Core Viewpoint - The solid-state battery industry is transitioning from pure technology research to engineering validation, indicating a critical period for industrialization breakthroughs [1]. Group 1: Policy and Market Dynamics - The Ministry of Industry and Information Technology emphasizes enhancing the self-controllability of the supply chain and accelerating breakthroughs in solid-state battery technology as part of its 2026 action plan [1]. - Various companies in the supply chain are actively engaging in substantial developments, from material research to cell manufacturing and assembly [1]. Group 2: Industry Developments and Timelines - Companies like Wanrun New Energy and Tianci Materials are advancing in solid-state electrolyte research and production, with Tianci's pilot line expected to be completed by the second half of 2026 [1]. - The automotive sector, including GAC Group and China FAW Group, is aligning solid-state battery development with their electric vehicle models, aiming for small-scale applications by 2027 and commercial applications by 2030 [2]. Group 3: Equipment and Manufacturing Innovations - The manufacturing process for solid-state batteries now includes new steps such as isostatic pressing, with the market for isostatic pressing equipment projected to reach 6.6 billion yuan by 2030, accounting for 13% of the total equipment value [3]. - Leading equipment providers like Liyuanheng and QianDao Intelligent are establishing comprehensive production processes for solid-state batteries, with Liyuanheng collaborating with Quintus Technologies for innovative equipment development [4]. Group 4: Strategic Partnerships and Future Opportunities - Liyuanheng's strategic partnerships with leading companies are seen as a validation of their technological and engineering capabilities, positioning them as key players in the solid-state battery equipment market [4]. - The focus for equipment manufacturers is shifting from merely selling equipment to becoming collaborative developers and process enablers for clients, addressing new manufacturing demands [4].

Core Insights - The development of the all-solid-state battery industry is being catalyzed by both policy support and the strategic initiatives of leading companies [1][2] Group 1: Policy and Industry Trends - The Ministry of Industry and Information Technology has emphasized accelerating breakthroughs in all-solid-state battery technologies [2] - The industry is transitioning from pure research to engineering validation, with companies like GAC Group and BYD making significant progress in pilot production lines [1][2] Group 2: Technological Advancements and Collaborations - Various companies are actively developing solid-state electrolytes and manufacturing processes, with significant advancements reported by Wanrun New Energy and Tianqi Materials [2][4] - GAC Group aims to start small-scale vehicle testing of all-solid-state batteries by 2026, with plans for commercial application by 2030 [3] Group 3: Equipment and Manufacturing Focus - The focus of the all-solid-state battery industry is shifting from material science to production engineering, making equipment a critical factor for success [4] - Companies like Liyuanheng and Qiantai are leading in providing equipment for mass production, with strategic partnerships aimed at overcoming technical barriers [4][5] Group 4: Market Opportunities and Strategic Value - Winning orders from leading clients is seen as a strategic advantage for equipment manufacturers, indicating recognition of their technological capabilities [5] - The next 2-3 years present opportunities for equipment companies to become collaborative developers and solution providers for new manufacturing demands [5]

Investment Rating - The industry investment rating is "Overweight," 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 December 2025, the production and sales of new energy vehicles (NEVs) and batteries showed year-on-year growth but a month-on-month decline, primarily due to consumer hesitation during a subsidy policy gap [4]. - The penetration rate of NEVs reached 52.3% in December, a decrease of 0.9 percentage points month-on-month, while the annual penetration rate for 2025 was 47.9%, an increase of 7 percentage points year-on-year [4]. - The battery production and sales in December 2025 saw significant growth, with production at 201.7 GWh (up 14.4% month-on-month, 62.1% year-on-year) and sales at 199.3 GWh (up 11.1% month-on-month, 57.5% year-on-year) [4]. - The demand for power batteries is expected to weaken in the short term due to the traditional off-season for the NEV market and adjustments in the vehicle purchase tax [4]. - The solid-state battery industry is progressing towards commercialization, which will create incremental demand for materials and equipment in the industry chain [4]. Summary by Sections New Energy Vehicle Market - December 2025 saw NEV production and sales of 171.8 million and 171 million units, respectively, with year-on-year growth of 12.3% and 7.2%, but month-on-month declines of 8.6% and 6.2% [4]. - For the entire year of 2025, NEV production and sales reached 16.626 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [4]. Battery Production and Sales - In December 2025, the production of power and energy storage batteries was 201.7 GWh, with a year-on-year increase of 62.1% [4]. - The sales of power batteries accounted for 72.1% of total sales, with a month-on-month increase of 7.3% and a year-on-year increase of 49.2% [4]. Export and Market Dynamics - Battery exports in December 2025 reached 32.6 GWh, with a year-on-year increase of 49.2% [4]. - The report anticipates stable demand in the energy storage market and potential short-term support for demand due to adjustments in export tax policies [4]. Investment Recommendations - The report suggests focusing on the recovery pace of the industry chain and prioritizing sectors benefiting from solid-state battery advancements, including core materials and equipment [4]. - Key stocks to watch include CATL, EVE Energy, and others listed in the report [4].

Group 1 - The core point of the news is that Liyuanheng's stock price increased by 5.54% to 68.20 CNY per share, with a trading volume of 309 million CNY and a turnover rate of 2.79%, resulting in a total market capitalization of 11.507 billion CNY [1] - Liyuanheng, established on November 19, 2014, and listed on July 1, 2021, specializes in the research, production, and sales of intelligent manufacturing equipment, providing high-end equipment and factory automation solutions for industries such as lithium batteries, automotive parts, precision electronics, security, and rail transportation [1] - The revenue composition of Liyuanheng's main business includes 80.56% from lithium battery manufacturing equipment, 12.23% from value-added accessories and services, 3.62% from intelligent warehousing equipment, 2.72% from automotive parts manufacturing equipment, and 0.87% from other manufacturing equipment [1] Group 2 - From the perspective of major fund holdings, one fund under Southern Fund has a significant position in Liyuanheng, specifically the Southern SSE STAR Market Composite ETF Linked A (023731), which held 34 shares, ranking as the ninth largest holding [2] - The Southern SSE STAR Market Composite ETF Linked A (023731) has a current scale of 97.6034 million CNY and has achieved a year-to-date return of 9.75%, ranking 790 out of 5520 in its category, with a cumulative return of 51.78% since inception [2]

Core Viewpoint - The stock of Liyuanheng has shown a significant increase in price and trading volume, indicating positive market sentiment and potential growth in the smart manufacturing equipment sector, particularly in lithium battery production [1][2]. Group 1: Stock Performance - As of January 14, Liyuanheng's stock price rose by 2.03% to 65.93 CNY per share, with a trading volume of 201 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 11.12 billion CNY [1]. - Year-to-date, the stock has increased by 14.22%, with a 4.63% rise over the last five trading days, 20.24% over the last 20 days, and 9.97% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Liyuanheng reported a revenue of 2.424 billion CNY, reflecting a year-on-year growth of 4.37%, while the net profit attributable to shareholders was 47.49 million CNY, marking a substantial increase of 109.14% [2]. - The company has distributed a total of 87.24 million CNY in dividends since its A-share listing, with 35.32 million CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Liyuanheng had 24,600 shareholders, an increase of 9.92% from the previous period, with an average of 6,861 circulating shares per shareholder, down by 9.02% [2]. - Among the top ten circulating shareholders, new institutional investors include E Fund National Robot Industry ETF and Dongfang Alpha Industry Pioneer Mixed A, holding 1.8612 million shares and 1.1441 million shares, respectively [3].

Market Size Analysis and Forecast - The global lithium battery equipment market is projected to reach 99 billion yuan in 2025, representing a 25% year-on-year growth, driven by surges in energy storage, electric vehicles, and light-duty power markets in the second half of 2025 [2] - The demand for lithium batteries is expected to grow significantly in various sectors, including energy storage, electric vehicles, AI data centers, drones, light electric vehicles, electric ships, and new smart devices [2] - By 2027, the global lithium equipment market is forecasted to reach 141.9 billion yuan, with segment breakdowns of 46 billion yuan for front-end equipment, 43.4 billion yuan for mid-stream equipment, 38.3 billion yuan for back-end equipment, and 14.2 billion yuan for modules and PACK [2] 2025 China Lithium Battery Equipment Market Share TOP 50 Rankings - The top companies in the 2025 China lithium battery equipment market include: 1. XianDao Intelligent 2. YingHe Technology 3. JiaTuo Intelligent (a subsidiary of PuTaiLai) 4. HangKe Technology 5. Wuxi Liqi 6. LianYing Laser 7. Dazhu Lithium Battery (a subsidiary of Dazhu Laser) 8. LiYuanHeng 9. JiYang Intelligent 10. HaiMuXing [3][5][6] Detailed Company Rankings and Equipment Coverage - XianDao Intelligent and YingHe Technology provide complete lithium battery line solutions [6] - JiaTuo Intelligent specializes in processes such as rolling, cutting, and coating [6] - HangKe Technology focuses on formation, testing, and logistics lines [6] - Wuxi Liqi offers feeding and mixing systems [6] - LianYing Laser provides cell packaging lines and laser cutting equipment [6] Additional Market Segments - The report also highlights the top companies in various specific equipment segments, including stirring machines, coating machines, and drying equipment, indicating a comprehensive landscape of the lithium battery equipment market in China [8]

Core Insights - The solid-state battery industry is experiencing renewed interest from investors due to clear profitability and order visibility in the supply chain, with a significant focus on achieving mass production by 2027 [2][3][6] - Major automotive companies are targeting 2027 for the application of solid-state batteries in vehicles, with many planning to complete product development or testing by 2026 [4][5] Industry Developments - Companies like Tian Shi Ke Feng have begun to engage with potential investors after overcoming initial funding challenges, with plans to expand production capacity significantly in 2026 [2] - The Ministry of Industry and Information Technology has identified solid-state batteries as a key area for development, aiming to establish 3-5 leading companies by 2027 [3] Technical Challenges - The path to mass production of solid-state batteries is fraught with challenges, including material technology discrepancies and shortages in core equipment [6][8] - The industry is divided on material technology routes, with significant competition between oxide and sulfide electrolytes, each having distinct advantages and challenges [10][12] Material Innovations - Solid-state batteries are recognized for their high energy density and intrinsic safety, making them suitable for various applications, although their cost-effectiveness in electric vehicles remains a concern [7][8] - The development of silicon-carbon and lithium metal anodes is ongoing, with companies reporting progress in small-scale trials [9][10] Equipment and Production - The lack of mature mass production equipment poses a significant barrier, with many companies resorting to self-developed solutions to meet production demands [14][19] - The production process for solid-state batteries requires high precision and specialized equipment, which increases costs and complicates the manufacturing process [20][21] Market Dynamics - The solid-state battery supply chain is characterized by a collaborative approach among suppliers and manufacturers, with a focus on meeting evolving technical requirements from cell manufacturers [23][24] - The competitive landscape is marked by a "race" among cell manufacturers to explore various material suppliers, emphasizing the need for continuous innovation and adaptation [24]

Group 1 - The solid-state battery concept has seen a significant surge, with Jinlongyu hitting the daily limit up, and other companies like Aotewei rising over 10% [1] - Other companies in the sector, including Zhenhua Co., Binhai Energy, Naconor, Zhongwei Co., and Liyuanheng, also experienced gains [1] - Donut Lab, a Finnish electric mobility technology company, announced the launch of the world's first commercially viable solid-state battery at the 2026 CES, emphasizing that it is now ready for production [1]

Industry Overview - Donut Lab has launched the world's first commercially viable all-solid-state battery, set to be showcased at CES 2026, with advantages in energy density, charging speed, cycle life, and extreme environmental adaptability, potentially transforming the electric vehicle industry [1] - The solid-state battery industry is at a critical juncture, transitioning from laboratory research to engineering validation, with a current market dominated by semi-solid-state batteries, which account for over 95% of the market [1] - Full solid-state batteries are expected to achieve small-scale vehicle validation by around 2027 and aim for mass production by 2030 [1] Market Potential - According to招商证券, the solid-state battery sector is moving from experimental validation to pilot delivery, with significant market opportunities anticipated [2] - The market for solid-state battery equipment is projected to reach 59.216 billion yuan by 2030, with a compound annual growth rate (CAGR) of 103% from 2024 to 2030 [2] Company Developments - XianDao Intelligent has developed a complete line solution for solid-state batteries, covering key equipment across various stages, and has entered the supply chains of leading battery manufacturers and automotive companies in Europe, the US, Japan, South Korea, and China [3] - LiYuanHeng has established technological reserves and layouts in the solid-state battery equipment sector, focusing on technology development and solution optimization based on core customer needs [3]

证券代码：688499 证券简称：利元亨 公告编号：2026-001 广东利元亨智能装备股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 12 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 1,413,421 股，占公司总股本的比例为 0.8377%，回购成交 的最高价为 28.50 元/股，最低价为 21.97 元/股，支付的资金总额为人民币 38,585,686.77 元（不含印花税、交易佣金等交易费用）。 本次回购股份符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号—— ...