格隆汇12月31日丨光启技术(002625.SZ)在互动平台表示，目前公司超材料技术已得到航空领域客户的 广泛认可并在新一代航空装备中已实现大规模应用，在商业航天领域公司超材料技术同样具有一定的技 术优势。 随着产能的提升，公司也加大推进在其他行业的赋能力度，如在商业航空领域有实质性的业 务进展会及时发布公告，具体进展请以公司官方披露信息为准。 ...

Group 1: Company Overview and Strategic Goals - The company is transitioning from "independent operation" to "overall collaborative scheduling" to enhance efficiency through a unified quality system and digital mass production platform [1][2]. - The company aims to leverage AI technology for reverse modeling and optimization design of performance parameters, which is crucial for the iterative development and engineering application of metamaterials [2][3]. Group 2: Order Growth and Market Position - In 2025, the company announced an order amount of 3.485 billion CNY, representing a growth of over 125% compared to 1.547 billion CNY in 2024 [2]. - The expansion of orders is driven by the increasing demand for new-generation aerospace equipment, the company's leading technological position, and enhanced mass production capabilities [2][3]. Group 3: Base Development and Production Capacity - The Zhuzhou 905 base is progressing according to plan, with the first phase entering the final preparation stage for production, expected to be operational by mid-January next year [3][4]. - The 905 base is crucial for the company's capacity expansion and aims to support future order growth and delivery needs while enhancing the precision of microstructure lithography [3][4]. Group 4: Non-standard Manufacturing Approach - The company's non-standard manufacturing can be categorized into three levels: design, process, and scale production, each characterized by high customization and complexity [5]. - The manufacturing model combines non-standard products with standardized systems, enabling industrial-grade delivery and creating a competitive advantage in the metamaterials sector [5]. Group 5: Empowerment in Various Fields - The company provides comprehensive solutions for smart equipment and automotive sectors, enhancing testing efficiency and accuracy through advanced detection capabilities and AI technology [6][7]. - In the emerging smart equipment field, the company integrates core metamaterial technologies with AI to empower the manufacturing of low-altitude drones, accelerating their industrialization [7]. Group 6: Competitive Landscape and Risks - Metamaterials represent a foundational technology path that enables multi-dimensional performance requirements through microstructure design, making it a platform rather than a single technology [8]. - The barriers to entry in the metamaterials industry are high, encompassing engineering, scalability, and stable delivery capabilities, which mitigate potential replacement risks [8].

国内超材料领域的龙头企业 光启技术 （002625.SZ）订单饱满。 12月7日， 光启技术 公告，公司全资子公司签署了6.96亿元的超材料产品批产合同。 12月4日，在投资者互动平台上， 光启技术 回复投资者提问时表示，2025年初以来，公司共披露了 27.89亿元的超材料产品批产合同，主营业务需求饱满。公司将继续加快技术迭代升级与产能建设。 据此算来， 光启技术 年内已签署34.85亿元的超材料批产合同。 市场对 光启技术 的评价是产能告急。此前，公司曾披露，多个基地在进行产能建设。 光启技术 是领先的新一代超材料技术提供商，也是国内最早实现超材料技术在军工领域应用的企业之 一，在业内具有较强的市场竞争力。 经营业绩方面，2019年以来， 光启技术 业绩持续双增。2025年前三季度，公司实现营业收入、归母净 利润分别为15.96亿元、6.06亿元，同比均以两位数的速度增长。 光启技术 正在推进实施2025年度员工持股计划，拟向75名员工授予136万股股份，业绩考核目标之一 为，2026年的营业收入同比翻倍。 年内订单是2024年营收2.2倍 光启技术 正在应对市场需求快速扩产。 11月24日， 光启技术 ...

Core Viewpoint - The chairman of Guangqi Technology Co., Ltd., Dr. Liu Ruopeng, presented a comprehensive path for the industrialization of metamaterials technology in China at the "2025 Entrepreneur Boao Forum" [1] Group 1: Metamaterials Technology - The presentation highlighted the transition of metamaterials technology from laboratory breakthroughs to industrial application [1] - Dr. Liu emphasized that a large number of AI-driven technology companies will emerge, bringing disruptive technologies and fundamentally restructuring existing industry chains and divisions [1] Group 2: Industrialization Support - Guangqi Technology has established seven capability platforms: artificial intelligence, micro-nano manufacturing, polymer new materials, advanced composite materials manufacturing, precision manufacturing, microwave radio frequency technology, and advanced inspection and testing [1] - These platforms create a fully autonomous industrial chain system covering upstream, midstream, and downstream processes [1] Group 3: Empowerment of Emerging Fields - The open collaboration of the "seven capability platforms" aims to empower emerging fields such as intelligent connected vehicles and swarm drones comprehensively [1]

Core Viewpoint - Liu Ruopeng, Chairman of Guangqi Technology, disclosed the full-chain practice path of metamaterial technology from laboratory breakthroughs to industrialization at the "2025 Entrepreneur Boao Forum" [1] Group 1: Metamaterials - Metamaterials are referred to as the "gene editing technology" in the materials field, highlighting their importance in overcoming the limitations of natural material properties to achieve extraordinary performance through artificial customization [1] - The research has shifted from "material selection" to "functional customization," representing a successful practice of the "reverse design" paradigm [1] Group 2: Future Trends - Liu Ruopeng indicated that a large number of emerging technology companies driven by AI design will emerge, bringing not only disruptive technologies but also a complete restructuring of the existing industrial chain and division of labor [1]

Core Viewpoint - The company has successfully completed outdoor flight tests for its drones, including extreme environment testing, and is now entering the trial production phase [1] Group 1: Drone Development - The company’s drones have met expected performance standards during multiple flight tests [1] - The production of drones will be carried out at the Leshan 106 base, which is currently undergoing facility upgrades and equipment procurement [1] Group 2: Technology and Industry Strategy - The company aims to leverage its core technology in metamaterials to create a comprehensive industrial chain platform that covers design, manufacturing, mass production, and scenario-based empowerment [1] - This platform is intended to provide comprehensive support for various potential application areas [1]

Group 1: Company Overview and Strategic Positioning - The company is a global leader in the field of metamaterials, emphasizing its strategic significance in advancing aerospace equipment development [2][3] - The company has established a comprehensive production system, achieving a 90% completion rate for infrastructure and 60% for electromechanical installations at the 905 base [3] - The company has disclosed contracts worth 2.789 billion yuan for metamaterial products since the beginning of 2025, indicating strong demand for its main business [4] Group 2: Production and Operational Updates - The 905 base is expected to commence production by mid-January 2026, with significant progress in production preparations [3] - The company has implemented a two-shift system at the 709 base, achieving full capacity utilization since August, ensuring timely delivery to clients [9] - The company has developed a collaborative production system across multiple bases, enhancing overall delivery efficiency and supply chain resilience [7] Group 3: Technological Advancements and AI Integration - The company has integrated AI technology into seven capability platforms, enhancing product design and manufacturing processes [11] - The "Mass Production 2.0" system has been applied to improve production efficiency and quality consistency, with plans for gradual implementation across other bases [8] - The company is leveraging AI for intelligent research and development, automated industrial inspection, and smart operational processes [11] Group 4: Challenges and Opportunities - The "14th Five-Year Plan" has shifted focus to building a modern industrial system, presenting both challenges and opportunities for the company [5] - The company aims to align its technological advancements with national strategic directions, enhancing its competitive position in the aerospace sector [5]

Summary of Conference Call Records Industry Overview: Solid-State Battery Market - The solid-state battery market is driven by policies, corporate R&D, and technological breakthroughs, including a 6 billion RMB R&D initiative by the Ministry of Industry and Information Technology (MIIT) in 2024, and advancements by companies like SAIC and CATL [2][3] - CATL plans to begin small-scale production of solid-state batteries by 2027 and aims for mass production by 2030, claiming a global leadership position in solid-state battery research and industrialization [2][5] - Guoxuan High-Tech has completed its first experimental line for solid-state batteries with a design capacity of 0.2 GWh and plans to establish a 12 GWh quasi-solid-state production line [2][6] - Qingtao Energy is collaborating with SAIC to mass-produce solid-state vehicles by 2027 [2][7] Key Developments in Solid-State Battery Technology - The solid interface contact issue is being addressed through interface engineering modifications and breakthroughs in materials and processes [2][8] - Companies recommended for attention in this sector include Rongqi Technology and Xikuang Co., as well as Naknor and Kexin Electromechanical [2][8] Market Demand and Production Capacity - It is expected that orders for lithium battery equipment will significantly increase by the end of this year and into next year, benefiting companies like Rongqi Technology and Xikuang Co. [4][9] - By 2030, global shipments of power batteries and energy storage batteries are projected to reach 5.1 TWh, necessitating over 6 TWh of lithium equipment production capacity [4][9] - Current lithium equipment capacity utilization is at 91%, with a forecasted global lithium capacity of 2.2 TWh by the end of 2025, indicating a need for an additional 2.8 TWh of capacity before 2030 [4][10] Financial Insights and Capital Expenditure - Major companies in the lithium battery sector, including CATL, have reported significant capital expenditures, with a total exceeding 49 billion RMB in the first three quarters of 2025, marking a 35% year-on-year increase [10] - CATL's construction investment reached 37.366 billion RMB, a 48% increase year-on-year, reflecting optimistic expectations for the power and energy storage battery sectors [10] Military Industry Trends and Company Positioning - The military industry, particularly in domestic demand, is currently underappreciated but is at a critical transition point [11] - Guangqi Technology is a leader in the metamaterials sector, with a strong foundation in R&D and a significant share of the global market for related publications [11][12] - The company has diversified into drone technology and automotive testing, achieving notable progress and securing a 2 billion RMB procurement contract [12] - Revenue projections for Guangqi Technology over the next three years are 2.5 billion RMB, 5.6 billion RMB, and 7.5 billion RMB, with corresponding profits of 960 million RMB, 1.88 billion RMB, and 2.35 billion RMB [12]

Summary of Conference Call Records Industry Overview: Solid-State Battery Market - The solid-state battery market is driven by policies, corporate R&D, and technological breakthroughs, including a 6 billion RMB R&D initiative by the Ministry of Industry and Information Technology (MIIT) in 2024, and advancements from companies like SAIC and CATL [2][3] - CATL plans to begin small-scale production of solid-state batteries by 2027 and aims for mass production by 2030, claiming a global leadership position in solid-state battery research and industrialization [2][5] - Guoxuan High-Tech has completed its first experimental line for solid-state batteries with a design capacity of 0.2 GWh and plans to establish a 12 GWh quasi-solid-state production line [2][6] - Qingtao Energy is collaborating with SAIC to mass-produce solid-state vehicles by 2027 [2][7] Key Developments in Solid-State Battery Technology - The solid interface contact issue is being addressed through interface engineering modifications and breakthroughs in materials and processes [2][8] - Companies recommended for attention in this sector include Rongqi Technology and Xikuang Co., as well as Naknor and Kexin Electromechanical [2][8] Market Demand and Production Capacity - It is expected that orders for lithium battery equipment will significantly increase by the end of this year and into next year, benefiting companies like Rongqi Technology and Xikuang Co. [4][9] - By 2030, global shipments of power batteries and energy storage batteries are projected to reach 5.1 TWh, necessitating over 6 TWh of lithium battery equipment capacity [4][9] - Current lithium battery equipment capacity utilization is at 91%, with a forecasted capacity of 2.2 TWh by the end of 2025, indicating a need for an additional 2.8 TWh of capacity before 2030 [4][10] Financial Insights and Capital Expenditure - Major domestic companies, including CATL, EVE Energy, and Guoxuan High-Tech, have reported a total capital expenditure exceeding 49 billion RMB in the first three quarters of 2025, reflecting a 35% year-on-year increase [10] - CATL's investment in construction projects reached 37.366 billion RMB, a 48% increase year-on-year, indicating a strong optimistic outlook for the power and energy storage battery sectors [10] Military Industry Trends and Company Positioning - The military industry, particularly in domestic demand, is currently underappreciated but is at a critical transition point [11] - Guangqi Technology is a leader in the metamaterials sector, with a significant share of the global market and a strong focus on developing artificial composite materials for defense applications [11][12] - The company has made significant advancements in drone technology and has secured a 2 billion RMB procurement contract, indicating its competitive edge in military equipment and emerging applications [12] Financial Projections for Guangqi Technology - Revenue projections for Guangqi Technology over the next three years are 2.5 billion RMB, 5.6 billion RMB, and 7.5 billion RMB, with corresponding profits of 960 million RMB, 1.88 billion RMB, and 2.35 billion RMB, highlighting its strong technological barriers and leadership in the domestic military and civilian sectors [12]

Core Viewpoint - The announcement by Guangqi Technology Co., Ltd. regarding the complete release of share pledges by its controlling shareholder signifies a strategic shift towards optimizing its equity structure and enhancing long-term development prospects [1][2]. Group 1: Debt Management and Share Pledge Release - The controlling shareholder, Tibet Yingbang Industrial Development Co., Ltd., has completed a series of debt management actions, resulting in the total release of share pledges [1]. - This move is expected to facilitate the company's entry into institutional investment and index inclusion, marking the beginning of a new phase of high-quality development [1][2]. - The company has invested over 8 billion yuan in building a super materials research and manufacturing platform, which has led to a high share pledge rate [1]. Group 2: Production Capacity and Market Position - Guangqi Technology is focusing on its core business, with the successful release of production capacity at its 709 base and accelerated establishment of production bases in Zhuzhou, Tianjin, and Leshan [2]. - The company has attracted over 30 fund institutions as shareholders, including major ETFs related to military and aerospace sectors [2]. - With the share pledge rate reduced to zero, the company is now positioned to meet index selection criteria, which is expected to attract long-term capital support and enhance its research and production capabilities [2]. Group 3: Future Outlook - The release of share pledges represents a critical turning point for Guangqi Technology, allowing it to operate without historical burdens and marking a new starting point for high-quality development [2]. - The completion of local state-owned asset-related fees and taxes further strengthens the expectation of institutional capital inflow, alongside positive signals of credit rating upgrades [2]. - As the only innovative enterprise in China achieving a fully controllable super materials industry chain, Guangqi Technology is poised to play a significant role in the upgrading of advanced equipment and the development of new productive forces [2].