Core Viewpoint - Yuchen Intelligent (688638.SH) anticipates a series of orders related to its lithium-ion battery intelligent equipment products, which are essential for the production of both power and energy storage batteries [1] Company Overview - The company's product range includes mid-to-late stage production equipment such as coating machines, hot pressing machines, liquid injection machines, shell entry machines, Mylar packaging machines, and helium detection machines [1] - Major clients include leading domestic battery cell manufacturers such as CATL, Sunwoda, Ruipu Lanjun, Yiwei Lithium Energy, Zhengli New Energy, Haicheng New Energy, and Chuangneng New Energy [1] Industry Insights - There is a significant demand for energy storage batteries driven by the need for AI computing power, leading to a supply shortage in the market [1] - Recent communications with energy storage clients indicate a strong willingness to expand production lines, suggesting that related orders for Yuchen Intelligent's products are expected to materialize soon [1]

Core Viewpoint - The report highlights the financial performance of Yuchen Intelligent Equipment Co., Ltd. for the first half of 2025, indicating a revenue increase but a significant decline in net profit, raising concerns about operational risks and the need for strategic adjustments [1][4]. Financial Performance - For the first half of 2025, the company achieved a revenue of 311.82 million yuan, a year-on-year increase of 7.05% [4][17]. - The net profit attributable to shareholders was -54.89 million yuan, a year-on-year decrease of 21.27% [4][17]. - The net profit after deducting non-recurring gains and losses was -58.49 million yuan, down 22.05% year-on-year [4][17]. - The revenue increase was primarily due to the consolidation of the subsidiary, Shenzhen Jiayang Battery Co., Ltd. [4][17]. Issues Identified - The decline in net profit was attributed to several factors: - Increased sales personnel salaries and business promotion expenses due to the consolidation of Jiayang Battery [4][17]. - Significant rise in management expenses due to the commissioning of the Zhongshan base and the consolidation of Jiayang Battery [4][17]. - Increased R&D expenses due to heightened investment in research and development [4][17]. - Increased deferred income tax expenses due to inventory depreciation and reduced lease liabilities [4][17]. - Non-recurring gains from government subsidies being transferred to other income [4][17]. Risk Factors - The company faces several major risks, including: - Risk of significant performance decline or continued losses if market demand, new customer acquisition, or product development does not meet expectations [2][3]. - Core competitiveness risks related to technology upgrades and potential talent loss [5][6]. - Risks from high customer concentration and fluctuations in raw material prices [8][10]. - International trade friction risks, particularly concerning U.S. tariffs affecting exports [11]. Strategic Adjustments - The management has initiated several measures to address identified issues: - Focusing on core business and expanding product development across multiple fields [2]. - Continuing investment in R&D to drive innovation [2]. - Adapting to industry trends and progressing with international expansion plans [2]. - Optimizing corporate governance to enhance operational efficiency [2]. Core Competitiveness - The company maintains its core competitiveness through: - Strong technical advantages in lithium-ion battery manufacturing equipment, with a focus on R&D and innovation [21][22]. - A commitment to product quality and customer satisfaction, supported by a robust quality management system [25][29]. - Established brand and customer resource advantages, with long-term partnerships with leading companies in the lithium battery sector [26]. R&D Investment - In the first half of 2025, the company invested 37.12 million yuan in R&D, a year-on-year increase of 41.82%, representing 11.90% of revenue [31][32]. - The company obtained 12 new patents and 4 software copyrights during this period, with a total of 317 authorized patents as of June 30, 2025 [32].

Core Viewpoint - The report highlights the financial performance of Shenzhen Yuchen Intelligent Equipment Co., Ltd., indicating a significant decline in net profit and the challenges faced in the lithium-ion battery manufacturing equipment sector due to increased competition and rising costs [2][7][14]. Group 1: Financial Performance - The net profit attributable to shareholders was -54.89 million yuan, a year-on-year decrease of 21.27%, while the net profit after deducting non-recurring gains and losses was -58.49 million yuan, down 22.05% [2][14]. - The increase in operating revenue was primarily due to the consolidation of the subsidiary Shenzhen Jiayang Battery Co., Ltd. [14]. - The decline in net profit was attributed to increased sales personnel salaries, higher management expenses from the new production base, and significant R&D investments [14]. Group 2: Operational Oversight - The company has established a continuous supervision mechanism, including regular communication and site inspections, to monitor operational conditions [2][6]. - The supervisory institution has emphasized the importance of compliance with regulations and the need for the company to enhance its internal control systems [5][6]. Group 3: Risk Factors - The company faces risks related to significant declines in performance or continued losses if market demand does not meet expectations or if competition intensifies [7][8]. - There are concerns regarding the company's core competitiveness in the lithium-ion battery manufacturing equipment sector, particularly in maintaining technological advancements amid increasing market demands [8][9]. Group 4: R&D and Innovation - The company has increased its R&D expenditure, with a total of 37.12 million yuan in R&D costs, representing 11.90% of operating revenue, an increase of 2.92 percentage points year-on-year [22]. - The company has been awarded 317 patents, including 76 new patents during the reporting period, reflecting its commitment to innovation [22][16]. Group 5: Market Position and Client Relationships - The company has established strong relationships with leading clients in the lithium battery sector, including CATL and Ford, which enhances its market position [19][20]. - The company has a high customer concentration, which poses risks if major clients change their strategies or face operational difficulties [10][11]. Group 6: Compliance and Fund Management - The company has complied with regulations regarding the use of raised funds, ensuring that funds are stored in dedicated accounts and used for specified purposes [22]. - As of June 30, 2025, the company had utilized 463.55 million yuan of the raised funds, with no violations reported [22].

风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险 高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳市誉辰智能装备股份有限公司 （深圳市宝安区沙井街道共和社区新和大道丽城科技工业园 M 栋一层至六 层） （福建省福州市湖东路268号） 首次公开发行股票并在科创板上市招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书（上会稿）不具有据以发行股票的法律效力，仅供预先 披露之用。投资者应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） Shenzhen UTIMES Intelligent Equipment Co., Ltd. 声明：本次股票发行后拟在科创板市场上市，该市场具有较高的投资 深圳市誉辰智能装备股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声 ...

风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险 高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳市誉辰智能装备股份有限公司 Shenzhen UTIMES Intelligent Equipment Co., Ltd. （深圳市宝安区沙井街道共和社区新和大道丽城科技工业园 M 栋一层至六层） 首次公开发行股票并在科创板上市招股说明书 （申报稿） 保荐人（主承销商） 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为投资决定的依据。 （福建省福州市湖东路268号） 声明：本次股票发行后拟在科创板市场上市，该市场具有较高的投资 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 深圳市誉辰智能装备股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不 ...