Summary of Kegong Precision Machinery Conference Call Company Overview - **Company**: Kegong Precision Machinery - **Industry**: High-end printing equipment, specifically for electronics manufacturing Key Financial Metrics - **Gross Margin**: 41.86% in H1 2025, up 9.58 percentage points YoY [2][5] - **Revenue**: CNY 450 million in H1 2025, a 26% increase YoY [3] - **Net Profit**: CNY 67 million in H1 2025, a 144% increase YoY [3] - **Order Growth**: Orders increased nearly 70% in H1 2025, with expectations of continued strong growth [2][15] Revenue Structure - **Solder Paste Printing Equipment**: - Revenue: CNY 290 million, 64% of total revenue, up 53% YoY [3] - Gross Margin: Increased by 7.58 percentage points [3] - **Dispensing Equipment**: - Revenue: CNY 60 million, 13% of total revenue, with a gross margin of 31% [3] - **Flexible Automation Equipment**: - Revenue: CNY 24 million, gross margin of 58.57%, up 23 percentage points YoY [3] - **Packaging Equipment**: - Revenue: CNY 60 million, down approximately 40% YoY [3] Market Dynamics - **High-end Equipment Demand**: Significant growth in demand for high-end equipment, particularly in AI servers and mobile devices [6] - **Client Concentration**: Increased orders from large clients like Huawei and Foxconn, leading to a shift towards mid-to-high-end equipment [7] - **Laser Printing Equipment**: Maintained global leadership in shipments for five consecutive years, with over 50% market share in consumer electronics and network servers [8] Strategic Initiatives - **New Market Expansion**: Plans to enter automotive electronics, semiconductor silver paste printing, and medical devices [8] - **International Growth**: Overseas business nearly doubled in H1 2025, driven by server manufacturers in Southeast Asia [4][32] - **Product Development**: Introduction of new automated production lines, including 800G and 1.6T lines [31][35] Competitive Landscape - **Market Position**: Leading position in the market with competitors like ASMPT and IPW having higher average prices [9][22] - **Customer Base**: Diverse customer base with significant orders from major clients, including Foxconn and Huawei [28] Future Outlook - **Growth Projections**: Anticipated overall growth of approximately 30% for 2025, with H2 expected to reach 60-70% growth [15] - **Product Mix Changes**: Expectation for the share of high-end equipment (Category 3) to increase to 20-30% by the end of 2025 [16] Additional Insights - **Product Lifecycle**: Equipment typically has a lifecycle of 8-10 years, but major clients often replace every 2-3 years due to rapid product updates [29] - **Technological Advancements**: Focus on improving precision and stability in printing processes to meet the demands of smaller electronic components [24] This summary encapsulates the key points from the conference call, highlighting the company's performance, market dynamics, strategic initiatives, and future outlook.

Summary of Key Points Core Viewpoint - A total of 37 stocks in the A-share market will face a lock-up expiration next week, with a combined unlock quantity of 5.068 billion shares, amounting to a market value of 92.468 billion yuan, reflecting a week-on-week increase of 1.74% [1]. Unlocking Stock Details - The stocks with the highest unlock market value are Xugong Machinery and Dazhu CNC, each exceeding 31 billion yuan. The unlocking market values for these stocks are 31.908 billion yuan and 31.647 billion yuan, respectively [2][3]. - Xugong Machinery will unlock 3.569 billion shares on August 29, all from a private placement to institutional investors. Dazhu CNC will unlock 359 million shares on August 28, all from original shareholders' lock-up [2][3]. - The market performance of these stocks shows that Xugong Machinery, Dazhu CNC, and Rongbai Technology have increased by 6.68%, 13.72%, and 2.51% respectively since August [2]. Detailed Unlocking Information - The detailed unlocking information for Xugong Machinery indicates that the largest shareholders include Xuzhou Engineering Machinery Group Co., Ltd. and others, with shares coming from a private placement completed in August 2022 at an issue price of 5.55 yuan per share [3][4]. - As of August 22, Xugong Machinery's stock price is 8.94 yuan per share, with a market capitalization of 105.1 billion yuan. The unlocking shareholders have an unrealized gain of over 80%, totaling more than 14 billion yuan [4]. Significant Changes in Circulation - Among the 37 stocks facing unlocking, five stocks will see their circulation increase by over 100%, including Dazhu CNC, Xuantai Pharmaceutical, Hongying Intelligent, Chengdian Guangxin, and Zhenhua Wind Power, with unlocking ratios of 84.39%, 68.61%, 65.47%, 47.30%, and 43.04% respectively [10]. - The circulation of these stocks will increase significantly, with Dazhu CNC's circulation increasing by 576.53% [10].

Core Viewpoint - The recent financial report of Kaige Precision Machinery (301338) shows significant growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for the first half of 2025 reached 454 million yuan, a year-on-year increase of 26.22% [1] - Net profit attributable to shareholders was 67.14 million yuan, up 144.18% year-on-year [1] - Gross margin improved to 41.86%, reflecting a 29.66% increase compared to the previous year [1] - Net margin rose to 15.06%, marking an 87.48% increase year-on-year [1] - Earnings per share increased to 0.63 yuan, a 142.31% rise from the previous year [1] Cash Flow and Assets - Operating cash flow per share improved to 0.06 yuan, a 105.7% increase year-on-year [1] - Cash and cash equivalents increased significantly, with a net increase of 97.71% due to reduced purchases of structured deposits and improved operating cash flow [3] Liabilities and Expenses - Interest-bearing liabilities saw a dramatic increase of 727.47%, reaching 813,100 yuan [1] - Total selling, administrative, and financial expenses amounted to 68.48 million yuan, accounting for 15.1% of revenue, a slight increase of 3.77% year-on-year [1] Operational Insights - Inventory increased by 37.79% due to a rise in sales orders and an increase in products awaiting inspection [2] - Contract liabilities rose by 32.98% as a result of increased customer prepayments [2] - The company reported a significant increase in prepayments to suppliers, up 142.32% [2] Investment and Returns - The company's return on invested capital (ROIC) was reported at 3.61%, indicating a relatively weak capital return [7] - Historical data shows a median ROIC of 14.43% since the company went public, suggesting potential for improved investment returns [7] Business Model and Strategy - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of the underlying factors supporting these drivers [9]

Group 1 - The core point of the article is that 31 stocks will have their restrictions lifted next week, with a total market value of 23.481 billion yuan based on the latest closing prices [1] - Rongbai Technology has the highest market value of restricted shares to be released, with 250 million restricted shares becoming tradable next week, primarily consisting of original shareholders' restricted shares from the initial public offering [1] - Several companies, including Nine Company-WD, Baiwei Storage, Rongbai Technology, Wanma Co., and Yinhui Technology, have recently received institutional research [1] Group 2 - The table lists the stocks with the highest market value of restrictions lifted, including Rongzi Technology (5.707 billion yuan), Zhenhua Wind Power (5.282 billion yuan), and Xuantai Pharmaceutical (3.798 billion yuan) [3] - The percentage of restricted shares released relative to the total shares varies, with Xuantai Pharmaceutical having 68.61% of its shares restricted, while Zhenhua Wind Power has 43.04% [3] - The price changes since August for these stocks show varied performance, with Kai Ge Precision Machinery increasing by 31.54% and Xuantai Pharmaceutical decreasing by 4.01% [3]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 9, 2025 [1][2] - The meeting will be convened by the company's second board of directors and will comply with relevant laws and regulations [1][2] - The meeting will adopt a combination of on-site voting and online voting [2] Voting Details - The specific time for online voting is from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on September 9, 2025 [1][2] - Shareholders can only choose one voting method: either on-site or online [2] - The record date for shareholders eligible to attend the meeting is September 2, 2025 [2] Agenda Items - The meeting will review several proposals, including a stock incentive plan and its management measures [3][4] - Proposals 1, 2, and 3 require a two-thirds majority for approval, while Proposal 4 requires a simple majority [3][4] Registration Process - Registration for the meeting must be done in person or via email, with specific documentation required for both corporate and individual shareholders [4][5] - The deadline for registration via email or mail is September 8, 2025, at 17:00 [5] Online Voting Procedure - Shareholders can participate in voting through the Shenzhen Stock Exchange trading system and internet voting system [6] - Detailed procedures for online voting are provided in the attachments [6][7]

Group 1 - The company, Dongguan Kaige Precision Machinery Co., Ltd., will hold a half-year performance briefing on August 28, 2025, to discuss its operating results and financial status for the first half of 2025 [1][2] - The briefing will take place from 16:00 to 17:00 and will be conducted in an interactive online format [1][2] - Key participants in the briefing will include the company's chairman, general manager, financial director, board secretary, sponsor representative, and independent directors [1] Group 2 - Investors can participate in the briefing by accessing a specific URL or scanning a QR code via WeChat [2] - A pre-briefing question collection method is established, allowing investors to submit questions until 15:00 on the day of the event [2] - The company encourages active participation from investors to enhance communication efficiency and relevance [2]

Core Viewpoint - Dongguan Kaige Precision Machinery Co., Ltd. has reported on the non-operating fund occupation and related transactions with its controlling shareholders and affiliated enterprises, indicating a lack of significant financial interactions in the first half of 2025 [1]. Summary by Relevant Sections Non-operating Fund Occupation - There are no significant non-operating fund occupations reported by the company as of June 30, 2025 [1]. - The company has not recorded any balances or transactions with its controlling shareholders or their affiliated enterprises during the specified period [1]. Related Party Transactions - The company has reported a total of 0.57 million yuan in accounts receivable from Suzhou Green Electronic Equipment Co., Ltd., which is 90% owned by the actual controller's brother, Qiu Wenliang [1]. - The nature of this transaction is classified as operational, specifically related to the sale of goods and provision of services [1]. Summary of Financial Interactions - The total amount of related party transactions is minimal, with no significant financial implications noted for the first half of 2025 [1]. - The company has maintained a clear record of its financial dealings, ensuring transparency in its operations with related parties [1].

Summary of Key Points Core Viewpoint - The company announced the provision for asset impairment for the first half of 2025, totaling 9.6127 million yuan, to reflect its financial status and operating results accurately as of June 30, 2025 [1][3]. Group 1: Asset Impairment Provision Overview - The company conducted an asset impairment test and provisioned for credit impairment and asset impairment losses based on the prudence principle, amounting to a total of 9.6127 million yuan for the first half of 2025 [1][3]. - The breakdown of the impairment provision includes a credit impairment loss of 0.7452 million yuan and an asset impairment loss of 8.8675 million yuan [2][3]. Group 2: Specifics of the Impairment Provision - For receivables, the company recognized a credit impairment loss of 0.7452 million yuan based on expected credit losses from various receivables [2]. - For inventory, the company recognized an inventory impairment loss of 8.8675 million yuan, as the cost of inventory exceeded its net realizable value [3]. Group 3: Impact on Financial Statements - The total provision for credit and asset impairment losses will reduce the company's profit before tax by 9.6127 million yuan for the first half of 2025 [3]. - The provision is in compliance with the relevant accounting standards and reflects the company's actual financial situation without harming the interests of shareholders [3][4]. Group 4: Review and Approval Process - The Audit Committee, Board of Directors, and Supervisory Committee all reviewed and approved the asset impairment provision, confirming that it adheres to accounting standards and company policies [4].

Group 1 - The company, Dongguan Kaige Precision Machinery Co., Ltd., has approved a proposal to apply for comprehensive credit from Dongguan Bank by mortgaging its own assets [1][2] - The mortgaged assets include a staff dormitory and a factory located at No. 2 Shalang Road, Dongcheng Street, Dongguan City, Guangdong Province [1] - The final credit limit and terms will be determined by the bank's approval, and the company will decide the specific amount used based on its operational needs [1] Group 2 - The asset mortgage is aimed at meeting the company's funding needs for daily operations and is expected to support long-term sustainable development [2] - The financial risk associated with this asset mortgage is considered manageable and will not adversely affect the company's normal operations or business development [2] - There are no concerns regarding the interests of shareholders, particularly minority shareholders, being harmed by this decision [2]

（二）超募资金使用情况 （一）募集资金投资项目的资金使用情况 报告期内，公司实际投入募投项目的募集资金款项共计人民币 1,840,233.00 元，各募投项目的投入情况及效益情况详见本报告附件 1"募集资金使用情况对 照表"。 证券代码：301338 证券简称：凯格精机 公告编号：2025-025 东莞市凯格精机股份有限公司 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。 根据《上市公司募集资金监管规则》《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》 《深圳证券交易所创业板股票上市规则》 等相关规定，东莞市凯格精机股份有限公司（以下简称"公司"）编制了 2025 年半年度募集资金存放与使用情况报告，具体情况如下： 一、募集资金基本情况 （一）募集资金金额及到位时间 经中国证券监督管理委员会《关于同意东莞市凯格精机股份有限公司首次公 开发行股票注册的批复》（证监许可[2022]796 号）同意注册，并经深圳证券交 易所同意，公司首次向社会公开发行人民币普通股（A 股）1,900 万股，发行价 格为人民币 46.33 元/股，募集资金 ...