Core Insights - Laplace (688726.SH) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investor interest with a total of 159 million shares held, representing 39.17% of the company's total equity [1] Institutional Holdings - As of October 29, 2025, nine institutional investors disclosed their holdings in Laplace, with a combined shareholding of 159 million shares, which is an increase of 0.03 percentage points compared to the previous quarter [1] - Notable institutional investors include Dalian Liancheng CNC Machine Co., Ltd., Anshi New Energy Materials (Shanghai) Co., Ltd., and several private equity and fund management partnerships [1] Public Fund Participation - The report indicates that there were 185 public funds that did not disclose their holdings in the current quarter, with notable funds including Changxin Quality Enterprise Mixed A, Penghua Sci-Tech Innovation Board New Energy ETF, and others [1]

Group 1 - The company reported a total operating revenue of 4.321 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.43% [1] - The net profit attributable to shareholders of the parent company reached 588 million yuan, showing a year-on-year increase of 2.07% [1] - The basic earnings per share were reported at 1.4507 yuan [1]

Core Viewpoint - The company Laplace (688726.SH) demonstrates resilience in the N-type photovoltaic cell equipment sector, achieving stable revenue and profit growth despite industry challenges [1][5]. Group 1: Financial Performance - In the first three quarters of 2025, Laplace reported a total revenue of 4.321 billion yuan, reflecting a year-on-year increase of 0.43% [1]. - The total profit for the same period reached 676 million yuan, marking a year-on-year growth of 4.77% [1]. Group 2: Industry Policy and Market Dynamics - The introduction of "anti-involution" policies aims to alleviate overcapacity in the photovoltaic industry and promote high-quality development [2]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to eliminate low-price competition in the photovoltaic sector [2]. - The tightening of energy consumption standards for silicon materials is expected to force the elimination of outdated production capacity [2]. Group 3: Demand and Market Outlook - The demand for high-efficiency photovoltaic products, particularly N-type products like TOPCon, is anticipated to rise due to new policies and market conditions [3]. - The China Photovoltaic Association has revised its forecast for the installed capacity growth in 2025 from 215-255 GW to 270-300 GW [3]. - The government aims for solar and wind power installations to exceed 3.6 billion kilowatts by 2035, indicating a strong long-term demand for photovoltaic products [3]. Group 4: Technological Advancements - Laplace is accelerating technological iterations to enhance product efficiency, focusing on new high-efficiency photovoltaic cell technologies like TOPCon and XBC [4]. - The company significantly increased its R&D investment to 119 million yuan in the third quarter, a year-on-year growth of 71.50% [4]. - Laplace is actively pursuing international patent applications to strengthen its technological advantages and facilitate market expansion in regions like Southeast Asia, the U.S., and the Middle East [4]. Group 5: Future Growth Potential - The photovoltaic industry is in a transitional phase characterized by capacity reduction, technological upgrades, and demand recovery [5]. - As the effects of "anti-involution" policies become evident and demand for high-efficiency technologies rises, Laplace is well-positioned to regain growth momentum [5].

Group 1 - The company Laplace announced the nomination of candidates for its second board of directors, including Lin Jiajie, Liu Qun, Lin Yiting, and Pang Aisuo as non-independent directors [1] - The major shareholder, Dalian Liancheng Numerical Control Machine Co., Ltd., nominated Wang Xuewei as a non-independent director candidate [1] - The board also nominated Wang Dali, Li Shi, and Zhang Han as independent director candidates, with Li Shi being a professional accountant [1]

Group 1 - Laplace announced a credit impairment loss and asset impairment loss totaling 92.73 million yuan for Q3 2025, which will reduce the company's pre-tax profit by the same amount [1][1][1] - As of the report, Laplace's market capitalization stands at 18.6 billion yuan [1][1][1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with technology leading the market's transformation [1][1][1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1][1][1]

Core Viewpoint - Laplace, a leading provider of high-efficiency photovoltaic cell core process equipment and solutions, is set to be listed on the Shanghai Stock Exchange on October 29, 2024, with a focus on the research, production, and sales of high-performance equipment for photovoltaic cell manufacturing [1] Group 1: Business Performance - In Q3 2025, Laplace achieved a revenue of 4.321 billion yuan, ranking 6th in the industry, surpassing the industry average of 4.294 billion yuan but below the top competitors [2] - The revenue composition includes 2.807 billion yuan from photovoltaic equipment (91.69%), 250 million yuan from supporting products and services (8.17%), and 138,000 yuan from semiconductor equipment (0.05%) [2] - The net profit for the same period was 589 million yuan, ranking 4th in the industry, exceeding the industry average of 521 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Laplace's debt-to-asset ratio was 60.17%, down from 72.53% year-on-year but still above the industry average of 53.27% [3] - The gross profit margin for Q3 2025 was 31.24%, an increase from 30.64% year-on-year and higher than the industry average of 29.12% [3] Group 3: Management and Shareholder Information - The chairman and general manager, Lin Jiajie, received a salary of 2.82 million yuan in 2024, an increase of 1.0195 million yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 8.38%, while the average number of circulating A-shares held per account increased by 9.14% [5] Group 4: Analyst Ratings and Future Projections - Guojin Securities maintains a "buy" rating for Laplace, projecting profits of 763 million, 784 million, and 854 million yuan for 2025-2027, with corresponding EPS of 1.88, 1.93, and 2.11 yuan [5] - Guotai Haitong Securities raised the EPS estimates for 2025 and 2026 to 1.96 and 2.22 yuan, respectively, with a target price adjustment to 49 yuan while maintaining an "overweight" rating [6] - Key business highlights include growth in operating performance, a robust balance sheet, and advancements in technology enhancing product competitiveness [5][6]

一、投资情况概述 （一）投资目的 核查意见 华泰联合证券有限责任公司 关于拉普拉斯新能源科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为拉普拉斯新能源科技股份有限公司（以下简称"拉普拉斯"或"公司"）首 次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券发行上市 保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票 上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关规定，对公司使用部分暂时闲置募集资金进行现金管理事项进行了审慎尽 职调查，具体核查情况如下： 由于募集资金投资项目（以下简称"募投项目"）建设需要一定的周期，根 据募集资金使用计划及募投项目的建设进度，现阶段募集资金短期内存在部分闲 置的情况。为提高募集资金使用效率，在不影响募投项目建设的情况下，公司合 理利用部分暂时闲置募集资金进行现金管理，有利于增加资金收益，保障公司及 股东的利益。 （二）投资金额及期限 公司拟使用最高额度不超过人民币 40,000 万元（含本数）的暂时闲置募集 资金进行现 ...

第二条 本制度适用于公司的董事和高级管理人员所持本公司股份及其变动 的管理。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。公司董事和高级管理人员从事融资融券交易 的，其所持本公司股份还包括记载在其信用账户内的本公司股份。公司董事和高 级管理人员不得开展以本公司股票为标的证券的融资融券交易。 第四条 公司董事和高级管理人员可以通过上海证券交易所（以下简称"上 交所"）的证券交易卖出，也可以通过协议转让及法律、法规允许的其他方式减 持股份。公司董事、高级管理人员减持股份，应当遵守法律、法规、规范性文件、 上交所业务规则以及本制度规定。对持股比例、持股期限、减持方式、减持价格 等作出承诺的，应当严格履行所做出的承诺。 第五条 公司董事和高级管理人员买卖本公司股票及其衍生品种前，应当知 拉普拉斯新能源科技股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 第一章 总则 第一条 为加强对拉普拉斯新能源科技股份有限公司（以下简称"公司"或 "本公司"）董事和高级管理人员持有或买卖公司股票行为的申报、披露与监督 和管理，维护证券市场秩序，根据《中华人民共和国 ...

拉普拉斯新能源科技股份有限公司 董事和高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步完善拉普拉斯新能源科技股份有限公司（以下简称"公司"） 董事和高级管理人员薪酬管理，建立和完善经营者的激励约束机制，保持核心管 理团队的稳定性，有效地调动董事和高级管理人员的工作积极性，提高公司经营 管理水平，促进公司健康、持续、稳定发展，根据《中华人民共和国公司法》《上 市公司治理准则》《拉普拉斯新能源科技股份有限公司章程》（以下简称《公司 章程》）、公司《董事会薪酬与考核委员会工作细则》等有关法律、法规的规定， 结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司董事和高级管理人员。高级管理人员指《公司章 程》规定的高级管理人员，包括公司总经理、副总经理、董事会秘书、财务负责 人。 第三条 公司薪酬制度遵循以下原则： （一）责、权、利统一原则：公司内部各岗位薪酬与岗位价值，履行责任义 务相符； （二）绩效挂钩原则：按绩效评价标准、程序及主要评价体系，薪酬与公司 经营绩效相匹配； （三）长远发展原则：个人薪酬与公司长远利益相结合的原则； （四）激励与约束并重、奖罚对等的原则。 第二章 薪酬管理机构 标准并进 ...

拉普拉斯新能源科技股份有限公司 章 程 第一条 为维护拉普拉斯新能源科技股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）、《上市公司章程指引》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定设立的股份有限公司。 公司是由深圳市拉普拉斯能源技术有限公司以整体变更方式设立，在深圳 市 市 场 监 督 管 理 局 注 册 登 记 ， 取 得 营 业 执 照 ， 统 一 社 会 信 用 代 码 为 91440300MA5DC95K39。 第三条 公司于 2024 年 3 月 6 日经中国证券监督管理委员会（以下简称 "中国证监会"）同意注册，首次向社会公众发行人民币普通股 4,053.2619 万 股，于 2024 年 10 月 29 日在上海证券交易所科创板上市。 第四条 公司注册名称：拉普拉斯新能源科技股份有限公司。 公司英文全称：LAPLACE Renewable Energy Technology Co., Ltd. 第五条 公司住所：深圳市坪山 ...