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。 ...

分红方面，海目星A股上市后累计派现6045.85万元。 机构持仓方面，截止2025年6月30日，海目星十大流通股东中，华夏中证机器人ETF（562500）位居第 六大流通股东，持股441.50万股，相比上期增加169.39万股。 责任编辑：小浪快报 资料显示，海目星激光科技集团股份有限公司位于广东省深圳市龙华区观湖街道鹭湖社区观盛五路科姆 龙科技园B栋，成立日期2008年4月3日，上市日期2020年9月9日，公司主营业务涉及消费电子、动力电 池、钣金加工等行业激光及自动化设备的研发、设计、生产及销售。主营业务收入构成为：动力电池激 光及自动化设备60.28%，3C消费类电子激光及自动化设备18.04%，钣金激光切割设备10.52%，光伏行 业激光及自动化设备7.98%，其他行业3.17%。 海目星所属申万行业为：机械设备-自动化设备-激光设备。所属概念板块包括：TOPCon电池、固态电 池、锂电池、宁德时代概念、特斯拉等。 截至6月30日，海目星股东户数1.59万，较上期增加4.49%；人均流通股15629股，较上期减少3.85%。 2025年1月-6月，海目星实现营业收入16.64亿元，同比减少30.50% ...

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].

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

- **Quantitative Timing Model: Volume Timing Signal** - **Model Name**: Volume Timing Signal - **Construction Idea**: The model uses volume indicators to assess market sentiment and provide timing signals for broad-based indices[23] - **Construction Process**: The model evaluates the trading volume of major indices (e.g., Shanghai Composite Index, CSI 300, etc.) and assigns a cautious view when volume contracts significantly[23][24] - **Evaluation**: The model provides a cautious perspective on market timing, especially during periods of volume contraction[23] - **Quantitative Sentiment Indicator: HS300 Upward Stock Count Ratio** - **Indicator Name**: HS300 Upward Stock Count Ratio - **Construction Idea**: The indicator measures the proportion of stocks within the CSI 300 index that have positive returns over a given period to gauge market sentiment[24] - **Construction Process**: - Formula: $ HS300\ Upward\ Stock\ Count\ Ratio = \frac{\text{Number of CSI 300 stocks with positive returns over N days}}{\text{Total number of CSI 300 stocks}} $ - The indicator is smoothed using two different window periods (N1=50, N2=35) to capture short-term and long-term trends[24][28] - **Evaluation**: The indicator effectively captures upward opportunities but struggles to predict downward risks. It is prone to missing gains during sustained market exuberance[25] - **Quantitative Sentiment Indicator: Moving Average Sentiment Indicator** - **Indicator Name**: Moving Average Sentiment Indicator - **Construction Idea**: The indicator uses an eight-moving-average system to assess the sentiment and trend of the CSI 300 index[31] - **Construction Process**: - Calculate the eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233) for the CSI 300 index closing price[31] - Assign values based on the number of moving averages above or below the current price: - If the current price exceeds five moving averages, signal a bullish sentiment[32] - Smooth the sentiment indicator using two moving average windows (N1>N2) to generate buy/sell signals[31][32] - **Evaluation**: The indicator provides clear sentiment signals and aligns well with CSI 300 index trends[34] - **Market Alpha Environment Indicator: Cross-Sectional Volatility** - **Indicator Name**: Cross-Sectional Volatility - **Construction Idea**: Measures the dispersion of returns among index constituents to evaluate the alpha generation environment[36] - **Construction Process**: - Calculate the standard deviation of returns for index constituents (e.g., CSI 300, CSI 500, CSI 1000) over different time periods (quarterly, semi-annual, annual)[38] - Compare the volatility levels to historical percentiles to assess the alpha environment[38] - **Evaluation**: The indicator shows improved short-term alpha opportunities for CSI 300 and CSI 500, while CSI 1000 remains average[36] - **Market Alpha Environment Indicator: Time-Series Volatility** - **Indicator Name**: Time-Series Volatility - **Construction Idea**: Measures the volatility of index constituent returns over time to assess alpha generation potential[38] - **Construction Process**: - Calculate the weighted time-series volatility for index constituents (e.g., CSI 300, CSI 500, CSI 1000) over different time periods (quarterly, semi-annual, annual)[41] - Compare the volatility levels to historical percentiles to evaluate the alpha environment[41] - **Evaluation**: CSI 500 shows favorable alpha conditions, while CSI 300 and CSI 1000 remain average or below average[38] Backtesting Results for Models and Indicators - **Volume Timing Signal**: - Signal: Cautious for all major indices (Shanghai Composite, CSI 300, CSI 500, CSI 1000, etc.)[24] - **HS300 Upward Stock Count Ratio**: - Recent Value: Approximately 60%[25] - **Moving Average Sentiment Indicator**: - Current Sentiment: CSI 300 index is in a bullish sentiment zone[34] - **Cross-Sectional Volatility**: - CSI 300: Quarterly average volatility = 2.04%, percentile = 73.50% - CSI 500: Quarterly average volatility = 2.19%, percentile = 67.46% - CSI 1000: Quarterly average volatility = 2.40%, percentile = 66.14%[38] - **Time-Series Volatility**: - CSI 300: Quarterly average volatility = 0.63%, percentile = 61.70% - CSI 500: Quarterly average volatility = 0.45%, percentile = 74.60% - CSI 1000: Quarterly average volatility = 0.24%, percentile = 59.76%[41]

Company Overview - Haimeixing 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, power batteries, and sheet metal processing [1][2]. Financial Performance - As of June 30, 2025, Haimeixing reported a revenue of 1.664 billion yuan, a year-on-year decrease of 30.50%. The net profit attributable to shareholders was -708 million yuan, reflecting a significant year-on-year decline of 565.65% [2]. - The company has distributed a total of 60.4585 million yuan in dividends since its A-share listing [3]. Stock Performance - On September 26, Haimeixing's stock price decreased by 2.06%, trading at 42.80 yuan per share, with a total transaction volume of 304 million yuan and a turnover rate of 2.82%. The total market capitalization stood at 10.604 billion yuan [1]. - Year-to-date, the stock price has increased by 24.42%, with a 6.39% rise over the last five trading days, a 23.84% increase over the last 20 days, and a 36.35% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders 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 CSI Robot ETF ranked as the sixth largest, holding 4.415 million shares, an increase of 1.6939 million shares compared to the previous period [3]. Industry Context - Haimeixing operates within the mechanical equipment sector, specifically in automation equipment and laser devices. The company is associated with concepts such as TOPCon batteries, solid-state batteries, lithium batteries, and is linked to major players like CATL and Tesla [2].

Summary of Solid-State Battery Equipment Conference Call Industry Overview - The solid-state battery production will reshape the supply chain, with a focus on lithium battery equipment investment cycles being brought forward, making it a key area of interest [1][2][11]. Key Points and Arguments - **Increased Demand for Equipment**: The demand for upstream dry electrode and solid-state transformer equipment is rising, while downstream formation and capacity equipment require more parallel devices due to increased pressure and temperature, leading to higher unit value and longer formation times [1][2]. - **Investment Opportunities**: Solid-state batteries are emerging as a significant investment direction within the new energy sector, with early-stage orders and feedback from leading companies indicating a shift in the equipment sector [2][10]. - **Performance Improvements**: Solid-state batteries exhibit significant enhancements in energy density and safety, meeting the new standards set by the Ministry of Industry and Information Technology (GB38,031-2025), which require batteries to be non-flammable and non-explosive [1][4]. - **Production Process Complexity**: The production process of solid-state batteries resembles a "sandwich" structure, eliminating the liquid injection step and requiring dry production of electrodes and membrane formation, which involves advanced technologies such as German continuous rolling machines and plasma spraying [1][5][6]. Notable Companies and Their Strategies - **Leading Companies**: Companies like XianDao Intelligent, Galaxy Technology, Green Source Heng, and HaiMuXing are capable of covering all processes in solid-state battery production, while others like NaKuoNuo and Manster focus on specific steps [1][7][10]. - **Supplier Categories**: Two types of suppliers are highlighted: those providing complete line solutions (e.g., XianDao Intelligent) and those specializing in specific segments (e.g., HongGong and DeLong Laser), with the former offering higher certainty and the latter more flexibility [3][10]. Critical Production Steps - **Key Processes**: The front-end processes (mixing, coating, rolling) account for approximately 40% of the value chain, with similar importance attributed to the mid-process [8]. The mixing stage requires nano-level dispersion and temperature control, while the coating stage is evolving towards double-sided coating for efficiency [8]. - **Mid-Process Equipment Trends**: The focus on equivalent equipment in the mid-process is increasing, with pressure requirements in the high-pressure formation process rising significantly from 3-5 tons to 30-50 tons or more, necessitating improved pressure control consistency [9]. Additional Insights - **Market Dynamics**: The solid-state battery sector is characterized by a complex manufacturing process that demands higher material and equipment standards, with solid-state equipment development expected to outpace material advancements [11]. - **Safety and Longevity**: Solid-state batteries outperform liquid batteries in safety, energy density, and longevity, making them a priority for investment and development in the current market landscape [11].

Core Viewpoint - The company, HaiMuxing Laser Technology Group Co., Ltd., has proposed a share buyback plan to utilize its own and/or self-raised funds to repurchase a portion of its issued A-shares through the Shanghai Stock Exchange trading system [1] Summary by Relevant Sections Buyback Plan Details - The proposed buyback amount is not less than 18 million RMB and not more than 36 million RMB, with funds sourced from the company's own and/or self-raised funds [1] - The buyback price will not exceed 46.70 RMB per share, which is capped at 150% of the average trading price over the 30 trading days prior to the board's decision [1] - The buyback period is set for 12 months from the date of the board's approval [1] Estimated Buyback Shares - Based on the current total share capital of 247,759,044 shares, the maximum buyback amount of 36 million RMB at the price cap of 46.70 RMB per share would result in a repurchase of approximately 770,877 shares, representing 0.3111% of the total share capital [1] - Conversely, the minimum buyback amount of 18 million RMB at the same price cap would result in a repurchase of approximately 385,439 shares, representing 0.1556% of the total share capital [1] Management's Future Plans - As of the announcement date, the company's directors, supervisors, senior management, actual controllers, and shareholders holding more than 5% of the shares have no clear plans to reduce their holdings in the company’s stock over the next three to six months [2]

证券代码：688559 证券简称：海目星 公告编号：2025-051 海目星激光科技集团股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： ● 回购股份价格：不超过人民币 46.70 元/股（含），该价格不高于公司董事会通过 回购决议前 30 个交易日公司股票交易均价的 150% ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式回购 ● 回购股份期限：自董事会审议通过本次回购方案之日起 12 个月内 ● 相关股东是否存在减持计划： 截至本公告披露日，公司董事、监事、高级管理人员、实际控制人、持股 5%以上的 股东未来 3 个月、未来 6 个月均暂无减持公司股票的明确计划。若相关人员未来 3 个月、 未来 6 个月拟实施股份减持，公司将严格遵守相关法律法规的规定及时履行信息披露义务。 ● 相关风险提示： 1、本次回购股份存在回购期限内公司股票价格持续超出回购价格上限，导致回购方 案无法顺利实施的风险； 2、若发生对公司股票交易价格产生重大影响 ...

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 235 companies were investigated by institutions, with notable interest in companies like HaiMuxing, JingZhiDa, and GanLi Pharmaceutical, indicating a trend of concentrated institutional research activity [1]. Institutional Research Activity - 206 companies, accounting for 87.66% of the surveyed companies, were investigated by securities firms, followed by 149 companies by fund companies and 81 companies by private equity firms [1]. - Among the companies, 41 received attention from more than 20 institutions, with HaiMuxing being the most investigated at 154 institutions, followed by JingZhiDa at 138 institutions, and both HanGao Group and GanLi Pharmaceutical at 91 institutions each [1]. Fund Flow and Stock Performance - Out of the stocks investigated by more than 20 institutions, 16 experienced net capital inflows in the past five days. Notably, DangSheng Technology saw a net inflow of 291 million yuan, the highest among them, followed by GuoRui Technology and GaoWeiDa with net inflows of 231 million yuan and 176 million yuan, respectively [1]. - In terms of stock performance, 24 stocks among those investigated rose, with the highest increases seen in DeMingLi (38.41%), HanGao Group (27.30%), and JingZhiDa (26.75%). Conversely, 16 stocks declined, with the largest drops in XingHui Entertainment (13.12%), SanXia Tourism (10.53%), and JinTian Shares (9.89%) [2]. Detailed Company Insights - HaiMuxing (688559): Investigated once by 154 institutions, latest closing price at 45.82 yuan, with a price increase of 8.45% [2]. - JingZhiDa (688627): Investigated once by 138 institutions, latest closing price at 181.00 yuan, with a price increase of 26.75% [2]. - HanGao Group (001221): Investigated once by 91 institutions, latest closing price at 70.22 yuan, with a price increase of 27.30% [2]. - GanLi Pharmaceutical (603087): Investigated once by 91 institutions, latest closing price at 79.34 yuan, with a price increase of 9.15% [2]. Additional Company Performance - Other notable companies include WoErDe (688028) with 87 institutions investigating and a price increase of 22.71%, and DingTong Technology (688668) with 77 institutions investigating but a price decrease of 6.17% [2][3].