光伏产业链阶段性供需失衡的当下，拉普拉斯交出的2025年成绩单，成为了行业深度调整期的残酷注脚。 然而，上市第二年，即2025年，拉普拉斯营收净利双双出现下滑。 拉普拉斯坦言，2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司营业收入和利润阶段性承压。 拉普拉斯同时提到，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等市场需求仍然强劲，公司持续积极推进技术迭代与创新，在 TOPCon、XBC、钙钛矿及叠层电池领域持续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气相沉积平 台、原子层边缘钝化沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设备等领域的研究与应用。在半导体设备领域，公司积极开展分 立器件和集成电路领域所需设备的开发，努力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 另外，公司根据《企业会计准则》及公司会计政策、会计估计等相关规定，综合考虑行业市场变化、下游客户经营情况等因素，基于谨慎性原则计提相应减 值准备。 数据显示，其加权平均净资产收益率（ROE）更是从28. ...

2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积(EPD)设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设备 等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发，努 力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 拉普拉斯(688726.SH)发布2025年度业绩快报，2025年，公司实现营业总收入54.59亿元，较上年同期减 少4.69%;归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%。 ...

智通财经APP讯，拉普拉斯(688726.SH)发布2025年度业绩快报，2025年，公司实现营业总收入54.59亿 元，较上年同期减少4.69%;归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%。 2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积(EPD)设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设备 等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发，努 力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 ...

在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发，努力实现在集成电路领域 的突破。综上，报告期内研发费用较上年同期有所增长。 （企业公告） 对于影响经营业绩的主要因素，公告说明，2025年，公司稳步推进产品在客户端实现交付和验收，但在 光伏产业链阶段性供需失衡的背景下，公司营业收入和利润阶段性承压。 同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等市场需求仍然强劲，公司持续 积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持续提升产品的市场竞争力，通 过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气相沉积平台、原子层边缘钝化 沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设备等领域的研究与应用。 2月26日，拉普拉斯发布业绩快报，2025年度实现营业总收入54.59亿元，同比下降4.69%；归母净利润 6.12亿元，同比下降16.07%。 ...

2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设 备等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发， 努力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 格隆汇2月26日丨拉普拉斯(688726.SH)公布2025年度业绩快报，2025年，公司实现营业总收入54.6亿 元，较上年同期减少4.69%；归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%；归属于 母公司所有者的扣除非经常性损益的净利润4.94亿元，较上年同期减少18.45%；基本每股收益1.51元， 较上年同期减少22.96%。 ...

格隆汇2月26日丨拉普拉斯(688726.SH)公布2025年度业绩快报，2025年，公司实现营业总收入54.6亿 元，较上年同期减少4.69%；归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%；归属于 母公司所有者的扣除非经常性损益的净利润4.94亿元，较上年同期减少18.45%；基本每股收益1.51元， 较上年同期减少22.96%。 2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设 备等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发， 努力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 ...

Group 1 - The article highlights the cultural connection between Madagascar and China, particularly through the experiences of a young Malagasy named Li Yong, who has embraced his life in Ningbo, China, during the Year of the Horse in 2026 [1][3] - Li Yong arrived in Ningbo in 2019 as part of a student exchange program established between Ningbo and Tamatave, which included the establishment of a Confucius Institute [3] - After graduating from Ningbo University, Li Yong chose to stay in Ningbo and now holds multiple positions in a local company, leading international sales and procurement efforts across various countries [3][6] Group 2 - Ningbo's strategic importance in international trade is emphasized, particularly due to the Ningbo-Zhoushan Port, which is the largest in the world by cargo throughput [4][5] - In 2025, Ningbo-Zhoushan Port achieved a cargo throughput of over 1.4 billion tons and maintained its position as the world's largest port for 17 consecutive years, with container throughput exceeding 43 million TEUs [5] - Li Yong's team has successfully opened new sales channels in South America and several African countries in 2025, with plans to expand into Southeast Asia in 2026 [6][8]

Core Viewpoint - The stock of Haimuxing (688559) has shown a positive trend, with a closing price of 57.41 yuan as of February 13, 2026, reflecting a 1.75% increase from the previous week [1] Trading Information Summary - On February 10, 2026, Haimuxing recorded 7 block trades, with institutional net purchases amounting to 704.36 thousand yuan [2][4] Shareholder Changes - Haimuxing announced that its shareholder, Tai'an Haihe Henghui No. 2 Investment Partnership (Limited Partnership), reduced its holdings by 1.572 million shares, representing 0.6345% of the total share capital, during a period when the stock price increased by 30.08% [2][4] Company Announcements Summary - Haimuxing plans to engage in foreign exchange hedging activities to mitigate adverse impacts from currency fluctuations on its operating performance. The company and its subsidiaries expect to utilize a maximum of 300 million yuan for margin and premium within 12 months, with a maximum contract value of 1 billion yuan on any trading day [3]

Core Viewpoint - The article highlights the significant advancements made by HaiMoxing Laser in the lithium battery manufacturing sector, particularly through laser technology, achieving a tenfold increase in production speed from 28 meters per minute to 200 meters per minute in laboratory settings, showcasing a successful path of technological disruption and domestic advancement in equipment manufacturing [1][12][21]. Group 1: Development and Achievements - HaiMoxing Laser has established itself as a representative of China's equipment manufacturing capabilities, particularly in the lithium battery sector, by overcoming key technological challenges in collaboration with leading companies like CATL since 2015 [6][11]. - The company has successfully transitioned from domestic equipment replacement to supplying equipment to international giants, marking a significant milestone in the evolution of Chinese manufacturing [10][11]. - The advancements in laser cutting technology have not only improved efficiency but also significantly reduced manufacturing costs, with production speeds increasing from 28 meters per minute to 200 meters per minute, representing an efficiency leap of nearly ten times [21][22]. Group 2: Strategic Focus and Future Directions - The company emphasizes the importance of systematic capability building before taking on large-scale orders, ensuring that customer needs are met without compromising quality [1][62]. - HaiMoxing Laser is actively exploring the integration of AI and smart manufacturing, with plans for large-scale implementation of AI technologies to enhance production processes [51][52]. - The company is preparing for the next generation of solid-state batteries, focusing on micro-nanotechnology and semiconductor applications to address challenges related to solid-solid interfaces and stability [30][34]. Group 3: Global Expansion and Market Strategy - HaiMoxing Laser has developed a comprehensive overseas service system, with eight subsidiaries established to support its global operations, reflecting a strategic shift from merely following industry leaders to establishing a robust international presence [2][61]. - The company has learned from its early experiences in international markets, gradually building its capabilities and understanding of local cultures and regulations to enhance its competitiveness abroad [60][62]. - The focus on not compromising customer satisfaction has been a guiding principle for the company, ensuring that it builds a reputation for reliability and quality in its international dealings [62][63]. Group 4: Core Competencies and Organizational Structure - The core competencies of HaiMoxing Laser lie in its ability to address critical process challenges and provide systematic support to battery manufacturers, which is essential for creating long-term value [64][65]. - The company recognizes the need for a multi-disciplinary approach, integrating expertise in optics, mechanics, electronics, and software to enhance its product offerings and service capabilities [65][66]. - Continuous improvement in operational quality and strategic partnerships is crucial for the company's sustained growth and ability to navigate industry cycles effectively [41][66].

Core Insights - The dual explosion of edge AI and data center demands is driving a revolution in cooling technology across consumer electronics and industrial applications [1][2] - Advanced cooling solutions such as VC heat pipes, microchannel liquid cooling, and diamond films are becoming essential to meet the increasing thermal management needs [1] - The laser equipment sector is crucial for the mass production of these advanced cooling technologies, with companies like HaiMuxing emerging as key suppliers in the global supply chain [1] Group 1: Company Overview - HaiMuxing has developed core laser technologies that cover the entire cooling path, positioning itself as a critical equipment supplier for the cooling revolution [1] - The company's laser equipment is essential for the manufacturing of VC heat pipes, meeting the stringent requirements for Apple's ultra-thin 0.3mm VC heat pipes [1] - HaiMuxing's laser devices for microchannel liquid cooling (MCL) can be combined with VC heat pipes to create hybrid cooling solutions suitable for high-performance computing scenarios [1] Group 2: Market Position and Collaborations - HaiMuxing's laser equipment addresses industry challenges in the high-precision, low-damage processing of diamond materials, which are crucial for next-generation cooling solutions from companies like NVIDIA and TSMC [2] - The company's technology has been validated by top global ecosystems, and it has established deep collaborations with North American tech giants, successfully integrating into key supply chains [2] - HaiMuxing has made significant breakthroughs in AI cooling applications, with confirmed orders and shipments for its MCL laser equipment, reinforcing its competitive edge through continuous innovation [2] Group 3: Growth Potential - The explosive growth in cooling demands from edge AI and data centers positions HaiMuxing to benefit from market expansion, providing strong momentum for revenue growth [2] - The company's growth logic is undergoing systematic re-evaluation as it capitalizes on the increasing need for advanced cooling technologies [2]