Group 1 - The company, Wuhan Yifei Laser Co., Ltd., has received a government subsidy of 5 million RMB for a key technology project related to precision laser welding of large cylindrical battery full ear [1] - The subsidy amount received by the company is 2.875 million RMB, which accounts for 11.82% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] - The government subsidy is classified as a revenue-related subsidy according to the relevant accounting standards, and its final impact on the company's financials will be confirmed after annual audit [1]

Core Viewpoint - ST Yifei (688646.SH) has been designated as the leading unit for a major municipal technology project focused on the development of key technologies and equipment for precision laser welding of large cylindrical batteries, receiving a government subsidy of RMB 5 million [1] Group 1 - The project is part of a significant municipal science and technology initiative led by the Wuhan Municipal Science and Technology Bureau [1] - The company received RMB 2.875 million as its share of the government subsidy, while the remaining RMB 2.125 million was allocated to project partners [1] - The government subsidy received by the company represents 11.82% of its audited net profit attributable to shareholders for the fiscal year 2024 [1]

Group 1 - ST Yifei announced a government subsidy of RMB 5 million, with RMB 2.875 million allocated to the company and RMB 2.125 million to project partners [1] - For the first half of 2025, ST Yifei's revenue composition shows that lithium batteries account for 98.51% of total revenue, while other sources contribute 1.49% [1] - As of the report date, ST Yifei has a market capitalization of RMB 2.9 billion [1]

证券代码：688646 证券简称：ST 逸飞 公告编号：2025-069 武汉逸飞激光股份有限公司 关于获得政府补助的公告 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、准确性和完整性依法承担法律责任。 一、 获得补助的基本情况 根据武汉市科技创新局关于"大圆柱电池全极耳精密激光焊接关键技术及装 备研制"市科技重大专项项目立项的通知，由武汉逸飞激光股份有限公司（以下 简称"公司"）作为牵头单位组织实施该项目。近日，公司收到该项目的项目立 项政府补助款项人民币 500 万元，属于与收益相关的政府补助款项，其中 287.5 万元为公司所获政府补助，其余 212.5 万元为项目合作单位所获政府补助。本次 公司所获政府补助占公司 2024 年度经审计归属于上市公司股东净利润的 11.82%。 二、 政府补助的类型及对公司的影响 根据《企业会计准则第 16 号—政府补助》的有关规定，公司获得的上述政 府补助属于与收益相关的政府补助。上述政府补助未经审计，具体的会计处理及 对公司损益的影响，最终以审计机构年度审计确认后的结果为准，敬请广大投资 者注意投资风险。 特此 ...

Core Viewpoint - The article discusses the advancements in solid-state battery technology, particularly focusing on the collaboration between Jinyu New Energy and Yifei Laser in developing the "Wuji" solid-state lithium metal cylindrical battery, which has successfully been delivered to international clients, marking a significant step in the industrialization of solid-state batteries [2][3]. Group 1: Product Development and Features - The "Wuji" series includes multiple capacity models ranging from 8Ah to 52Ah, with cumulative delivery exceeding 10 million yuan by mid-September 2025 [3]. - The battery utilizes an oxide and polymer solid electrolyte combined with lithium metal, featuring a cylindrical structure with full-tab design, which enhances energy density, safety, temperature adaptability, and high-pressure resistance [3][4]. - This battery design is particularly beneficial for high-end industrial applications such as drones and electric aircraft, significantly expanding operational windows and reducing overall costs [3][5]. Group 2: Manufacturing Challenges and Innovations - The solid-state battery industry is entering a critical phase of overcoming challenges related to large-scale manufacturing, shifting focus from material competition to a comprehensive evaluation of manufacturing processes, cost control, and ultimate performance [5][6]. - The collaboration has introduced a cylindrical and winding process for solid-state lithium metal batteries, presenting a potential alternative to the mainstream soft-pack/square and stacking technology [5][6]. - The cylindrical design and high-speed winding process could offer significant advantages in production efficiency, yield control, and equipment costs, potentially leading to lower manufacturing costs for solid-state batteries [6][7]. Group 3: Technical Breakthroughs - Key breakthroughs include the development of a continuous production process for solid-state electrolytes, achieving high strength and reliability in manufacturing [12][13]. - Gradient composite interface technology has been implemented to address solid-solid interface contact issues, significantly reducing interface resistance and enhancing ionic transport efficiency [14]. - The introduction of self-limiting pressure control technology allows for stable contact between solid-state electrolytes and electrodes without external high pressure, contributing to the reliability and lightweight integration of the battery [16]. Group 4: Future Outlook - The successful delivery of the "Wuji" battery validates the feasibility of the cylindrical solid-state route, indicating that the challenges in this area are surmountable [8][9]. - The industry may see multiple technological paths developing concurrently, fostering competition and collaboration across different application scenarios, which could accelerate the arrival of the solid-state battery era [23][24].

Group 1 - The company has developed a robotic intelligent laser system that is applicable in various industrial manufacturing fields [2] - Key application areas for the robotic intelligent laser system include new energy batteries, perovskite solar cells, consumer electronics, and automotive components [2] - The company confirmed that its robotic intelligent laser system involves the use of technologies such as artificial intelligence (AI) and machine vision perception technology [2]

Investment Rating - The report maintains a "Recommendation" rating for the lithium battery equipment industry [2] Core Viewpoints - The lithium battery equipment sector is experiencing a recovery in demand, driven by both traditional lithium battery needs and new solid-state battery technologies, leading to a significant rebound in stock prices [5][10] - The overall revenue for the lithium battery equipment sector in Q2 2025 reached 12.347 billion, marking a year-on-year increase of 9.93%, while net profit attributable to shareholders was 434 million, a decrease of 12.76% [14][19] - The report highlights a fundamental turning point in the industry, with new orders beginning to recover after a downturn [9][14] Summary by Sections 1. Overview of Lithium Battery Equipment Mid-Year Report 2025 - The report analyzes the operational performance of 13 key listed companies in the lithium battery equipment sector, confirming a turning point in the fundamentals and a recovery in new orders [9] 2. Market Performance - The lithium battery equipment index has outperformed the broader market, with a year-to-date increase of 130.14% compared to a 17.84% rise in the CSI 300 index [10] - The sector's performance is attributed to fundamental changes, advancements in solid-state battery technology, and favorable policy expectations [10] 3. Mid-Year Report Summary - The lithium battery equipment sector achieved a total revenue of 21.476 billion in H1 2025, a slight decrease of 0.35% year-on-year, while net profit was 920 million, down 37.20% [14][16] - The report notes that the revenue growth in Q2 2025 ended a four-quarter decline, indicating a recovery in the revenue stream [14][19] 4. Future Outlook - The solid-state battery industry is approaching commercialization, with significant implications for equipment demand and value [5][43] - The report anticipates that the global market for semi-solid battery equipment could reach 62.44 billion by 2030, with a CAGR of 59% from 2024 to 2030 [5] - The solid-state battery market is projected to reach 45.50 billion by 2030, with a CAGR of 159% from 2024 to 2030 [5] 5. Investment Recommendations - The report suggests focusing on companies involved in the "selling shovel" logic, particularly those engaged in the upstream dry process equipment [5] - Key companies to watch include Naconoer, Xinyuren, Honggong Technology, and Mannester for their potential in the new technology segment [5] - The report also highlights leading companies with established relationships with major battery manufacturers, such as Xian Dao Intelligent, Yinghe Technology, Liyuanheng, and Hangke Technology [5]

Core Insights - Wuhan Yizhi Xincheng Technology Testing Co., Ltd., a subsidiary of Yifei Laser, has achieved a significant milestone by obtaining laboratory accreditation from the China National Accreditation Service for Conformity Assessment (CNAS) [1][2] - This accreditation enhances the credibility and quality of Yizhi Xincheng's testing services, aligning them with international standards and providing third-party authoritative certification recognized in 153 countries and regions globally [1][2] Group 1 - The CNAS accreditation signifies that Yizhi Xincheng's testing capabilities meet high standards of impartiality, independence, and confidentiality [1] - The laboratory is equipped with advanced verification testing equipment and a professional technical service team, offering a comprehensive testing service chain covering materials, devices, and systems [1][2] - The accredited testing projects focus on four key areas: micro-level length detection of materials, spectral transmittance ratio detection of quartz glass, laser beam width and radiation power detection, and airtightness testing [2] Group 2 - Yizhi Xincheng aims to support the innovation and development of strategic industries such as new energy batteries, optoelectronic materials, and laser equipment through high-quality testing technology [2] - The laboratory is one of the few third-party labs in the lithium battery equipment industry with CNAS accreditation, providing services not only for Yifei Laser's internal quality control but also for global enterprises in the new energy battery and high-end manufacturing sectors [2] - Yifei Laser is deepening its globalization strategy, with successful deliveries of fully automated energy storage container assembly lines and cell assembly lines to overseas clients, indicating steady growth in overseas orders [2]

Group 1 - The core achievement of the company is the successful launch of the industry's first 180ppm large cylindrical battery cover automatic assembly line, which significantly improves production efficiency and quality for the 46 series cylindrical battery cover assembly solutions [2][7] - The new assembly line incorporates a redesigned structure and layout, high-precision positioning systems, and full-process digital inspection, addressing long-standing challenges in mass production efficiency and quality control [2][7] - The successful implementation of this assembly line not only reduces production costs for battery covers but also supports the large-scale application and mass production of cylindrical batteries globally [7] Group 2 - In the structural component assembly field, the company has established a "structure-material-manufacturing-inspection" system-linked equipment system, along with a specialized team to collaborate with clients for rapid development and production [4] - The company offers comprehensive solutions for large cylindrical battery assembly, integrating the development and manufacturing of structural components and battery cells, addressing industry pain points such as weak continuous development and long supply cycles [5]

格隆汇9月15日丨ST逸飞(688646.SH)在投资者互动平台表示，公司电芯装配设备、模组PACK设备以及 整厂智慧物流系统等核心设备与相关技术均可应用于固态电池制造领域，并开发了激光超快加工设备、 激光刻槽设备等可用于固态电池极片制片环节，已逐步实现部分产品的销售与交付；在机器人领域，公 司投资设立荆楚人形机器人公司，合营公司武逸科技持股29.75%，公司直接持股5%。 ...