经与会独立董事认真审议，通过了以下决议： 1、审议通过《关于<在上海电气集团财务有限责任公司办理金融业务的风 险持续评估报告>的议案》 经核查，《关于在上海电气集团财务有限责任公司办理金融业务的风险持续 评估报告》具备客观性和公正性，充分反映了财务公司的经营资质、业务和风险 状况，财务公司经营资质、内控建设、经营情况均符合开展金融服务的要求，公 司与财务公司之间发生关联金融业务风险可控。在审议该议案时，关联董事已回 避表决，董事会审议及表决程序合法、有效。因此，我们一致同意《关于在上海 电气集团财务有限责任公司办理金融业务的风险持续评估报告》。 深圳市赢合科技股份有限公司 第五届董事会独立董事第四次专门会议决议 一、独立董事专门会议召开情况 深圳市赢合科技股份有限公司（以下简称"公司"）第五届董事会独立董事 第四次专门会议于 2025 年 8 月 21 日以通讯表决方式召开。会议通知已于 2025 年 8 月 18 日以电子邮件方式送达全体独立董事。本次会议应参加表决独立董事 3 名，实际参加表决独立董事 3 名。全体独立董事知悉本次会议的审议事项，并 充分表达意见。会议由独立董事李博先生召集和主持，会议的召 ...

半年度报告 SEMI-ANNUAL REPORT （公告编号：2025-060） 2025年8月 深圳市赢合科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人何爱彬、主管会计工作负责人郑英霞及会计机构负责人(会计 主管人员)郑潇俊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及的未来计划等前瞻性陈述不构成公司对投资者的实质 承诺，敬请广大投资者理性投资。 公司主要存在的风险具体请见本报告"第三节 管理层讨论与分析"之 "十、公司面临的风险和应对措施"部分。敬请广大投资者关注，并注意投 资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 9 | | | 第四节 | 公司治理、环 ...

8月21日，赢合科技大宗交易成交28万股，成交额528.64万元，占当日总成交额的1.13%，成交价18.88 元，较市场收盘价21.59元折价12.55%。 | 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-08-21 | 300457 | 赢合科技 | 18.88 | 10.70 | 202.02 机构专用 | | 中国银河证券股份 | | | | | | | | | 有限公司北京丽泽 | | | | | | | | | 证券营业部 | | 2025-08-21 | 300457 | 赢合科技 | 18.88 | 17.30 | 326.62 中国中金财富证券 | | 中国银河证券股份 | | | | | | | | 有限公司榆林神木 | 有限公司北京丽泽 | | | | | | | | 证券营业部 | 证券营业部 ...

证券代码：300457 证券简称：赢合科技 公告编号：2025-056 深圳市赢合科技股份有限公司 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、误导性陈述或重大遗漏。 深圳市赢合科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开的第五届董事会第十八次会议、第五届监事会第十三次会议及 2025 年 6 月 19 日召开的 2024 年年度股东会，审议通过了《关于回购注销部分限制性股票的议 案》，同意回购注销 97,250 股限制性股票。 根据《公司法》 《上市公司股权激励管理办法》 披露了《关于 2022 年限制性股票激励计划限制性股票授予登记完成的公告》，公 司完成了 2022 年限制性股票激励计划第一类限制性股票首次授予登记。 会第七次会议及 2024 年 5 月 31 日召开的 2023 年年度股东大会，审议通过了《关 于调整限制性股票回购价格及回购注销部分激励对象已获授但尚未解除限售的 限制性股票的议案》，同意回购注销 9 名离职激励对象合计的 179,000 股限制性 股票，公司聘请的律师事务所对此出具了相应的法律意见书。 事会第九次会议及 20 ...

1、2022 年 11 月 11 日，公司第四届董事会第三十二次会议审议通过《关于 公司 2022 年限制性股票激励计划（草案）及其摘要的议案》《关于公司 2022 年 限制性股票激励计划实施考核管理办法的议案》《关于提请股东大会授权董事会 办理公司 2022 年限制性股票激励计划相关事宜的议案》。同日，公司第四届监事 会第二十二次会议审议上述议案并对本激励计划的激励对象名单进行核实，公司 独立董事就本激励计划发表了同意的独立意见。 证券代码：300457 证券简称：赢合科技 公告编号：2025-056 深圳市赢合科技股份有限公司 关于部分限制性股票回购注销完成的公告 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、误导性陈述或重大遗漏。 深圳市赢合科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开的第五届董事会第十八次会议、第五届监事会第十三次会议及 2025 年 6 月 19 日召开的 2024 年年度股东会，审议通过了《关于回购注销部分限制性股票的议 案》，同意回购注销 97,250 股限制性股票。 根据《公司法》《上市公司股权激励管理办法》《深圳市赢 ...

8月18日，赢合科技大宗交易成交106万股，成交额2040.51万元，占当日总成交额的2.95%，成交价 19.25元，较市场收盘价21.73元折价11.41%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-08-18 | 300457 | 赢合科技 | 19.25 | 10.50 | 202.13 机构变用 | 中信建投证券股份 | | | | | | | | 有限公司深圳深南 | | | | | | | | 中路证券营业部 | | 2025-08-18 | 300457 | 赢合科技 | 19.25 | 26.00 | 500.50 机构专用 | 中国银河证券股份 | | | | | | | | 有限公司北京丽泽 | | | | | | | | 证券营业部 | | 2025-08-18 | 300457 | 赢合科技 | 19.25 | 11.00 | 211.75 国联 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of 37.807 billion RMB, current share price at 25.90 RMB, and a price target of 36.50 RMB indicating a potential upside of 41% [3][5] - **Putailai (603659.SS)**: Also rated "Buy", market cap of 38.591 billion RMB, current share price at 18.05 RMB, with a price target of 24.00 RMB, suggesting a 33% upside [3][6] - **Yunnan Energy (002812.SZ)**: Rated "Neutral", market cap of 28.307 billion RMB, current share price at 31.72 RMB, with a price target of 33.00 RMB, indicating only a 4% upside [3][6] 2. **Profitability Metrics**: - **Hongfa**: Projected net profit for 2025E is 1,921 million RMB, with a consensus of 1,893 million RMB, showing a 1% difference [3] - **Putailai**: Expected net profit for 2025E is 2,420 million RMB, with a consensus of 2,431 million RMB, indicating a 0% difference [3] - **CSSC (600150.SS)**: Projected net profit for 2025E is 7,305 million RMB, with a consensus of 7,173 million RMB, showing a 2% difference [3][7] 3. **Valuation Metrics**: - **P/BV Ratios**: Hongfa has a P/BV of 3.3x for 2025E, while CSSC has a P/BV of 3.0x, indicating relative valuation differences within the sector [3][5] - **ROE**: Hongfa's ROE is projected at 18% for 2025E, while CSSC's is at 14% [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in P/E ratios, market caps, and growth projections [5][6][7]. 5. **Market Trends**: - The battery supply chain is experiencing limited pricing opportunities, with production schedules closely correlated with battery index performance [8][9]. Other Important but Potentially Overlooked Content - The report emphasizes the importance of understanding the macroeconomic environment and its impact on the industrial sector, particularly in the context of supply chain dynamics and pricing pressures [8][9]. - Analysts from UBS Securities Asia Limited are involved in the research, indicating a potential conflict of interest due to business relationships with covered companies [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the performance and outlook of companies within the China Industrials sector.

Investment Rating - The report maintains an "Accumulate" rating for the solid-state battery equipment industry [4]. Core Insights - Solid-state batteries, utilizing solid electrolytes, are recognized as the most promising new battery technology, addressing the low energy density and safety concerns of current lithium-ion batteries. The industry is expected to exceed 100 billion yuan for all-solid-state batteries and 180 billion yuan for the solid-state battery industry by 2030 [1][33]. - The production processes for solid-state batteries will undergo significant changes, leading to new equipment demands. Key processes include dry electrode preparation, electrolyte transfer coating, and isostatic pressing technology, which will require new production equipment compared to traditional liquid lithium batteries [1][2][38]. Summary by Sections 1. Solid-State Battery: Future Battery Technology Direction - Solid-state batteries replace liquid electrolytes with solid electrolytes, significantly enhancing performance and safety, making them the future direction for power batteries [15][19]. - Solid-state batteries offer high energy density, safety, long cycle life, and a wide operating temperature range, addressing critical issues in current power batteries [20][30]. 2. Technology Iteration and Equipment Development Opportunities - The manufacturing processes for all-solid-state batteries will change, creating new equipment needs. The introduction of new processes and equipment upgrades will significantly increase investment in solid-state battery production lines [2][38]. - The front-end processes will see the introduction of dry electrode and solid electrolyte film preparation equipment, which is more compatible with solid-state batteries [2][41]. - Stacking technology will become mainstream in the mid-process, with isostatic pressing introduced to solve issues related to porosity and insufficient contact [2][54]. - High-pressure formation equipment will be necessary in the later stages to optimize battery performance by enhancing contact area and reducing interface resistance [2][63]. - Soft-pack packaging is highly compatible with solid-state batteries, providing advantages in thermal management and structural stability [2][66]. 3. Investment Recommendations - The report suggests focusing on companies involved in solid-state battery equipment, including Naconor, Honggong Technology, Mannester, Liyuanheng, Xianhui Technology, Xinyuren, Xiandai Intelligent, Hangke Technology, Yinghe Technology, Lianying Laser, and Haimeixing [3].

Core Points - The stock price of Yinghe Technology (300457) closed at 21.39 yuan on August 15, 2025, with an increase of 2.64% and a turnover rate of 4.03% [1] - The company experienced a net outflow of main funds amounting to 27.17 million yuan, accounting for 4.96% of the transaction amount [1] - Yinghe Technology reported total operating revenue of 1.338 billion yuan for Q1 2025, a year-on-year decrease of 28.29%, and a net profit attributable to shareholders of 15.16 million yuan, down 90.43% year-on-year [1] Financial Performance - The company's net profit after deducting non-recurring gains and losses was 12.68 million yuan, reflecting a year-on-year decrease of 91.94% [1] - The liquidity ratio stands at 1.477, the quick ratio at 1.142, and the debt-to-asset ratio is 55.62% [1] Company Overview - Yinghe Technology, established in 2006 and located in Shenzhen, primarily engages in the manufacturing of computers, communications, and other electronic devices [1] - The registered capital of the company is approximately 649.19 million yuan, with the same amount for paid-in capital [1] - The legal representative of the company is Wei Aibin [1] Investment and Intellectual Property - Yinghe Technology has made investments in 14 enterprises and participated in 128 bidding projects [2] - The company holds 20 trademark registrations and 306 patents, along with 23 administrative licenses [2]

8月15日，赢合科技大宗交易成交50万股，成交额962.5万元，占当日总成交额的1.73%，成交价19.25元，较市场收盘价21.39 元折价10%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-15 | 300457 | 赢合科技 | 19.25 | 50.00 | 962.50 | 招商证券股份有限 | 中国银河证券股份 | | | | | | | | 公司西安曲江新区 | 有限公司北京丽泽 | | | | | | | | 证券营业部 | 证券营业部 | ...