Core Viewpoint - The company acknowledges that the investment in new business and its returns have a certain time cycle and uncertainty [1] Group 1: Business Focus - The subsidiary, Bluefang Technology, will continue to focus on the development of motor control and precision transmission technology [1] - Bluefang Technology aims to provide high-precision motion control solutions for customers [1] Group 2: Product Development - The micro linear actuator products have received a small number of orders and have been shipped [1] - However, there has been no substantial order progress for the dexterous hand products [1] Group 3: Future Plans - Bluefang Technology will continue to track industry demand and optimize solution designs [1] - The company plans to develop more application scenarios for motion control products [1]

Core Viewpoint - The company is currently in the market expansion phase for its dexterous hand products, which have not yet generated any orders or revenue [1] Group 1: Company Development - The company’s subsidiary, Bluefang Technology, is focused on the development of motor control and precision transmission technology [1] - The company aims to provide high-precision motion control solutions to its customers [1] - The micro linear cylinder products have received a small number of orders and have been shipped, but there has been no substantial progress on orders for the dexterous hand products [1] Group 2: Market and Industry Insights - The investment in new business and the expected returns have a certain time cycle and involve uncertainties [1] - Bluefang Technology will continue to track industry demand and optimize design solutions while developing more application scenarios for motion control products [1]

Group 1: Report Summary - The report is about a research on Mannster, a company in an unspecified industry, conducted on August 29, 2025 [1][16] - The company's mid - 2025 business situation was introduced, with revenue increasing and net profit decreasing compared to the previous year [23] - The company's overseas orders increased, and the construction of the global system achieved results [23] Group 2: Research Basic Information - The research object is Mannster, and the reception time is August 29, 2025. The reception staff includes the board secretary Peng Yalin and the securities affairs representative Xu Bijiu [16] Group 3: Detailed Research Institutions - Participating institutions include Guolian Minsheng Securities, Guohai Securities, Caitong Securities, Northeast Securities, Huatai Securities, etc [2][17] Group 4: Main Content Business Performance - Affected by the decline in new orders in 2024, the revenue and profit of coating application decreased in the first half of this year [23] - In the first half of this year, the company's revenue was 560.4829 million yuan, a year - on - year increase of 59.93%; the net profit attributable to shareholders of listed companies was - 23.5133 million yuan, a year - on - year decrease of 132.66% [23] - Overseas revenue in the first half of the year was 17.8781 million yuan, with a year - on - year growth rate of 146.51% [23] Reasons for Loss and Margin Changes - The decline in coating product gross margin was due to intensified market competition, cost - reduction pressure in the industry, and fluctuations in production capacity utilization [23] - As new orders are gradually delivered and production capacity utilization increases, the gross margin will improve [23] - The company's energy system business turned a profit, and the gross margin improved, supporting overall profits [24] Solid - State Equipment Progress - Solid/dry - process related equipment orders placed last year were sent to customers this year, and the commissioning and verification results were recognized by customers [24] - The company has rich experimental data and technical reserves in the wet - and dry - process layout and has obtained order verifications in multiple processes [24] Pan - Semiconductor Business Progress - The company launched a perovskite pilot platform and released a new vacuum coating equipment product this year [25] - The GW - level perovskite coating system was delivered in the first half of the year [25] - The company's panel display equipment passed customer verification and aims to develop more incremental business [25] Robot Business - The subsidiary Lanfang Technology has a small number of orders for micro - linear electric cylinders and has sent samples of electric grippers, but there is no substantial progress in dexterous hand products [25]

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]