公司代码：688646 公司简称：ST逸飞 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已于本报告中详述公司在经营过程中可能面临的相关风险，详见本报告第三节"管理层讨论与分 析"中"四、风险因素"的相关内容。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人情况表 □适用 √不适用 2.5截至报告期末表决权数 ...

激光切割行业展现出应用领域持续拓展和定制化需求增长的趋势。随着制造业快速发展和激光技术的不断进步，激光切割机凭借其精度高、速度 快、加工效果好等优势，在现代制造领域占有越来越重要的地位。 2025中国国际工业博览会将于今年9月23-27日在国家会展中心（上海虹桥）举办。数控机床与金属加工展作为核心专业展之一，将会有众 多国内外知名展商齐聚展会现场同台竞技。 （2 . 1H、3H、4 . 1H为机床展区） 金属成形机床作为金属加工领域的重要设备，具有生产效率高、产品质量好、节能和技术集成程度高等优点。本届展会聚焦金属成形机床领域的 最新成果和技术突破，展示最新研发的高精度、高效率机床，满足航空航天、汽车制造等领域对精密加工的需求。随着现代技术的不断发展，金 属成形机床集成了伺服技术、自动化技术、智能控制技术等多种先进技术，正逐渐向精密化、高效化和智能化方向发展，为装备制造业发展提供 有力支撑。 1. 数控激光切割设备 重点展品推荐 3H-B088 邦德激光 P系列高性能板材激光切割机 25％同级别之王，效率之王；4G 200m/min 瞬间到位；激光扫描切，全面颠覆；扫描切割区域内， 能量吸收率高；无惧高 反， ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即金鹰科技创新股票A，持股增加占比达 0.41%。本期较上一季度新披露的公募基金共计2个，包括兴全商业模式混合(LOF)A、南华丰淳混合 A。本期较上一季未再披露的公募基金共计11个，主要包括景顺长城新能源产业股票A类、金鹰中小盘 精选混合A、广发科创主题灵活配置混合(LOF)、国联价值成长6个月持有混合A、华西优选价值混合发 起等。 2025年8月23日，联赢激光(688518.SH)发布2025年半年度报告。截至2025年8月22日，共有31个机构投 资者披露持有联赢激光A股股份，合计持股量达3923.87万股，占联赢激光总股本的11.50%。其中，前 十大机构投资者包括深圳市汇通金控基金投资有限公司、中国工商银行股份有限公司-金鹰科技创新股 票型证券投资基金、国家制造业转型升级基金股份有限公司、晋江壹点纳锦资产管理有限公司-壹点纳 锦冠宏六期私募证券投资基金、景顺长城基金-中国人寿保险股份有限公司-分红险-景顺长城基金国寿股 份成长股票型组合单一资产管理计划(可供出售)、中国光大银行股份有限公司-兴全商业模式优选混合型 证券投资基金(LOF)、金鹰核 ...

深圳市联赢激光股份有限公司 关于 2025 年度"提质增效重回报"行动方案 的半年度评估报告 为践行"投资者为本"的发展理念，进一步提升公司经营效率，强化市场竞争 力，保障投资者权益，深圳市联赢激光股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日披露了 2025 年度"提质增效重回报"行动方案，公司根据行动方案 内容开展和落实各项工作，现将 2025 年上半年实施情况报告如下： 报告期内，公司新增申请专利 108 项，其中发明专利 36 项；新增申请软件 著作权 16 项；截至报告期末，公司新增获得有效专利 43 项，其中发明专利 4 项；新增获得软件著作权 12 项。报告期内，公司凭借"一种随动式环形滑轨自 动送料装置"的发明专利荣获"第二十五届中国专利优秀奖"。 报告期内，公司完成了 300W/500W 风冷光纤激光器开发，满足消费电子产 品、医疗器械加工等精细焊接需求；完成了 6KW、12KW 高功率激光器开发， 满足大型工程机械、船舶重工等大型工件焊接应用场景的需求。公司针对固态电 池生产对设备的新需求，研发了多台用于固态电池生产的激光焊接设备及激光清 洗机和涂胶机，为行业头部客户研 ...

证券代码：688518 证券简称：联赢激光 公告编号:2025-022 深圳市联赢激光股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 首次公开发行股票注册的批复》（证监许可〔2020〕801 号）文核准，并经上海 证券交易所同意，公司由主承销商中山证券有限责任公司采用询价方式，向社会 公众公开发行人民币普通股（A 股）股票 7,480.00 万股，发行价为每股人民币 募集资金为 52,907.59 万元，已由主承销商中山证券有限责任公司于 2020 年 6 月 1 日汇入公司募集资金监管账户。另减除上网发行费、招股说明书印刷费、申 报会计师费、律师费、评估费等与发行权益性证券直接相关的新增外部费用 情况业经天健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（天 健验〔2020〕3-42 号）。 向特定对象发行股票注册的批复》（证监许可〔2022〕2965号）文核准，并经上 海证券交易所同意，公司由主承销商中信证券股份有限公司采用竞价方式，向 ...

格隆汇8月22日丨联赢激光(688518.SH)公布，2025上半年实现营业总收入15.33亿元，同比增长5.3%； 归属母公司股东净利润5791.86万元，同比增长13.16%；基本每股收益为0.17元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the opportunity for domestic substitution in laser drilling technology for PCBs, driven by advancements in AI and the increasing complexity of PCB manufacturing [1][11]. - The global PCB laser drilling equipment market is projected to grow, with Asia dominating the market share due to strong manufacturing capabilities in countries like China, Japan, and South Korea [48][49]. Summary by Sections Section 1: PCB Expansion and Technology Iteration - The production process of different types of PCBs involves various key equipment, including drilling, exposure, plating, and lamination [8]. - The global scale distribution of PCB production equipment in 2024 is detailed, with significant investments in drilling and exposure equipment [9]. Section 2: Laser Drilling Technology - Laser drilling technology is categorized into CO2, UV, and ultrafast lasers, each with specific applications in PCB manufacturing [20][21]. - The penetration rate of laser drilling technology is expected to increase due to the rising demand for high precision and smaller hole sizes in PCBs [19][39]. - The report discusses the advantages of ultrafast laser drilling, including minimal thermal impact and high-quality hole production, which is crucial for high-frequency signal transmission [43]. Section 3: Market Dynamics - The global PCB laser drilling equipment market size was approximately $917 million in 2023, with CO2 laser drilling machines holding over 70% market share [48]. - The report emphasizes the leading position of international manufacturers in the laser drilling equipment market, while also highlighting the potential for domestic manufacturers to accelerate their market presence [51][52]. Section 4: Domestic Manufacturer Developments - Domestic companies like Dazhu CNC are expanding their product lines to cover various laser drilling technologies, indicating a shift towards local production capabilities [52][54]. - The report outlines the advancements and product offerings of several domestic manufacturers, showcasing their efforts to meet the growing demands of the PCB industry [53].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Views - The company achieved steady revenue growth, with H1 2025 revenue reaching 1.17 billion yuan, a year-on-year increase of 29.2%, and a net profit of 327 million yuan, up 38.37% year-on-year [1]. - The company has made significant technological breakthroughs in the BC battery sector, particularly in laser micro-etching technology, which has replaced traditional photolithography processes, thereby reducing costs and enhancing production efficiency [4]. - The company is expected to continue its growth trajectory, with projected net profits of 615 million yuan, 675 million yuan, and 717 million yuan for 2025, 2026, and 2027, respectively [4]. Financial Performance - In H1 2025, the company's laser processing equipment for batteries generated revenue of 1.156 billion yuan, a 29.64% increase year-on-year, with a gross margin of 47.57% [2]. - The company has effectively controlled costs during the industry downturn, reducing its expense ratio by 6.05 percentage points to 13.84% [2]. - As of the end of Q2 2025, the company's contract liabilities decreased by 17.09% year-on-year to 1.58 billion yuan, primarily due to slowed capital expenditures in the downstream sector [3]. Research and Development - The company maintained high R&D investment levels, with H1 2025 R&D expenses amounting to 121 million yuan, accounting for 10.31% of revenue [4]. - The company achieved breakthroughs in the photovoltaic sector, enhancing the quality and efficiency of component production through innovative laser welding solutions [4]. Profitability and Valuation - The company is projected to have a P/E ratio of 34 for 2025, with expected revenue growth rates of 15.10% for 2025 and 5.28% for 2026 [5][4]. - The report forecasts a steady increase in net profit margins, with a projected return on equity (ROE) of 15.47% for 2025 [5][13].

Summary of the Conference Call for Diode Laser Technology Company Overview - The company discussed is Diode Laser Technology, focusing on advancements in laser technology for photovoltaic (PV) applications and PCB equipment. Key Points and Arguments Financial Performance - In the first half of 2025, Diode Laser reported a revenue of 1.17 billion yuan, a year-on-year increase of 29.2% [3] - Net profit reached 327 million yuan, up 38.37% year-on-year [3] - Gross margin improved to 47.64%, an increase of 1.07 percentage points [3] - The company’s debt-to-asset ratio decreased to 44.33%, indicating enhanced solvency [4] Technological Advancements - Significant progress was made in TOPCon and BC battery laser technologies, with new orders for laser micro-etching equipment and selective thinning processes [2][5] - The company is focusing on new laser welding processes to improve component efficiency [5] - Diode Laser is entering the PCB equipment sector, leveraging its expertise in solid-state femtosecond and picosecond lasers to innovate new processes [6] Market Position and Strategy - The company plans to expand its offerings in PV equipment, including TOPCon and BC battery technologies, and is also investing in non-PV sectors such as TTV packaging and semiconductor applications [7] - Diode Laser maintains close partnerships with leading laser source manufacturers to ensure supply chain stability [14] Future Outlook - The company anticipates an expansion of BC battery capacity to 50-60 GW in 2025, driven by investments from existing clients and new customer expansions [9][11] - There is a strong expectation for increased demand for BC battery technologies in the second half of the year, particularly in Guangdong [11] - The company is optimistic about future orders, with expectations of new capacity additions from various regions [11] R&D Focus - Continued investment in non-PV R&D, particularly in TTV and PCB applications, is planned to adapt to industry changes driven by AI [13] - The company is exploring the potential of solid-state lasers to replace existing CO2 laser applications, aiming for industry transformation [8][20] Order and Contract Status - The company reported a stable order backlog, with contract liabilities around 1.58 billion yuan, reflecting a steady demand for its products [4][18] - New orders for BC and TOPCon technologies are expected to contribute significantly to revenue, with a projected addition of 50-60 GW of battery capacity for the year [15][29] Challenges and Industry Dynamics - Despite pressures in the photovoltaic industry, Diode Laser is committed to leveraging innovative laser technologies to enhance efficiency and reduce costs [29] - The company is aware of the competitive landscape and aims to differentiate itself through technological advancements [29] Additional Important Insights - The company is actively testing solid-state laser technologies and expects positive developments in the near future [17] - The PCB sector is a new focus area, with ongoing collaborations with top clients to refine laser drilling processes [27][28] - The company is also exploring the application of laser technology in copper paste and electroplating processes, with significant potential for new orders [22][24] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's financial performance, technological advancements, market strategies, and future outlook.

Financial Performance - In the first half of 2025, the company's operating revenue reached 1.17 billion CNY, representing a year-on-year growth of 29.20% [3] - The net profit attributable to shareholders was 327 million CNY, with a year-on-year increase of 38.37% [3] - The net cash flow from operating activities was -143 million CNY, a decline of 35.03% compared to the previous year [3] - The gross profit margin for the first half of 2025 was 47.64%, an increase of 1.07 percentage points year-on-year [3] - The net profit margin improved to 27.92%, up from 26.07% in the same period of 2024 [3] - As of June 30, 2025, the company's inventory was 1.753 billion CNY, a slight increase of 1.72% from the beginning of the year [3] Business Operations - The company has achieved new orders for laser micro-etching equipment applied to back-contact batteries (BC) and has successfully introduced mass production orders for laser selective thinning (TCP) equipment for TOPCon batteries [5] - The company is developing a new laser welding process that simplifies production, reduces damage to battery cells, and enhances welding quality and component efficiency [5] - The TGV laser micro-hole equipment has completed the shipment of panel-level glass substrate through-hole equipment, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [5] Industry Outlook - The company has a strong technical reserve in various photovoltaic processes and will continue to promote new laser technologies in the photovoltaic industry, as well as in non-photovoltaic fields such as display panels and integrated circuits [6] - The expected expansion demand for BC capacity is projected to be 50-60 GW in 2025 [9] Investor Interaction - The company is actively developing laser drilling technology for the PCB industry, with the current laser drilling business in testing and not yet generating revenue [7] - The company maintains close cooperation with top global laser source manufacturers, ensuring stable supply and addressing trade risks through partnerships with domestic laser source companies [6]