Core Viewpoint - The company, 德新科技 (603032.SH), clarifies that it does not directly produce solid-state batteries, despite market speculation regarding its involvement in this trending technology [1] Group 1: Company Operations - The company's subsidiary, 东莞致宏精密模具有限公司, provides high-precision cutting molds and solutions for lithium battery production and new energy equipment manufacturing [1] - The products offered by the subsidiary are designed to meet various production processes, product performance, and application requirements [1]

Core Viewpoint - The company clarifies that it does not directly produce solid-state batteries, despite the current market interest in this concept [1] Group 1: Company Operations - The company's subsidiary, Dongguan Zhihong Precision Mould Co., Ltd., provides high-precision cutting molds and solutions for downstream lithium battery manufacturers and new energy equipment manufacturers [1] - The products offered by the subsidiary meet various production processes, product performance, and application requirements [1]

Core Viewpoint - The company clarifies that it does not directly produce solid-state batteries, despite market speculation surrounding the solid-state battery concept [1] Company Overview - The company’s subsidiary, Dongguan Zhihong Precision Mould Co., Ltd., provides high-precision automatic cutting molds and die-cutting knives for downstream lithium battery manufacturers and new energy equipment manufacturers [1] - The products and solutions offered by the subsidiary meet various production processes, product performance, and application requirements [1]

Core Viewpoint - The company, DeXin Technology (603032), clarifies that it does not directly produce solid-state batteries, despite market speculation regarding its involvement in this area [1] Company Summary - DeXin Technology's subsidiary, Dongguan Zhihong Precision Mould Co., Ltd., provides high-precision cutting molds and solutions for lithium battery manufacturers and new energy equipment manufacturers [1] - The company offers a range of products that meet various production processes, product performance, and application requirements [1]

Core Viewpoint - The company clarifies that it does not directly produce solid-state batteries, despite market speculation regarding its involvement in this technology [1] Company Overview - The company's subsidiary, Dongguan Zhihong Precision Mould Co., Ltd., provides high-precision cutting molds and solutions for lithium battery manufacturers and new energy equipment manufacturers [1] - The products offered by the subsidiary are designed to meet various production processes, product performance, and application requirements [1]

Core Insights - The company reported a total revenue of 1.204 billion yuan for the first half of 2025, representing a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders was -26.7993 million yuan, showing a significant improvement of 62.63% compared to the previous year [1] - The company's short-term debt pressure has increased, with a current ratio of 0.53 [1] Financial Performance - Total revenue for Q2 2025 was 643 million yuan, up 8.05% year-on-year [1] - Q2 net profit attributable to shareholders was -10.5468 million yuan, an increase of 75.71% year-on-year [1] - Gross margin improved to 12.78%, a rise of 7.24% year-on-year [1] - Net margin improved to -2.8%, an increase of 56.41% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 124 million yuan, accounting for 10.33% of revenue, down 22.29% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) was -0.05 yuan, an improvement of 64.29% year-on-year [1] - Operating cash flow per share was 0.03 yuan, a significant increase of 167.92% year-on-year [1] - The company's net asset per share decreased to 0.42 yuan, down 50.58% year-on-year [1] - The company has a historical median ROIC of 5.49%, indicating average investment returns [3] - The company has experienced five years of losses since its listing, raising concerns about its financial stability [3] Cash Flow and Debt Analysis - Cash flow metrics indicate that cash and cash equivalents represent only 3.08% of total assets and 5.27% of current liabilities [3] - The interest-bearing debt ratio has reached 21.22%, with total interest-bearing debt to average operating cash flow ratio at 11.05% [3] - The financial expenses to average operating cash flow ratio stands at 141.97%, highlighting potential financial strain [3]

Core Viewpoint - The recent financial report of Haitai Technology (301022) shows significant growth in revenue and net profit for the first half of 2025, indicating a strong performance despite rising accounts receivable and declining gross margin [1]. Financial Performance - Total revenue for the first half of 2025 reached 386 million yuan, a year-on-year increase of 24.86% [1]. - Net profit attributable to shareholders was 36.38 million yuan, up 383.49% compared to the previous year [1]. - In Q2 2025, total revenue was 194 million yuan, reflecting a 14.62% increase year-on-year, while net profit for the quarter was 22.46 million yuan, up 208.26% [1]. - The gross margin decreased to 16.07%, down 23.38% year-on-year, while the net margin improved to 9.43%, an increase of 287.23% [1]. - The total of selling, administrative, and financial expenses was 6.05 million yuan, accounting for 1.57% of revenue, a significant decrease of 88.53% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable increased to 413 million yuan, a year-on-year growth of 33.66% [1]. - The company reported a decrease in cash and cash equivalents by 32.95% year-on-year [1]. - The operating cash flow per share was -0.27 yuan, a decline of 129.51% compared to the previous year [1]. Market Position and Business Model - The company's return on invested capital (ROIC) was 3.53% last year, indicating a relatively weak capital return [3]. - The historical median ROIC since the company went public is 10.23%, suggesting better investment returns in the past [3]. - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects [3]. External Factors - The impact of US-China tariff disputes on the company is minimal, as only 3.93% of sales are to the US, with the majority of exports directed towards Europe [4]. - The company has accounted for tariff impacts in its pricing strategy, with some export duties covered by foreign customers [4].

Group 1 - Shanghai Zhimo Future Mould Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Wu Xisheng [1] - The business scope includes sales of moulds, plastic products, metal products, and mechanical equipment, as well as research and development in these areas [1]

Core Viewpoint - The independent financial advisor report indicates that Qingdao Haitai Technology Molding Technology Co., Ltd. has achieved the conditions for the second vesting period of its 2023 restricted stock incentive plan, allowing eligible participants to apply for stock vesting [10][16]. Summary by Sections Independent Financial Advisor Report - The report is prepared by Shanghai Rongzheng Enterprise Consulting Service (Group) Co., Ltd. regarding the second vesting period of the restricted stock incentive plan for Qingdao Haitai Technology [1][2]. - The report confirms that the necessary approvals and authorizations for the incentive plan have been obtained, complying with relevant regulations [16]. Conditions for Vesting - The second vesting period is defined as the period from the first trading day after 24 months from the grant date to the last trading day within 36 months from the grant date [8]. - The grant date for the incentive plan is September 1, 2023, and the conditions for vesting include no adverse audit opinions and the fulfillment of performance targets [6][10]. Performance Targets - The performance assessment for the incentive plan spans three accounting years (2023-2025), with specific revenue growth targets set for each vesting period: - First vesting period requires a minimum revenue growth of 10% based on 2022 revenue - Second vesting period requires a minimum growth of 20% - Third vesting period requires a minimum growth of 30% [8][9]. Eligible Participants and Stock Details - A total of 118 eligible participants can apply for 559,830 shares of restricted stock in the second vesting period, with 12,560 shares being canceled due to unmet vesting conditions [10][12]. - The initial grant price for the restricted stock was set at 15.62 RMB per share, which has been adjusted to 15.36 RMB per share following the company's equity distribution plan [13][14]. Conclusion - The independent financial advisor concludes that the conditions for the second vesting period have been met, and the company is authorized to proceed with the vesting process in accordance with the incentive plan and relevant regulations [16].

Core Viewpoint - The legal opinion letter from Shandong Guoyao Qindao Law Firm confirms the adjustments to the stock incentive plan of Qingdao Haitai Technology Co., Ltd, including the adjustment of grant prices, the achievement of vesting conditions for the second vesting period, and the cancellation of certain unvested restricted stocks. Group 1: Approval and Authorization - The company held its 11th meeting of the second board on August 10, 2023, where it approved the draft of the 2023 restricted stock incentive plan and related matters [5][6] - The company’s supervisory board also approved the relevant proposals during its 11th meeting on August 10, 2023 [6] - The company conducted a public announcement of the incentive object list from August 11 to August 20, 2023, with no objections received [6][7] Group 2: Adjustment Details - The adjustment of the grant price was necessitated by the company's profit distribution plan, which involved a cash dividend of 2.999782 yuan per 10 shares [10] - The adjusted grant price for the restricted stock is 15.06 yuan per share, down from the previous 15.36 yuan per share [10][11] - The adjustment method follows the formula P = P0 - V, ensuring that the adjusted price remains above 1 yuan [10] Group 3: Vesting Conditions - The second vesting period for the incentive plan is set from September 1, 2025, to the last trading day within 36 months from the grant date [11] - The achievement of vesting conditions includes the absence of adverse audit reports and compliance with performance targets [12][13] - The performance targets for the three-year plan require a minimum revenue growth of 10% for 2023, 20% for 2024, and 30% for 2025, based on 2022 revenue [14][15] Group 4: Cancellation of Restricted Stocks - A total of 12,560 shares of restricted stock will be canceled due to one individual leaving the company and three others not meeting performance criteria [19] - The cancellation aligns with the provisions of the Company Law and relevant regulations [19] Group 5: Information Disclosure - The company has fulfilled its information disclosure obligations as required by the Management Measures and Self-Regulatory Guidelines [20] - Ongoing compliance with disclosure requirements will continue as the incentive plan progresses [20]