证券代码：688006 证券简称：杭可科技 公告编号：2025-052 浙江杭可科技股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江杭可科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第二十四次会议、第三届监事会第二十一次会议，并于 2025 年 5 月 19 日召开 2024 年年度股东大会，审议通过了《关于续聘公司 2025 年度审计 机构的议案》，同意续聘天健会计师事务所（特殊普通合伙）（以下简称"天健"） 担任公司 2025 年度财务报告审计机构及内部控制审计机构，聘期一年。具体内 容详见公司于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）披露 的《浙江杭可科技股份有限公司关于续聘会计师事务所的公告》（公告编号： 2025-012）。 近日，公司收到天健送达的《关于变更签字注册会计师的函》，现将相关变 更情况公告如下： 三、本次变更对公司的影响 本次变更过程中相关工作安排已有序交接，变更事项不会 ...

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company's performance is expected to stabilize and recover due to dual market drivers from domestic and international markets, with significant collaborations with leading battery manufacturers [2] - The solid-state battery technology is anticipated to open a new growth curve for the company, with a projected market size increase from 2.06 billion to 33.62 billion by 2030, reflecting a compound annual growth rate of 74.8% [3] - The company's profitability is forecasted to grow significantly, with net profits expected to reach 535 million, 776 million, and 1.055 billion from 2025 to 2027, representing a compound growth rate of 40.31% [4] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 2.721 billion, a year-on-year increase of 1.87%, and a net profit of 386 million, up 2.59% year-on-year [1] - In Q3 2025, revenue was 751 million, down 3.75% year-on-year, with a net profit of 97.67 million, a decrease of 8.35% year-on-year [1] - The gross margin for Q3 2025 reached over 40%, indicating a significant improvement in profitability [1] Market Position and Strategy - The company is deepening partnerships with major battery manufacturers such as BYD and LG, and expanding its global footprint, including establishing a factory in Korea and becoming a supplier for Tesla [2] - The company is well-positioned to benefit from the recovery of the lithium battery equipment industry starting from Q4 2024, as major international battery manufacturers announce expansion plans [2]

Investment Rating - The report recommends focusing on solid-state battery equipment suppliers such as **XianDao Intelligent**, **LianYing Laser**, and **HangKe Technology**. It also suggests paying attention to companies involved in dry/wet electrode equipment and dry electrode & module PACK [2][8]. Core Insights - The front-end manufacturing process is crucial in lithium battery production, directly impacting battery performance and production line stability. The process includes the formation of positive and negative electrode sheets and solid electrolyte membranes, which are essential for energy density, rate performance, and cycle life [2][5][7]. - Solid-state batteries require the preparation of solid electrolyte membranes in addition to traditional electrode sheets, increasing the complexity and criticality of the manufacturing process [7][15]. - The solid-state battery front-end manufacturing process can be divided into dry and wet methods, with dry methods gradually becoming the mainstream due to their cost, process, and material compatibility advantages [2][12][15]. - Various dry film formation technologies exist, including fiberization, dry spray deposition, gas phase deposition, thermal extrusion, direct pressing, and 3D printing, each suitable for different applications [2][40]. Summary by Sections 1. Key Manufacturing Processes - The preparation of electrode sheets and electrolyte membranes is critical, directly influencing battery performance and mass production outcomes [5][11]. - The film formation process can be categorized into dry and wet methods, with dry methods being the future of high-performance solid-state batteries [11][12]. - Dry film formation paths are diverse, with fiberization seen as a promising route for future mass production [11][18]. 2. Market Potential - The market for front-end solid-state battery equipment is expected to reach **8 billion yuan** by 2029, driven by the anticipated increase in global solid-state battery capacity from **17 GWh** in 2024 to **200 GWh** in 2029 [8][9]. 3. Dry vs. Wet Process Advantages - Dry processes eliminate solvent use and drying steps, leading to lower energy consumption and manufacturing costs, while enhancing material utilization and environmental friendliness [15][18]. - Dry processes exhibit superior structural stability, allowing for higher packing densities and energy densities compared to wet processes [18][34]. 4. Solid Electrolyte Materials - Solid electrolyte materials are categorized into oxides, sulfides, polymers, and halides, with sulfides currently being the mainstream technology due to their high conductivity and processing performance [21][22]. 5. Future Developments - The evolution of solid-state batteries will involve the introduction of high-performance anodes and cathodes, with dry processes increasingly demonstrating compatibility advantages [26][30].

Core Points - Hangke Technology announced the resignation of non-independent director Cai Qingyuan due to adjustments in the company's governance structure [2] - Cai Qingyuan will continue to hold other positions within the company after resigning from the board and the audit committee [2] - On November 21, 2025, the company will hold a workers' representative conference to elect Cai Qingyuan as a representative director on the fourth board [2] - The fourth board's fourth meeting approved the proposal to supplement the audit committee with Cai Qingyuan as a member [2]

2、公司董事会收到非独立董事蔡清源先生的书面离任报告。因公司治理结 构调整，蔡清源先生申请辞去公司第四届董事会非独立董事及审计委员会委员职 务。辞去上述职务后，蔡清源先生将继续在公司担任其他职务。 证券代码：688006 证券简称：杭可科技 公告编号：2025-051 浙江杭可科技股份有限公司 关于非独立董事离任暨选举职工代表董事、 补选审计委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、浙江杭可科技股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日 召开 2025 年第三次临时股东大会审议通过了《关于取消监事会并修改<公司章 程>的议案》，根据新修订的《公司章程》，公司设职工代表董事一名，由公司职 工通过职工代表大会民主选举产生。 公司于 2025 年 11 月 21 日召开职工代表大会，经与会职工代表充分讨论， 同意选举蔡清源先生（简历详见附件）为公司第四届董事会职工代表董事，任期 自本次职工代表大会审议通过之日起至公司第四届董事会任期届满之日止。 蔡清源先生原为公司 ...

Core Viewpoint - Hangke Technology's stock price has shown significant volatility, with a year-to-date increase of 77.90%, but recent trading indicates a slight decline in the short term [1][2]. Group 1: Stock Performance - As of November 18, Hangke Technology's stock price is 31.45 CNY per share, with a market capitalization of 18.985 billion CNY [1]. - The stock has experienced a net outflow of 4.8464 million CNY in principal funds, with large orders showing a buy of 14.6442 million CNY and a sell of 17.4178 million CNY [1]. - Over the past 60 days, the stock has increased by 46.66%, while it has decreased by 2.48% in the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hangke Technology reported a revenue of 2.721 billion CNY, reflecting a year-on-year growth of 1.87%, and a net profit attributable to shareholders of 386 million CNY, up 2.59% year-on-year [2]. - The company has distributed a total of 874 million CNY in dividends since its A-share listing, with 581 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased by 63.94% to 23,600, while the average circulating shares per person have decreased by 39.00% to 25,630 shares [2]. - Notable institutional shareholders include HSBC Jintrust Low Carbon Pioneer Stock A, which holds 8.3515 million shares, and Hong Kong Central Clearing Limited, which has increased its holdings by 334.93 thousand shares [3].

Core Points - The company held its third extraordinary general meeting of shareholders on November 17, 2025, with no resolutions being rejected [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, with a combination of on-site and online voting [2][3] Meeting Attendance - All 7 current directors attended the meeting in person, along with all 3 supervisors and the board secretary [3] - The financial director attended as an observer, and the meeting was witnessed by legal representatives [3] Resolutions Reviewed - The proposal to abolish the supervisory board and amend the articles of association was approved [4] - Multiple governance system amendments were passed, including revisions to the rules for shareholder meetings, board meetings, independent director work systems, and various management systems [5][6] Voting Results - Special resolutions received more than two-thirds approval from shareholders present, while ordinary resolutions were passed with a simple majority [6][7] - The first proposal was specifically counted for small and medium investors [7] Legal Witnessing - The meeting was witnessed by Beijing Guantao (Hangzhou) Law Firm, confirming that all procedures and results complied with legal requirements [7]

北京观韬（杭州）律师事务所（以下简称"本所"）接受浙江杭可科技股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2025 年第三次临时股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督 管理委员会（以下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称 "《股东会规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）等法 律、行政法规、规范性文件及现行有效的《公司章程》等规定，就本次股东大会的召 集、召开程序、出席会议人员资格、召集人资格、会议的表决程序、表决结果等事宜 出具法律意见书。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供的本 次股东大会有关文件的原件及复印件，包括但不限于公司召开本次股东大会的各项议 程及相关决议等文件，同时听取了公司就有关事实的陈述和说明。 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整、真实和有效的， 有关原件及其上面的签字和印章是真实的，且一切足以影响本法律意见书的事实和文 件均已向本所披露，无任何隐瞒、疏漏之 ...

证券代码：688006 证券简称：杭可科技 公告编号：2025-050 浙江杭可科技股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 17 日 （二） 股东大会召开的地点：浙江省杭州市萧山经济技术开发区高新六路 298 号杭可科技十八楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 114 | | --- | --- | | 普通股股东人数 | 114 | | 2、出席会议的股东所持有的表决权数量 | 406,940,820 | | 普通股股东所持有表决权数量 | 406,940,820 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 67.4109 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...