Core Viewpoint - The company, Keg Precision Machinery, has shown significant growth in revenue and profit in the third quarter of 2025, driven by increased demand for its solder paste printing equipment, which is crucial in the electronic manufacturing industry [3][4]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 774.92 million yuan, representing a year-on-year growth of 34.21% [3]. - The net profit attributable to the parent company was 121.26 million yuan, with a remarkable year-on-year increase of 175.35% [3]. - In the third quarter alone, the company recorded a revenue of 321.31 million yuan, up 47.40% year-on-year, and a net profit of 54.12 million yuan, which is a substantial increase of 227.15% [3]. Group 2: Industry Demand Drivers - The demand for electronic assembly equipment is influenced by several factors, including the expansion of AI infrastructure investments, which has led to a strong growth in the AI server market [4]. - A recovery in consumer electronics demand is evident, with global smartphone shipments increasing by 2.6% and PC shipments by 9.4% in the third quarter of 2025 [4]. - The penetration rate of new energy vehicles is rising, which continues to drive the procurement of SMT equipment due to the increasing electronicization of vehicles [6]. Group 3: Company Position and Technology - The company specializes in the research, production, and sales of automation precision equipment, with key products including solder paste printing equipment, dispensing equipment, packaging equipment, and flexible automation equipment [7]. - The company is recognized as a national high-tech enterprise and has achieved significant technological capabilities, particularly in solder paste printing equipment, which meets or exceeds international standards [7]. - The company has established a strong customer base, including leading firms such as Foxconn, Huawei, and BYD, which enhances its brand recognition and market position [9]. Group 4: Market Opportunities - The market share for solder paste printing equipment has potential for further growth, especially as the demand in emerging sectors like AI terminals, automotive electronics, and smart home devices increases [9]. - The company is actively expanding its market presence internationally, with a subsidiary in Singapore providing technical support and services across various countries [9].

Core Viewpoint - The company Keg Precision Machinery has established a strong brand advantage and quality customer base in the electronic assembly segment, serving major industry players. Group 1: Company Overview - Keg Precision Machinery's products, including solder paste printing equipment, dispensing equipment, and flexible automation equipment, are widely used in the electronic assembly process [1] - The company has accumulated a quality customer base, including leading enterprises such as Foxconn, Luxshare Precision, Huawei, BYD, BOE, and Hikvision [1] - Keg Precision Machinery owns the globally registered trademark "GKG" and sells products to over 50 countries and regions [1] Group 2: Global Presence and Support - The company has established overseas service points in electronic industry concentrated areas such as Malaysia, Vietnam, India, and Mexico through its Singapore subsidiary GKGASIA [1] - This expansion aims to enhance local technical support capabilities [1]

Financial Performance - The company achieved a total revenue of 774.92 million CNY in the first three quarters of 2025, representing a year-on-year increase of 34.21% [3] - Net profit attributable to shareholders reached 121.26 million CNY, a significant year-on-year growth of 175.35% [3] - In Q3 2025 alone, revenue was 321.31 million CNY, showing a year-on-year increase of 47.40%, with net profit soaring by 227.15% to 54.12 million CNY [3] Market Drivers - Growth in revenue is primarily attributed to an increase in acceptance amounts for solder paste printing equipment [3] - Key factors driving demand in the electronic assembly equipment sector include: - Expansion of AI infrastructure investments, leading to strong growth in the AI server market [3] - Recovery in consumer electronics demand, with global smartphone shipments increasing by 2.6% and PC shipments by 9.4% in Q3 2025 [3] - Rising penetration of electric vehicles, which continues to drive the procurement of SMT equipment [3] Product Positioning and Industry Standing - The company specializes in the R&D, production, and sales of automation precision equipment, with key products including solder paste printing equipment, dispensing equipment, and flexible automation equipment [4] - The company is recognized as a national high-tech enterprise and has achieved a competitive edge in solder paste printing technology, surpassing international standards [4] - The company has established a strong customer base, including major clients like Foxconn, Huawei, and BYD, enhancing its brand recognition in the industry [4] Market Opportunities - There is potential for increased market share in solder paste printing equipment, particularly as the demand for PCB applications grows in various sectors, including AI, automotive electronics, and smart home devices [5] - The company is positioned to benefit from the ongoing trend of domestic substitution of imported electronic assembly equipment, particularly in the high-end market [5] - The establishment of service networks in key overseas markets by the company's subsidiary, GKG ASIA, supports its international customer base [5]

Summary of Keg Precision Machinery Conference Call Company Overview - Keg Precision Machinery has a diverse application base with consumer electronics accounting for 33%, automotive electronics and network servers each at 20%, and home appliances, medical devices, and semiconductors at 27% [2][4][10] - The company holds over 30% of the global market share and 50%-60% of the domestic market share [2][4] Key Insights and Arguments - **Growth in AI Server Demand**: The company’s printing equipment segment is expected to grow by 60%-70% this year, generating nearly 300 million yuan in revenue, driven by the demand for AI servers [2][5] - **Profitability Improvement**: The overall gross margin is projected to improve by 10 percentage points, with profits increasing by approximately 200% year-on-year [2][5] - **Product Segmentation**: Laser printing equipment now constitutes 60%-70% of total revenue, with a focus on high-margin products for AI servers and 5G base stations [5][6] - **Inventory and Orders**: As of Q3 2025, the company has approximately 1.1 billion yuan in orders, with 490 million yuan in finished goods and 156 million yuan in contract liabilities [6][9] Industry Dynamics - **Market Position**: Keg Precision Machinery is the global leader in stencil printing equipment, with a market share of about 30% and significant competition from ASMPT and IGW [4][10] - **Future Growth Potential**: The company anticipates continued growth in the stencil printing and dispensing equipment sectors, with annual growth rates of 30%-50% expected over the next 3-5 years [2][8] Additional Important Information - **Export Performance**: Exports, primarily to Southeast Asia and Mexico, have doubled year-on-year, accounting for about 20% of total revenue, with higher gross margins compared to domestic sales due to product structure and pricing differences [2][12] - **Gross Margin Trends**: The overall gross margin is expected to stabilize above 40% and gradually increase, with specific improvements noted in the packaging business [3][13] - **Cash Flow Management**: The company has a manageable accounts receivable situation, with most clients paying within 60 to 90 days, although some long-term accounts may impact cash flow [14] Conclusion Keg Precision Machinery is well-positioned in the market with strong growth prospects driven by AI server demand and a diversified product portfolio. The company’s focus on high-margin products and international expansion, coupled with effective cash flow management, supports its positive outlook for the coming years.

深圳市南山区前海周大福金融大厦南塔（HyQ 前坊）10 楼 10/F, HyQ, Chow Tai Fook Finance Tower, Qian Hai, Shenzhen 518052, China 电话 Tel: +86 755 8351 7570 传真 Fax: +86 755 8351 5502 电邮 Email: shenzhen@tongshang.com 网址 Web: www.tongshang.com 北京市通商（深圳）律师事务所 关于东莞市凯格精机股份有限公司 2025 年第三次临时股东会 的法律意见书 致：东莞市凯格精机股份有限公司 基于上述，经本所律师适当核查，本次股东会的召集、召开程序符合《公 司法》等相关法律、法规和《公司章程》的相关规定。 二、 出席本次股东会的人员的资格和召集人资格 北京市通商（深圳）律师事务所（以下简称"本所"）接受东莞市凯格精机股 份有限公司（以下简称"公司"）的委托，委派贺莉莉律师、胡燕华律师出席公司 2025 年第三次临时股东会（以下简称"本次股东会"）。本所律师现场参加本次 股东会，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 ...

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。 证券代码：301338 证券简称：凯格精机 公告编号：2025-055 东莞市凯格精机股份有限公司 2025年第三次临时股东会决议公告 特别提示： 1. 本次股东会未出现否决议案的情形。 2. 本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1. 会议召开时间： 现场会议时间：2025年11月17日（星期一）15:30 网络投票的时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年11月17日（星期一）上午9:15-9:25、9:30-11:30，下午13:00-15:00。通过互联网投票系 统投票的具体时间为：2025年11月17日（星期一）上午9:15至下午15:00期间的任意时间。 2. 现场会议召开地点：东莞市东城街道沙朗路2号会议室 6. 本次会议的召集、召开与表决程序均符合《公司法》《证券法》《深圳证券交易 所创业板股票上市规则》等有关法律、行政法规、部门规章等相关规定。 二、会议出席情况 1. 股东出席的总体情况 通过现场和网络投票的股东45人，代表股份71,299 ...

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Group 1: Fashion Industry in Dongguan - The Dongguan Humen clothing industry cluster is being revitalized through policy guidance and resource allocation, focusing on digital transformation and AI empowerment to enhance supply chain flexibility [4][7]. - The 2025 World Fashion Conference, the 28th China (Humen) International Clothing Trade Fair, and the 2025 Greater Bay Area (Humen) Fashion Week are being held concurrently from November 15 to 19, showcasing local brands and innovations [7][14]. Group 2: Events and Achievements - The 15th National Games opened in Dongguan, featuring a rich display of Lingnan culture and advanced technology, with local volunteers playing a crucial role in the event's success [8]. - Guangdong's women's weightlifting team, represented by Peng Cuiping from Dongguan Shilong, won the first gold medal of the games, setting new national and world records [13]. Group 3: AI and Technology in Fashion - The upcoming 22nd Dalan "Weaving Fair" on November 17 will highlight AI design capabilities, allowing users to create personalized sweater designs quickly through the POP·AI platform [11]. - The fair will also feature non-heritage showcases and a pet fashion show, indicating a blend of tradition and modern trends in the textile industry [11]. Group 4: Regulatory Issues - Three insurance companies in Dongguan, including Sunshine Life, were penalized by the National Financial Regulatory Bureau for improper practices, with Sunshine Life facing a fine of 175,000 yuan [14][15].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [50]. Core Insights - The mechanical equipment industry has experienced a decline of 1.75% in the past two weeks, underperforming the CSI 300 index by 1.58 percentage points, ranking 27th among 31 industries [2][13]. - Year-to-date, the mechanical equipment sector has increased by 33.14%, outperforming the CSI 300 index by 13.65 percentage points, ranking 7th among 31 industries [13][27]. - The report highlights the ongoing technological innovations leading to industry upgrades, particularly in the electrification and dexterous hand segments of engineering machinery [4][46]. Summary by Sections Market Review - As of November 13, 2025, the mechanical equipment sector has seen a 1.75% decline in the last two weeks, with the general equipment sector showing the highest increase of 0.40% among its sub-sectors [2][21]. - The top three performing stocks in the mechanical equipment sector over the past two weeks are Huafeng Co., World Co., and Jikai Co., with increases of 46.59%, 40.02%, and 36.22% respectively [20][22]. Valuation - The current PE TTM for the mechanical equipment sector is 31.51 times, with sub-sectors showing varied valuations: General Equipment at 43.79 times, Specialized Equipment at 31.81 times, and Automation Equipment at 49.06 times [3][25]. Industry News - The report notes that the demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [5][46]. - Exports of engineering machinery products have shown significant growth, with a year-on-year increase of 29.78% in September [5][46]. Company Announcements - The report suggests focusing on companies like Huichuan Technology and Green Harmonic, which are positioned well in the market due to their strong competitive advantages and growth potential [44][47].

Summary of Conference Call Transcript Company and Industry Overview - The company is involved in the server and semiconductor equipment industry, with a focus on AI servers, consumer electronics, and automotive electronics [2][4][13]. Key Points and Arguments Server Orders and Market Outlook - The company has a strong order backlog, particularly from Foxconn, with a rapid order pace in October and November [2][4]. - Significant growth in AI server business is expected, with Foxconn projected to deliver 10,000 cabinets to Nvidia monthly next year, up from over 3,000 currently [2][6]. - The consumer electronics market is showing positive signs, with iPhone 17 sales performing well and orders for foldable screens increasing since October [2][8]. Equipment and Production Insights - Existing equipment for solder paste printing will suffice for upcoming demands, requiring only partial replacements rather than complete overhauls [2][9]. - New production lines for foldable screens are anticipated to enhance the value of printing machines, significantly impacting gross and net margins [2][10]. Automotive Electronics Growth - The automotive electronics sector has transitioned from initial development to scaling, with notable progress among various clients including Bosch and BYD [2][13]. - The company is experiencing a market share increase in automotive electronics, with expectations of substantial growth in the coming years [2][13]. Financial Performance and Projections - The company anticipates a strong performance in Q1, with a busy order schedule and a focus on meeting customer delivery timelines [5][27]. - The semiconductor equipment business is projected to see nearly double revenue growth this year, particularly in ball placement technology [20][23]. Product Development and Market Position - The company has several key products in the semiconductor packaging sector, with silver paste printing and direct ball printing already profitable [20][23]. - The market for carbon silicon wafer aging and testing equipment is emerging, with significant potential as costs decrease and applications in electric vehicles expand [24][25]. Competitive Landscape - The company faces competition in carbon silicon equipment primarily from overseas players, with some domestic competition present [25]. Strategic Initiatives - Plans to establish a new production base in East China and expand overseas operations are underway to meet growing international demand [27]. - The company is focused on enhancing market share through comprehensive solutions and aims to increase production capacity to support anticipated order growth [19][27]. Additional Important Insights - The company has faced a recent public relations incident but has assured that operations remain unaffected and is committed to improving internal management [3]. - The consumer electronics sector's equipment value is estimated at around 500,000 to 600,000 RMB, with recent orders showing positive trends [12]. - The company is not currently setting specific market share targets but aims to leverage its technological capabilities to increase its presence in the market [19].