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]

Summary of the Equity Research Report on China Battery Equipment Equities Industry Overview - The report focuses on the **China Battery Equipment** industry, particularly the companies **Lead Intelligent** and **Yinghe Technology** [1][11]. Key Points and Arguments Company Ratings and Price Targets - **Lead Intelligent**: Downgraded from Buy to Hold with a new target price of **RMB 54.00** (previously RMB 33.00) [2][4]. - **Yinghe Technology**: Downgraded from Buy to Hold with a new target price of **RMB 31.60** (previously RMB 28.50) [2][4]. - Both companies have seen significant share price increases of **70-157%** since May 15, 2025, outperforming the benchmark index (CSI 300) by **54-142 percentage points** [2][17]. Market Expectations and Technology Maturity - High market expectations exist for the demand outlook of **solid-state batteries**, but the technology is expected to take a long time to mature [2][17]. - The first generation of solid-state batteries has energy densities of **280-350 Wh/kg**, which is only slightly better than liquid-state batteries at **250-280 Wh/kg** [2][17]. - The equipment cost for solid-state batteries is estimated to be **3-5 times** that of liquid-state batteries, leading to no clear competitive advantage at launch [2][17]. Export Controls Impact - On **October 9, 2025**, China announced export controls on lithium-ion batteries, artificial graphite anode materials, and battery equipment, effective from **November 8, 2025** [3][21]. - Overseas business accounted for **17-46%** of revenue for key Chinese battery equipment makers in the first half of 2025, and these controls may prolong the order-to-delivery cycle for overseas orders [3][21]. Earnings Estimates - For **Lead**, 2026-27 earnings estimates were increased by **3%** due to a stronger order outlook for 3C equipment [4][20]. - For **Yinghe**, earnings forecasts for 2025-27 were maintained [4][20]. Industry Utilization and New Orders - The report anticipates a **41% surge** in new orders for battery equipment in 2025, driven by capacity expansion among key domestic lithium-ion battery manufacturers [17][20]. - The utilization rate for lithium-ion battery (LIB) equipment is projected to approach **2022 levels** [12]. Competitive Landscape - Chinese companies are among the top **5 LIB equipment manufacturers globally**, with a concentration ratio of approximately **40%** [21]. - The report highlights the need for new types of equipment due to the different production processes required for solid-state batteries compared to liquid-state batteries [35]. Additional Important Insights - The report emphasizes the long-term equipment replacement demand driven by the development of solid-state batteries, with mass production expected around **2027** [31]. - The addressable market for solid-state batteries is projected to reach approximately **5,200 GWh** by **2030** [34]. This comprehensive analysis provides insights into the current state and future outlook of the China Battery Equipment industry, highlighting both opportunities and challenges faced by key players.

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 ...

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]