赢合科技三季度营收稳增，锂电设备工艺突破与海外领跑双线成长

Core Insights - The company reported a significant increase in revenue and cash flow for Q3 2025, with revenue reaching 2.52 billion yuan, a year-on-year growth of 22.85%, and operating cash flow increasing by 116.85% compared to the same period last year [1] Group 1: Financial Performance - The company achieved a revenue of 2.52 billion yuan in Q3 2025, reflecting a 22.85% increase year-on-year [1] - Operating cash flow showed a remarkable growth of 116.85% compared to the same period last year, indicating improved cost control and management efficiency [1] Group 2: Technological Advancements - The company has focused on high-end product development, international business expansion, and digital management, leading to breakthroughs in lithium battery equipment technology [2] - R&D investment reached 473 million yuan in the first three quarters of 2025, marking an 18.14% increase year-on-year [2] - The introduction of a high-speed multi-station cutting and stacking machine has improved efficiency by 70% compared to industry standards, with precision cutting at the millimeter level [2] Group 3: Solid-State Battery Developments - The company has delivered core solid-state battery equipment to multiple clients, including fully automated slurry preparation and coating equipment [3] - The backlog of orders reached 2.947 billion yuan by the end of Q3, representing a 78.24% increase from the beginning of the year and a 101.31% increase year-on-year [3] Group 4: International Expansion - The company is actively expanding its overseas market presence, benefiting from the global trend of the electric vehicle and energy storage markets [4] - Recent achievements include successful acceptance of equipment by major clients in South Korea and Malaysia, as well as shipments to top battery manufacturers in Hungary [4] - The establishment of multiple subsidiaries and service networks globally ensures timely and professional after-sales support, enhancing the company's international strategy [4]