Core Viewpoint - Winning Technology has shown a significant stock price increase of 58.37% year-to-date, despite recent declines in the short term [1][2] Financial Performance - For the period from January to September 2025, Winning Technology achieved a revenue of 6.784 billion yuan, representing a year-on-year growth of 4.72%. However, the net profit attributable to shareholders decreased by 39.06% to 302 million yuan [2] - The company has distributed a total of 553 million yuan in dividends since its A-share listing, with 330 million yuan distributed over the past three years [3] Stock Market Activity - As of October 29, Winning Technology's stock price was 30.13 yuan per share, with a market capitalization of 19.557 billion yuan. The stock experienced a trading volume of 268 million yuan and a turnover rate of 1.41% [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 12, where it recorded a net purchase of 307 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 17.69% to 62,500, while the average circulating shares per person decreased by 15.03% to 10,204 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 49,410 shares [3]

Market Overview - The battery sector increased by 0.29% compared to the previous trading day, with Fangyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in the Battery Sector - Fangyuan Co., Ltd. (688148) closed at 8.01, up 12.50% with a trading volume of 641,600 shares and a transaction value of 506 million [1] - Xinde New Materials (301349) closed at 45.00, up 11.94% with a trading volume of 112,600 shares and a transaction value of 501 million [1] - Hunan YN (301358) closed at 61.58, up 8.99% with a trading volume of 319,400 shares and a transaction value of 1.986 billion [1] - Other notable gainers include Jinyinhe (300619), Wanrun New Energy (688275), and Guoxuan High-Tech (002074) with respective increases of 7.20%, 6.57%, and 6.00% [1] Top Losers in the Battery Sector - Yinghe Technology (300457) closed at 29.49, down 7.96% with a trading volume of 507,100 shares and a transaction value of 1.52 billion [2] - Camel Group (601311) closed at 10.14, down 6.02% with a trading volume of 834,600 shares and a transaction value of 850 million [2] - Other significant decliners include Jia Yuan Technology (688388) and Huaneng Technology (688353) with decreases of 4.44% and 4.34% respectively [2] Capital Flow Analysis - The battery sector experienced a net outflow of 1.738 billion from institutional investors, while retail investors saw a net inflow of 864 million [2][3] - Notable stocks with significant net inflows from retail investors include Guoxuan High-Tech (002074) with a net inflow of 155 million [3] - The capital flow data indicates a mixed sentiment among different investor types within the battery sector [3]

Core Viewpoint - Yinghe Technology (300457.SZ) experienced a decline of over 7%, closing at 29.79 yuan, with a total market capitalization of 19.34 billion yuan [1] Financial Performance - The company's Q3 revenue reached 2.52 billion yuan, representing a year-on-year increase of 22.85% [1] - Net profit for Q3 was 31.07 million yuan, showing a significant year-on-year decrease of 80.30% [1] - For the first three quarters, total revenue amounted to 6.784 billion yuan, reflecting a year-on-year growth of 4.72% [1] - Net profit for the first three quarters was 302 million yuan, which is a year-on-year decline of 39.06% [1]

Equity Research Report | 23 October 2025 China Battery Equipment Equities Taking a breather Downgrade both Lead and Yinghe to Hold (from Buy). The share prices of Lead and Yinghe have risen 70-157% since 15 May, outperforming the benchmark (CSI 300) by 54-142ppt. Lead and Yinghe trade at 2026e PEs of 35x and 28x, close to their respective historical average forward averages, which looks fair, in our view. While the market has high expectations on the demand outlook for solid-state batteries, we believe the ...

Core Insights - The company reported a significant increase in revenue and cash flow for Q3 2025, with revenue reaching 2.52 billion yuan, a year-on-year growth of 22.85%, and operating cash flow increasing by 116.85% compared to the same period last year [1] Group 1: Financial Performance - The company achieved a revenue of 2.52 billion yuan in Q3 2025, reflecting a 22.85% increase year-on-year [1] - Operating cash flow showed a remarkable growth of 116.85% compared to the same period last year, indicating improved cost control and management efficiency [1] Group 2: Technological Advancements - The company has focused on high-end product development, international business expansion, and digital management, leading to breakthroughs in lithium battery equipment technology [2] - R&D investment reached 473 million yuan in the first three quarters of 2025, marking an 18.14% increase year-on-year [2] - The introduction of a high-speed multi-station cutting and stacking machine has improved efficiency by 70% compared to industry standards, with precision cutting at the millimeter level [2] Group 3: Solid-State Battery Developments - The company has delivered core solid-state battery equipment to multiple clients, including fully automated slurry preparation and coating equipment [3] - The backlog of orders reached 2.947 billion yuan by the end of Q3, representing a 78.24% increase from the beginning of the year and a 101.31% increase year-on-year [3] Group 4: International Expansion - The company is actively expanding its overseas market presence, benefiting from the global trend of the electric vehicle and energy storage markets [4] - Recent achievements include successful acceptance of equipment by major clients in South Korea and Malaysia, as well as shipments to top battery manufacturers in Hungary [4] - The establishment of multiple subsidiaries and service networks globally ensures timely and professional after-sales support, enhancing the company's international strategy [4]

Group 1 - The core point of the article is that Yinghe Technology (SZ 300457) held its 23rd meeting of the 5th board of directors on October 23, 2025, via telecommunication voting, where it reviewed the proposal to amend the management system for shares held by directors and senior management [1] - For the first half of 2025, Yinghe Technology's revenue composition was 100% from specialized equipment manufacturing [1] - As of the time of reporting, Yinghe Technology's market capitalization was 20.8 billion yuan [1] Group 2 - A notable event reported is a well-known brand's acquisition of 2,000 shares for 170 million yuan, despite the target company's registered capital being only 10,000 Hong Kong dollars and it not yet being operational, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Winning Technology (300457.SZ) reported a year-on-year increase in operating revenue for the first three quarters of 2025, but a significant decline in net profit attributable to shareholders [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.784 billion yuan, representing a year-on-year growth of 4.72% [1] - Net profit attributable to shareholders was 302 million yuan, showing a year-on-year decrease of 39.06% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 285 million yuan, down 40.78% year-on-year [1] - Basic earnings per share stood at 0.47 yuan [1]

特此公告。 深圳市赢合科技股份有限公司 关于2025年第三季度报告披露的提示性公告 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 10 月 23 日召 开第五届董事会第二十三次会议、第五届审计委员会第十六次会议，审议通过了 公司《关于 2025 年第三季度报告的议案》。 为使投资者全面了解公司的经营成果与财务状况，公司《2025 年第三季度 报告》于 2025 年 10 月 25 日在中国证监会指定的创业板信息披露网站巨潮资讯 网（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 证券代码：300457 证券简称：赢合科技 公告编号：2025-073 深圳市赢合科技股份有限公司 董事会 二〇二五年十月二十四日 ...

第二条 本制度适用于公司董事和高级管理人员持有、买卖公司股票及其衍 生品种的管理。公司董事和高级管理人员委托他人代行买卖股票，视作本人所为， 也应遵守本办法并履行相关询问和报告义务。公司董事和高级管理人员所持公司 股份是指登记在其名下的所有公司股份；从事融资融券交易的，还包括记载在其 信用账户内的公司股份。 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 为加强深圳市赢合科技股份有限公司(以下简称"公司")董事和高 级管理人员持有、买卖公司股票及其衍生品种的管理，维护证券市场秩序，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》"）、《上市公司董事和高级管理人员所持本公 司股份及其变动管理规则》《上市公司股东减持股份管理暂行办法》《深圳证券 交易所创业板股票上市规则》等有关法律、法规、规范性文件及《深圳市赢合科 技股份有限公司章程》（以下简称"公司章程"），结合公司实际情况，制定本 制度。 深圳市赢合科技股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 深圳市赢合科技股份有限公司 第三条 公司董事和高级管理人员在买卖公 ...

深圳市赢合科技股份有限公司 内幕信息知情人登记管理制度 深圳市赢合科技股份有限公司 内幕信息知情人登记管理制度 第一条 为进一步完善深圳市赢合科技股份有限公司（以下简称"公司"） 治理结构，维护信息披露的公平原则，防范内幕信息知情人员滥用知情权，泄露 内幕信息，进行内幕交易，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》《深圳证券交易所股票上市规则》《上市 公司治理准则》《上市公司信息披露管理办法》《上市公司监管指引第5号—— 上市公司内幕信息知情人登记管理制度》和《深圳市赢合科技股份有限公司章程》 （以下简称"公司章程"）等有关法律、法规的规定，并结合公司的实际情况， 制定本制度。 第二条 本制度适用于公司内幕信息及其知情人的管理事宜。本制度未规定 的，适用《深圳市赢合科技股份有限公司信息披露管理制度》的相关规定。 第三条 公司内幕信息知情人应知悉《公司法》《中华人民共和国证券法》 等法律、法规关于内幕交易、操纵市场等禁止行为的规定，严守保密义务，不得 进行违法违规的交易。 第四条 公司董事会领导并总体负责内幕信息及其知情人的管理事务。公司 各部门负责人、公司控股子公司的 ...