上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 2025 年第三次临时股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受无锡先导智能装备股份有 限公司（以下简称"公司"）委托，委派本所律师出席公司 2025 年第三次临时股 东大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称《公司法》）、《上市公司股东会规则》等法律、法规和其他规范性 文件以及《无锡先导智能装备股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了 必要的核查和验证，审查了本所认为出具该法律意见书所需审查的相关文件、资 料，并参加了公司本 ...

证券代码：300450 证券简称：先导智能 公告编号：2025-069 无锡先导智能装备股份有限公司 | 专门委员会名称 | 专门委员会成员 | 主任委员（召集人） | | --- | --- | --- | | 战略委员会 | 王燕清、尤志良、戴建军 | 王燕清 | | 审计委员会 | 张明燕、戴建军、黄斯颖 | 张明燕 | - 1 - | | | 第五届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届董事会第十七次会议通知于 2025 年 11 月 14 日以专人送达、电子邮件、电话 方式发出，通知了公司全体董事和高级管理人员。公司本次董事会会议于 2025 年 11 月 17 日在公司会议室以现场结合通讯方式召开，由公司董事长王燕清先生 召集和主持，本次会议应出席董事 7 人，实际出席董事 7 人，公司高级管理人员 列席了本次会议。公司本次董事会会议的召集、召开以及参与表决的董事人数符 合《中华人民共和国公司法》等法律、行政法规、规 ...

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Core Viewpoint - The company has shown significant revenue and profit growth in the first three quarters of 2025, benefiting from industry recovery and improved cash flow [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 10.439 billion, a year-on-year increase of 14.56%, and a net profit attributable to shareholders of 1.186 billion, a year-on-year increase of 94.97% [1]. - For Q3 2025, revenue reached 3.828 billion, representing a year-on-year growth of 13.95% and a quarter-on-quarter growth of 9.00%. The net profit for Q3 was 446 million, showing a year-on-year increase of 198.92% and a quarter-on-quarter increase of 18.95% [1]. Industry Context - The industry has seen a recovery in 2025, with increased operating rates among leading domestic battery companies, contributing to the company's overall positive performance [2]. - The company is benefiting from improved supply-demand conditions in the lithium battery industry after over two years of capacity digestion, with leading battery manufacturers restarting expansion [2]. Business Development - The company has made significant improvements in cash flow, with operating cash flow of 3.848 billion in the first three quarters of 2025, a substantial increase year-on-year [2]. - The company is advancing its international strategy, with continuous growth in overseas business and an increasing market share [2]. Product Innovation - The company has developed a comprehensive range of solid-state battery equipment, achieving recognition and repeat orders from major clients in Europe, America, Japan, South Korea, and leading domestic battery manufacturers [3]. - The company has launched a large-scale energy storage battery assembly line with a high production yield of 98.5% and continuous production efficiency of 85% [3]. Future Outlook - The upward trend in the lithium battery equipment industry is confirmed, with the company expected to benefit directly from downstream expansion [4]. - Projected net profits for the company are 1.66 billion in 2025 and 2.27 billion in 2026, with corresponding price-to-earnings ratios of 52 and 38 [4].

Group 1 - Main capital inflow observed in the computer, defense, and media sectors, while the pharmaceutical and banking sectors experienced capital outflow [1] - Specific stocks with significant net inflow include Great Wall Military Industry (¥1.828 billion), 360 Security Technology (¥1.576 billion), and Huasheng Tiancheng (¥1.419 billion) [1] - Stocks facing notable net outflow include Longi Green Energy (¥0.405 billion), China Aluminum (¥0.403 billion), and Xian Dao Intelligent (¥0.379 billion) [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 10.439 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 14.56%, and a net profit attributable to shareholders of 1.186 billion yuan, which is a significant increase of 94.97% year-on-year. In Q3 2025, the revenue was 3.828 billion yuan, up 13.95% year-on-year and 9.00% quarter-on-quarter, with a net profit of 446 million yuan, reflecting a year-on-year growth of 198.92% and a quarter-on-quarter increase of 18.95% [2][4]. Summary by Sections Financial Performance - In 2025, the company maintained growth in both revenue and net profit, with a gross margin of 32.72% and a net profit margin of 11.13%. The operating cash flow for the first three quarters was 3.848 billion yuan, showing a significant improvement year-on-year [12]. Market Dynamics - The lithium battery industry is experiencing a recovery, with improved supply-demand conditions leading to increased orders. The company, as a leading player, is benefiting from this trend, with a notable increase in prepayments and inventory levels, indicating a healthy order backlog [12]. Product Development - The company has made significant advancements in solid-state battery equipment, securing repeat orders from both domestic and international clients. It has developed a comprehensive range of equipment for solid-state battery production, which has been well-received in the market [12]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.66 billion yuan and 2.27 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 52 and 38 times [12].

Group 1 - The price of lithium iron phosphate (LFP) has rebounded, increasing by approximately 10% since October, driven by strong demand from automakers and battery manufacturers, as well as a surge in global energy storage needs [1] - Major companies have their LFP orders booked until the first half of next year, with production lines operating at full capacity [1] - The rapid development of new technologies, such as high-voltage LFP, is prompting midstream material companies to upgrade their technologies and adjust their production capacity structures [1] Group 2 - As of October 31, 2025, the CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [2] - The top ten weighted stocks in the index account for 53.56% of the total index, with companies like CATL, BYD, and Ganfeng Lithium among the leaders [2][4] Group 3 - The CSI New Energy Vehicle Industry Index has shown a strong performance, with a 1.23% increase, and individual stocks like Rongbai Technology and Tianhua New Energy seeing significant gains of 20% and 13.13% respectively [1][2] - The New Energy Vehicle ETF (515700) has also benefited from the recovery in lithium battery market sentiment, rising by 1.05% [1]

证券时报·数据宝统计显示，具体到个股，11月14日共有1484只股获融资净买入，净买入金额在千万元 以上的有377只，其中13只融资净买入额超亿元。药明康德融资净买入额居首，当日净买入2.07亿元， 其次是先导智能、中芯国际，融资净买入金额分别为2.02亿元、1.86亿元，融资净买入金额居前的还有 天赐材料、中金黄金、中集集团等。 11月14日融资客净买入金额排名 | 代码 | 简称 | 11月14日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 603259 | 药明康 德 | -1.49 | 20686.40 | 702438.48 | 2.99 | 医药生 物 | | 300450 | 先导智 能 | 4.67 | 20172.59 | 479491.09 | 5.62 | 电力设 备 | | 688981 | 中芯国 | -4.00 | 18598.07 | 1401442.73 | 5.93 | 电子 | ...

Core Insights - On November 14, a total of 3,741 stocks in the A-share market received financing funds, with 395 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Yangguang Electric Power, Zhaoyi Innovation, and SMIC, with amounts of 1.695 billion yuan, 1.485 billion yuan, and 1.425 billion yuan respectively [1] - Three stocks had financing buying amounts accounting for over 30% of the total transaction amount, namely Jindalai, Luyang Energy Saving, and Jiangsu Shentong, with proportions of 37.29%, 36.57%, and 31.28% respectively [1] - Thirteen stocks had a net financing buying amount exceeding 100 million yuan, with WuXi AppTec, XianDao Intelligent, and SMIC leading at 207 million yuan, 202 million yuan, and 186 million yuan respectively [1]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is developing in a coordinated manner both domestically and internationally, with significant collaborations such as Samsung SDI partnering with BMW and Solid Power, and Solid Power working with SK On on pilot lines [1][2][6] - Domestic manufacturers like the Chinese Academy of Sciences, Seiko Power, and leading companies C and B have made progress, with some achieving 60-80 Ah products and pilot line capacities reaching gigawatt-hour levels [1][2][6] Key Developments - The Ministry of Industry and Information Technology (MIIT) is providing subsidies for solid-state battery R&D, with mid-term review results expected in November, indicating that leading companies have met core indicators [1][4] - The second batch of subsidies is anticipated to be released in the first half of next year, with amounts expected to be similar to the previous year [1][4] Technological Advancements - The shift to dry processing in solid-state battery manufacturing significantly impacts equipment companies, increasing demand for dry mixing and fiberization equipment, as well as rolling machines, which have seen price increases [1][5] - Isostatic pressing equipment is crucial for addressing interface contact and conductivity issues in solid-state batteries, with companies like Sweden's Quintus and China's Chuanxi Machinery leading in this area [1][5][7] Equipment and Manufacturing Processes - There are four main process routes for insulation glue frames: screen printing, pre-fabricated glue frame transfer, dispensing, and UV printing, with companies like Liyuanheng and DeLong Laser making advancements in these areas [1][9] - The demand for high-pressure forming and filling equipment has increased due to the need for extreme pressures (60-80 tons) in solid-state batteries, with companies like Hangke Technology being key players in this segment [1][10] Company Performance and Outlook - XianDao Intelligent secured over 400 million yuan in solid-state orders in the first half of the year, expecting to exceed 1 billion yuan for the full year, reflecting successful R&D investments [3][11] - Liyuanheng and Haimuxing are progressing well, with Haimuxing's new order growth doubling, although they expect losses this year but anticipate profitability starting next year [3][12] - Naknor's new rolling press equipment addresses material bonding issues and is participating in tenders from leading battery manufacturers [3][13] - Lianying Laser is positioned to benefit from increased precision requirements in solid-state welding, with potential for significant growth if breakthroughs are achieved [3][14] Market Trends - The lithium battery industry is recovering from previous downturns, with several catalysts for growth including policy reviews, subsidy follow-ups, and increasing demand for power and energy storage [1][15] - Most lithium battery companies have overcome their most challenging periods, with expectations for continuous improvement in financial reports [1][15]