证券日报网讯曼恩斯特（301325）11月25日在互动平台回答投资者提问时表示，公司长期深耕于锂电池 前段制程工艺，在固态电池领域已初步完成干湿法双线产品布局，在新型陶瓷材料、双螺杆高效分散、 薄涂及双层共涂等技术均有创新优势。今年推出的固态电池极片制造解决方案，将干法电极与固态电解 质薄涂技术创新融合，可以有效控制前段制程良率以及提高产品一致性，目前多款设备已顺利交付并获 得客户认可。 ...

曼恩斯特（301325.SZ）11月25日在投资者互动平台表示，公司长期深耕于锂电池前段制程工艺，在固 态电池领域已初步完成干湿法双线产品布局，在新型陶瓷材料、双螺杆高效分散、薄涂及双层共涂等技 术均有创新优势。今年推出的固态电池极片制造解决方案，将干法电极与固态电解质薄涂技术创新融 合，可以有效控制前段制程良率以及提高产品一致性，目前多款设备已顺利交付并获得客户认可。 （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：请问公司在固态电池领域有何优势？ ...

格隆汇11月25日丨曼恩斯特(301325.SZ)在互动平台表示，公司长期深耕于锂电池前段制程工艺，在固 态电池领域已初步完成干湿法双线产品布局，在新型陶瓷材料、双螺杆高效分散、薄涂及双层共涂等技 术均有创新优势。今年推出的固态电池极片制造解决方案，将干法电极与固态电解质薄涂技术创新融 合，可以有效控制前段制程良率以及提高产品一致性，目前多款设备已顺利交付并获得客户认可。 ...

曼恩斯特（301325.SZ）11月25日在投资者互动平台表示，公司长期深耕于锂电池前段制程工艺，在固 态电池领域已初步完成干湿法双线产品布局，在新型陶瓷材料、双螺杆高效分散、薄涂及双层共涂等技 术均有创新优势。今年推出的固态电池极片制造解决方案，将干法电极与固态电解质薄涂技术创新融 合，可以有效控制前段制程良率以及提高产品一致性，目前多款设备已顺利交付并获得客户认可。 （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：请问贵司是否有固态电池整线生产线，或是否有技术 储备可以制造？ ...

Core Viewpoint - Mannester (301325) reported mixed financial results for the first half of 2025, with significant revenue growth but a substantial decline in net profit, indicating potential operational challenges ahead [1]. Financial Performance - Total revenue for the first half of 2025 reached 560 million yuan, a year-on-year increase of 59.93% compared to 350 million yuan in 2024 [1]. - The net profit attributable to shareholders was -23.51 million yuan, a decline of 132.66% from a profit of 72.04 million yuan in the previous year [1]. - In Q2 2025, total revenue was 122 million yuan, down 26.85% year-on-year, with a net profit of -29.11 million yuan, a decrease of 298.71% [1]. - The gross margin was 26.21%, down 51.99% from 54.60% in 2024, while the net margin was -4.24%, a drop of 125.71% from 16.50% [1]. - Total expenses (selling, administrative, and financial) amounted to 114 million yuan, accounting for 20.4% of revenue, a decrease of 17.1% year-on-year [1]. Cash Flow and Debt - The company has a healthy cash asset position, but the operating cash flow has been negative, with a three-year average of -3.44% when compared to current liabilities [2][4]. - The accounts receivable to net profit ratio reached 1787.22%, indicating a significant amount of receivables relative to profit [1][4]. Business Model and Strategy - The company's performance is primarily driven by research and development as well as marketing efforts, necessitating a deeper examination of these underlying drivers [3]. - Mannester has made strides in the solid-state battery sector, launching various manufacturing solutions at the CIBF exhibition, indicating a dual-line product strategy with both dry and wet processes [5].

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core View of the Report The report focuses on the research of Mannster. The company has multiple business layouts, mainly based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials and build a multi - parallel industrial layout of "new energy + pan - semiconductor", covering sectors such as lithium batteries, pan - semiconductors, energy storage, and robots. Although the company's business in the solid - state battery field has made certain progress, the large - scale application of dry - film manufacturing technology still faces challenges, and the robot business is in the early 0 - 1 investment stage [22][24][25]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Mannster, and the reception time is June 17, 2025. The listed company's reception personnel include the board secretary Peng Yalin, the securities affairs representative Xu Bijiu, and the securities affairs specialist Zhou Yuan [16]. 3.2 Detailed Research Institutions - The research institutions include investment companies (such as Ruimin Investment, Shansi Investment), securities companies (such as CICC, GF Securities), fund management companies (such as Boshi Fund, Huaxi Securities), asset management companies (such as Hongsike Asset Management), and other types of institutions [17][18][19]. 3.3 Research Institution Proportion - Investment companies account for 16%, other types account for 33%, securities companies account for 30%, fund management companies account for 16%, and asset management companies account for 5% [20]. 3.4 Main Content Data 3.4.1 Solid - State Battery Field - The company has provided test experiments on dry - film manufacturing and wet - electrolyte thin - coating processes for many domestic and foreign enterprises. In May 2025, it launched a solid - state battery pole piece manufacturing solution at the CIBF exhibition, with a preliminary "wet + dry" product layout. Multiple core products have received orders and are being delivered, and some equipment has met customer requirements [22]. - The company's dry - process equipment has advantages. Based on more than ten years of industrial application experience in wet - coating core components, it has in - depth research on high - uniformity film layer preparation. It started researching dry - film manufacturing technology around 2020, and its self - developed dry - process equipment has years of test and verification data. It has proposed an upgrade plan for lithium - battery equipment using new ceramic materials, developed ceramic products, and has a complete solid - state battery pole piece manufacturing solution with multiple process routes. The electrolyte thin - coating technology can control the dry - film thickness between 1 - 15μm [23][24]. 3.4.2 Robot Business - The company's robot business includes products such as micro - linear electric cylinders, dexterous hands, and electric grippers. The micro - linear electric cylinder has received a small number of sample orders, but it is still in the 0 - 1 early investment stage, and there is great uncertainty in industry development and business expansion [24][25]. 3.4.3 Company Strategy - The company's business layout is based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials, build a multi - parallel industrial layout of "new energy + pan - semiconductor", and implement the strategic positioning of a coating technology platform - type enterprise [25].

Group 1: Company Overview and Investor Relations - The investor relations activity involved 43 institutions, including various funds and securities companies [2] - The meeting took place on June 17, 2025, at the company's conference room in Shenzhen [2] Group 2: Solid-State Battery Technology - The company has made significant progress in solid-state battery technology, offering dry and wet film production processes [3] - At the CIBF exhibition, the company launched a solid-state battery manufacturing solution, including dry powder handling and wet electrolyte coating systems [3] - The company has developed multiple core products in dry and wet processes, with ongoing orders and deliveries [3][4] Group 3: Competitive Advantages and Innovations - The company’s dry film technology faces challenges in large-scale application, but it has a strong foundation in wet coating technology [3] - The company has developed innovative ceramic materials for battery equipment, enhancing durability and corrosion resistance [4] - The electrolyte coating technology allows for a thickness control of 1-15µm, providing a competitive edge [4] Group 4: Robotics Business Development - The robotics segment includes products like micro linear actuators and electric grippers, with initial small-scale orders received [5] - The company is in the early investment phase for robotics, with significant uncertainties in industry development and business expansion [5] Group 5: Strategic Business Layout - The company aims to leverage its advanced coating technology to support various applications, focusing on new material industrialization [6] - The strategic positioning encompasses lithium batteries, semiconductors, energy storage, and robotics [7]