xTool的生意模式有一定的独特性，既能让普通消费者掏腰包，也能让大量的电商卖家或企业，提供设备、耗材和服务。 例如，xTool今年推出的新产品服装打印机。借助该打印机，用户可在服装上打印个性图案。该产品上市仅3个月，销售额近亿元。 该服装打印机不仅受到了普通消费者的欢迎，更是抓住了电商行业"按需打印（POD）"的市场热潮。在"按需打印"的模式下，消费者在线上定制服装图 案，然后由卖家打印、发货。 近年来，按需打印市场增长迅猛，其规模预计在10年后将跃进到千亿美元。 在这一趋势下，xTool的激光打印机和雕刻机迎来了需求大爆发。在2025年"黑五网一"期间，xTool的销售额同比增长50%，跑出了单日销售额首次突破亿 元的成绩。 目前，xTool产品线逐步延伸到激光焊接机、数控切割机、材质打印机，覆盖到了教育、工作室和小型工业级场景，与创想三维、Ortur(昂图)、 Laserpecker(嗨兴科技)等展开激烈角逐。 近日，激光创意工具品牌xTool，向港交所提交上市申请。若上市成功，xTool将成为"消费级激光雕刻机第一股"。 xTool由"85后"王建军创立于2021年，是一个典型的电商驱动型的品牌，其近 ...

Group 1: Commercial Aerospace Insights - The Shanghai Stock Exchange has introduced policies to support quality commercial rocket companies for listing, focusing on reusable rocket payloads as a core standard[6] - The commercial aerospace sector is expected to maintain stable or potentially increasing value under cost reduction trends, with key targets identified in satellite payloads and platforms[3] - Significant growth is anticipated in the satellite constellation deployment, with the G60 constellation aiming to launch 1,296 satellites by the end of 2027 and 15,000 by 2030[19] Group 2: Consumer-Level Engraving Machines - xTool plans to go public in Hong Kong, with revenue projected to grow from CNY 14.6 billion in 2023 to CNY 24.8 billion in 2024, reflecting a 70% year-on-year increase[29] - The company holds a 35.1% market share in the consumer-level laser engraving tool market, positioning it as a leading player[48] - The business model of xTool includes a closed loop of "equipment + consumables + software + ecosystem," enhancing customer retention and engagement[32] Group 3: Zhengli New Energy Developments - Zhengli New Energy reported a revenue of CNY 31.7 billion in the first half of 2025, a 71.9% increase year-on-year, with a net profit of CNY 2.2 billion, marking a successful turnaround[55] - The company is positioned to benefit from the growing demand in the electric vehicle and energy storage markets, with a projected increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028[55]

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 在航空航天行业，激光焊接对于制造坚固、轻便的结构至关重要，这些结构符合飞机性能，并确保严格的安全和法规要求。激光焊接在电子领域用于制造小 规模元件，因为它能实现更高的精度和较小的热影响区，这两者对电子产品的制造至关重要。最后，激光焊接技术能够生产需要高度精度和可靠性的复杂医 疗器械和系统，这也是激光焊接技术助力医疗器械行业的一种方式。总之，激光焊接机市场有望大幅扩展，这得益于创新和定制化应用，涵盖这些重要行 业，因为各细分市场都渴望日益复杂的焊接解决方案。 激光焊接机通过激光束作为集中热源，将多种材料的部件连接在一起。激光焊接技术的众多进步带来了多样化的应用。激光焊接适用于需要快速焊接和低热 变形的材料或部件的连接。激 ...

公司简介 智通财经APP获悉，据港交所1月1日披露，xTool Innovate Limited(简称：xTool)向港交所主板递交上市申请，摩根士丹利、华泰国际为其联席保荐人。 于往绩记录期间，激光个人创意工具构成xTool的核心产品种类，包括激光雕刻机及激光切割机，以及激光焊接机及数控切割机。基于公司激光产品取得的 成功，xTool于2025年开始销售服装打印机，作为新材质打印机业务线的一部分。推出服装打印机标志着更广泛产品路线图的起点，xTool计划在该路线图下 推出更多材质打印机及补充解决方案，以进一步丰富公司的产品组合。除核心机器产品种类外，xTool亦销售补充核心产品线的各种耗材，以推动客户复 购。 xTool免费向用户提供旗舰软件xTool Studio，一款多合一的桌面软件，旨在简化从设计到雕刻、切割及打印的整个创意工作流程。该软件具有简洁、易于导 航的界面，其集中式主页展示了热门项目推荐模板，亦集成了创意助手AIMake，此工具旨在帮助用户轻松生成可直接制作的项目设计。xTool Studio支持精 确的项目定制化和实时处理预览。 财务资料 收入 于2023年度、2024年度以及2025年截 ...

Core Viewpoint - The company, Shenzhen Lianying Laser Co., Ltd., reported a decline in overall revenue for 2024, with specific business segments experiencing varying performance, prompting regulatory inquiries regarding its financial disclosures and business operations [1][2]. Business Performance Summary - The company achieved a total revenue of 3.15 billion yuan in 2024, representing a year-on-year decrease of 10.33% [2]. - The revenue from the power and energy storage battery segment was 2.253 billion yuan, down 23.75% year-on-year, with a gross margin decrease of 3.54 percentage points [2]. - The consumer electronics segment saw a significant increase in revenue to 551 million yuan, up 261.95% year-on-year, with a gross margin increase of 2.6 percentage points [2]. - The automotive and hardware segment generated 194 million yuan, down 16.2% year-on-year, with a gross margin decrease of 4.63 percentage points [2]. Customer Sales Dynamics - The company provided insights into the sales changes among its top five customers across major business segments, indicating that sales fluctuations were due to uneven procurement and new capacity releases [9][10]. - The sales from the top five customers in the power and energy storage battery segment accounted for 60.91% of total sales, with a significant year-on-year decline of 33.51% [10]. - The company confirmed that the majority of its major customers are well-established, with long-term relationships, and that new customers do not have any significant related-party relationships [9][10]. Order and Revenue Recognition - The company reported that as of the end of 2024, its order backlog amounted to 3.5 billion yuan, with a year-on-year growth rate of 17.54%, indicating a positive trend in order acquisition [11]. - The revenue recognition for the fourth quarter of 2024 was 950 million yuan, reflecting a quarter-on-quarter increase of 27.69%, and accounted for 30.16% of the total annual revenue [19][20]. - The company confirmed that its revenue recognition practices comply with accounting standards, with detailed explanations provided for the timing of contract signing, delivery, and acceptance [20][23]. Accounts Receivable and Credit Risk - The accounts receivable balance at the end of 2024 was 1.843 billion yuan, an increase of 14.18% year-on-year, with over one year of accounts receivable amounting to 1.004 billion yuan [24][27]. - The company outlined its credit policies and the aging of accounts receivable, indicating that the transactions possess commercial substance and comply with accounting standards [27][28].

海外订单高增长，但难言拐点已至。 | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | 专注激光焊接，深度绑定宁德时代 联赢激光（688518.SH，下称公司）成立于2005年，于2015年挂牌新三板，2020年顺利登陆科创板， 并成为"科创板激光焊接第一股"。 公司控股股东为韩金龙，实际控制人为韩金龙和牛增强，第三大股东李瑾为韩金龙配偶。 公司股权结构较为分散。截至2024年三季度末，实控人合计持有上市公司12.22%的股份。 韩金龙和牛增强分别为公司董事长、副董事长，牛增强博士在创业之前曾长期在深圳大学担任讲师。 （来源：2023年报） （来源：招股书） 自成立以来，公司一直专注于激光焊接领域，主要产品为激光焊接自动化成套设备，还包括工作台、 激光器及激光焊接机，产品以定制化为主。 激光焊接与激光切割、激光打标共同构成激光加工技术的三驾马车，相比于后两者，激光焊接的发展 时间较短，工艺难度也相对更高。 公司产品广泛应用于动力电池、汽车制造、消费电子、光通讯等领域，客户包括宁德时代、比亚迪、 欣旺达、国轩高科、泰科电子、松下、三星等。 （来源：公司公告） 公司在宁德 ...