Core Viewpoint - Mannester (301325) reported mixed financial results for the first half of 2025, with significant revenue growth but a substantial decline in net profit, indicating potential operational challenges ahead [1]. Financial Performance - Total revenue for the first half of 2025 reached 560 million yuan, a year-on-year increase of 59.93% compared to 350 million yuan in 2024 [1]. - The net profit attributable to shareholders was -23.51 million yuan, a decline of 132.66% from a profit of 72.04 million yuan in the previous year [1]. - In Q2 2025, total revenue was 122 million yuan, down 26.85% year-on-year, with a net profit of -29.11 million yuan, a decrease of 298.71% [1]. - The gross margin was 26.21%, down 51.99% from 54.60% in 2024, while the net margin was -4.24%, a drop of 125.71% from 16.50% [1]. - Total expenses (selling, administrative, and financial) amounted to 114 million yuan, accounting for 20.4% of revenue, a decrease of 17.1% year-on-year [1]. Cash Flow and Debt - The company has a healthy cash asset position, but the operating cash flow has been negative, with a three-year average of -3.44% when compared to current liabilities [2][4]. - The accounts receivable to net profit ratio reached 1787.22%, indicating a significant amount of receivables relative to profit [1][4]. Business Model and Strategy - The company's performance is primarily driven by research and development as well as marketing efforts, necessitating a deeper examination of these underlying drivers [3]. - Mannester has made strides in the solid-state battery sector, launching various manufacturing solutions at the CIBF exhibition, indicating a dual-line product strategy with both dry and wet processes [5].

Group 1 - The report indicates that Minsheng Securities has effectively supervised the information disclosure of Shenzhen Mannester Technology Co., Ltd., with no instances of delayed reviews [1][2] - The company has established and effectively executed internal regulations, including those to prevent related party transactions and manage fundraising [1][2] - Minsheng Securities conducted monthly checks on the company's fundraising accounts and confirmed that the project progress aligns with disclosed information [1][2] Group 2 - There were no reported issues requiring attention from the sponsor institution, indicating a stable operational environment for the company [1][2] - The company has committed to locking shares and extending lock-up periods, with no unresolved commitments reported [2] - No training sessions have been conducted yet, but plans are in place for the second half of the year [1][2]

Core Viewpoint - The company plans to use part of the excess raised funds, amounting to RMB 47 million, to permanently supplement its working capital, which is expected to enhance operational efficiency and profitability while ensuring compliance with relevant regulations [5][6][8]. Fundraising Overview - The company successfully issued 30 million shares at a price of RMB 76.80 per share, raising a total of RMB 230.4 million, with a net amount of RMB 210.69 million after deducting issuance costs. The excess funds amounted to RMB 157.6 million [2][3]. Fund Usage - The company has adjusted its fundraising project allocations, reducing investments in the "Headquarters Project" and "Anhui Construction Project" to allocate funds to a new project, the "Huai'an Intelligent Equipment Production Base Project" [4][5]. Previous Use of Excess Funds - As of the announcement date, the company has used a total of RMB 94 million of excess funds to permanently supplement working capital, leaving a balance of RMB 63.6 million [5][6]. Justification for Current Fund Usage - The decision to use RMB 47 million of excess funds is based on the need to meet working capital requirements, improve fund utilization efficiency, and enhance profitability, all while ensuring that the fundraising projects remain unaffected [6][7]. Decision-Making Process - The board and supervisory committee have approved the use of excess funds, confirming that it aligns with regulatory requirements and does not harm shareholder interests. The matter is set to be submitted for shareholder approval [7][8].

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with significant revenue growth but a decline in net profit due to various market pressures and increased R&D expenses [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 123 million yuan, representing a year-on-year increase of 59.93% [1] - The net profit attributable to shareholders was 23.51 million yuan, showing a year-on-year decrease of 132.66% [1] - Overseas revenue reached 17.88 million yuan, with a year-on-year growth rate of 146.51%, indicating successful global expansion efforts [1] Group 2: Business Segments and Challenges - The gross margin for coating application products was 37.65%, which has significantly declined due to market competition and cost pressures, leading to lower product prices [2] - The company is experiencing fluctuations in capacity utilization, which has increased unit production costs, but expects improvement in gross margin as order deliveries increase [2] - R&D expenses have increased by over 80% due to investments in solid-state/dry technology and new semiconductor business, impacting profit margins [2] Group 3: Technological Developments - Progress has been made in solid-state equipment, with orders from last year being delivered and recognized by clients [2] - The company has established a pilot platform for perovskite technology and launched new vacuum coating equipment, with successful deliveries of GW-level perovskite coating systems [2] - The robotics segment is seeing limited orders, with ongoing efforts to optimize designs and develop more application scenarios [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 560.48 million yuan, a year-on-year increase of 59.93% [3] - The net profit attributable to shareholders was -23.51 million yuan, a year-on-year decrease of 132.66% [3] - Overseas orders increased, with foreign revenue reaching 17.88 million yuan, a growth rate of 146.51% [3] Group 2: Product and Technology Development - The gross margin for coating application products was 37.65%, showing a significant decline due to intensified market competition and increased production costs [3] - The company has made progress in solid-state/dry process equipment, with multiple orders delivered and customer validation achieved [4][5] - The company launched a self-built perovskite pilot platform and successfully developed new vacuum coating equipment [6] Group 3: Business Segments and Future Outlook - The energy systems business turned profitable, contributing positively to overall profits [3] - The robotics subsidiary has received a few orders for micro linear actuators, but there has been no substantial progress in dexterous hand products [7] - The company aims to continue optimizing design solutions and developing more applications for motion control products [7]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

Group 1 - The company Mannester (SZ 301325, closing price: 62.07 yuan) held its 13th meeting of the second board of directors on August 28, 2025, where it reviewed the proposal to amend the company's articles of association [1] - For the first half of 2025, Mannester's revenue composition was entirely from the specialized equipment manufacturing industry, accounting for 100.0% [1]

Core Insights - Mannsster (301325.SZ) reported a significant revenue increase of 59.93% year-on-year, reaching 560 million yuan for the first half of 2025 [1] - The company experienced a net loss attributable to shareholders of 23.51 million yuan [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was a loss of 33.97 million yuan [1] - Basic earnings per share stood at a loss of 0.16 yuan [1]

深圳市曼恩斯特科技股份有限公司 公司章程 二〇二五年八月 | | | | 第一章 | 总则 | | --- | --- | | 第二章 | 经营宗旨和范围 . | | 第三章 | 服 () | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | 第四章 | 股东和股东会 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 第一节 | 股东的一般规定 . | | 第二节 | 控股股东和实际控制人 | | 第三节 | 股东会的一般规定 | | 第四节 | 股东会的召集 | | 第五节 | 股东会的提案与通知 . | | 第五节 | 股东会的召开 | | 第六节 | 股东会的表决和决议 . | | 第五章 | 董事会 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 26 ...

第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深 圳证券交易所（以下简称"证券交易所"）规定或者要求披露的内容，适用本制 度。 第三条 公司应自行审慎判断应当披露的信息是否存在《信息披露暂缓与豁 免规定》《股票上市规则》《规范运作指引》等规定的暂缓、豁免情形，并采取有 效措施防止暂缓或豁免披露的信息泄露，接受证券交易所对有关信息披露暂缓、 豁免事项的事后监管。 第二章 信息披露暂缓与豁免的范围 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以 下统称"国家秘密"），依法豁免披露。 深圳市曼恩斯特科技股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为规范深圳市曼恩斯特科技股份有限公司（以下简称"公司"）信 息披露暂缓与豁免行为，确保公司依法合规履行信息披露义务，保护投资者的合 法权益，根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上市公 司信息披露暂缓与豁免管理规定》《深圳证券交易所创业板股票上市规则 ...