证券代码：688559 证券简称：海目星 公告编号：2026-001 海目星激光科技集团股份有限公司 2025 年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告区间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 经海目星激光科技集团股份有限公司（以下简称"公司"）财务部门初步测 算，预计 2025 年年度实现归属于母公司所有者的净利润与上年同期（法定披露数 据）相比亏损增加，预计实现归属于母公司所有者的净利润为-91,000.00 万元到 -85,000.00 万元；预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益 后净利润为-98,000.00 万元到-92,000.00 万元。 （三）与会计师事务所沟通 本次业绩预告数据已与年审会计师事务所预沟通，公司与会计师事务所在业 绩预告方面不存在重大分歧，具体数据需以会计师事务所出具的审计报告为准。 二、上年同期业绩情况和财务状况 （1）利润总额：-20,820.69 万元。归属于母公司所有者的 ...

海目星公告称，经初步测算，公司2025年年度预计实现归属于母公司所有者的净利润为-9.10亿元 到-8.50亿元，上年同期为-1.63亿元；预计实现归属于母公司所有者的扣除非经常性损益后净利润 为-9.80亿元到-9.20亿元，上年同期为-2.16亿元。受锂电、光伏行业产能过剩影响，公司经营承压，同 时计提减值损失、加大研发投入等因素，导致本期净利润亏损较上年同期有所扩大。 ...

Core Viewpoint - The article discusses the emerging market for space photovoltaic energy, highlighting significant interest and investment in this sector following statements from Elon Musk about its potential [3][6]. Group 1: Space Photovoltaic Overview - Space photovoltaic energy refers to the use of solar photovoltaic technology in outer space to generate and supply energy, which can be transmitted wirelessly to Earth or used to power satellites and space stations [5]. - Elon Musk announced plans for Tesla and SpaceX to enhance solar energy production, aiming for an annual capacity of 100GW within three years [5][6]. Group 2: Market Response and Company Involvement - The Wind Space Photovoltaic Index rose by 9.69%, with nearly 50 stocks hitting the daily limit, indicating strong market enthusiasm [3]. - Companies like Trina Solar, Artas, and Aotai have expressed their commitment to developing technologies related to space photovoltaics, including various types of solar cells [8][9][10]. Group 3: Market Potential and Predictions - Analysts predict that the low Earth orbit satellite photovoltaic market in China could exceed $3 billion by 2030, with global market estimates reaching between $500 billion to $1 trillion if the deployment of 100GW space data centers occurs [11]. - The efficiency of solar energy in space is projected to be over 30% higher than on Earth, making it a viable long-term energy solution for space applications [11]. Group 4: Challenges and Considerations - Despite the optimistic outlook, the current cost of space photovoltaic energy is significantly higher than terrestrial solar energy, with estimates of $2-3 per kWh compared to $0.03-0.05 per kWh for ground-based solar [11]. - The commercial viability of space photovoltaics is contingent on reducing launch costs and improving solar cell efficiency within the next 10-15 years [12].

Core Viewpoint - Solid-state battery concept stocks experienced a significant rally in the afternoon, with Shanghai Washba hitting the daily limit, indicating strong investor interest in this sector [1] Group 1: Company Performance - Shanghai Washba reached the daily limit, showcasing a robust performance in the solid-state battery market [1] - Rongbai Technology saw an increase of over 10%, reflecting positive market sentiment towards its growth potential [1] - Other companies such as Haimeixing, Liyuanheng, and Weilan Lithium Chip also reported notable gains, indicating a broader trend of rising stock prices in the solid-state battery sector [1]

Investment Rating - The report rates the commercial aerospace and photovoltaic equipment industry as "Overweight" [4]. Core Insights - The commercial aerospace sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaic systems. The application for over 200,000 satellites in China marks a transition from "thousands" to "tens of thousands" and even "millions" of satellites, indicating a super cycle in satellite manufacturing and launching over the next decade, which will drive long-term, large-scale demand for satellite energy systems, specifically space photovoltaics [4]. - The extreme conditions in space (high radiation, large temperature differences, vacuum) necessitate stringent requirements, leading to continuous iterations in space photovoltaic technology. The current mature solution is gallium arsenide (GaAs) multi-junction cells, which have high conversion efficiency (generally exceeding 30%) and good radiation resistance, but are extremely expensive and have limited production capacity. The short to medium-term scalable path is the HJT (Heterojunction) battery, which is more cost-effective for mass production despite lower absolute efficiency and radiation resistance compared to GaAs. Long-term potential directions include perovskite and tandem batteries, which have high theoretical efficiency limits and lightweight properties, but face challenges in long-term stability [4]. - Key equipment suppliers to focus on include Maiwei Co., Ltd. (HJT production line equipment), High Measurement Co., Ltd. (integrated slicing and processing services), Aotwei (module string welding equipment), and others. Battery module manufacturers include Yunda Co., Ltd. (collaborating on perovskite technology applications) and Trina Solar [4]. Summary by Sections Industry Overview - The commercial aerospace market in China is expected to expand significantly due to the submission of over 200,000 satellite constellation applications, which will stimulate demand across multiple segments including satellite manufacturing and rocket launching [2]. Technology Development - The report highlights the transition from traditional satellite power supply units to essential energy infrastructure for future space economies, driven by advancements in space computing and AI data centers powered by space photovoltaics [4]. Key Companies and Valuations - The report provides a valuation table for key companies in the industry, including Maiwei Co., Ltd. with a market cap of 66.5 billion and projected net profits for 2026 of 970 million, and others like Aotwei and High Measurement with varying financial forecasts [5].

Group 1 - The core point of the news is that HaiMuxing Laser Technology Group Co., Ltd. experienced a stock price increase of 5.05%, reaching 62.78 yuan per share, with a total market capitalization of 15.554 billion yuan as of January 19 [1] - The company, established on April 3, 2008, and listed on September 9, 2020, specializes in 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's main business 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 industries [1] Group 2 - From the perspective of fund holdings, Jiahe Fund has a significant position in HaiMuxing, with Jiahe Jinrong Mixed A (016761) holding 46,600 shares, accounting for 4.28% of the fund's net value, making it the seventh-largest holding [2] - The fund, established on December 27, 2022, has a latest scale of 30.6371 million yuan, with a year-to-date return of 11.89% and a one-year return of 19.48% [2] - The fund manager, Wang Dongxuan, has a tenure of 10 years and 136 days, with the fund's total asset scale at 75.2486 million yuan, achieving a best return of 111.39% and a worst return of -11.39% during his tenure [3]

Core Viewpoint - The stock of HaiMuxing has shown significant volatility, with a year-to-date increase of 26.84% and a recent decline of 0.54% over the past five trading days, indicating fluctuating investor sentiment and market conditions [1]. 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 sectors, including consumer electronics, power batteries, and sheet metal processing [1]. - The revenue composition of HaiMuxing includes: 60.28% from power battery laser and automation equipment, 18.04% from 3C consumer electronics laser and automation equipment, 10.52% from sheet metal laser cutting equipment, 7.98% from the photovoltaic industry, and 3.17% from other industries [1]. Financial Performance - As of October 31, 2025, HaiMuxing reported a revenue of 2.704 billion yuan, a year-on-year decrease of 25.47%. The net profit attributable to shareholders was -913 million yuan, reflecting a significant decline of 645.04% compared to the previous year [2]. - Since its A-share listing, HaiMuxing has distributed a total of 60.4585 million yuan in dividends [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for HaiMuxing was 17,700, a decrease of 10.17% from the previous period. The average number of circulating shares per person increased by 11.32% to 13,998 shares [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the fourth-largest shareholder with 6.097 million shares, and several ETFs such as Huaxia CSI Robot ETF and Tianhong CSI Robot ETF, which have increased their holdings [3].

Core Insights - The company Haimuxing is emerging as a key player in the commercialization of all-solid-state batteries, transitioning from equipment empowerment to industry leadership, and is recognized as a core engine driving the shift from laboratory to large-scale production [1] Group 1: Industry Developments - The Ministry of Industry and Information Technology has emphasized the need to accelerate breakthroughs in all-solid-state battery technology, with companies like GAC Group and BYD making significant advancements in pilot production lines and equipment procurement [1] - The industry is moving from laboratory research to engineering validation, with multiple companies initiating pilot line construction, indicating a critical phase in the all-solid-state battery sector [1] Group 2: Technological Innovations - Haimuxing has developed proprietary micro-embossed ultra-thin coating technology, achieving a coating thickness of 0.5-4 micrometers, which is one-tenth of traditional methods, significantly reducing interfacial resistance and enhancing energy density by 5%-8% [2] - The company has introduced ultra-thin multilayer coating technology to address the volume expansion issues of high-silicon anodes, reducing coating thickness by over 80% compared to traditional methods, facilitating the stable application of high-energy-density batteries [2] - Haimuxing's integration of ultra-fast laser non-contact processing and electrode structuring technologies optimizes cutting yield and ion transport efficiency, improving the overall cycle life and rate performance of batteries [2] Group 3: Market Position and Future Outlook - As the pace of all-solid-state battery commercialization accelerates, the demand for equipment is expected to surge, positioning Haimuxing favorably to leverage its technological leadership and global delivery capabilities to secure mainstream customers and sustain order growth [3]

Core Viewpoint - The stock of HaiMuxing has experienced fluctuations, with a recent decline of 2.01%, while showing significant growth of 26.61% year-to-date and 61.45% over the past 60 days [1] Company Overview - HaiMuxing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong, 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 power battery laser and automation equipment, 18.04% from 3C consumer electronics laser and automation equipment, 10.52% from sheet metal laser cutting equipment, 7.98% from the photovoltaic industry, and 3.17% from other industries [1] Financial Performance - As of October 31, the company reported a decrease in revenue for the period from January to September 2025, with total revenue of 2.704 billion yuan, down 25.47% year-on-year. The net profit attributable to shareholders was -913 million yuan, reflecting a significant decrease of 645.04% [2] - Since its A-share listing, the company has distributed a total of 60.4585 million yuan in dividends [3] Shareholder Information - As of September 30, 2025, the number of shareholders for HaiMuxing was 17,700, a decrease of 10.17% from the previous period. The average number of circulating shares per person increased by 11.32% to 13,998 shares [2] - Notable institutional holdings include Hong Kong Central Clearing Limited as the fourth-largest shareholder with 6.097 million shares, and several ETFs as new shareholders, indicating a diversification in the shareholder base [3]

Group 1 - The core viewpoint of the article is that the company, Haimeixing, is developing a new welding technology for solar panels that could replace traditional string welding methods [1] - The new technology, referred to as whole board welding, is aimed at enhancing the thin-film capabilities of batteries [1] - The company is collaborating with leading photovoltaic module manufacturers to research and develop this new welding technology for single-sided components [1]