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 届监事会第十一次会议通知于 2025 年 8 月 18 日以专人送达、电子邮件、电话方 式发出，通知了公司全体监事。公司本次监事会会议于 2025 年 8 月 28 日在公司 会议室以现场方式召开，由监事会主席卞粉香女士召集和主持，本次会议应出席 监事 3 人，实际出席监事 3 人，公司董事会秘书列席了本次会议。公司本次监事 会会议的召集、召开以及参与表决的监事人数符合《中华人民共和国公司法》等 法律、行政法规、规范性文件和《无锡先导智能装备股份有限公司章程》的相关 规定。 二、监事会会议审议情况 经与会监事认真审议，通过了以下议案： 证券代码：300450 证券简称：先导智能 公告编号：2025-041 无锡先导智能装备股份有限公司 第五届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 2、审议通过了《关于<2025 年半年度募集资金存放与使用情况专项报告> 的议案》 1、审议通过了《关于<2025 年半年度报告及其摘要>的议案》 监事会 ...

证券代码：300450 证券简称：先导智能 公告编号：2025-040 无锡先导智能装备股份有限公司 第五届董事会第十三次会议决议公告 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 届董事会第十三次会议通知于 2025 年 8 月 18 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、监事和高级管理人员。公司本次董事会会议于 2025 年 8 月 28 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，公司监事、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、规范性文件和《无 锡先导智能装备股份有限公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，通过了以下议案： 1、审议通过了《关于<2025 年半年度报告及其摘要>的议案》 经审议，董事会认为：编制《公司 2025 年半年度报告》 ...

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first half of the year, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved a revenue of 6.61 billion yuan in the first half of the year, representing a year-on-year growth of 14.92% [1] - The net profit attributable to shareholders reached 740 million yuan, showing a substantial year-on-year increase of 61.19% [1] - The basic earnings per share were reported at 0.48 yuan per share [1]

Group 1 - The company, XianDao Intelligent (300450.SZ), announced its 2025 semi-annual report summary, achieving operating revenue of 6.61 billion yuan, a year-on-year increase of 14.92% [1] - The net profit attributable to shareholders of the listed company was 740 million yuan, reflecting a year-on-year growth of 61.19% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Section I Important Notice, Table of Contents and Definitions This section provides important notices, the report's table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents is divided into eight sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, and financial reports [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company and subsidiary names, lithium battery technologies, new energy vehicles, power batteries, 3C, laser cutting, AGV, and the reporting period - The reporting period is defined as **January 1 to June 30, 2025**[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section introduces the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Wuxi Lead Intelligent Equipment Co., Ltd. (stock code: 300450) is listed on the Shenzhen Stock Exchange, with Wang Yanqing as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Lead Intelligent | | Stock Code | 300450 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Wuxi Lead Intelligent Equipment Co., Ltd. | | Legal Representative | Wang Yanqing | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Yao Yao and Securities Affairs Representative is Zhu Qi, with disclosed contact address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yao Yao | No. 18 Xinzhou Road, Xinwu District, Wuxi | 0510-81163600 | 0510-81163648 | lead@leadintelligent.com | | Securities Affairs Representative | Zhu Qi | No. 18 Xinzhou Road, Xinwu District, Wuxi | 0510-81163600 | 0510-81163648 | lead@leadintelligent.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, document storage locations, or registration details - The company's registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[19](index=19&type=chunk) - The company's registration status remained unchanged during the reporting period[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company achieved strong performance with a 14.92% increase in operating revenue, a 61.19% rise in net profit attributable to shareholders, and a 231.33% surge in net operating cash flow Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,610,403,906.80 | 5,752,247,510.59 | 14.92% | | Net Profit Attributable to Shareholders of Listed Company | 740,250,720.23 | 459,252,052.29 | 61.19% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 732,443,046.89 | 448,029,942.19 | 63.48% | | Net Cash Flow from Operating Activities | 2,353,418,733.34 | -1,792,050,208.72 | 231.33% | | Basic Earnings Per Share (yuan/share) | 0.48 | 0.29 | 65.52% | | Diluted Earnings Per Share (yuan/share) | 0.48 | 0.29 | 65.52% | | Weighted Average Return on Net Assets | 6.20% | 3.88% | 2.32% | | **Period-End Indicator** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **YoY Change at Current Period-End** | | Total Assets | 38,552,105,673.41 | 36,182,558,952.99 | 6.55% | | Net Assets Attributable to Shareholders of Listed Company | 12,302,735,053.13 | 11,597,531,383.37 | 6.08% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial statements disclosed under international accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[23](index=23&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 7,807,673.34 yuan, primarily from government subsidies, fair value changes, and non-operating income/expenses, net of tax and minority interests Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | Description | | :--- | :--- | :--- | | Disposal Gains/Losses on Non-current Assets | -346,028.43 | | | Government Grants Recognized in Current Profit/Loss | 4,450,545.59 | Received government grants income | | Gains/Losses from Fair Value Changes of Financial Assets/Liabilities Held by Non-financial Enterprises and Disposal of Financial Assets/Liabilities | 1,078,145.21 | | | Other Non-operating Income and Expenses Apart from the Above | 4,075,966.73 | | | Less: Income Tax Impact | 1,388,756.49 | | | Minority Interests Impact (After Tax) | 62,199.27 | | | Total | 7,807,673.34 | | Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competitiveness, financial performance, and risk factors during the reporting period [I. Main Business Activities during the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20during%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of high-end non-standard intelligent equipment, serving lithium battery, photovoltaic, 3C, and hydrogen energy industries, offering comprehensive smart factory solutions [(I) Overview of the Industry in which the Company Operates](index=9&type=section&id=(I)%20Overview%20of%20the%20Industry%20in%20which%20the%20Company%20Operates) The company operates in the intelligent equipment manufacturing sector, primarily serving the lithium battery, photovoltaic, 3C, and hydrogen energy industries, all experiencing positive development trends - The company belongs to "**C35 Special Equipment Manufacturing**," primarily involving lithium battery, photovoltaic, 3C, and hydrogen energy equipment manufacturing[28](index=28&type=chunk) - In the first half of **2025**, global new energy vehicle sales reached **9.1 million units**, a **28% year-on-year increase**, driving rapid growth in power battery demand[30](index=30&type=chunk) - In the first half of **2025**, China's energy storage battery shipments reached **265 GWh**, a **128% year-on-year increase**[32](index=32&type=chunk) - In the first half of **2025**, China's newly installed solar power generation capacity reached **110 million kW**, a **54.2% year-on-year increase**[34](index=34&type=chunk) - The global consumer electronics market is projected to reach **1.15 trillion US dollars** in **2025**, growing to **1.18 trillion US dollars** by **2028**, with a CAGR of **2.99%**[35](index=35&type=chunk)[36](index=36&type=chunk) - From **January to April 2025**, the installation rate of L2 and above advanced driver-assistance systems in new energy passenger vehicles reached **77.8%**, exceeding **52%** in traditional fuel passenger vehicles[3

Core Viewpoint - The battery industry is experiencing positive developments, with the solid-state battery technology advancing and a consensus on price discipline emerging among certain segments, which is expected to improve the competitive landscape [3]. Group 1: Market Performance - As of August 28, 2025, the China Securities Battery Theme Index rose by 0.23%, with notable increases in component stocks such as Putailai (6.19%), Goodwe (4.29%), Keda (3.65%), and Sungrow (3.35%) [1]. - The Battery ETF by Harvest (562880) showed a trading turnover of 5.18% and a transaction volume of 17.0666 million yuan, with an average daily transaction of 13.8565 million yuan over the past week [3]. Group 2: Industry Developments - The solid-state battery industrialization process is accelerating, with multiple companies initiating pilot production lines and planning to achieve mass production by 2026 [3]. - Since 2025, breakthroughs in solid-state battery technology have been reported, with several automakers planning to adopt all-solid-state batteries around 2027, indicating a faster industrialization process [3]. Group 3: Key Stocks and Weightings - As of July 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index accounted for 51.66% of the index, including Sungrow, CATL, and Sanhua Intelligent Controls [3]. - The performance of key stocks includes Sungrow (3.35% increase, 10.28% weight), CATL (-0.97%, 9.64%), and Sanhua Intelligent Controls (1.54%, 6.31%) [5].

Core Viewpoint - The company, Xian Dao Intelligent Equipment Co., Ltd., has submitted an application for an H-share IPO in Hong Kong, marking a renewed effort after a previous application expired. The funds raised will be used to expand global R&D and sales networks, deepen platform strategies, optimize smart equipment technology, and enhance digital capabilities [1]. Financial Performance - The company's revenue from 2022 to 2024 was 138.36 billion, 164.83 billion, and 117.73 billion RMB, with a significant decline of 28.6% in 2024 compared to 2023. Net profit during the same period was 23.18 billion, 17.71 billion, and 2.68 billion RMB, showing a drastic drop of 84.9% in 2024 [2]. - For the first four months of 2025, the company reported revenue of 35.99 billion RMB, a 3.3% increase from 34.84 billion RMB in the same period of 2024, while net profit decreased by 11.0% to 4.00 billion RMB [2]. - The gross margin has been on a downward trend, recorded at 36.6%, 32.7%, and 30.0% from 2022 to 2024, primarily due to increased inventory write-downs and rising administrative and R&D expenses [2]. Business Composition - Lithium battery intelligent equipment has been the main revenue source, accounting for 71.8%, 76.8%, and 65.3% of total revenue from 2022 to 2024, with a 62.4% share in the first four months of 2025 [3]. - The company has a high customer concentration, with revenue from the top five customers accounting for 73.8% in 2022, decreasing to 45.6% in 2024, but rising to 60.9% in early 2025 [3]. - The company has made significant progress in expanding its overseas market, with overseas sales increasing from 11.95 billion RMB in 2022 to 28.31 billion RMB in 2024, representing a rise in share from 8.6% to 24.0% [3]. Market Position and Future Outlook - The company is recognized as the largest supplier of lithium battery intelligent equipment globally, holding a market share of 15.5% and 19.0% in the global and Chinese markets, respectively, with a projected global market share of 22.4% in 2024 [1]. - Analysts suggest that despite recent performance pressures, the company may see a turning point in 2025 as the industry stabilizes, leveraging its leading position and technological advantages in the lithium battery sector for long-term growth [4]. - A successful IPO in Hong Kong could provide new funding to support the company's international development and help consolidate its market share globally [4].

Core Viewpoint Wuxi Lead Intelligent Equipment Co., Ltd. (referred to as "Lead Intelligent") is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of intelligent equipment in the lithium battery and photovoltaic sectors, with significant market share and innovative technology. Company Overview - Lead Intelligent was established in 2002 and specializes in providing intelligent equipment and solutions for emerging industries, particularly in lithium batteries, photovoltaic cells, and consumer electronics [4]. - The company was listed on the A-share market on May 18, 2015, and as of August 26, 2025, its total market capitalization exceeds RMB 45.6 billion [2]. Business Segments - **Lithium Battery Equipment**: Lead Intelligent is the largest provider of lithium battery intelligent equipment globally, holding market shares of 15.5% and 19.0% in the global and Chinese markets, respectively. The company has delivered 145 complete line solutions globally as of April 30, 2025 [4]. - **Photovoltaic Equipment**: The company has developed advanced manufacturing processes and equipment for photovoltaic components and cells, achieving a production line conversion efficiency of over 26.5% [5]. - **3C Intelligent Equipment**: Lead Intelligent offers intelligent solutions for the production and testing of various 3C products, including automotive and consumer electronics [6]. - **Hydrogen Energy Equipment**: The company provides complete line solutions for hydrogen production and has successfully delivered major equipment to international clients [6]. Financial Performance - The revenue for Lead Intelligent in the years 2022, 2023, 2024, and the first four months of 2025 were RMB 138.36 billion, RMB 164.83 billion, RMB 117.73 billion, and RMB 35.99 billion, respectively. The corresponding net profits were RMB 23.18 billion, RMB 17.71 billion, RMB 2.68 billion, and RMB 400 million [11]. - The company’s gross profit margins have shown fluctuations, with gross profit for 2022 at RMB 5.065 billion (36.6%) and for the first four months of 2025 at RMB 1.25 billion (34.7%) [11]. Shareholder Structure - As of August 19, 2025, the major shareholder, Mr. Wang Yanqing, holds a direct stake of 0.56% and indirect stakes through various entities totaling 32.33% [8]. Management Team - The board of directors consists of 8 members, including 4 executive directors and 4 independent non-executive directors, with Mr. Wang Yanqing serving as the chairman and general manager [10][11]. IPO Details - Lead Intelligent has appointed CITIC Securities and JPMorgan as joint sponsors for its IPO, with Deloitte serving as the auditor [12].

Company Overview - Xian Dao Intelligent Equipment Co., Ltd. is located in Wuxi, Jiangsu Province, and specializes in the research, design, production, and sales of automation equipment and solutions [1] - The company was established on April 30, 2002, and went public on May 18, 2015 [1] - Main business revenue composition includes: lithium battery intelligent equipment (64.85%), intelligent logistics systems (15.75%), photovoltaic intelligent equipment (7.31%), other (6.18%), 3C intelligent equipment (5.81%), and others (0.09%) [1] Stock Performance - As of August 27, the stock price increased by 2.02% to 29.74 CNY per share, with a total market capitalization of 46.578 billion CNY [1] - Year-to-date, the stock price has risen by 48.97%, with a 4.20% increase over the last five trading days, 14.38% over the last 20 days, and 48.74% over the last 60 days [1] Financial Performance - For the first quarter of 2025, the company reported a revenue of 3.098 billion CNY, a year-on-year decrease of 6.42%, and a net profit attributable to shareholders of 365 million CNY, down 35.30% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 3.149 billion CNY, with 1.461 billion CNY distributed in the last three years [3] Shareholder Information - As of March 31, 2025, the number of shareholders is 112,200, a decrease of 8.22% from the previous period, with an average of 13,899 shares held per shareholder, an increase of 8.96% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 113 million shares, and various ETFs with varying changes in holdings [3]

Core Viewpoint - The company, Xian Dao Intelligent, is a leading provider of intelligent equipment and solutions for the new energy sector, particularly in lithium batteries and photovoltaic cells, aiming to enhance automation and efficiency in manufacturing processes [1][3]. Financial Performance - For the fiscal years ending December 31, 2022, and 2023, the company's revenues were approximately 13.84 billion RMB and 16.48 billion RMB, respectively, with a projected revenue of 11.77 billion RMB for the four months ending April 30, 2024 [5]. - The net profit for the same periods was about 2.32 billion RMB in 2022, decreasing to 1.77 billion RMB in 2023, with a projected profit of 0.27 billion RMB for the four months ending April 30, 2024 [5]. - The gross profit margin decreased from 36.6% in 2022 to 32.7% in 2023, with a further decline to 30.0% projected for 2024 [5]. Market Position - Xian Dao Intelligent is recognized as the largest supplier of lithium battery intelligent equipment globally, according to Frost & Sullivan, based on projected revenue for 2024 [1][3]. - The company has established deep partnerships with top-tier clients across various sectors, solidifying its market leadership in the new energy field [1][3]. Product Offering - The company's product range in the lithium battery sector covers various applications, including electric vehicles, energy storage, and consumer electronics, addressing different battery technologies and forms [1][3]. - In the photovoltaic sector, Xian Dao Intelligent provides comprehensive solutions for manufacturing solar modules and cells, including advanced equipment for various welding and assembly processes [1][3].