Core Viewpoint - Shenzhen Haopeng Technology Co., Ltd. has recently published a patent application for a new battery structure and cell design, focusing on improvements in lithium-ion battery technology [1] Company Summary - The patent involves a novel cell structure that includes specific regions in both the anode and cathode, aimed at enhancing the overall flatness and structural integrity of the battery cell [1] - The anode features a first flat region, a second flat region, and a fourth flat region, while the cathode is positioned between the second and fourth flat regions [1] Industry Summary - The innovation addresses the thickness discrepancy at the head of the cell, which is a common issue in battery design, thereby potentially improving performance and reliability in lithium-ion batteries [1] - The development of this patent indicates ongoing advancements in battery technology, which is crucial for the electric vehicle and renewable energy sectors [1]

根据最新一期财务数据，2025年1月-3月，豪鹏科技实现营业收入12.248亿元，同比增加23.27%；归属 净利润3181.35万元，同比增加903.92%；扣非净利润2510.53万元，同比增加1384.75%。 截至2025年3月，豪鹏科技筹码集中度非常集中。十大股东持股合计占比45.89%，十大流通股东持股合 计占比30.23%。股东人数8721户，人均流通股6634股，人均持股金额37.22万元。 资料显示，深圳市豪鹏科技股份有限公司(股票代码:001283)创立于2002年,公司致力于锂离子电池、镍 氢电池的研发、设计、制造和销售,废旧电池回收及资源循环利用,是一家具备自主研发能力和全球市场 综合竞争力的企业,能够为客户提供灵活可靠的一站式电源解决方案。公司秉承"成就客户、开放共赢、 严谨务实、自我批判"的核心价值观,聚焦全球品牌商面临的挑战和压力,凭借多年的技术积累和产品研发 经验,获得全球诸多知名品牌商的认可。 7月30日，豪鹏转债盘中下跌2.22%报157.889元/张，成交额3911.70万元，转股溢价率1.64%。 资料显示，豪鹏转债信用级别为"AA-"，债券期限6年（本次发行的可转债票 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Haopeng Technology, which has seen a price increase and a specific conversion rate [1] - Haopeng Technology's convertible bond has a credit rating of "AA-", a maturity of 6 years, and a tiered coupon rate starting from 0.30% in the first year to 2.10% in the sixth year [1] - The conversion price for the bond is set at 50.22 yuan, with the conversion period starting on June 28, 2024 [1] Group 2 - Haopeng Technology, founded in 2002, specializes in the research, design, manufacturing, and sales of lithium-ion and nickel-hydrogen batteries, as well as battery recycling and resource utilization [2] - The company reported a revenue of 1.2248 billion yuan for the first quarter of 2025, representing a year-on-year increase of 23.27%, and a net profit of 31.8135 million yuan, up 903.92% year-on-year [2] - As of March 2025, Haopeng Technology has a concentrated shareholder structure, with the top ten shareholders holding a combined 45.89% of shares [2]

Group 1 - As of July 28, 620 A-share listed companies have received institutional research, with nearly 80% of them achieving positive returns since July [1][2] - The mechanical equipment industry is the most favored, with 67 companies receiving institutional research, while the pharmaceutical and biotechnology sector follows closely with 66 companies [1][5] - New Yisheng has attracted the most attention, receiving 139 institutional research visits, focusing on its Thailand factory expansion and industry outlook for the second half of the year [1][2] Group 2 - Zhongji Xuchuang and Haopeng Technology also received significant attention, each hosting over 100 institutional research visits, with discussions on optical chip supply and advancements in battery technology for drones and AI glasses [2][3] - Nearly 200 companies have seen stock price increases of over 10% since July, with Copper Crown Copper Foil achieving a remarkable 100.48% increase [3][4] - The mechanical equipment sector has surpassed the electronics sector in institutional interest, driven by developments in humanoid robots and significant events like the 2025 World Artificial Intelligence Conference [4][5] Group 3 - The innovation drug sector has shown strength, with companies like Guangsheng Tang and Heng Rui Pharmaceutical experiencing significant stock price increases, indicating potential opportunities in AI healthcare themes [5][6] - Analysts suggest focusing on high-certainty and incremental technology opportunities in the humanoid robot sector, particularly regarding Tesla's Optimus production and domestic supply chain developments [5][6]

Core Viewpoint - The rapid integration of AI into hardware ecosystems is reshaping the future of batteries, necessitating a transformation in their form, safety, and performance capabilities [1][2]. Group 1: Market Trends and Data - The global smartphone shipment is expected to rebound to 1.23 billion units in 2024, with a year-on-year growth of 3.4%, where AI model smartphones will account for over 35% of shipments, leading to an average battery capacity increase to 5200mAh, an 18% rise from 2022 [3]. - The global notebook shipment is projected to reach 215 million units by 2025, with AIPC models exceeding 40% market share, and the average battery capacity expected to surpass 70Wh, a more than 30% increase compared to traditional models [3]. - The demand for high-performance batteries is being driven by the emergence of AI terminals, with solid-state battery shipments expected to reach 12 million units in 2024, potentially increasing 3 to 5 times by 2025 [3]. Group 2: Company Strategy and Positioning - Haopeng Technology is focusing on "AI + Solid-State Battery" as a strategic pivot, aiming to transition from a supplier to a product co-definer in the AI wave [4]. - The company emphasizes the dual drive of "AI demand + AI empowerment" in battery technology, addressing the challenges posed by the increased power consumption and diverse form factors of AI devices [5][6]. - Haopeng Technology is committed to high investment in R&D while integrating academic resources to tackle advanced battery material development and solid-state battery innovations [12]. Group 3: Technological Innovations - The company has developed a 4.53V high-voltage silicon-carbon anode platform to enhance energy density and meet the long-lasting needs of terminal products [10]. - Haopeng Technology has launched a semi-solid battery product with breakthrough safety features, suitable for high-risk environments like aviation and high-speed rail [10]. - The company plans to trial full solid-state batteries by 2026, covering major solid-state battery routes and collaborating with terminal brand clients for AI product development [11]. Group 4: Partnerships and Collaborations - Haopeng Technology has signed a strategic cooperation agreement with Shenzhen Yuzhi Power Technology Research Co., focusing on applications in humanoid robots and mobile robots, indicating a commitment to high-growth, high-tech segments [15]. - The company has established deep collaborations with global tech giants like HP, Sony, Google, and DJI, enhancing its customer structure and global influence [19]. Group 5: Safety and Quality Assurance - Safety is viewed as a fundamental value, with the company implementing a comprehensive "SQDC" (Safety, Quality, Delivery, Cost) approach to ensure product reliability and user experience [19]. - The company conducts reverse validation testing post-product launch to ensure alignment between its products and terminal performance [19].

Summary of Haopeng Technology Conference Call Company Overview - **Company**: Haopeng Technology - **Industry**: Battery Technology, specifically focusing on solid-state and semi-solid-state batteries Key Points and Arguments Product Development and Market Position - Haopeng Technology has achieved mass production and commercialization of semi-solid-state batteries, with full solid-state batteries expected to launch in 2026, addressing energy, performance, and size challenges [2][4][12] - The company is deepening strategic partnerships with leading clients, such as DJI, with expected cooperation scale to double in 2025, driving high-end business growth and profitability [2][4][5] - The company is set to begin mass shipments of AI glasses batteries to major domestic and international clients starting in Q3 2025, alongside robot power modules and high-energy density battery solutions for low-altitude economy clients [2][4][6] Financial Performance and Projections - The company aims to increase gross margins to 25-26% and net profit margins to 7-9% through smart manufacturing upgrades and cost reductions [2][5][11] - AI products are projected to account for approximately 30% of the company's business within the next 2-3 years, driven by high-margin AI product growth and increased market penetration in smart wearables and robotics [2][8] Technological Innovations - Haopeng has established a research and development matrix covering liquid high-silicon, semi-solid, and full solid-state technologies, reinforcing its innovation foundation in AI-enhanced solid-state battery technology [2][8] - The company is focusing on overcoming challenges in full solid-state battery mass production, with plans to introduce pilot samples by mid-2026 [12][15] Global Expansion and Supply Chain Resilience - The completion of capacity integration at the Tongfu Industrial Park and the establishment of a Vietnam base enhance international supply chain resilience and cater to tariff-sensitive orders [2][5][7] - The company is committed to optimizing return on investment (ROE) by aligning capacity planning with client demand [22] Market Trends and Client Strategy - Haopeng is targeting top-tier brands in the Fortune 500, particularly in overseas markets, to ensure product recognition and guide R&D and production directions [3][26] - The company has a long-standing partnership with DJI, focusing on personal and industrial drone markets, with expectations for significant growth in 2025 [9][10] Research and Development Focus - The company is investing heavily in R&D, utilizing advanced management tools and AI technologies to enhance efficiency and reduce waste [13][14] - Haopeng is exploring various collaboration strategies with universities and industry partners to drive technological advancements and application breakthroughs [32][33] Competitive Landscape - Haopeng differentiates itself from industry leaders like ATL and Samsung by focusing on niche markets such as wearable devices, rather than competing in the saturated smartphone battery market [34] Additional Important Insights - The company is addressing the challenges of solid-state battery commercialization, particularly in terms of cost and manufacturing difficulties, with a focus on applications in AI and information technology sectors [17][19] - The steel shell stacking technology is being developed to enhance energy density in small batteries, which is crucial for AI wearable devices [27][28] - Haopeng is actively working on silicon-carbon anode technology, aiming to increase silicon content while addressing expansion issues [29] This summary encapsulates the key insights from Haopeng Technology's conference call, highlighting its strategic direction, technological advancements, and market positioning within the battery technology industry.

Group 1 - The company has developed a tiered matrix of liquid high-silicon, semi-solid, and all-solid-state batteries, covering three mainstream solid-state routes: polymer, oxide, and sulfide. The semi-solid battery is already in commercial use, while the all-solid-state battery has completed prototype design breakthroughs and is preparing for pilot production, expected in 2026 to align with AI product research from terminal brand clients [2] - The integration of AI technology is driving a transformation in energy demand, as AI devices require lightweight, long-lasting power sources, and robots need efficient discharge without heat generation. Traditional battery technologies are reaching their limits, and the combination of AI and solid-state technology is key to solving the "safety-performance-volume" trade-off [2] - In the short term, the company focuses on AI edge application demands, while in the long term, it aims to build core competitiveness through solid-state battery technology, opening up high-value blue ocean markets [2] Group 2 - The company has established long-term, value-based strategic partnerships with leading clients, evolving from product cooperation to a more integrated relationship, which is fundamental to achieving long-term strategic goals [3] - In sectors such as smart wearables, robotics, and low-altitude applications, the company has collaborated with key clients to define new "AI + solid-state" products, creating a new energy foundation. This collaboration allows the company to become a "symbiotic partner" in AI innovation rather than just a battery supplier [3] - The year 2025 is identified as a critical year for the company's "AI + solid-state" strategy, with significant breakthroughs in production capacity integration, upgrades to smart manufacturing systems, and the continuous introduction of high-end clients, leading to accelerated mass production processes and reinforced technological barriers [3]

Group 1: Company Strategy and Positioning - The company has evolved from a traditional battery manufacturer to a leader in "AI + solid-state" core energy solutions, targeting trillion-dollar markets such as AI edge applications and robotics [3][4]. - The strategic upgrade is supported by a comprehensive approach involving technological innovation, capacity reserves, and ecosystem collaboration [4][5]. - The company aims to enhance the proportion of high-margin AI products and drive the commercialization of solid-state batteries in wearable devices and robotics [5][10]. Group 2: Technological Advancements - The company has developed a tiered research matrix covering liquid high-silicon, semi-solid, and all-solid-state technologies, with semi-solid batteries already in commercial use [3][5][9]. - The semi-solid battery has a volumetric energy density of 950Wh/L, addressing safety and performance needs for AI/AR/VR devices [9][10]. - The all-solid-state battery is expected to enter trial production in 2026, focusing on stability at the solid-solid interface [6][9]. Group 3: Market and Customer Engagement - The company has established long-term partnerships with leading clients in the drone and low-altitude economy sectors, achieving a doubling of product supply in 2025 [6][10]. - Collaborative development with top-tier clients is aimed at defining scene-specific needs and enhancing product lifecycle involvement [5][7]. - The company is actively engaging in the AI glasses market, with mass production of battery products expected to begin in Q3 2025 [10][11]. Group 4: Financial Performance and Projections - AI-related business is projected to contribute significantly to revenue growth, with a noticeable increase in penetration rates in the PC category [10]. - The company anticipates that the high energy density battery solutions will enhance overall profitability and optimize the revenue structure [10]. - The high-silicon anode technology is expected to achieve a silicon content of 10%-15% in mass production, with laboratory samples exceeding 20% [10][11].

资金面上看，今日AI PC概念板块获主力资金净流出19.58亿元，其中，30股获主力资金净流出，5股主 力资金净流出超亿元，净流出资金居首的是胜宏科技，今日主力资金净流出6.04亿元，净流出资金居前 的还有领益智造、软通动力、长盈精密等，主力资金分别净流出1.91亿元、1.25亿元、1.25亿元。今日 主力资金净流入居前的概念股有通富微电、豪鹏科技、思泉新材等，主力资金分别净流入4367.42万 元、4042.52万元、3673.26万元。（数据宝） AI PC概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300476 | 胜宏科技 | -3.02 | 6.20 | -60389.72 | | 002600 | 领益智造 | -1.20 | 1.37 | -19072.35 | | 301236 | 软通动力 | -1.76 | 3.07 | -12492.08 | | 300115 | 长盈精密 | -1.88 | 3.82 | -12459.40 | | 001309 | 德 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][6]. Core Viewpoints - The solid-state battery industry is accelerating its development, with several companies planning to launch new products in the coming years. Notable advancements include: 1. XWANDA plans to launch its first-generation all-solid-state battery by 2026, with small-scale production already achieved for products with energy densities of 320Wh/kg and 360Wh/kg [3]. 2. Honeycomb Energy aims to mass-produce its first-generation semi-solid battery with an energy density of 300Wh/kg by 2025 [3]. 3. A new model from SAIC MG, the MG4, is expected to be priced around 100,000 RMB and will feature a semi-solid battery solution [4]. - The 2025 International Low Altitude Economy Expo will take place from July 23 to 26 in Shanghai, showcasing advancements in power systems and industry layouts [5]. Summary by Sections Industry Development - The solid-state battery sector is experiencing rapid advancements, with key players like XWANDA and Honeycomb Energy making significant progress in product development and production timelines [3][4]. - The MG4 model from SAIC is set to utilize a semi-solid battery, indicating a shift towards more efficient battery technologies in the automotive sector [4]. Company Insights - XWANDA has confirmed its plans for future solid-state battery products, building on a decade of experience in the field [4]. - Honeycomb Energy is also progressing with its semi-solid battery technology, targeting higher energy densities in upcoming models [4]. - A total of 400Wh/kg energy density is anticipated for the first-generation sulfide solid-state battery from Funeng Technology, which has established partnerships with major automotive and technology companies [5]. Market Opportunities - Investment suggestions include focusing on core incremental segments of solid-state batteries, such as equipment and lithium sulfide, as well as the short-term impact of semi-solid applications on the supply chain [3]. - Companies like Xiamen Tungsten and Haopeng Technology are highlighted as potential investment opportunities due to their involvement in the solid-state battery supply chain [8].