Core Viewpoint - The global lithium battery equipment industry is experiencing a strong surge in orders, with a total order amount exceeding 30 billion yuan in the first half of 2025, reflecting a year-on-year growth of 70% to 80% [2][4]. Group 1: Order Growth and Trends - The demand for equipment is driven not only by capacity expansion but also by trends such as solid-state batteries, overseas factories, and production line upgrades [3]. - Leading companies like XianDao Intelligent and HaiMuXing have reported significant order growth, with XianDao's new orders reaching 12.4 billion yuan, a nearly 70% increase year-on-year, and HaiMuXing's new orders at approximately 4.42 billion yuan, a substantial 117.5% increase [4]. - The overall production in the lithium battery industry is on the rise, with a quarter-on-quarter growth of 6% to 8% in Q3, and leading battery companies achieving a production level of 70 GWh in September, maintaining over 5% growth for two consecutive months [4]. Group 2: Market Outlook and Growth Drivers - Battery leaders maintain an optimistic growth forecast for 2025, generally above 20%, while electrolyte manufacturers report order growth rates nearing 30% [5]. - Factors such as increased battery capacity, the rise of electric heavy trucks, new model cycles from European automakers, and surging demand in emerging markets are expected to sustain industry demand at around 20% growth [5]. Group 3: Solid-State Battery Equipment - Solid-state battery equipment has emerged as a key driver of order growth, with companies like PuTaiLai and HaiMuXing securing significant orders for solid-state battery production lines [6][7]. - HaiMuXing has signed a 400 million yuan order for a solid-state battery production line, becoming a leading supplier in this segment, while XianDao Intelligent anticipates solid-state equipment orders to reach 800 million to 1 billion yuan for the year [6]. Group 4: International Market Expansion - The overseas market is becoming a critical area for high growth and profitability, with HaiMuXing's overseas orders reaching 1.888 billion yuan, a year-on-year increase of 192.5% [8]. - XianDao Intelligent's overseas business boasts a gross margin of 40.27%, significantly higher than domestic levels, indicating strong international recognition of its technology and equipment [8]. Group 5: Future Industry Developments - As new production capacity tenders continue to be awarded in the second half of the year, the lithium battery equipment industry is expected to see both performance and valuation improvements [9]. - The upcoming 2025 High-Performance Lithium Battery Annual Conference will feature key industry players discussing breakthroughs and future industry trends [10].

Core Viewpoint - The company, HaiMuxing Laser Technology Group Co., Ltd., has experienced a significant decline in operating performance, with revenues and net profits turning negative in 2024 and the first half of 2025, raising concerns about its financial health and operational strategies [2]. Financial Performance - In 2024, the company achieved revenue of 4.525 billion yuan, which decreased by 5.82% year-on-year, while in the first half of 2025, revenue was 1.664 billion yuan, down 30.50% year-on-year [2] - The net profit attributable to shareholders turned negative, recording -163 million yuan in 2024 and -708 million yuan in the first half of 2025, representing a year-on-year decrease of 4.85 billion yuan and 860 million yuan respectively [2] - The overall gross profit margin significantly declined in Q4 2024 due to industry cyclical supply-demand imbalances and increased competition, leading to lower order quality and reduced customer acceptance [2] Subsidiary Developments - The company established a wholly-owned subsidiary, Xingneng Maoye, in August 2023, which reported revenues of 0 yuan in 2023 and 2024, and 10.1477 million yuan in the first half of 2025 [3] - The net assets of Xingneng Maoye were -12.6957 million yuan at the end of the first half of 2025, prompting the parent company to consider providing financial support of up to 1 billion yuan [3] - The subsidiary's competitive advantages lie in core talent and self-researched technology, with expectations of profitability starting in 2027 or 2028 [3] Inventory and Receivables - The company's inventory balance at the end of the reporting period was 5.278 billion yuan, an increase of 23.38% from the beginning of the period, with inventory impairment losses amounting to 401 million yuan, a significant increase compared to 2024 [4] - Accounts receivable at the end of the reporting period totaled 2.172 billion yuan, with significant growth in long-aged receivables, indicating potential cash flow issues [5] Financial Position - The company reported a bank deposit balance of 1.341 billion yuan and short-term borrowings of 1.907 billion yuan, indicating a high level of liabilities relative to its cash reserves [6] - The company has maintained a stable borrowing situation, necessary for supporting daily operations and capital projects in a capital-intensive industry [7] Prepayments - The balance of long-term prepayments at the end of the reporting period was 202 million yuan, with a slight increase from the beginning of the period, indicating ongoing commitments in line with industry practices [8]

2025 年半年度报告的信息披露监管问询函回复的核查意见 中信证券股份有限公司 关于海目星激光科技集团股份有限公司 （豁免版） 海目星激光科技集团股份有限公司（以下简称"公司""海目星"）于 2025 年 9 月 11 日 收到上海证券交易所《关于海目星激光科技集团股份有限公司 2025 年半年度报告的信息披露 监管问询函》（上证科创公函【2025】0369 号，以下简称"《问询函》"）。中信证券股份有 限公司（以下简称"中信证券"或"保荐机构"）作为海目星的持续督导机构，现对《问询函》 提及的相关问题出具专项意见如下： 问题 1.关于经营业绩下滑。年报及半年报显示，2024 年及 2025 年上半年，公司分别实 现营业收入 45.25 亿元、16.64 亿元，同比下滑 5.82%、30.50%；分别实现归属于上市公司股 东的净利润-1.63 亿元、-7.08 亿元，均由盈转亏，净利润同比减少 4.85 亿元、8.6 亿元。 公司下游客户主要分布于锂电、消费电子、光伏等领域。从单季度毛利率看，2024 年第四季 度毛利率 1.87%，显著低于其他季度表现。 请公司：（1）分别说明 2024 年及 2025 年 ...

证券代码：688559 证券简称：海目星 公告编号：2025-052 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、准确性和完整性依法承担法律责任。 海目星激光科技集团股份有限公司（以下简称"公司"、"上市公司"、"海目星"、 "海目星集团"）于 2025 年 9 月 11 日收到上海证券交易所科创板公司管理部下发的上证科 创公函【2025】0369 号《关于海目星激光科技集团股份有限公司 2025 年半年度报告的信息 披露监管问询函》（以下简称"《问询函》"）。公司会同保荐机构中信证券股份有限公司 就《问询函》有关问题逐项进行认真核查落实，现将有关问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存在差异，均 为四舍五入所致。 问题一：关于经营业绩下滑。年报及半年报显示，2024 年及 2025 年上半年，公司分别 实现营业收入 45.25 亿元、16.64 亿元，同比下滑 5.82%、30.50%；分别实现归属于上市公 司股东的净利润-1.63 亿元、-7.08 亿元，均由盈转亏，净利润同比减少 4.85 亿元、8.6 ...

Core Viewpoint - The article highlights the evolution of China's lithium battery industry, focusing on the advancements made by HaiMuxing Laser in laser technology and its role in the domestic equipment sector, emphasizing the importance of technological breakthroughs and system capabilities for global competitiveness [1][5]. Group 1: Development and Breakthroughs - HaiMuxing Laser has significantly improved laser cutting speeds from 28 meters per minute to 200 meters per minute, achieving nearly a tenfold increase in efficiency [1][21]. - The company began its journey in 2015 by collaborating with CATL, addressing critical process pain points and rapidly developing key technologies [7][10]. - The transition from relying on foreign equipment to achieving domestic breakthroughs is exemplified by HaiMuxing's success in exporting equipment to the U.S. by 2020 [9][11]. Group 2: Industry Trends and Future Directions - The next generation of solid-state batteries will require advancements in micro-nano technology and semiconductor applications to address interface stability [1][29]. - The industry is witnessing a shift towards larger cylindrical batteries, with HaiMuxing contributing to the development of the "no ear" technology, which enhances battery structure [28][30]. - The solid-state battery market is evolving, with ongoing research into semi-solid and quasi-solid batteries, indicating a gradual transition towards more advanced battery technologies [32][36]. Group 3: AI and Smart Manufacturing - HaiMuxing is actively integrating AI into its operations, with plans for large-scale implementation to enhance production efficiency and quality control [52][53]. - The application of AI is expected to evolve through three stages: initial process optimization, automated analysis and operation, and real-time problem-solving capabilities [53][54]. Group 4: Global Expansion Strategy - HaiMuxing's strategy for international expansion emphasizes building internal capabilities before pursuing large-scale orders abroad, ensuring a robust service system is in place [2][58]. - The company has established eight subsidiaries overseas, focusing on local talent development and compliance management to support its global operations [62][63]. Group 5: Core Competencies - The core competencies of HaiMuxing include technological innovation in key processes, a comprehensive service capability, and the ability to navigate complex international markets [66][68]. - The company aims to maintain a balance between technological expertise and operational quality, ensuring sustainable growth and customer trust [67][68].

Core Viewpoint - The company is actively advancing its medical laser business, specifically focusing on hair regeneration devices, and is in the process of obtaining necessary medical device registrations for market application [1] Group 1: Product Development - The company has developed a mid-infrared femtosecond laser hair growth device, which has completed product application testing and laboratory biological validation [1] - The company is working on obtaining Class III medical device registration for its hair regeneration-related products [1] Group 2: Market Strategy - The company plans to collaborate closely with major public hospitals, private medical aesthetic institutions, and chain hair transplant organizations to promote the market application of its products [1]

Core Viewpoint - The company is advancing its new medical business by developing a self-researched infrared femtosecond laser hair growth device, which has completed product application testing and laboratory biological validation [1] Group 1: Product Development - The infrared femtosecond laser hair growth device has successfully established a product application testing platform [1] - The company is actively pursuing the registration of Class III medical device certificates related to hair regeneration [1] Group 2: Market Collaboration - The company plans to collaborate closely with major public hospitals, private medical beauty institutions, and chain hair transplant organizations to promote the market application of its products [1]

Core Viewpoint - The company is advancing its new medical business by developing an infrared femtosecond laser hair regeneration device, which has completed product application testing and laboratory validation [1] Group 1: Product Development - The company has established a product application testing platform for its self-developed infrared femtosecond laser hair regeneration device [1] - Laboratory and biological testing validations have been completed for the device [1] Group 2: Regulatory Progress - The company is actively pursuing the registration of Class III medical device certifications related to hair regeneration [1] - The certification process is nearing completion, indicating a potential market entry soon [1] Group 3: Market Collaboration - The company plans to collaborate closely with major public hospitals, private medical aesthetic institutions, and chain hair transplant organizations to promote the product's market application [1]

Core Viewpoint - The stock of HaiMuxing has shown significant price increases this year, with a notable rise of 26.89% year-to-date and 38.00% over the past 60 days, despite recent net outflows of capital [1][2]. Company Overview - HaiMuxing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 3, 2008. The company went public on September 9, 2020. Its main business involves the research, design, production, and sales of laser and automation equipment across various industries, including consumer electronics and power batteries [1]. - The revenue composition of the company includes: 60.28% from laser and automation equipment for power batteries, 18.04% from 3C consumer electronics, 10.52% from sheet metal laser cutting equipment, 7.98% from the photovoltaic industry, and 3.17% from other sectors [1]. Financial Performance - As of June 30, 2025, HaiMuxing reported a revenue of 1.664 billion yuan, representing a year-on-year decrease of 30.50%. The net profit attributable to the parent company was -708 million yuan, a significant decline of 565.65% compared to the previous period [2]. - The company has distributed a total of 60.4585 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of HaiMuxing increased to 15,900, up by 4.49% from the previous period. The average number of circulating shares per person decreased by 3.85% to 15,629 shares [2]. - Among the top ten circulating shareholders, Huaxia Zhongzheng Robot ETF (562500) is the sixth largest, holding 4.415 million shares, an increase of 1.6939 million shares from the previous period [3].

Core Viewpoint - The financial performance of HaiMuxing (688559.SH) in the first half of 2025 shows a significant decline in revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1][2]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.664 billion yuan, a year-on-year decrease of 30.50% [1][2]. - The net profit attributable to shareholders was -708 million yuan, compared to a profit of 152 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -718 million yuan, down from 128 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 248 million yuan, a significant improvement from -690 million yuan in the same period last year [1][2]. Previous Year Comparison - In 2024, the company reported operating revenue of 4.525 billion yuan, a decrease of 5.82% compared to 2023 [3]. - The net profit attributable to shareholders in 2024 was -163 million yuan, down from 321 million yuan in the previous year [3]. - The net cash flow from operating activities in 2024 was -711 million yuan, an improvement from -993 million yuan in 2023 [3]. Fundraising and Capital Structure - The company raised a total of 728 million yuan, with a net amount of 649 million yuan after expenses, which was 15 million yuan less than planned [4]. - The company issued 40 million shares at a price of 25.49 yuan per share, raising approximately 1.02 billion yuan, with net proceeds of about 1.01 billion yuan after deducting issuance costs [5][6]. - The total amount raised from the two fundraising events was 1.748 billion yuan [6].