Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

Company Overview - Shenzhen Mannesmann Technology Co., Ltd. is located in Longtian Street, Pingshan District, Shenzhen, Guangdong Province, and was established on December 1, 2014. The company went public on May 12, 2023. Its main business involves the research, design, production, and sales of high-precision slot coating nozzles, coating equipment, and coating accessories [1][2]. Financial Performance - For the first half of 2025, Mannesmann achieved operating revenue of 560 million yuan, representing a year-on-year growth of 59.93%. However, the net profit attributable to shareholders was -23.51 million yuan, a decrease of 132.66% compared to the previous period [2]. - As of June 30, 2025, the company had a total of 24,600 shareholders, an increase of 13.39% from the previous period. The average circulating shares per person decreased by 11.81% to 2,350 shares [2]. Stock Market Performance - On September 16, Mannesmann's stock price fell by 2.05%, trading at 66.33 yuan per share, with a total transaction volume of 231 million yuan and a turnover rate of 5.94%. The company's total market capitalization is 9.544 billion yuan [1]. - Year-to-date, Mannesmann's stock price has increased by 22.40%, with a decline of 3.41% over the last five trading days, a rise of 3.64% over the last 20 days, and a rise of 3.45% over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included Southern CSI 1000 ETF, which held 641,500 shares, an increase of 107,100 shares from the previous period. Hong Kong Central Clearing Limited was the seventh-largest shareholder, holding 395,400 shares, a decrease of 1,227,400 shares. Huaxia CSI 1000 ETF entered as a new shareholder with 389,300 shares, while GF CSI 1000 ETF also entered as a new shareholder with 315,600 shares [3]. Business Segmentation - Mannesmann's main business revenue composition is as follows: energy systems account for 77.92%, coating applications for 20.94%, and other segments for 1.14% [1]. - The company is classified under the Shenwan industry category of electric power equipment, specifically in battery and lithium battery specialized equipment. It is associated with concepts such as solid-state batteries, hydrogen energy, CATL concepts, lithium batteries, and energy storage [1]. Dividend Distribution - Since its A-share listing, Mannesmann has distributed a total of 89.81 million yuan in dividends [3].

Core Viewpoint - The company has successfully delivered various solid-state and dry-process equipment to clients, achieving customer recognition for the performance of these systems [2] Group 1: Equipment Orders and Deliveries - The company reported that orders for solid-state and dry-process related equipment from last year have been shipped to clients this year, including dry multi-roller coating systems and ceramic twin-screw fiberization equipment [2] - The company has accumulated substantial technical reserves and validation data around its dual-line strategy for dry and wet processes, with successful order validation across multiple equipment types [2] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of 560.48 million yuan, representing a year-on-year growth of 59.93% [2] - The net profit attributable to shareholders was -23.51 million yuan, a year-on-year decline of 132.66% [2] Group 3: Market Outlook and Orders - The company anticipates a significant increase in new orders this year compared to last year, driven by a recovery in the lithium battery supply chain and improved capacity utilization among downstream clients [2] - There has been a notable increase in overseas orders, with foreign revenue reaching 17.88 million yuan, reflecting a year-on-year growth rate of 146.51% [2]

Group 1 - The core focus of the recent investor relations activity for Shenzhen Manns Technology Co., Ltd. was on the progress of solid-state equipment and share repurchase plans [1][2] - The company has successfully delivered solid-state and dry-process equipment orders to clients, including dry multi-roller film systems and ceramic twin-screw fiberization equipment, which have received positive feedback from customers [1] - The company has established a dual-line layout for dry and wet processes, accumulating substantial technical reserves and validation data, showcasing innovation in new ceramic materials and efficient dispersion technologies [1] Group 2 - As of October 23, 2024, the first phase of the company's share repurchase plan has been completed, while the second phase is ongoing, with a total of 528,900 shares repurchased by August 31, 2025, amounting to 28.8378 million yuan [2] - The repurchased shares are intended for employee stock ownership plans or equity incentives [2] - The company ensured compliance with regulations during the investor meeting, with no significant undisclosed information leaked [2]

Group 1: Company Progress and Technology - The company has made significant progress in solid-state/dry process equipment, with orders shipped to customers, including dry multi-roller film systems and ceramic twin-screw fiberization equipment [2] - The company has accumulated substantial technical reserves and validation data in its dual-line strategy for dry and wet processes, achieving order validation across multiple equipment processes [2] - Innovations include new ceramic materials, efficient dispersion with twin-screw technology, ultra-thin wet coating, and dual-layer co-coating of active materials with solid electrolytes [2] Group 2: Share Buyback Progress - As of October 23, 2024, the first phase of the share buyback plan was completed, with a total of 787,700 shares repurchased for a total amount of 44.4455 million yuan (excluding transaction fees) [3] - The second phase of the share buyback is ongoing, with 528,900 shares repurchased by August 31, 2025, totaling 28.8378 million yuan (excluding transaction fees) [3] - The repurchased shares are intended for employee stock ownership plans or equity incentives [3] Group 3: Investor Relations Compliance - During the investor relations activity, the company adhered strictly to regulations, ensuring no leakage of undisclosed significant information occurred [3] - Participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [3]

Core Viewpoint - The company is focused on promoting the industrial application of new materials, particularly in the fields of micro and nano-scale coating processes and equipment capabilities [1] Group 1: Company Strategy - The company aims to deepen its expertise in micro and nano-scale coating processes and equipment [1] - The company has a diverse order coverage in the semiconductor sector, including perovskite, organic photovoltaics, display panels, and flexible foldable screens [1]

Core Viewpoint - The company acknowledges that the investment in new business and its returns have a certain time cycle and uncertainty [1] Group 1: Business Focus - The subsidiary, Bluefang Technology, will continue to focus on the development of motor control and precision transmission technology [1] - Bluefang Technology aims to provide high-precision motion control solutions for customers [1] Group 2: Product Development - The micro linear actuator products have received a small number of orders and have been shipped [1] - However, there has been no substantial order progress for the dexterous hand products [1] Group 3: Future Plans - Bluefang Technology will continue to track industry demand and optimize solution designs [1] - The company plans to develop more application scenarios for motion control products [1]

Group 1 - The company has a dual-line layout strategy in the solid-state battery field, accumulating substantial front-end technology reserves and verification data [2] - Innovations and advantages have been noted in new ceramic materials, efficient dispersion with twin-screw technology, ultra-thin wet coating, and dual-layer co-coating of active materials and solid electrolytes [2] - Several solid-state battery devices have been delivered to customer sites this year, including both dry and wet front-end equipment, with successful debugging and validation recognized by customers [2]

Group 1 - The company has made significant progress in the solid-state battery equipment sector, leveraging a dual-line strategy of dry and wet processes [1] - The company has accumulated substantial front-end technology reserves and validation data in the solid-state battery field, showcasing innovations in new ceramic materials, efficient dispersion with twin-screw technology, ultra-thin wet coating, and dual-layer co-coating of active materials and solid electrolytes [1] - Several solid-state battery equipment models have been delivered to customer sites this year, including both dry and wet front-end equipment, with successful debugging and validation results that have gained customer recognition [1]

Core Viewpoint - The company is currently in the market expansion phase for its dexterous hand products, which have not yet generated any orders or revenue [1] Group 1: Company Development - The company’s subsidiary, Bluefang Technology, is focused on the development of motor control and precision transmission technology [1] - The company aims to provide high-precision motion control solutions to its customers [1] - The micro linear cylinder products have received a small number of orders and have been shipped, but there has been no substantial progress on orders for the dexterous hand products [1] Group 2: Market and Industry Insights - The investment in new business and the expected returns have a certain time cycle and involve uncertainties [1] - Bluefang Technology will continue to track industry demand and optimize design solutions while developing more application scenarios for motion control products [1]