Core Viewpoint - In the first half of 2025, the company's performance is under pressure due to delayed order confirmations and significant impairment losses, but the new order volume has increased significantly year-on-year, and operational cash flow has turned positive, providing strong support for future performance improvement [1] Financial Performance - For the first half of 2025, the company achieved revenue of 1.664 billion yuan, a year-on-year decrease of 30.50%, and a net profit attributable to shareholders of -708 million yuan, a year-on-year decrease of 565.65% [2][3] - In Q2 2025, the company reported revenue of 1.126 billion yuan, a year-on-year decrease of 16.43% but a quarter-on-quarter increase of 108.85%, with a net profit of -520 million yuan, a year-on-year decrease of 569.08% and a quarter-on-quarter decrease of 175.21% [2][3] Cash Flow and Operational Quality - The net cash flow from operating activities for the first half of 2025 reached 248 million yuan, a significant improvement from -690 million yuan in the same period last year, indicating enhanced operational quality and collection capabilities [4] Order Growth and Global Strategy - The company signed new orders worth approximately 4.421 billion yuan in the first half of 2025, a year-on-year increase of 117.5%, with total orders on hand amounting to approximately 10.085 billion yuan, a year-on-year increase of about 46% [5] - The company’s overseas orders reached 1.888 billion yuan, a year-on-year increase of 192.5%, indicating a growing share of overseas orders and a successful global strategy implementation [5] Technological Development - The company is actively involved in the research and development of solid-state battery equipment, pursuing both "oxide + lithium metal anode" and "sulfide + silicon-carbon anode" technology routes [6] - The company has successfully developed and industrialized various innovative products in the laser and automation sectors, with significant order growth in the consumer electronics and medical fields [7] Future Outlook - Revenue projections for 2025-2027 are 4.582 billion yuan, 5.471 billion yuan, and 6.640 billion yuan, with corresponding net profits of -436 million yuan, 411 million yuan, and 513 million yuan, indicating a potential recovery and growth trajectory [8]

在投资逻辑方面，圆信永丰高端制造的基金经理党伟表示："锂电行业周期筑底，固态电池产业化渐行 渐近。锂电行业经过3年下行期，底部特征已经非常明显，2024年三季度产业链盈利能力确认见底回 升。固态电池在国内外产业及政策大力推进之下，2025年进入中试关键期，2026年预计进入量产元年。 整体上，我们看好本轮产业周期底部回升叠加产品创新周期带来的板块性机会。" 业内人士认为，在政策支持与技术不断进步的双重推动下，全固态电池的成本正逐步下降，应用范围持 续扩大。未来，它有望广泛应用于新能源汽车、低空飞行器、机器人、储能系统以及消费电子等多个领 域，实现规模化落地。 中证报中证网讯（记者 魏昭宇）近期，高端制造业持续吸引市场目光成为焦点领域。其中，作为制造 业技术升级的重要代表，固态电池的产业化进程备受关注。二级市场方面，不少高端制造主题基金颇受 资金青睐，部分基金的净值因重仓固态电池板块不断创新高。以圆信永丰高端制造A为例，数据显示， 9月10日，圆信永丰高端制造A的份额净值迎来近3年新高，达到2.5835元。 具体来看，截至第二季度末，圆信永丰高端制造A持仓结构高度集中固态电池领域，其前十大重仓股清 晰反映出对固 ...

Core Viewpoint - Dongxing Securities report indicates that Guoxuan High-Tech achieved a net profit attributable to shareholders of 367 million yuan in H1 2025, representing a year-on-year increase of 35.2% [1] Group 1: Financial Performance - The company has shown solid growth in installed capacity share and is making steady progress in solid-state battery development [1] - The net profit of 367 million yuan reflects strong financial performance and growth potential [1] Group 2: Product Development - The company has launched the "Qianyuan Smart Storage" 20MWh energy storage battery system, enhancing safety performance in extreme environments [1] - The "Jinshi" battery's first pilot production line has been completed, currently in pilot mass production with a yield rate of 90%, marking a technological breakthrough [1] - The company has initiated the design work for the first generation of solid-state battery 2GWh mass production line to accelerate industrialization [1] Group 3: Market Position and Strategic Partnerships - The company’s solid-state battery business is progressing rapidly and is positioned among industry leaders [1] - A deep strategic cooperation has been established with EHang Intelligent, which is expected to assist in entering emerging application fields such as low-altitude aircraft and humanoid robots [1] - Product upgrades are expected to help the company expand its mid-to-high-end customer base, contributing to sustained high growth in revenue and profit [1] Group 4: Future Outlook - The company’s solid-state battery technology industrialization progress is leading the industry, combined with global supply advantages that enhance market share [1] - Future collaboration with major partners is anticipated to drive business growth potential [1] - The long-term growth potential of the company is viewed positively, maintaining a "strong buy" rating [1]

中材科技（002080.SZ）9月12日在投资者互动平台表示，公司正在开展相关技术储备和研究工作，已完 成半固态锂电池隔膜配方开发及上机试验。公司将继续关注固态电池技术的发展动态和市场趋势，做好 相应的技术储备，推动相关技术的产业化进程。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司固态电池研发进度如何？ ...

格隆汇9月12日丨中材科技(002080.SZ)在互动平台表示，公司正在开展相关技术储备和研究工作，已完 成半固态锂电池隔膜配方开发及上机试验。公司将继续关注固态电池技术的发展动态和市场趋势，做好 相应的技术储备，推动相关技术的产业化进程。 ...

公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量21.8GWh，同比+23%。2025H1 公司在全球动力电池市场出 货排名第四、国内动力电池市场出货排名第三。乘用车市场，公司在国内市占率创新高，2025 年7 月单 月市占率达到8.25%。公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合 作，交付产品类型日益丰富。商用车市场，公司2025H1 国内新能源商用车电池装机量同比增长超 310%，单月排名进入前三。2025H1 公司实现新能源商用车新车公告230 款以上，同比增长33%，实现 各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、徐工、三一等客户合作密切，份额稳中向好。 公司储能业务实现快速增长。2025H1 公司储能系统产品及其他业务实现营收57.57 亿元，同比+110%， 储能电芯出货量进入全球前四。公司314Ah 电芯产品实现大批量稳定交付；392Ah 电芯作为6.25MWh 系统最优解决方案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L 以上，助 ...

Group 1 - The A-share market has shown a strong recovery, with the Shanghai Composite Index rising by 1.65% and the ChiNext Index increasing by 5.15%, indicating renewed investor confidence after a brief adjustment [1] - Key sectors attracting significant investment include AI computing, CPO, PCB, servers, and semiconductors, which have experienced substantial price increases recently [1][2] - The new energy sector, particularly the battery and photovoltaic industries, has also performed well, with the Innovation Energy Index rising by 3.12% and the Shanghai Stock Exchange's new energy index increasing by 1.90% [2] Group 2 - The new energy sector has seen remarkable performance, with over 60 stocks in the battery industry doubling in price since April, and more than 220 stocks increasing by over 50% [3] - The Innovation Energy ETF has attracted significant capital inflow, with a net inflow of 6.61 billion yuan this year, indicating strong investor interest [3][5] - The "anti-involution" policy has positively impacted the industry, leading to significant price increases in upstream materials like polysilicon and lithium carbonate, with prices rising by 90% and over 60% respectively [5][6] Group 3 - The demand for energy storage has surged, with global battery storage installations reaching 86.7 GWh, a 54% year-on-year increase, and domestic installations growing by 120% [6][8] - The market is experiencing a "one cell hard to find" situation due to increased orders and production capacity in energy storage companies, indicating strong demand [8] - The solid-state battery industry is entering a large-scale production phase, with major companies planning to launch solid-state batteries by 2027, which is expected to accelerate the industry's growth [10][12] Group 4 - The current market conditions suggest a recovery in the new energy sector, with many leading companies still undervalued despite significant stock price increases [16] - Investment strategies should focus on core leading companies or high-quality stocks within the industry to maximize potential returns [16][17] - The Innovation Energy ETF is highlighted as a strategic investment option, focusing on key areas like photovoltaic, energy storage, and solid-state batteries, with a high concentration of solid-state battery stocks [17][19] Group 5 - The new energy sector is positioned at a critical intersection of cyclical and growth trends, with strong development momentum expected in the coming years [19][20] - The recent industry adjustments have solidified valuation foundations and enabled leading companies to achieve breakthroughs in overseas markets and high-value product development [19] - The shift from price competition to value competition within the industry is expected to enhance growth logic and sustain investor confidence in the long-term potential of the new energy sector [19]

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 时隔 3 年，创业板重返 3000 点！ 今天， A 股在短暂调整之后重新开启节奏，截至收盘，沪指收涨 1.65% ，创业板大涨 5.15% ，收报 3053.75 点。全市 4220 个股上涨，涨停股数多达近百只。 CPO 、 PCB 、服务器、半导体等 AI 算力产业链依旧是资金众星捧月的热门板块 ， 这些板块 近期 累计涨幅非 常巨大，导致有报道 质疑 过度 抱团而一度大幅回落 ， 没想到 才调整没几天，又重新恢复 强势 大涨。 这 很显然 说明了， 对于未来增量空间巨大且确定性极高的行业，资金从来不会吝啬 给予 更高的认可 。 其实新能源 板块也是如此 ， 截至今日收盘，创新能源（399266) 强势上涨 3.12% ，上证科创板新能源指数 (000692) 上涨 1.90% ，相比一些 Al 算力产业链也不遑多让。 已成趋势 01 最近，电池和光伏产业链的新能源板块 表现 堪称亮眼，不少细分赛道甚至不亚于 AI 算力产业链。 如果从 4 月 7 日的 A 股底部来看，以电池为代表的新能源产业链的表现更让人惊讶。同花顺数 ...

Group 1: Company Progress and Technology - The company has made significant progress in solid-state/dry process equipment, with orders shipped to customers, including dry multi-roller film systems and ceramic twin-screw fiberization equipment [2] - The company has accumulated substantial technical reserves and validation data in its dual-line strategy for dry and wet processes, achieving order validation across multiple equipment processes [2] - Innovations include new ceramic materials, efficient dispersion with twin-screw technology, ultra-thin wet coating, and dual-layer co-coating of active materials with solid electrolytes [2] Group 2: Share Buyback Progress - As of October 23, 2024, the first phase of the share buyback plan was completed, with a total of 787,700 shares repurchased for a total amount of 44.4455 million yuan (excluding transaction fees) [3] - The second phase of the share buyback is ongoing, with 528,900 shares repurchased by August 31, 2025, totaling 28.8378 million yuan (excluding transaction fees) [3] - The repurchased shares are intended for employee stock ownership plans or equity incentives [3] Group 3: Investor Relations Compliance - During the investor relations activity, the company adhered strictly to regulations, ensuring no leakage of undisclosed significant information occurred [3] - Participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [3]

证券日报网讯江特电机（002176）9月11日在互动平台回答投资者提问时表示，以目前的技术路线，未 来固态电池正负极材料、电解质均需要锂元素的参与，公司坐拥丰富、优质的锂矿资源，将积极关注固 态电池技术发展趋势，加快推进固态电池相关原材料的研发，把握更多的业务机会。 ...