Expansion by Top Clients + Overseas Localization Support + Forward-looking Layout in Solid-state Batteries: The Equipment Supplier Ranking Battle Amid the Resonance of Triple Dividends
On October 16, Han's Laser released its performance forecast for the first three quarters of 2026. The net profit attributable to shareholders of the listed company is expected to reach CNY 2.12 billion to CNY 2.22 billion, a year-on-year increase of 145.55% to 157.13%; the net profit after deducting non-recurring gains and losses is expected to be CNY 2.25 billion to CNY 2.35 billion, a substantial year-on-year increase of 295.85% to 313.44%.
The signals from the order side are even more direct. By the end of 2025, the company had approximately CNY 8.9 billion in unfulfilled orders on hand; in the first three quarters of 2026, newly signed orders reached approximately CNY 24.3 billion, a year-on-year increase of about 90%.
Behind the simultaneous high growth in multiple business lines such as PCB equipment and consumer electronics equipment, the growth logic of the lithium battery equipment business is worth carefully dissecting within the industry coordinate system.
According to the semi-annual report data for the first half of 2026, the new energy equipment business of Han's Laser achieved an operating revenue of CNY 1.499 billion, a year-on-year increase of 55.95%; among which, the lithium battery equipment business (Han's Lithium Battery) generated an operating revenue of CNY 1.37 billion, a year-on-year increase of 48.43%.
It is understood that Han's new energy lithium battery equipment has over CNY 3 billion in orders on hand, which can cover the next one to two years, and the order structure in this round is healthier than the previous one.
So, what industry position does this growth rate place it in? And which shifts in the industry landscape has it aligned with?
The Industry Shifts from "Broad-based Growth" to "Structural Prosperity"
To understand the growth of Han's lithium battery equipment, one must first see clearly the underlying changes in the lithium battery industry in 2026.
Data from the GGII Lithium Battery Research Institute shows that in the first half of 2026, China's lithium battery shipments reached approximately 1.2TWh, a year-on-year increase of over 50%. Among them, power battery shipments were about 630GWh, a year-on-year increase of 30%; energy storage battery shipments were about 485GWh, a year-on-year increase of 80%.
Behind this set of data lie three key changes.
First, energy storage has become a growth engine far surpassing power batteries. The 80% growth rate of energy storage batteries is nearly three times the 30% growth rate of power batteries. NEV exports reached approximately 2.3 million units, a surging year-on-year increase of 110%. The overseas market has become the second pole for power batteries; in the first half of 2026, the top 10 power battery companies shipped about 220GWh overseas, a year-on-year increase of 110%.
Second, industry concentration continues to rise. GGII data shows that in the first half of 2026, the top 10 power battery companies shipped about 600GWh, with a market share of over 97%; the top 10 energy storage battery companies shipped over 400GWh, accounting for over 80%. The dividends of capacity expansion are accelerating towards top battery companies.
Third, equipment orders are simultaneously concentrating towards industry leaders. The lithium battery equipment industry presents a pattern of "one super and multiple strong". Data shows that the industry CR3 increased from 25.52% in 2022 to over 31% in 2024, and the Matthew effect continues to strengthen.
In other words, the lithium battery equipment market in 2026 is no longer the broad-based growth seen previously where "the entire industry expands production and equipment suppliers take all". Demand is concentrated on three main lines: top clients, overseas production lines, and new technology iterations. Whoever secures a position in these three directions can reap the structural dividends.
Han's Laser's lithium battery equipment business happens to have layouts in all three of these directions.
Triple Positioning: Major Clients, Going Global, and New Technologies
From the expressions in the semi-annual report and the third quarter performance forecast, Han's Laser's positioning for the lithium battery equipment business is very clear: "focusing on major clients and overseas markets".
Han's Lithium Battery currently possesses processing equipment for rolling, laser die-cutting and slitting, winding/stacking, cell assembly, baking, electrolyte injection, formation and grading, and film coating and spraying, essentially covering the entire process of lithium battery cell manufacturing. In terms of battery packs, it has automated production lines for module and PACK assembly, and CTP assembly.
First is the major client strategy. The announcement explicitly mentions that the lithium battery equipment "benefits from the pull of capacity expansion by top clients and the demand for supporting overseas localized production lines".
In a landscape where the CR10 of the power battery industry exceeds 90%, binding with top clients means locking in the main share of capacity expansion. CATL, CALB, EVE Energy, and Sunwoda are all long-term clients of Han's Lithium Battery.
Second is overseas localization support. In February 2026, Han's Laser reviewed and approved the proposal to establish an overseas operation center in Southeast Asia, planning to invest USD 150 million to expand overseas business and enhance customer service capabilities.
Currently, top battery companies are intensively landing overseas capacity: CATL's 100GWh factory in Hungary started trial production in September; Gotion High-Tech's projects in Morocco and Slovakia are advancing; EVE Energy's Malaysia base is releasing capacity, and its 28GWh large cylindrical battery base in Hungary is under construction; CALB's Hungary factory started production at the beginning of the year; and the first phase of Sunwoda's Thailand base has been put into production.
This layout by Han's Laser precisely corresponds to the trend of top battery companies accelerating overseas factory construction—when battery factories go global, equipment suppliers must follow to complete localized production line support.
Third is the forward-looking layout in new technologies. This is also the key variable that distinguishes Han's Lithium Battery from traditional equipment suppliers.
In the field of semi-solid and solid-state battery equipment, Han's Lithium Battery has achieved a breakthrough from "following" to "running alongside".
In April 2026, at the Solid-state Battery Technology and Application Summit hosted by GGII, Han's Lithium Battery won the "2026 Solid-state Battery Industrialization Pioneer" award, thanks to its continuous R&D in the field of next-generation new battery technology equipment.
Even earlier, Han's Lithium Battery had won the bid for the process equipment project for the testing section of the solid-state battery pilot line and the process equipment project for the assembly section of the solid-state battery pilot line of Dongfeng Hongtai Holding Group Co., Ltd.
On traditional technology routes, Han's Lithium Battery has also launched three benchmark solutions: the high-nickel large cylindrical CTP assembly line, the large cylindrical module-PACK assembly line, and the 20~75PPM large cylindrical cell module line, covering the equipment needs of large cylindrical batteries from pilot to mass production.
At the 2026 GGII Lithium Battery Industry Summit, Han's Lithium Battery also prominently showcased laser welding and 3D flying welding technologies, strengthening its differentiated advantages in the core process link of laser welding.
The Hidden Thread of Profit Structure Optimization
Han's Laser's net profit after deducting non-recurring gains and losses in the first three quarters grew by 295.85%~313.44%, far exceeding the 145.55%~157.13% growth in net profit attributable to shareholders. This indicates that the actual growth of the operating business is stronger than the apparent figures.
The performance forecast explains the source of the difference between the two: the fair value change income from the Lingge Technology stocks held by the company was -CNY 203 million in the first three quarters, a decrease of CNY 419 million compared to the same period last year, which belongs to non-recurring gains and losses. After excluding the fluctuations of financial assets, the profitability quality of the company's main business is actually higher.
Specifically regarding the lithium battery equipment business, the company mentioned "steadily optimizing the profit structure through various methods such as strengthening innovative technology R&D and refined management".
Against the backdrop of fierce overall price competition in the equipment industry, the profit improvement of Han's Lithium Battery mainly comes from three directions:
First, the proportion of core equipment with high added value, such as laser welding, cell assembly, and module and PACK assembly, has increased; second, the gross profit margin has improved due to the increased proportion of overseas orders; third, the value per single order has increased due to the enhanced whole-line delivery capability.
The Succession of Three Growth Curves
Looking ahead, the subsequent growth of Han's lithium battery equipment business can be divided into three curves.
The first curve is the capacity expansion of top clients for traditional power and energy storage equipment. The high growth rate of over 50% in lithium battery shipments in the first half of 2026, coupled with the wave of overseas factory construction by top battery companies, means this curve will still have strong continuity in 2027.
The second curve is the explosive demand for energy storage battery equipment. The 80% growth rate of energy storage batteries far exceeds that of power batteries, and the proportion of overseas energy storage orders continues to rise. For equipment suppliers with overseas localized service capabilities, energy storage production line equipment will be the most certain incremental market in the next two to three years.
The third curve is solid-state battery equipment. The industry generally judges that semi-solid-state batteries will be the first to land from 2026 to 2027, mainly applied in high-end vehicle models, robots, and special scenarios; from 2027 to 2028, a small-scale introduction window for all-solid-state battery passenger cars is expected to arrive.
Currently, BYD's 20GWh sulfide all-solid-state battery production line in Bishan, Chongqing, is under construction, with the goal of achieving small-batch demonstration installation in high-end vehicle models by 2027. When GWh-level mass production lines move from bidding to construction, the technical reserves of equipment suppliers will be directly transformed into order elasticity.
Han's Lithium Battery's advance layout in core process equipment such as solid-state battery cell assembly and testing sections happens to be positioned right before this industry inflection point. From public information, current solid-state battery equipment is still mainly pilot lines and small-batch demonstration lines. Once GWh-level mass production lines are centrally bid in 2027, equipment suppliers with first-mover advantages will benefit first.
Conclusion
Returning to the initial question: Han's Laser's net profit surged by over 145% in the first three quarters; how much did the lithium battery equipment business contribute? From the semi-annual report data, the new energy equipment business accounts for about 11% of the company's total revenue, which is not the largest business segment—the PCB equipment business is the absolute main driver of growth this year.
However, viewed within the lithium battery equipment industry, Han's Lithium Battery's semi-annual revenue of CNY 1.37 billion, approximately over CNY 3 billion in orders on hand, and a year-on-year growth rate of over 48% have already placed it at the forefront of the industry, establishing a differentiated competitive position in segmented fields such as laser welding, large cylindrical batteries, and solid-state battery equipment.
As the lithium battery industry enters a new stage from "incremental expansion" to "competition for existing market share + technology upgrade", the competition logic of equipment suppliers has shifted from "who can do it" to "who does it meticulously, who follows closely, and who looks further". From this perspective, the performance explosion of Han's Laser in the first three quarters is just the beginning.