报告期内，新能源行业景气度提升，公司积极把握市场机遇，依托供应链与交付体系的精细化协同，有 效提升项目执行与验收效率，促使公司项目验收周期缩短。公司持续推动技术降本与供应链资源优化， 有效提升主营业务毛利率，盈利空间得到夯实；公司严格执行预算管理，优化组织架构与资源配置，销 售费用、管理费用及研发费用投入的效率和针对性进一步增强，期间费用率实现有效降低；公司加大对 应收账款的催收管理力度，客户回款状况整体改善，经营活动现金流优化，前期计提的信用减值损失实 现了部分冲回，对业绩提升产生积极影响。 格隆汇2月27日丨利元亨(688499.SH)公布2025年度业绩快报，2025年公司实现营业总收入32.15亿元，同 比去年增长29.54%；实现营业利润9,974.84万元、实现利润总额10,396.04万元、实现归属于母公司所有 者的净利润5,096.68万元、实现归属于母公司所有者的扣除非经常性损益的净利润3,196.73万元，同比去 年均实现扭亏为盈。 ...

格隆汇2月27日丨利元亨(688499.SH)公布2025年度业绩快报，2025年公司实现营业总收入32.15亿元，同 比去年增长29.54%；实现营业利润9,974.84万元、实现利润总额10,396.04万元、实现归属于母公司所有 者的净利润5,096.68万元、实现归属于母公司所有者的扣除非经常性损益的净利润3,196.73万元，同比去 年均实现扭亏为盈。 报告期内，新能源行业景气度提升，公司积极把握市场机遇，依托供应链与交付体系的精细化协同，有 效提升项目执行与验收效率，促使公司项目验收周期缩短。公司持续推动技术降本与供应链资源优化， 有效提升主营业务毛利率，盈利空间得到夯实；公司严格执行预算管理，优化组织架构与资源配置，销 售费用、管理费用及研发费用投入的效率和针对性进一步增强，期间费用率实现有效降低；公司加大对 应收账款的催收管理力度，客户回款状况整体改善，经营活动现金流优化，前期计提的信用减值损失实 现了部分冲回，对业绩提升产生积极影响。 ...

Group 1 - The company Liyuanheng reported its 2025 annual performance, with operating revenue of approximately 3.215 billion yuan, an increase of 29.54% year-on-year [1] - The net profit attributable to shareholders was 50.97 million yuan, compared to a net loss of approximately 1.044 billion yuan in the same period last year [1] - Basic earnings per share were 0.3 yuan, a significant improvement from a loss of 8.12 yuan per share in the previous year [1] Group 2 - A notable shift in AI usage has occurred, with China's AI call volume surpassing that of the United States for the first time, leading to a surge in various sectors in the A-share market [1] - A well-known Wall Street analyst commented that China's computing power path is overturning traditional perceptions [1]

本公告所载的广东利元亨智能装备股份有限公司（以下简称"公司"）2025 年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司 2025 年年度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 321,546.15 | 248,213.59 | 29.54 | | 营业利润 | 9,974.84 | -120,021.33 | 不适用 | | 利润总额 | 10,396.04 | -120,107.71 | 不适用 | | 归属于母公司所有者的净利润 | 5,096.68 | -104,413.24 | 不适用 | | 归属于母公司所有者的扣除非 经常性损益的净利润 | 3,196.73 | -104,186.15 | 不适用 | | 基本每股收益（元） | 0.30 | -8.12 | 不适用 | | 加权平均净资产收益率 | 2.23% | -51.89% | 增加 54.12 个百分点 | | | 本报告期末 | ...

证券代码：688499 证券简称：利元亨 公告编号：2026-006 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： | 回购方案首次披露日 | 2025/2/28，由实际控制人、董事长、总裁周俊雄 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 先生提议 | | | | | | | 回购方案实施期限 | 年 月 2025 2 2 26 | 月 | 27 | 日~2026 | 年 | 日 | | 预计回购金额 | 3,000万元~4,000万元 | | | | | | | 回购价格上限 | 36.60元/股 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 1,413,421股 | | | | | | | 实际回购股数占总股本比例 | 0.837 ...

利元亨公告，公司2025年实现营业总收入321,546.15万元，同比去年增长29.54%；实现营业利润 9,974.84万元、实现利润总额10,396.04万元、实现归属于母公司所有者的净利润5,096.68万元、实现归属 于母公司所有者的扣除非经常性损益的净利润3,196.73万元，同比去年均实现扭亏为盈。报告期内，新 能源行业景气度提升，公司积极把握市场机遇，依托供应链与交付体系的精细化协同，有效提升项目执 行与验收效率，促使公司项目验收周期缩短。 ...

证券日报网讯 2月26日，利元亨在互动平台回答投资者提问时表示，等静压技术作为固态电池规模化生 产中的关键工艺，对电池的能量密度、一致性及安全性起着决定性作用。公司已与国内外在压力容器设 计和制造领域拥有深厚经验的优质企业建立战略合作关系，将先进等静压技术与公司领先的智能自动化 整线能力、丰富的产线经验深度融合，开发面向固态电池的自动化制造系统解决方案，从而推动固态电 池制造工艺的优化与创新。公司将密切关注固态电池技术产业化进程，保持在该前沿装备领域的创新活 力与技术储备。 （文章来源：证券日报） ...

Core Viewpoint - The lithium battery industry is experiencing a dual trend of rapid growth in energy storage and a shift towards solid-state technology for power batteries, leading to increased production capacity and rising material prices, which may impact profit margins for battery manufacturers [2]. Group 1 - The energy storage sector is thriving, with major battery manufacturers receiving numerous orders and calling for expansion [2]. - The transition towards solid-state technology is becoming a focal point for leading manufacturers, while the global pace of electrification is slowing down, creating a cautious atmosphere in the industry [2]. - The rebound in upstream material prices is causing profit growth for battery companies to lag behind the increase in shipment volumes [2]. Group 2 - The new year is seen as a pivotal moment for the lithium battery industry, with expectations for technological advancements and a focus on high-quality manufacturing [4][12]. - Companies are emphasizing the importance of innovation and collaboration to navigate the challenges and opportunities presented by the evolving market landscape [8][20]. - The industry is poised for a significant transformation, with a collective goal of achieving high-quality development and contributing to global energy transition efforts [18][59].

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].