一、董事会会议召开情况 深圳市赢合科技股份有限公司（以下简称"公司"）第五届董事会第二十三 次会议于 2025 年 10 月 23 日以通讯表决方式召开。会议通知已于 2025 年 10 月 13 日以电子邮件方式送达全体董事及高级管理人员。本次会议应参加表决董事 9 名，实际参加表决董事 9 名。会议由董事长贾廷纲先生召集和主持，会议的召 开和表决程序符合《公司法》及《公司章程》的有关规定，合法有效。 证券代码：300457 证券简称：赢合科技 公告编号：2025-074 深圳市赢合科技股份有限公司 第五届董事会第二十三次会议决议的公告 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。 二、董事会会议审议情况 经与会董事认真审议，通过了以下决议： 1、审议通过《关于 2025 年第三季度报告的议案》 具体内容详见公司同日刊登在巨潮资讯网（http://www.cninfo.com.cn）的 《2025 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 2、审议通过《关于修订<董事和高级管理人员所 ...

Financial Performance - The company's revenue for Q3 reached ¥2,520,195,750.27, representing a year-over-year increase of 22.85%[7] - Net profit attributable to shareholders decreased by 80.30% to ¥31,065,331.25, while the net profit after deducting non-recurring gains and losses fell by 88.67% to ¥17,602,143.68[7] - Total operating revenue for the current period reached ¥6,784,052,136.25, an increase of 4.7% compared to ¥6,478,286,042.09 in the previous period[28] - Net profit for the current period was ¥520,980,557.98, a decrease of 44.2% from ¥932,523,761.30 in the previous period[28] - Total comprehensive income attributable to the parent company was CNY 302,440,210.83, down from CNY 495,965,300.20, representing a decrease of approximately 39%[29] - The company reported a basic and diluted earnings per share of CNY 0.47, down from CNY 0.76 in the previous period, reflecting a decrease of about 38.2%[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥18,027,241,972.99, an increase of 22.12% compared to the end of the previous year[7] - Current assets totaled ¥14,946,820,018.74, up 26.3% from ¥11,795,149,293.10 at the beginning of the period[26] - Total liabilities reached ¥11,198,228,490.48, an increase of 43.6% from ¥7,801,638,735.17 at the beginning of the period[26] - The company's equity attributable to shareholders decreased slightly to ¥6,572,855,391.24 from ¥6,575,919,659.20 at the beginning of the period[26] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥151,910,707.85, a substantial increase of 116.85% compared to the previous year[15] - Cash inflow from operating activities totaled CNY 6,814,078,542.13, an increase of about 7.5% from CNY 6,336,187,910.84 in the prior period[30] - Cash outflow from operating activities decreased to CNY 6,662,167,834.28 from CNY 7,237,946,507.54, indicating a reduction of approximately 7.9%[30] - Net cash flow from investing activities was CNY -175,829,451.69, an improvement from CNY -533,178,238.08 in the previous period[31] - Cash inflow from financing activities was CNY 2,045,982,605.57, compared to CNY 1,169,436,332.86 in the prior period, marking an increase of approximately 74.8%[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 62,485[17] - The largest shareholder, Shanghai Electric Automation Group Co., Ltd., holds 28.41% of shares, totaling 184,426,829 shares[17] - Wang Weidong, a natural person, holds 14.30% of shares, totaling 92,828,741 shares, with 51,000,000 shares pledged and 507,363 shares frozen[17] - The company repurchased a total of 6,504,400 shares, representing 1% of the total share capital, with a total transaction amount of RMB 125,431,832[21] - The company plans to cancel 3,916,285 shares from the repurchase account, reducing the total share capital from 649,095,713 shares to 645,179,428 shares[22] - The number of shareholders with restricted shares at the beginning of the period was 3,637,919, with 1,089,527 shares released during the period[20] Inventory and Accounts Receivable - The company reported a significant increase in accounts receivable financing, which rose by 767.54% to ¥871,595,557.07, primarily due to an increase in available notes[13] - Inventory levels increased by 57.96% to ¥3,701,667,153.29, attributed to a rise in orders during the reporting period[13] - Accounts receivable rose to ¥6,503,167,336.50, an increase of 15.5% from ¥5,629,946,587.96 at the beginning of the period[26] - Inventory increased significantly to ¥3,701,667,153.29, up 57.9% from ¥2,343,400,635.33 at the beginning of the period[26] Operating Costs and Expenses - The company's gross profit margin was impacted by a 16.40% increase in operating costs, which reached ¥5,203,730,403.30 due to rising costs associated with increased revenue and product structure adjustments[15] - Total operating costs increased to ¥6,115,722,718.34, up 17.9% from ¥5,183,519,022.97 in the previous period[28] - Research and development expenses for the current period were ¥472,813,742.70, an increase of 18.1% compared to ¥400,223,004.10 in the previous period[28] Other Information - The company has no preferred shareholders or changes in the number of preferred shareholders reported[19] - The company has not disclosed any new product or technology developments in the provided documents[19] - The company did not undergo an audit for the third quarter financial report[32]

Core Viewpoint - The company is steadily advancing its international strategy and investing in research and innovation to enhance product competitiveness and attract global customers [1] Group 1: International Strategy - The company is implementing an international strategy by establishing multiple subsidiaries and service points worldwide [1] - This strategy aims to break down barriers in international markets through strong technological capabilities [1] Group 2: Research and Innovation - Continuous investment in research and innovation is a key focus for the company to improve its technological strength [1] - The company emphasizes the importance of hard-core technology in enhancing its market position [1] Group 3: Customer Service - The company is building a localized service network to provide timely and professional after-sales support to customers globally [1] - Offering a dual guarantee of "technology + service" has helped the company gain long-term trust and selection from customers [1]

Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].

Core Points - The Shenzhen State-Owned Enterprises ESGR Index (470055) closed at 1592.08 points, down 0.02%, with a trading volume of 30.197 billion yuan and a turnover rate of 0.94% [1] - Among the index constituents, 24 stocks rose while 21 fell, with Tongyu Heavy Industry leading the gainers at 3.95% and Guangdong Hongda leading the decliners at 5.35% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises ESGR Index are as follows: - Hikvision (sz002415): Weight 9.64%, Latest Price 33.47, Change 2.73%, Market Cap 306.748 billion yuan, Industry: Computer [1] - BOE Technology Group (sz000725): Weight 9.31%, Latest Price 4.02, Change 0.00%, Market Cap 150.404 billion yuan, Industry: Electronics [1] - Wuliangye Yibin (sz000858): Weight 8.62%, Latest Price 120.10, Change -0.35%, Market Cap 466.181 billion yuan, Industry: Food & Beverage [1] - Inspur Information (sz000977): Weight 7.30%, Latest Price 66.52, Change -1.03%, Market Cap 97.926 billion yuan, Industry: Computer [1] - Weichai Power (sz000338): Weight 6.78%, Latest Price 14.63, Change 0.34%, Market Cap 127.480 billion yuan, Industry: Automotive [1] - AVIC Optoelectronics (sz002179): Weight 4.48%, Latest Price 37.17, Change -1.43%, Market Cap 78.736 billion yuan, Industry: Defense [1] - Shenwan Hongyuan (sz000166): Weight 4.14%, Latest Price 5.37, Change 0.00%, Market Cap 134.464 billion yuan, Industry: Non-Bank Financial [1] - Yunnan Aluminum (sz000807): Weight 4.08%, Latest Price 22.18, Change 0.82%, Market Cap 76.919 billion yuan, Industry: Nonferrous Metals [1] - Changchun High & New Technology (sz000661): Weight 3.73%, Latest Price 119.11, Change -0.97%, Market Cap 48.589 billion yuan, Industry: Pharmaceuticals [1] - China Merchants Shekou (sz001979): Weight 3.31%, Latest Price 9.88, Change -1.50%, Market Cap 89.521 billion yuan, Industry: Real Estate [1] Capital Flow Analysis - The net outflow of main funds from the ESGR index constituents totaled 340 million yuan, while retail investors saw a net inflow of 126 million yuan [1] - The detailed capital flow for key stocks includes: - Hikvision: Main net inflow 374 million yuan, retail net outflow 29.5 million yuan [2] - Zhongcai Technology: Main net inflow 141 million yuan, retail net outflow 18.8 million yuan [2] - Yunnan Aluminum: Main net inflow 137 million yuan, retail net outflow 121 million yuan [2] - Weichai Power: Main net inflow 27.6 million yuan, retail net outflow 2.33 million yuan [2]

Core Viewpoint - The company is focusing on the strategic directions of "product high-end, business internationalization, and management digitization" in its lithium battery business, which has made significant progress in overseas markets [1] Group 1: Business Developments - The company has achieved multiple new advancements in its overseas lithium battery equipment business, covering markets in Europe, America, Japan, South Korea, and Southeast Asia [1] - The 46 series laser cutting and winding integrated machine has successfully passed acceptance by a leading customer in South Korea [1] - The 21700 cylindrical laser winding integrated machine and other equipment have been successfully delivered to a leading customer's factory in Malaysia [1] - Several high-performance double-layer extrusion coating machines and roller pressing slitting integrated machines have been shipped to a top battery manufacturer’s factory in Hungary [1] Group 2: Customer Recognition - The company's products have received high recognition from customers due to their excellent performance and efficient service [1]

Core Viewpoint - The company emphasizes its commitment to research and development, maintaining a high proportion of investment in R&D each year, and achieving technological breakthroughs in key lithium battery equipment [1] Group 1: R&D Investment - The company maintains a high proportion of R&D investment annually [1] - The company has made technological breakthroughs with products such as the dual-layer Super-E coating machine and ultra-high-speed multi-station stacking machine [1] Group 2: Collaboration and Customer Engagement - The company actively engages in joint R&D with customers to deepen collaborative efforts [1] - The collaboration effectively adapts to new technological requirements, empowering customers' production processes [1]

Core Viewpoint - Winning Technology's stock price has shown significant volatility, with a year-to-date increase of 63.21%, but a recent decline of 9.97% over the past five trading days [1] Group 1: Company Overview - Winning Technology, established on June 26, 2006, and listed on May 14, 2015, is based in Shenzhen, Guangdong Province, specializing in the research, design, manufacturing, sales, and service of lithium battery production equipment [1] - The company's main business revenue composition includes 65.66% from lithium battery production equipment and 34.34% from other supplementary sources [1] Group 2: Financial Performance - For the first half of 2025, Winning Technology reported operating revenue of 4.264 billion yuan, a year-on-year decrease of 3.68%, and a net profit attributable to shareholders of 271 million yuan, down 19.84% year-on-year [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] Group 3: Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Winning Technology increased by 40.78% to 53,100, while the average circulating shares per person decreased by 28.86% to 12,010 shares [2] - The stock has appeared on the trading leaderboard twice this year, with the most recent instance on September 12, where it recorded a net purchase of 307 million yuan [1]

Core Viewpoint - The company, Yinghe Technology, announced the approval of a plan to cancel part of its repurchased shares and reduce its registered capital, reflecting a strategic move to optimize its capital structure [2] Group 1: Share Repurchase and Capital Reduction - The company will cancel 3,916,285 shares that were repurchased but not used from its 2022 repurchase plan [2] - Following the cancellation, the total share capital will decrease from 649,095,713 shares to 645,179,428 shares [2] - The registered capital will also be reduced from 649,095,713 yuan to 645,179,428 yuan [2]

Core Viewpoint - Shenzhen Yinghe Technology Co., Ltd. is proceeding with the cancellation of part of its repurchased shares and a reduction in registered capital due to the failure to utilize the repurchased shares for employee stock ownership plans or equity incentives within the stipulated timeframe [3][4]. Summary by Sections Share Buyback Overview - On July 13, 2022, the board of directors approved a share buyback plan using 100 to 200 million yuan of its own funds, with a maximum buyback price of 38 yuan per share, to be completed within 12 months [2]. - The maximum buyback price was adjusted to 37.9 yuan per share on August 26, 2022, following the completion of the 2021 annual equity distribution [2]. - By October 12, 2022, the company completed the buyback, acquiring 7.3822 million shares, which is 1.14% of the total share capital, with a total transaction amount of 193 million yuan [2]. Cancellation Details - The cancellation of shares is based on a resolution from the board meeting on September 26, 2025, due to the company's failure to use the repurchased shares for the intended purposes [3]. - The board approved the cancellation of part of the repurchased shares and a reduction in registered capital, which was also ratified by the shareholders' meeting on October 13, 2025 [3]. Legal Opinion - The law firm, Guohao Law Firm (Shenzhen), confirmed that the cancellation has obtained the necessary approvals and that the reasons and quantities for cancellation comply with relevant laws and regulations [4]. - The company is required to fulfill its information disclosure obligations and complete the share cancellation registration procedures as per regulations [4].