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].

Core Points - The company Keg Precision Machinery (301338) announced that its general manager, Deng Di, is under investigation for suspected dangerous driving, but he is currently allowed to perform his duties normally [1] - Keg Precision Machinery expressed sincere apologies to investors for any negative impact caused by this incident, while stating that its production and operations are proceeding normally [1] Company Overview - Keg Precision Machinery was established in 2005 and specializes in the research, production, sales, and provision of process solutions for high-end precision automation equipment [4] - The company’s products mainly cover Surface Mount Technology (SMT) and System-in-Package (SIP), including solder paste printing equipment, dispensing equipment, packaging equipment, and flexible automation equipment, which are widely used in various industries such as consumer electronics, network communication, high-end displays, lighting applications, new energy, aerospace, military, and semiconductors [4][5] - Keg Precision Machinery was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2022 [5] Financial Performance - In the first three quarters of this year, Keg Precision Machinery achieved revenue of 775 million yuan, an increase of 34.21% year-on-year [5] - The net profit attributable to the parent company was approximately 121 million yuan, representing a year-on-year increase of 175.35% [5]

Group 1 - The company, Kaige Precision Machinery (301338), emphasizes its commitment to focusing on its core business while continuously improving production and operational efficiency to drive high-quality development [1] - The company aims to enhance its market competitiveness and solidify its fundamentals through ongoing optimization of operational efficiency [1] - The company is dedicated to safeguarding investor rights and interests as part of its strategic initiatives [1]

Core Viewpoint - The company, Kaige Precision Machinery (301338), is focusing on enhancing its packaging equipment for LED and semiconductor packaging processes, particularly in the die bonding segment, which is crucial for transferring bare chips from wafers to substrates [1] Group 1: Company Developments - The company's packaging equipment is primarily used in the die bonding process, which automates the fixing or bonding of chips to carrier substrates or lead frames [1] - The upgrade of packaging equipment has effectively improved product profitability, allowing the company to penetrate the broader semiconductor market [1] - The company is leveraging the advantages of die bonders in terms of efficiency and stability to expand its Mini/Micro LED die bonder business and increase market share [1] Group 2: Market Trends - The continuous maturation of COB (Chip on Board) and MiP (Micro LED in Package) technologies is driving an increase in market demand [1] - Several downstream major clients have achieved new breakthroughs, indicating a positive trend in the industry [1]