Group 1 - The company, Mannesmann (301325.SZ), announced a share buyback of 528,900 shares, representing 0.368% of its total share capital of 143,892,660 shares [1] - The highest transaction price for the buyback was 64.212 CNY per share, while the lowest was 45.320 CNY per share [1] - The total amount spent on the buyback was 28.83775 million CNY, excluding transaction fees [1]

截至 2025 年 8 月 31 日，公司通过深圳证券交易所股票交易系统以集中竞价 交易方式回购公司股份 528,900 股，占目前公司总股本 143,892,660 股的 0.368%， 证券代码：301325 证券简称：曼恩斯特 公告编号：2025-052 深圳市曼恩斯特科技股份有限公司 关于第二期回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市曼恩斯特科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第二届董事会第六次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自筹资金及公司自有资金以集中竞价交易方式回购公司人民 币普通股（A 股），回购股份的资金总额上限为人民币 20,000 万元（含本数）， 回购下限为人民币 10,000 万元（含本数）。本次回购股份用于员工持股计划或 股 权 激 励 。 具 体 内 容 详 见 公 司 于 2024 年 10 月 29 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于第二期回购公司股份方案的公告》（公告编 号：2 ...

Investment Rating - The report assigns an "Overweight" rating to the mechanical manufacturing industry [6]. Core Insights - The report highlights the rapid development opportunities for agricultural robots driven by AI, as outlined in the State Council's recent policy [6]. - The commencement of the Jinhuo Technology project for high-end machine tools and automation production lines marks a significant step towards domestic high-end machine tool production [6]. - Collaboration between General Technology and Siemens in the machine tool sector is expected to enhance technological synergies and regional resource sharing [6]. Summary by Sections Market Performance - From August 25 to August 29, the mechanical equipment index increased by 1.15%, underperforming compared to the CSI 300 index, which rose by 2.23% [9]. - Year-to-date, the mechanical equipment index has gained 33.69%, outperforming the CSI 300 index's 17.70% increase [11]. Key Developments - The State Council's policy on "AI+" aims to accelerate the digital transformation of agriculture, promoting the development of smart agricultural machinery, including robots [6]. - The Jinhuo Technology project, with an annual production capacity of 3,000 high-end machine tools, is set to establish a precision machine tool manufacturing base in Fuyang Economic and Technological Development Zone [6]. - The collaboration between General Technology and Siemens focuses on core needs in machine tools and servo automation, aiming for high-quality development in the Asia-Pacific region [6]. Sub-industry Data - In July 2025, the production of industrial robots reached 63,740 units, marking a 24% year-on-year increase [45]. - The output of metal cutting machine tools in July 2025 was 71,000 units [43]. Company Recommendations - For humanoid robots, recommended companies include Hengli Hydraulic, Best, Changsheng Bearing, Zhaowei Electric, Mingzhi Electric, Top Group, Jiechang Drive, Mannester, and Shuanghuan Transmission [6]. - In the engineering machinery sector, recommended companies are Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [6]. - For the export chain, recommended companies include Honghua Digital Technology, Juxing Technology, Jack Shares, and Taotao Vehicle [6].

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]

使用部分超募资金永久补充流动资金的核查意见 民生证券股份有限公司 关于深圳市曼恩斯特科技股份有限公司 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市曼恩斯特科技股份有限公司（以下简称"曼恩斯特"或"公司"）首次公开发 行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上 市募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对 曼恩斯特使用部分超募资金永久补充流动资金事项进行了核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会（以下简称"证监会"）《关于同意深圳市曼恩 斯特科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕363 号）同意注册，公司首次公开发行人民币普通股（A 股）股票 3,000.00 万股，每 股面值 1 元，每股发行价格为 76.80 元，募集资金总额为 230,400.00 万元。扣除 各项发行费用后，实际募集资金净额为 210,689.48 万元，其中超募资金 157,595.97 万元。大信会计师事务所（特殊普通 ...

本次投资者关系活动中，公司董事会秘书彭亚林介绍了2025年中期经营情况。受2024年新增订单下滑影 响，上半年涂布应用类收入及利润下滑。不过，随着锂电产业链回暖，公司业绩呈现出不同态势。上半 年公司实现营业收入1.23亿元，同比增长59.93%；归属于上市公司股东的净利润为2351.33万元，同比 下降132.66%。海外订单方面，相比去年有所增加，上半年境外收入达1787.81万元，同比增速 146.51%，全球化体系建设成效初显。 在交流环节，机构投资者就公司多个业务板块提出问题： 1.上半年业绩与毛利率：上半年涂布应用类产 品毛利率为37.65%，下滑明显。主要因市场竞争及行业降本压力致产品单价降低，同时产能利用率波 动使单位生产成本升高。后续随着订单交付，产能利用率提升，毛利率有望改善。此外，固态/干法新 技术、泛半导体新业务前期投入加大，研发费用同比超80%，压缩利润空间，但能源系统类业务扭亏及 毛利率改善，对整体利润有支撑。 2.固态设备进展：去年固态/干法相关设备订单，今年陆续发往客户 现场，调试验证获认可。公司围绕干湿法双线布局，积累丰富实验数据与技术储备，多工序设备订单落 地，如陶瓷双螺杆设 ...

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]

每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 2025年1至6月份，曼恩斯特的营业收入构成为：专用设备制造业占比100.0%。 每经AI快讯，曼恩斯特（SZ 301325，收盘价：62.07元）8月29日发布公告称，公司第二届第十三次董 事会会议于2025年8月28日在公司会议室召开。会议审议了《关于修订 <公司章程> 的议案》等文件。 （记者 张明双） ...