2026, with domestic energy storage installations expected to reach at least 220 GWh [1][5] - **Tight Supply-Demand Dynamics in Materials**: Lithium hexafluorophosphate is in short supply, with high utilization rates for lithium iron phosphate and an overall tight supply-demand balance for various materials [1][5] Investment Insights - **Investment Value in Lithium Mining**: Short-term focus on flexible second-tier stocks, with long-term attention on leading companies. Companies are expected to approach a fully loaded cost of 60,000 yuan per ton, indicating high investment value in the sector [2][6] - **Midstream Profitability Under Pressure**: Midstream companies are facing significant profitability challenges, with many second-tier firms reporting losses and first-tier firms barely profitable. This has led to a reluctance to expand production, resulting in supply tightness and upward pressure on material prices [2][8] Equipment and Solid-State Battery Development - **Equipment Manufacturers Benefiting from Energy Storage and Solid-State Battery Growth**: The lithium battery equipment sector is experiencing strong order growth due to advancements in energy storage and solid-state battery technologies. Companies like Haimeixing and Xiandai Intelligent are recommended for investment [2][12] - **Solid-State Battery Commercialization**: Key developments in solid-state batteries are expected, with major battery manufacturers collaborating with automakers to launch solid-state models in 2026. Focus on companies involved in equipment and key technological breakthroughs is advised [12][13][14] Price Trends and Financial Pressures - **Material Price Increases**: Prices for lithium hexafluorophosphate, lithium iron phosphate, and other materials have already risen, with copper foil expected to see significant price increases due to high demand and limited expansion plans [7][9] - **Financial Pressures in the Midstream Sector**: The midstream sector has faced financial strain, with many companies unable to recover previous capital expenditures. This has led to a strong willingness to maintain prices amidst rising material costs [8][10] Future Supply Expectations - **Future Supply Dynamics**: Domestic lithium resource expansion is slow, with limited new capacity expected in the near term. The overall supply-demand balance is expected to remain tight, with significant implications for pricing and investment strategies [4][11]

Core Viewpoint - The competition in the lithium battery equipment industry is shifting towards a global market, advanced technology, and intelligent manufacturing, with key factors including achieving a tenfold efficiency leap in core processes like laser cutting, establishing localized service systems globally, and positioning for next-generation solid-state batteries and AI manufacturing [2] Company Overview - HaiMoxing, as a representative of equipment companies focusing on laser technology, is leading the efficiency revolution and globalization in lithium battery manufacturing [3] - Dr. Zhao Shengyu, Chairman of HaiMoxing, emphasizes the company's strategic determination to prioritize customer interests despite challenges [5] Technological Advancements - The company is accelerating its layout in next-generation technologies, having secured over 400 million yuan in orders for a 2GWh production line from Xinjie Energy and delivered trial line equipment to top global clients [6] - In terms of intelligent manufacturing, the company is promoting large-scale implementation of AI, adopting a cross-disciplinary approach of "micro-nano and semiconductor" to tackle future challenges [7] Upcoming Conference Insights - Dr. Zhao will present a systematic overview of HaiMoxing's perspective on the "new order of global lithium battery equipment" at the upcoming conference [8] - Key areas of focus include: - Policy direction shifting from "subsidy-driven" to "rule-guided" [9] - Market dynamics evolving from "single-pole driven" to "multi-pole explosion" [10] - Technological evolution transitioning from "parallel exploration" to "convergent breakthroughs" [11] Strategic Initiatives - The company is addressing the critical question of how equipment firms can position themselves in the multi-route parallel landscape of the "post-lithium battery era" to avoid misdirection in technology investments [12] - HaiMoxing is advancing a "three localization" strategy (organization, service, innovation) which will be fully presented at the conference [13]

Group 1 - RuiPu LanJun completed H-share placement, raising approximately HKD 794 million for working capital and business development [6] - The placement involved the sale of 60 million shares at HKD 13.35 per share, representing about 6.86% of the issued H-shares before the placement [5] - The fifth generation of lithium iron phosphate batteries has begun mass production at CATL, achieving breakthroughs in energy density and cycle life [7] Group 2 - Haibo Shichuang signed a ten-year strategic cooperation agreement with CATL, committing to purchase a cumulative total of 200 GWh of electricity from 2026 to 2028 [8] - Pylon Technologies signed a contract for a 2 GWh energy storage battery project in Hefei, with a total investment of CNY 1 billion [9] - Guizhou Zhaoke Energy's lithium battery production project has been completed, with an annual capacity of 2 GWh [10] Group 3 - The first phase of the Times Chang'an capacity expansion project has been put into production in Yibin, increasing CATL's capacity from 180 GWh to 210 GWh [11] - Chuangneng New Energy has entered the automotive sector by acquiring the Weima factory, allowing it to bypass lengthy approval processes for production qualifications [12][13] - Shangtai Technology plans to invest in a 200,000-ton anode material project with an estimated total investment of approximately CNY 4.07 billion [15] Group 4 - Ganfeng Lithium's PPGS lithium salt lake project in Argentina has received a key environmental impact assessment report, marking significant progress [16] - A new silicon-carbon anode material project has been signed in Inner Mongolia, with a planned investment of CNY 5 billion [17] - GCL signed a contract for a 150,000-ton lithium battery cathode material project in Sichuan, expected to be operational by the end of 2025 [18] Group 5 - Haike New Source signed a strategic cooperation agreement with Kunlun New Materials for the supply of 596,200 tons of electrolyte solvents from 2026 to 2028 [20] - CATL invested in a silicon-carbon anode material company, increasing its stake in the industry [21] - Hunan Youneng reported a 64.86% increase in phosphate cathode material sales in the first three quarters, totaling 784,900 tons [22] Group 6 - Zhongding Intelligent has re-applied for listing on the Hong Kong Stock Exchange, with revenue projections showing steady growth from CNY 1.643 billion in 2022 to CNY 1.798 billion in 2024 [24] - Shenzhen Zhongji has initiated IPO counseling for listing on the Beijing Stock Exchange, focusing on lithium battery production automation [25] - Haimeixing has supplied various lithium battery process equipment to Zhongxin Innovation, strengthening their long-term partnership [26] Group 7 - A 400,000-ton battery recycling project has been approved in Anhui, aimed at reusing waste batteries [28] - A new recovery technology developed in South Korea can recover over 95% of nickel and cobalt from used batteries, significantly improving efficiency and environmental impact [29] - Yiwei Lithium Energy's chairman discussed the core challenges in battery technology, emphasizing lifecycle value and performance in extreme cold [30] Group 8 - GAC and CATL signed a comprehensive strategic cooperation agreement to enhance collaboration in the new energy sector [32] - Li Bin has stepped down as chairman of NIO Battery Technology, a move coinciding with the company's push for profitability [33] - XPeng Motors' market capitalization surpassed Geely's, driven by strong performance in AI and robotics product launches [34]

Core Insights - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18 to 20 in Shenzhen, focusing on the trends and future opportunities in the lithium battery industry [1][2]. Industry Trends - The conference will feature 12 specialized sessions covering key topics across the entire industry chain, with over 1,500 executives from more than 1,000 mainstream companies discussing the industry's past 15 years and future challenges [2]. - The industry is shifting from low-level competition to higher standards, emphasizing long-life technology and innovative solutions to user pain points [8]. Keynote Speakers - Notable speakers include Zeng Yuqun, Chairman of CATL, and Wang Mingwang, Founder of Sunwoda, who will address the conference [3][9]. Innovation and Technology - CATL emphasizes the need for a new powder electrochemistry theory to solidify its leading position in the industry, moving beyond existing electrochemical theories [5]. - The industry faces challenges from blind capacity expansion and the need for original technological innovation to create core competitive advantages [13]. Market Dynamics - The competition in the energy storage and electric vehicle sectors is increasingly driven by consumer demand rather than just price competition [16]. - The lithium battery industry is experiencing a wave of globalization, with companies needing to adapt to local markets and regulations for sustainable growth [31]. Future Outlook - The recycling economy is expected to grow significantly by 2030, with millions of vehicles needing processing, marking a pivotal moment for circular economy practices [36]. - Solid-state battery technology is progressing, with advancements in semi-solid and quasi-solid batteries showing potential for various applications [39]. Strategic Recommendations - Companies are advised to adopt a three-step strategy for internationalization, focusing on product exports, localized production, and global optimization of resources [25]. - The integration of artificial intelligence in equipment manufacturing is seen as essential for improving efficiency and achieving breakthroughs in production [47].

Core Viewpoint - The company has approved the 2025 Restricted Stock Incentive Plan and has conducted a verification of the list of incentive recipients, ensuring compliance with relevant regulations and internal guidelines [1][5]. Disclosure and Verification Process - The company disclosed the draft of the 2025 Restricted Stock Incentive Plan and related documents on November 1, 2025, on the Shanghai Stock Exchange website [1]. - The internal public announcement of the proposed incentive recipients took place from November 4 to November 13, 2025, allowing employees to provide feedback [2]. - No objections were raised by any organization or individual regarding the proposed incentive recipients during the public announcement period [3]. Verification Committee's Findings - The verification committee reviewed the list of proposed incentive recipients, their identification documents, and their employment contracts with the company or its subsidiaries [4]. - The committee confirmed that all proposed recipients meet the qualifications outlined in the Company Law, management regulations, and internal guidelines [5]. - The incentive recipients include company directors, senior management, and key technical personnel, excluding independent directors and major shareholders [6]. - The committee found no discrepancies or misleading information regarding the basic information of the incentive recipients [6].

海目星激光科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第三届董事会第二十次会议、第三届监事会第二十次会议，审议通过 了《关于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关 议案。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称 "《自律监管指南 4 号》"）的相关规定，公司对 2025 年限制性股票激励计划 激励对象名单在公司内部进行了公示。公司董事会薪酬与考核委员结合公示情 况对激励对象进行了核查，相关公示情况及核查情况如下： 一、公示情况说明及核查方式 海目星激光科技集团股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制 性股票激励计划激励对象名单的核查意见及公示 情况说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1、公示情况说明 公司于 2025 年 11 月 1 日在上海证券交易所网站（ht ...