Core Insights - The article highlights the significant trend of Chinese lithium battery equipment companies securing overseas orders, indicating a deep restructuring of the global electric vehicle supply chain [2][3][11]. Group 1: Overseas Orders and Revenue Growth - Xianhui Technology announced a contract to provide production line projects for a global battery leader's factory in Hungary, with overseas orders reaching 2.06 billion RMB, accounting for 68% of total orders [3]. - By 2025, Xianhui's overseas revenue is expected to rise to 75% of total revenue, reflecting a broader trend among lithium battery equipment manufacturers [4]. - Other companies like Liyuanheng and Naconor have also reported significant overseas order wins, with Naconor's overseas orders exceeding 600 million RMB, making up over 30% of total orders [4][6]. Group 2: Financial Performance - Haimeixing's new overseas orders in the first half of 2025 reached 1.888 billion RMB, a year-on-year increase of 192.5% [8]. - Honggong Technology's overseas revenue surged by 789.35%, with new overseas orders totaling 300 million RMB [9]. - Manensete's overseas revenue also saw a 146.51% year-on-year growth [10]. Group 3: Industry Dynamics and Demand Drivers - The surge in orders is driven by the need for equipment upgrades due to technological advancements in battery production, such as high-energy and fast-charging batteries [11]. - Leading battery manufacturers are enhancing efficiency and upgrading processes, while Chinese battery companies are expanding their global footprint by upgrading production lines overseas [12]. - There is a growing demand for automation from overseas clients, with a focus on reducing manual operations and improving production efficiency [14]. Group 4: Market Landscape and Challenges - The global battery market is characterized by a tripartite structure involving China, Europe, and the United States, with Europe emerging as a key battleground for competition [15]. - While the Chinese domestic market is highly competitive, trade policy restrictions in the U.S. pose challenges for Chinese companies [15]. - Despite the growth opportunities, risks such as tariff barriers in the U.S. and Southeast Asia could impact equipment demand [15].

Core Insights - The company, Haimeixing, focuses on laser technology and automation applications, developing innovative laser technologies and equipment for key industrial sectors such as lithium batteries, consumer electronics, and photovoltaics, contributing to the global manufacturing industry's transformation towards efficiency, intelligence, and sustainability [1] Group 1: Technological Innovations - Haimeixing has achieved significant breakthroughs in core technologies, including the world's first "watt-level" average power long-wave infrared femtosecond laser with a repetition frequency of 500kHz and a tunable range of 5-11 m, breaking the long-standing monopoly of Europe and the United States in high-performance long-wave infrared femtosecond lasers [2] - The company has achieved comprehensive pulse width coverage in ultrafast laser technology, spanning nanoseconds, picoseconds, and femtoseconds [2] - In the field of optical display technology, Haimeixing has successfully improved the transfer yield of its Micro LED mass transfer equipment to 99.99%, providing a competitive "Chinese solution" for the new display industry [2] Group 2: Research and Development - The company actively builds a collaborative system of "production, education, research, and application" by partnering with universities and research institutions, ensuring a continuous influx of innovative talent [1] - Haimeixing has established a global R&D network through a dual approach of "local cultivation + global intelligence introduction," gathering top experts in optics, mechanics, and artificial intelligence [1] Group 3: Intellectual Property - As of June 30, 2025, Haimeixing has accumulated 1,102 authorized patents and 413 software copyrights, with 188 new patents and 13 software copyrights granted in the first half of 2025, reinforcing its technological barriers and industry leadership in laser optics and automation [2]

Core Insights - In September, a total of 335 companies on the Sci-Tech Innovation Board were investigated by institutions, with 17 companies receiving over 100 inquiries each [1] - The most investigated companies included Juhe Materials, Maiwei Bio, Juguang Technology, Lankai Technology, and Jingzhida, with inquiry counts of 370, 340, 305, 231, and 194 respectively [1] - Key sectors attracting attention were semiconductors, automation equipment, photovoltaic equipment, specialized equipment, and bioproducts [1] Company Developments - Juhe Materials announced plans to acquire SK Enpulse's blank mask business for 68 billion KRW, aiming to enhance its strategic layout and address domestic semiconductor material shortages [2][3] - Maiwei Bio formed a partnership with Aditum Bio to establish Kalexo Bio and secured a global exclusive licensing agreement for a cardiovascular siRNA drug [2] - Zhongkong Technology introduced the concept of "industrial embodied intelligence," aiming to integrate autonomous intelligence into the entire production process [3] Sector Focus - Institutions showed significant interest in companies within the chip interconnection, optical interconnection, battery, and energy storage sectors [4] - Lankai Technology is advancing its MXC chip and PCIe Retimer chip, which are crucial for AI server applications, enhancing bandwidth and reducing latency [5][6] - Xiatuo New Energy is focusing on solid-state battery materials and has achieved stable production of oxide solid-state electrolytes [7][8] Financial Performance - Hai Moxing reported a 350 million CNY inventory impairment in the first half of the year but expects improvement in the coming quarters [9] - Mei Ai Technology anticipates a long-term increase in overall gross margin, driven by a higher proportion of consumable products and expanding overseas market share [10] - Jingchen Co. noted a significant increase in inventory due to a surge in orders, with a record shipment volume in the second quarter [10]

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 ...

中国锂电产业 20 年，从无到有、从追赶到引领。高工锂电成立 15 周年之际，特别策划系 列对话，遍访锂电创变者，回望产业来时路，探寻未来新动能。 在锂电池制造迈向高效化、精密化的进程中，有一家以激光技术为核心的装备企业，用十年 时间将激光制片速度 从 量产 28 米 / 分钟提升至实验室的 200 米 / 分钟 ，实现了近十倍 的效率飞跃 ——海目星激光。 "激光设备是实现国产超越中最典型的代表。"对话中，海目星激光董事长兼总经理赵盛宇如 此认为。 面对下一代固态电池的竞争，赵盛宇指出， "微纳化、半导体化是解决固 - 固界面和稳定 性的有效路径" ，而跨界技术应用正是推动行业进步的有效手段。 与此同时，海目星已在 AI 与智能制造上全面布局——"今年开工第一天，我们开的第一个会 就是关于 AI 在公司大规模落地。 "赵盛宇透露。 从工艺突破、效率革命到智造升级，海目星的出海逻辑始终建立在系统化能力之上。 "再难 再苦，也不能害客户。"赵盛宇强调，能力未建设好前，绝不轻易承接大规模订单。 正是这种对客户负责的战略定力，推动海目星在全球市场中从"打底色"走向"复色结构"，逐 步构建起涵盖八家子公司的海外服务体 ...

（记者 曾健辉） 海目星（688559.SH）9月30日在投资者互动平台表示，在医疗新业务方面，公司自主研发的中红外飞 秒激光生发设备已完成产品应用测试平台的搭建，和实验室与生物试验验证。目前，公司正在积极推进 毛发再生相关三类医疗器械注册证的获取，临近获证周期，会与全国各大公立医院，私立医美机构，连 锁植发机构紧密协作，共同推进产品在市场端的应用。 每经AI快讯，有投资者在投资者互动平台提问：很期待公司的毛发再生相关设备，想问下公司医疗激 光业务的如何实现商业落地？ ...

格隆汇9月30日丨海目星(688559.SH)在投资者互动平台表示，在医疗新业务方面，公司自主研发的中红 外飞秒激光生发设备已完成产品应用测试平台的搭建，和实验室与生物试验验证。目前，公司正在积极 推进毛发再生相关三类医疗器械注册证的获取，临近获证周期，会与全国各大公立医院，私立医美机 构，连锁植发机构紧密协作，共同推进产品在市场端的应用。 ...