Core Viewpoint - Winning Technology is a leading enterprise in the global lithium battery intelligent equipment industry, with comprehensive capabilities in technology research and development and delivery [1] Group 1: Business Performance - In Q3 2025, Winning Technology reported revenue of 6.784 billion, ranking 2nd in the industry, surpassing the industry average of 1.778 billion and the median of 899 million [2] - The net profit for the same period was 521 million, also ranking 2nd in the industry, above the industry average of 95.38 million and the median of 25.35 million [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 62.12%, higher than the previous year's 53.01% and the industry average of 57.48%, indicating increased debt pressure [3] - The gross profit margin for the same period was 23.29%, down from 30.99% year-on-year and below the industry average of 25.79% [3] Group 3: Executive Compensation - The total compensation for President He Aibin was 3.9769 million, an increase of 1.1579 million compared to 2.819 million in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 17.69% to 62,500, while the average number of circulating A-shares held per shareholder decreased by 15.03% to 10,200 [5] Group 5: Business Highlights - In H1 2025, revenue was 4.264 billion, a year-on-year decrease of 4%, with net profit down 20% to 271 million [6] - The company demonstrated strong overseas revenue growth, with overseas income reaching 1.95 billion, a year-on-year increase of 385% when excluding the subsidiary Skor [6] - The gross profit margin for the lithium battery equipment business in H1 2025 was 18.50%, up 2.03 percentage points year-on-year, with an estimated overseas gross profit margin of about 27% [6]

Group 1 - The core point of the article highlights the recent performance of Yinghe Technology, which saw a 5.05% increase in stock price, reaching 31.00 CNY per share, with a trading volume of 463 million CNY and a turnover rate of 2.37%, resulting in a total market capitalization of 20.122 billion CNY [1] - Yinghe Technology, established on June 26, 2006, and listed on May 14, 2015, is primarily engaged in the research, design, manufacturing, sales, and service of lithium battery production equipment, with 65.66% of its revenue coming from this core business and 34.34% from other supplementary sources [1] Group 2 - Nanhua Fund has a significant holding in Yinghe Technology, with its Nanhua Ruiying Mixed Fund A (004845) holding 65,700 shares, accounting for 5.98% of the fund's net value, making it the eighth largest holding. The estimated floating profit from this position is approximately 97,900 CNY [2] - The Nanhua Ruiying Mixed Fund A was established on August 16, 2017, with a current scale of 4.9957 million CNY. Year-to-date returns are 5.52%, ranking 6710 out of 8154 in its category, while the one-year return is 11.28%, ranking 5623 out of 8046. Since inception, the fund has achieved a return of 41.65% [2]

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]

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 ...