Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Core Viewpoint - Hangke Technology's stock price has shown significant volatility, with a year-to-date increase of 72.25%, but a recent decline over the past five and twenty trading days [1][2]. Group 1: Stock Performance - As of November 13, Hangke Technology's stock price was 30.45 CNY per share, with a market capitalization of 18.38 billion CNY [1]. - The stock has experienced a 5.58% decline over the last five trading days and a 7.25% decline over the last twenty trading days [1]. - The company has appeared on the stock market's "龙虎榜" three times this year, with the most recent appearance on September 5 [1]. Group 2: Financial Performance - For the period from January to September 2025, Hangke Technology reported a revenue of 2.721 billion CNY, representing 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 last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 63.94% to 23,600, while the average number of circulating shares per person 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 increased its holdings by 3.3493 million shares [3].

证券代码：688006 证券简称：杭可科技 公告编号：2025-049 浙江杭可科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） （一）会议召开时间：2025 年 11 月 24 日（星期一）14:00-15:00 会议召开时间：2025 年 11 月 24 日（星期一）14:00-15:00 会议召开地点：上海证券交易所上证路演中心 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 17 日（星期一）至 2025 年 11 月 21 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hq@chr-group.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 浙江杭可科技股份有限公司（以下简称"公司"）已于 ...

Core Viewpoint - Hangke Technology's stock price has shown significant volatility, with a year-to-date increase of 81.13%, but a recent decline in the last 20 days by 5.99% [1][2] Company Overview - Hangke Technology, established on November 21, 2011, and listed on July 22, 2019, specializes in the design, research and development, production, and sales of various rechargeable batteries, particularly lithium-ion battery production line post-processing systems [1] - The company's revenue composition includes 70.17% from charging and discharging equipment, 28.54% from other equipment, 0.83% from accessories, and 0.47% from other sources [1] Financial Performance - For the period from January to September 2025, Hangke Technology achieved a revenue of 2.721 billion yuan, representing a year-on-year growth of 1.87%, and a net profit attributable to shareholders of 386 million yuan, up 2.59% year-on-year [2] - Since its A-share listing, the company has distributed a total of 874 million yuan in dividends, with 581 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Hangke Technology increased to 23,600, a rise of 63.94%, while the average circulating shares per person decreased by 39.00% to 25,630 shares [2] - Notable institutional holdings include HSBC Jintrust Low Carbon Pioneer Stock A as the third-largest shareholder, holding 8.3515 million shares, a decrease of 3.4115 million shares from the previous period [3]

2025 股票简称：杭可科技 股票代码：688006 会议日期：2025 年 11 月 17 日 股东大会须知 为保障浙江杭可科技股份有限公司全体股东的合法权益，维护股东大会的正 常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开，根据《中 华人民共和国公司法》《中华人民共和国证券法》《浙江杭可科技股份有限公司 章程》《浙江杭可科技股份有限公司股东大会议事规则》及中国证券监督管理委 员会、上海证券交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护股东的合法权益，除出 席会议的股东及股东代理人、公司董事、监事、高级管理人员、见证律师及董事 会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。 三、为确认出席会议的股东或其代理人或其他出席者的出席资格，出席会议 的股东及股东代理人须在会议召开前 20 分钟到会议现场办理签到手续，并请按 规定出示身份证或法人单位证明、授权委托书等，会务组工作人员将对出席会议 者的身份进行必要的核对工作，请被核对者给予配合。 四、股东及股东代理人依法享有发言权、咨询权和表 ...

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

Core Viewpoint - The lithium battery equipment industry is experiencing a phase of "adjustment and differentiation" in the first nine months of 2025, with leading companies showing resilience and growth despite overall market challenges [1]. Group 1: Performance Overview - The lithium battery equipment sector has shown a mixed performance in 2025, with some companies facing revenue declines of 10%-30% due to previous order cycles, while leading firms like XianDao Intelligent and YingHe Technology achieved revenue growth [2][3]. - Profitability has been impacted by high impairment provisions, leading to losses for companies like HaiMuXing and ManEnSiTe, while others like XianDao Intelligent and LiYuanHeng improved profits through better cost control [3]. Group 2: Highlights of Leading Companies - **XianDao Intelligent**: Achieved a revenue of 10.439 billion yuan in the first nine months of 2025, a 15% increase year-on-year, with a net profit of 1.186 billion yuan, up 95% due to the recovery of receivables [4][5]. - **YingHe Technology**: Reported a revenue of 6.784 billion yuan, a 5% increase, but faced a 39% decline in net profit to 300 million yuan due to margin pressure [6]. - **LiYuanHeng**: Turned a profit with a revenue of 2.424 billion yuan, a 4% increase, and a net profit of 50 million yuan, marking a turnaround [8][9]. Group 3: Industry Outlook for 2026 - The industry is expected to benefit from three main opportunities: recovery in domestic demand, expansion into overseas markets, and technological upgrades, particularly in solid-state battery technology [10][11]. - However, challenges such as industry consolidation and international risks remain, with potential impacts from geopolitical tensions on market expansion and supply chains [12]. Group 4: Conclusion - The lithium battery equipment industry is poised for new opportunities amid adjustments, with leading companies leveraging technological advantages and international strategies to strengthen their positions [13].

Core Viewpoint - The recent appointment of Fu Fenghua, former Vice General Manager and CFO of Hangke Technology, to Yushu Technology signals a strategic move as the company prepares for its IPO, aiming to become the first A-share "foot robot" company by Q4 2025 [2] Group 1: Company Developments - Fu Fenghua has officially joined Yushu Technology to oversee IPO-related matters, marking a significant addition to the company's leadership team [2] - Yushu Technology is currently in a critical Pre-IPO phase, having completed counseling registration with the Zhejiang Securities Regulatory Bureau in July and initial listing counseling in October [2] - The company has restructured to become "Yushu Technology Co., Ltd." as part of its preparation for the IPO [2] Group 2: Leadership Changes - Fu Fenghua, aged 38, has a background in auditing and finance, having worked at Tianjian Accounting Firm before joining Hangke Technology in 2018 [2] - The founder of Yushu Technology, Wang Xingxing, has been appointed as a member of the Shanghai Stock Exchange Technology Innovation Advisory Committee, indicating a strong commitment to entering the capital market [2] - Yushu Technology has also strengthened its financial and governance structure by appointing Wang Feng, former financial manager of Minshi Group, as the new financial head, while Wang Xingxing has stepped down as CFO [2]

Summary of Zhejiang Hangke Technology 3Q25 Earnings Call Company Overview - **Company**: Zhejiang Hangke Technology - **Ticker**: 688006.SS - **Industry**: China Industrials - **Market Cap**: Rmb20,501 million - **Current Stock Price**: Rmb33.96 - **Price Target**: Rmb50.00, implying a 47% upside Key Industry Insights - **Demand Trends**: Strong demand for Energy Storage Systems (ESS) is expected in 2025, with a positive outlook for 2026 global demand [1][2] - **Order Composition**: For the first nine months of 2025, new orders ranged from Rmb3.3 billion to Rmb3.5 billion, with over 60% from domestic clients and significant orders from overseas clients, particularly in Korea and Japan [2][3] - **Future Orders**: Anticipated that 1H26 orders will be driven mainly by overseas demand, especially for prismatic and large cylindrical cells [3] Financial Performance - **Revenue**: 3Q25 revenue decreased by 4% year-over-year, attributed to a high base effect [8] - **Gross Profit Margin (GPM)**: Increased by 10 percentage points year-over-year due to product mix [8] - **Net Profit (NP)**: Fell by 8% year-over-year, impacted by foreign exchange and impairment losses [8] Management Outlook - **Capex Cycle**: Management expects the current capex cycle, primarily driven by ESS, to be shorter and more volatile, with a slowdown in ESS orders anticipated in 2H26 [4][8] - **Export Controls**: China's export controls on lithium battery (LiB) equipment may extend approval times, but Hangke's Korean plant mitigates export risks [3][8] - **Market Potential**: High market potential identified in overseas regions such as Europe, Southeast Asia, and Latin America [8] Valuation and Risks - **Valuation Methodology**: A market cap-to-new order multiple of 4x is applied to 2026 estimated new orders of approximately Rmb7.5 billion, aligning with historical trading multiples [9] - **Risks to Upside**: Higher-than-expected overseas demand, better procurement by Chinese OEMs, and cost reductions from new technologies [11] - **Risks to Downside**: Potential for higher export tariffs, slower technology development, and increasing bad debt if supply exceeds demand [11] Conclusion Zhejiang Hangke Technology is positioned to benefit from strong domestic and international demand for energy storage solutions, despite facing challenges such as foreign exchange impacts and potential export control delays. The company's strategic focus on overseas expansion and new technologies may provide growth opportunities in the coming years.

Summary of Hangke Technology Conference Call Company Overview - **Company**: Hangke Technology - **Period**: First three quarters of 2025 - **Revenue**: 2.721 billion CNY, up 1.87% year-on-year [2][3] - **Net Profit**: 386 million CNY, up 2.59% year-on-year [2][3] - **Operating Cash Flow**: 444 million CNY, up 89.68% year-on-year [2][3] - **Gross Margin**: 28.8%, with Q3 gross margin exceeding 40% [2][3] Industry Insights - **Market Demand**: The lithium battery industry is experiencing a recovery phase, with significant demand in the energy storage sector [3][15]. - **New Orders**: New signed and pending orders for 2025 are approximately 3.3 to 3.5 billion CNY, with over 60% from domestic clients [2][4]. - **Key Clients**: Major domestic clients include Yiwei Lithium Energy, Guoxuan High-Tech, and BYD; overseas clients include LG, Samsung, and Toyota [2][4]. Q4 Order Expectations - **Energy Storage Focus**: Q4 orders are primarily expected from the energy storage sector, with significant bids from traditional clients and new opportunities from companies like C [5][6]. - **Production Lines**: Over 200 production lines are expected to be tendered in Hubei for energy storage batteries, focusing on capacities greater than 500 Ah [5][6]. Technological Developments - **Solid-State Battery**: The company is focusing on solid-state battery technology, particularly in isostatic pressing, with plans to develop a 500-ton high-pressure fixture machine [8][9]. - **Collaboration**: Partnerships with material suppliers like Dangsheng Technology are ongoing to address solid-solid interface issues [9]. Impact of Export Controls - **Short-Term Effects**: Export controls have caused some short-term disruptions in revenue and order delays [10]. - **Long-Term Benefits**: The company’s production capacity in Korea positions it as a key supplier for Japanese and Korean clients expanding into the European and American markets [10]. Market Trends - **Lithium Battery Industry Adjustments**: The industry has undergone adjustments since 2021, with major manufacturers restarting capital expenditures and expanding production in 2025 [14][15]. - **Future Demand**: The demand for energy storage batteries is expected to exceed that of electric vehicles, driven by rigid electricity needs [15]. Financial Health - **Cash Flow**: The company reported a negative operating cash flow in Q3 due to timing mismatches in customer payments, but overall cash flow remains healthy [21]. - **Personnel Stability**: The workforce has increased to over 4,000, indicating stable operations [22]. Currency Impact - **Exchange Rate Effects**: Currency fluctuations have caused minor losses in Q3, but the overall impact is considered manageable [23]. Conclusion - **Future Outlook**: The company is optimistic about future orders, particularly in the energy storage sector, and is well-positioned to leverage its technological advancements and production capabilities in both domestic and international markets [27][35].