Group 1: Luxshare Precision (立讯精密) - The company has developed core capabilities across the entire industrial chain in the humanoid robot sector, capable of independently completing precision processing of key components such as harmonic gears, except for batteries and some joint modules [1] - Luxshare has a well-established automotive business with a diverse product matrix, including high and low voltage harnesses, high-speed harnesses, special harnesses, and fast-charging guns, all of which have shown strong development momentum globally [1] Group 2: Desay SV (德赛西威) - The company possesses global leading capabilities in the intelligent sector and has gained recognition from numerous overseas clients, with plans to systematically and steadily enter various regional markets [2] - Desay SV adheres to a value proposition of "open, full-stack, and rapid realization," focusing on innovation and collaboration to build initial cases and accumulate full-stack system capabilities, thereby expanding its ecosystem and reinforcing competitive barriers [2] Group 3: Jinyinhai (金银河) - The company has developed a two-stage low-temperature sulfuric acid lithium extraction technology that outperforms traditional high-temperature sulfate methods in terms of environmental and economic benefits, producing battery-grade lithium carbonate and other high-value by-products [3] - This technology addresses solid waste pollution issues associated with traditional processes and has multiple barriers in technology, processes, and equipment, taking nearly ten years from R&D to mass production [3] - The company has secured long-term orders for rubidium and cesium salts, which are used in fields such as atomic clocks, quantum physics, aerospace, and perovskite batteries, indicating a promising future [3] Group 4: Century Huatong (世纪华通) - The games launched in 2023 continue to set new records, with no observed peak in their lifecycle, and the game "Kingshot" is breaking overseas records for "Whiteout Survival," indicating a larger overseas market with more users [4] - The company has tested multiple products at a low cost and has released no fewer than 20 products since 2023, with hit games driven by data [4] - The casual gaming segment has a long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [4]

Investment Rating - The report maintains a "Recommended" rating for the company [11]. Core Views - The company has likely entered a high-growth phase characterized by strong performance elasticity, driven by increasing orders in the lithium battery equipment sector and the development of solid-state battery technology [2][3]. - The company's revenue for Q3 2025 reached 1.371 billion yuan, a year-on-year increase of 7.33%, while net profit attributable to shareholders surged by 220.37% to 12 million yuan [2]. - The lithium battery equipment segment is benefiting from renewed demand in the lithium industry and the expansion of solid-state battery production, which is expected to enhance the company's competitive advantage [3]. - The organic silicon equipment and products segment remains stable, with strong profitability due to continuous technological innovation and high customer loyalty [3]. - The company is set to experience structural growth in its performance with the commencement of its high-purity rubidium and cesium salt production project [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 20.42%, up 1.65 percentage points year-on-year, and a net profit margin of 0.3%, marking a significant recovery from previous losses [4]. - The operating cash flow turned positive, reaching 256 million yuan, compared to a negative 455 million yuan in the same period last year, indicating improved cash flow management [10]. Business Segments - **Lithium Battery Equipment Segment**: The company has successfully entered the solid-state battery production equipment market, with significant order growth and improved cash flow [3]. - **Organic Silicon Equipment and Products Segment**: The company maintains its leadership position globally, with a focus on high-end materials and continuous innovation [3]. - **Rubidium and Cesium Salt Project**: The completion of the high-purity salt production project is expected to drive significant structural growth in the company's performance [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.05 billion, 4.24 billion, and 5.90 billion yuan, respectively, with corresponding net profits of 606.5 million, 782.9 million, and 1.39 billion yuan [11][12].

Core Insights - The company Jin Yin He announced that specific shareholder Xin Zhiyong plans to reduce his holdings by up to 617,500 shares within three months, indicating a potential "clearance-style" sell-off, which may lead to him no longer holding shares in the company [1] - The timing of this reduction coincides with the release of a poor half-year report for 2025, where the company reported a revenue of 660 million yuan, a year-on-year decline of 17.70%, and a net profit loss of 42.165 million yuan, marking the second consecutive year of mid-year losses with an expanding deficit [1][2] - The company's profitability indicators are deteriorating, with a net profit margin dropping from -2.28% in the first half of 2024 to -7.17% in 2025, and a gross profit margin decreasing by 0.79 percentage points to 17.68% [1] Financial Performance - In Q2 2025, the company achieved a revenue of 512 million yuan, a year-on-year increase of 12.68%, and a non-recurring net profit growth of 674.42%, but the sustainability of this improvement remains uncertain [1] - The inventory turnover days reached 234.93 days in the first half of 2025, an increase of 48.67% year-on-year, indicating a serious inventory backlog and reduced capital efficiency [1][2] - As of June 2025, accounts receivable stood at 1.04 billion yuan, with accounts receivable turnover days increasing to 280 days, reflecting a 23% year-on-year rise [2] Cash Flow and Financial Health - The net cash flow from operating activities for the first half of 2025 was -38 million yuan, despite some improvement from 2024, indicating ongoing financial pressure [2] - The company's debt-to-asset ratio was 62.19% in the first half of 2025, a slight increase of 0.41 percentage points year-on-year, reversing a two-year declining trend [2] Strategic Initiatives - The Jiangxi Jinde lithium project faces low capacity utilization issues, with full production of rubidium and cesium salt products not expected until the second half of 2025 [2] - The company is pinning hopes on the new project’s launch, with self-developed low-temperature sulfuric acid lithium extraction technology promising low energy consumption, high recovery rates, and environmental benefits [2][3] - The expected launch of the rubidium and cesium salt project is anticipated to drive rapid revenue and profit growth, although uncertainties remain regarding the realization of this expectation [3]