Core Viewpoint - Mannesmann (301325) announced the election of Ms. Su Qinfang as the employee representative director of the second board of directors during the employee representative conference held on November 4, 2025, with unanimous agreement from all attending employee representatives [1] Company Summary - Mannesmann held an employee representative conference on November 4, 2025 [1] - Ms. Su Qinfang was elected as the employee representative director for the second board of directors [1]

Group 1 - The service industry is expected to benefit from favorable policies, with a significant increase in service consumption anticipated in 2026 due to continuous policy support and demand dividends [3][7][11] - The report highlights the structural growth in emotional value and symbolic consumption, particularly in the IP toy industry, which is rapidly realizing commercial value [3][7][9] - The retail industry is undergoing a transformation towards a decentralized model, with traditional retail facing intense competition and new channels like discount stores and community supermarkets emerging [3][7][9] Group 2 - The report emphasizes the importance of optimizing holiday arrangements and integrating cultural tourism to stimulate demand, particularly for families with children [12][15] - The service consumption structure in China shows significant room for growth, with the current per capita service consumption being much lower than that of developed countries [29][30][32] - The tea and coffee beverage market in China is experiencing rapid growth, with the market size expected to increase significantly, driven by consumer demand in lower-tier cities [56][58][59] Group 3 - The online travel agency (OTA) market is projected to maintain stable profit margins, with companies like Trip.com leading in growth despite slight slowdowns in overseas markets [48][54] - The hotel industry is seeing a gradual improvement in operating data, with a narrowing decline in revenue per available room (RevPAR) expected to continue [37][40][43] - The report indicates that the demand for travel and tourism services is stable, with business travel being a significant source of fluctuations in demand [40][41]

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-066 深圳市曼恩斯特科技股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 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。 职期间为公司所做的贡献表示衷心的感谢。 二、补选职工代表董事的情况 为保证董事会的正常运作，根据《公司法》《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》等法律法规、规范性文件以及《公司章程》的相关规定，公司于 2025 年 11 月 4 日召开了职工代表大会，全体与会职工代表一致同意选举粟勤芳女士 （简历详见附件）为第二届董事会职工代表董事，粟勤芳女士将与公司第二届董 事会非职工董事共同组成公司第二届董事会，任期自公司职工代表大会选举之日 起至公司第二届董事会任期届满之日止。 粟勤芳女士符合《公司法》《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》等规定的职工代表董事任职资格和条件。粟勤芳 女士当选公司职工代表董事后，公司第二届董事会中兼任公司高级管理人员以及 由职工代表担 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance of the company is generally in line with market expectations, with a focus on the upcoming new business opportunities [8] - The company is experiencing a decline in revenue and net profit, with a projected slight recovery in the coming years [8] - The company is actively expanding into new business areas such as perovskite batteries, solid-state batteries, and robotics, which are expected to contribute to future revenue [8] Financial Performance Summary - For 2023, total revenue is projected at 795.04 million, with a year-on-year growth of 62.76% - The net profit attributable to the parent company is expected to be 341.37 million, reflecting a year-on-year increase of 67.98% - The earnings per share (EPS) for 2023 is estimated at 2.37 yuan, with a price-to-earnings (P/E) ratio of 24.02 [1] Revenue and Profit Forecast - The company forecasts total revenue of 1,698.96 million for 2024, with a year-on-year growth of 113.70% - The net profit is expected to drop significantly to 30.70 million in 2024, a decrease of 91.01% year-on-year - EPS for 2024 is projected at 0.21 yuan, with a P/E ratio of 267.12 [1] Business Segment Performance - Coating application revenue for Q1-Q3 2025 is 1.9 billion, down 54% year-on-year, while energy system revenue is 7.6 billion, up 23% year-on-year [8] - The company anticipates a total revenue of 3.5-4 billion from coating applications and 11 billion from energy systems in 2025 [8] New Business Development - The company is leveraging advanced coating technology to enter new markets, including perovskite and solid-state batteries, and robotics [8] - New business segments are expected to contribute between 50 million to 100 million in revenue in 2025 [8] Cash Flow and Capital Expenditure - Operating cash flow for Q1-Q3 2025 is projected at -500 million, a year-on-year increase of 13.5% in losses [8] - Capital expenditure for Q1-Q3 2025 is expected to decline by 70.4% to 80 million [8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 66.56 [1]. Core Views - The company is expected to benefit from its leading market share in lithium battery coating nozzles and is likely to see growth from new business areas such as energy storage, solid-state batteries, and robotics [5][9]. - Despite a decline in revenue in Q3, the company is focusing on R&D investments for new business development, particularly in solid-state battery technology [6][7]. Financial Performance - Q3 revenue was RMB 387 million, down 43.11% year-on-year but up 215.84% quarter-on-quarter. The net profit attributable to the parent company was a loss of RMB 11.95 million, down 52.33% year-on-year but up 58.94% quarter-on-quarter [5][6]. - For the first three quarters of 2025, the company reported revenue of RMB 947 million, a decrease of 8.05% year-on-year, with a net loss of RMB 35.47 million, representing a year-on-year increase of 155.28% in losses [5]. Revenue and Profit Forecast - Revenue projections for 2024 to 2027 are RMB 1,699 million, RMB 1,726 million, RMB 2,094 million, and RMB 2,419 million, respectively, with growth rates of 113.70%, 1.61%, 21.31%, and 15.53% [4]. - The net profit forecast for the same period is expected to be RMB 30.70 million, a loss of RMB 31.96 million, RMB 184.49 million, and RMB 227.97 million, with corresponding growth rates of -91.01%, -204.11%, 677.26%, and 23.56% [4][9]. Valuation Metrics - The company’s PE ratio is projected to be 269.47 in 2024, -258.83 in 2025, 44.84 in 2026, and 36.29 in 2027 [4]. - The target price corresponds to a 52x PE for 2026, reflecting a premium valuation due to the company's leading market position and expected growth in new business orders [9].

Core Insights - The company reported Q3 revenue of 387 million yuan, a year-over-year decline of 43.11% but a quarter-over-quarter increase of 215.84% [1] - The net profit attributable to shareholders for Q3 was -11.95 million yuan, down 52.33% year-over-year but up 58.94% quarter-over-quarter [1] - For the first three quarters of 2025, the company achieved revenue of 947 million yuan, a year-over-year decrease of 8.05%, with a net profit of -35.47 million yuan, reflecting a significant year-over-year decline of 155.28% [1] Revenue and Profitability - Q3 revenue decline was primarily due to delays in the delivery schedule of the energy storage business, while the quarter-over-quarter increase was attributed to a low revenue base in Q2 and recovery in coating application businesses [2] - The gross margin for Q3 was 24.15%, an increase of 10.72 percentage points year-over-year, mainly due to improved profitability in the energy storage sector [2] - R&D expenses for Q3 were 40 million yuan, reflecting a year-over-year increase of 21.87% [2] R&D and New Business Development - The company is increasing its investment in solid-state battery technology, focusing on dry electrode and solid electrolyte film formation, with several product shipments already made [3] - The company is actively building a solid-state laboratory and has multiple orders for coating equipment related to solid electrolytes [3] Market Conditions and Customer Development - The perovskite industry is facing short-term pressure, leading to a slowdown in expansion, with new orders primarily for small to medium-sized experimental equipment [4] - The company has successfully validated its panel equipment with downstream customers and has secured an experimental line order from a major panel customer [4] Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down to -32 million yuan, 184 million yuan, and 228 million yuan, respectively [5] - The target price is set at 66.56 yuan, reflecting a price-to-earnings ratio of 52x for 2026, maintaining a "buy" rating due to the company's leading market share in lithium battery coating heads and potential growth from new business orders [5]

Core Insights - The stock of Mannester experienced a decline of 0.55% on October 30, with a trading volume of 163 million yuan [1] - The company reported a net financing outflow of 1.55 million yuan on the same day, with a total financing and margin trading balance of 247 million yuan [1][2] - Mannester's revenue for the first nine months of 2025 was 947 million yuan, representing a year-on-year decrease of 8.05%, while the net profit attributable to shareholders was -35.47 million yuan, a decline of 155.28% [2] Financing and Margin Trading - On October 30, Mannester had a financing buy-in of 14.75 million yuan, with a current financing balance of 246 million yuan, accounting for 7.53% of the circulating market value [1] - The financing balance is below the 50th percentile level over the past year, indicating a relatively low position [1] - In terms of margin trading, Mannester repaid 1,700 shares and sold 1,000 shares on October 30, with a selling amount of 56,400 yuan, while the margin balance was 1.12 million yuan, exceeding the 60th percentile level over the past year, indicating a relatively high position [1] Shareholder and Institutional Holdings - As of September 30, 2025, Mannester had 22,400 shareholders, a decrease of 9.22% from the previous period, with an average of 2,588 circulating shares per person, an increase of 10.16% [2] - Since its A-share listing, Mannester has distributed a total of 89.81 million yuan in dividends [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 1.25 million shares, an increase of 858,400 shares from the previous period [3]

Group 1: Financial Performance - The company's revenue for the first three quarters decreased by 8.05% year-on-year, totaling 947.02 million yuan [3] - The net profit attributable to shareholders declined by 155.28%, amounting to a loss of 3.55 million yuan [3] - In the third quarter, there was a significant increase in revenue compared to the previous quarter, driven by higher project completions in the energy systems and coating applications [3] Group 2: Research and Development - The company has increased its R&D investment by over 50% compared to the previous year, focusing on new business development [3] - Progress in solid-state battery technology includes research on dry electrode and solid electrolyte film formation, with existing product shipments and ongoing laboratory construction [4] - The company is optimizing materials and process parameters for solid-state electrolytes, with several orders for coating equipment already secured [4] Group 3: Semiconductor and Panel Business - The perovskite segment has seen a slowdown, with new orders primarily for small-scale experimental and layered coating equipment [5] - The company has successfully validated its panel equipment with major clients, expanding its customer base and securing additional orders for experimental lines [6] Group 4: International Business and Export Policies - The company's overseas sales proportion is currently small, and export control measures do not prohibit relevant product exports, allowing for normal business operations under compliance [6] - The company has established subsidiaries in Hong Kong, Germany, South Korea, and Japan, with plans to increase investment in international markets [6]

Group 1 - Mannsster (301325.SZ) reported its Q3 2025 results on October 29, 2025, with 12 institutional investors holding a total of 95.06 million shares, representing 66.06% of the total share capital [1] - The top ten institutional investors collectively hold 65.58% of the shares, with a slight decrease of 0.03 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, namely Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, with a slight rise in the proportion of increased holdings [2] - One public fund, GF CSI 1000 ETF, reduced its holdings, resulting in a slight decline in the proportion of reduced holdings [2] - A total of 58 public funds did not disclose their holdings this quarter, including various funds such as China Ocean Energy Strategy Mixed and E Fund Strategy Allocation Mixed [2] - One new foreign institution disclosed its holdings this quarter, which is Hong Kong Central Clearing Limited [2]

Company Summary - Mannester (SZ 301325) announced on October 28 that its 14th meeting of the second board of directors will be held on October 28, 2025, to review the proposal for the reappointment of the accounting firm [1] - For the first half of 2025, Mannester's revenue composition is 100% from the specialized equipment manufacturing industry [1] - As of the report date, Mannester's market capitalization is 8.3 billion yuan [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation and a new "slow bull" pattern emerging [1]