Core Viewpoint - The company has shown significant improvement in cash flow and order growth despite ongoing operational challenges, driven by strategic adjustments and a recovering lithium battery industry [1][2][3] Financial Performance - In the first half of 2025, the company achieved total operating revenue of 1.664 billion yuan, with a net cash flow from operating activities of 248 million yuan, marking a year-on-year increase of approximately 136% [1] - The cash flow improvement is attributed to cost reduction strategies and enhanced operational efficiency, with a quarter-on-quarter growth rate of 195.2% [1] Market Trends - The domestic lithium battery industry is recovering after a deep adjustment, with global power battery installation volume reaching 504.4 GWh in the first half of 2025, a year-on-year increase of 37.3% [1] - The Chinese lithium battery equipment market is projected to rebound to 85 billion yuan by 2027, with a compound annual growth rate from 2025 to 2027 [1] Order Growth - The company secured new orders worth approximately 4.421 billion yuan (including tax) in the first half of 2025, representing a year-on-year growth of about 117.5% [1] - As of June 30, 2025, the company had a backlog of orders amounting to approximately 10.085 billion yuan (including tax), a year-on-year increase of about 46% [1] International Expansion - The company achieved a record high in overseas new orders amounting to 1.888 billion yuan, a year-on-year increase of 192.5%, attributed to its proactive global strategy [2] - The strategic acquisition of the laser plastic welding business from Switzerland's Leister Group enhances the company's capabilities in customized applications and proprietary technology [2] Technological Advancements - The company is focusing on next-generation battery technology, particularly in solid-state battery manufacturing, with a unique dual-technology approach that positions it favorably in the market [2][3] - The global solid-state battery shipment is expected to exceed 10 GWh in 2025 and 600 GWh by 2030, with a market size surpassing 250 billion yuan [3] Strategic Partnerships - The company continues to deepen collaborations with leading domestic solid-state battery enterprises and has provided trial production lines for a global leader in new energy technology [3]

Core Viewpoint - The company has reported a significant increase in revenue and cash flow despite challenges in the global new energy sector, driven by strategic adjustments and overseas market expansion [1][2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 1.664 billion yuan, with a net cash flow from operating activities of 248 million yuan, marking a year-on-year increase of approximately 136% [1][2]. - The company’s new orders amounted to approximately 4.421 billion yuan, a year-on-year growth of about 117.5%, with total orders on hand reaching approximately 10.085 billion yuan, up 46% year-on-year [3]. Market Expansion - The company has seen a remarkable increase in overseas orders, which reached 1.888 billion yuan, a year-on-year growth of 192.5%, marking a record high for overseas orders since its establishment [4]. - The company has established eight subsidiaries in key global markets, enhancing its operational capabilities and competitiveness [4]. Industry Trends - The global power battery installation volume reached 504.4 GWh in the first half of 2025, reflecting a year-on-year increase of 37.3%, with domestic battery companies holding a 68.9% share of the global market [2]. - The Chinese lithium battery equipment market is projected to rebound to 85 billion yuan by 2027, with a compound annual growth rate exceeding 20% from 2025 to 2027 [2]. Technological Development - The company is pursuing a dual technology route in solid-state battery manufacturing, focusing on both "oxide + lithium metal anode" and "sulfide + silicon-carbon anode" technologies [5]. - The company has begun commercializing its solid-state battery technology, with expectations of significant market growth, as global solid-state battery shipments are projected to exceed 10 GWh in 2025 and 600 GWh by 2030 [5]. Strategic Outlook - The company’s strategic focus on overseas market expansion and solid-state battery technology positions it well for future growth, with improved cash flow and financial structure supporting sustainable development [6].