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这家激光巨头的“大棋局”：港股IPO+30亿扩产+亿元投资平台……是破局还是冒险？

作者：十一郎来源：激光制造网发布时间：1774332300

<p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">2026年开年，光伏激光设备龙头<span class="" link-id="link-1774332196132-0.1294925068476147">帝尔激光</span>动作频频。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">3月12日，公司宣布拟发行H股冲刺港交所，搭建“A+H”双重上市架构；与此同时，总投资额高达30亿元的研发生产基地三期项目完成土地权属登记，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">还有，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">出资1亿元的投资平台武汉灏远投资合伙企业</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">也</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">正式设立……</span></span></p><p></p><p><section nodeleaf=""><img data-src="https://mmbiz.qpic.cn/mmbiz_png/DWpSLk9dHfyzrat9g30RGvCKuq378lxgCUkAkWHMx76BZGGzByZqrMmEibzhgyaRibcbMUS5K6y6FJ4flwnGwYCLHyxpvGAGRDyxx4CWkCuB8/640?wx_fmt=png#imgIndex=1" class="rich_pages wxw-img" data-ratio="0.612037037037037" data-w="1080" style="width: 677px !important; height: auto !important; visibility: visible !important;" data-backw="553" data-backh="338" data-aistatus="1" data-original-style="width:100%;" data-index="1" src="https://mmbiz.qpic.cn/mmbiz_png/DWpSLk9dHfyzrat9g30RGvCKuq378lxgCUkAkWHMx76BZGGzByZqrMmEibzhgyaRibcbMUS5K6y6FJ4flwnGwYCLHyxpvGAGRDyxx4CWkCuB8/640?wx_fmt=png&tp=wxpic&wxfrom=5&wx_lazy=1#imgIndex=1" _width="100%" __sec_open_place_holder__="true" alt="Image" data-before-load-time="1774332199269" data-report-img-idx="8" data-fail="0"/></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">在光伏行业深度调整期，作为光伏激光细分领域的龙头企业，帝尔激光通过</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">拟</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">赴港上市、推进研发基地建设、设立投资公司等多轮驱动，加速国际化与产能布局，开启2026年全新发展棋局，推动企业从单一设备供应商向产业生态构建者加速转型。</span></span></p><p></p><p><section style="box-sizing: border-box; text-align: justify; color: rgb(62, 62, 62);" data-pm-slice="0 0 []"><section style="text-align: center;justify-content: center;display: flex;flex-flow: row nowrap;margin: 10px 0px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;background-image: linear-gradient(90deg, rgb(146, 24, 41) 14%, rgb(122, 13, 13) 85%);min-width: 5%;max-width: 100%;height: auto;line-height: 0.4;box-sizing: border-box;"><section style="transform: perspective(0px);-webkit-transform: perspective(0px);-moz-transform: perspective(0px);-o-transform: perspective(0px);transform-style: flat;box-sizing: border-box;"><section style="text-align: left;transform: translate3d(10px, 0px, 0px) rotateY(180deg);-webkit-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-moz-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-o-transform: translate3d(10px, 0px, 0px) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 10px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(142, 58, 44) rgba(255, 255, 255, 0) rgba(255, 255, 255, 0);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;"><p style="text-wrap: wrap; margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><span leaf=""><br/></span></p></section></section></section></section><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 9px 0px 0px;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;align-self: flex-start;flex: 0 0 auto;padding: 0px 10px;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;"><section style="font-size: 18px;color: rgb(255, 255, 255);line-height: 1;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">资本棋局</span></strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;background-image: linear-gradient(90deg, rgb(146, 100, 102) 13%, rgb(146, 24, 24) 50%, rgb(123, 73, 93) 89%);margin: 9px 0px 0px;height: auto;padding: 1px;overflow: hidden;border-top-right-radius: 145px;border-bottom-right-radius: 145px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;width: 100%;align-self: flex-start;background-color: rgb(255, 255, 255);overflow: hidden;padding: 3px 16px 3px 9px;border-top-right-radius: 155px;border-bottom-right-radius: 155px;box-sizing: border-box;"><section style="text-align: center;width: 100%;box-sizing: border-box;"><section style="text-align: left;color: rgb(123, 24, 25);font-size: 18px;width: 100%;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">国际化战略的“关键一跃”</span></strong></p></section></section></section></section></section></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">3月12日，帝尔激光发布公告称，公司拟公开发行境外上市股份（H股）并申请在香港联交所主板挂牌上市，相关议案已获董事会审议通过，后续将提交股东大会审议。此举一旦落地，企业将形成“A+H”双重上市格局，打通境内外资本通道，为国际化战略落地筑牢资本根基。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">事实上，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">帝尔激光此次冲刺港股，绝非简单的融资渠道拓宽，而是其国际化战略的关键落子。公司公告明确指出，赴港上市旨在“深入推进国际化战略布局，打造多元化资本运作平台，提升国际品牌形象及全球市场综合竞争力”。</span></span></p><p></p><p><section nodeleaf=""><img data-src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/DWpSLk9dHfyib5DtJC7dUgIZ3AiaV9AEHDsibXeYpibFYc5oNb1FRqd8UBI59x8RrORz4QNNxvjkIPiaWgbovhsNjGJ9bMgicHZgTAfDauAjjoJb0/640?wx_fmt=jpeg#imgIndex=2" class="rich_pages wxw-img" data-ratio="0.6083333333333333" data-w="1080" style="width: 677px !important; height: auto !important; visibility: visible !important;" data-backw="552" data-backh="336" data-aistatus="1" data-original-style="width:100%;" data-index="2" src="https://mmbiz.qpic.cn/sz_mmbiz_jpg/DWpSLk9dHfyib5DtJC7dUgIZ3AiaV9AEHDsibXeYpibFYc5oNb1FRqd8UBI59x8RrORz4QNNxvjkIPiaWgbovhsNjGJ9bMgicHZgTAfDauAjjoJb0/640?wx_fmt=jpeg&tp=wxpic&wxfrom=5&wx_lazy=1#imgIndex=2" _width="100%" __sec_open_place_holder__="true" alt="Image" data-before-load-time="1774332199249" data-report-img-idx="9" data-fail="0"/></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">因此，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">帝尔激光此次选择港股，意在打造多元化资本运作平台，战略意图清晰而深远：一是借助香港的国际金融中心地位，打通全球资本通道，为海外业务拓展与产能建设储备“弹药”；二是通过引入国际投资者和建立境外上市平台，倒逼公司治理与国际标准接轨，提升其在全球客户与供应链中的品牌公信力。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">在当前国内光伏行业进入深度调整期的背景下，这一步“落子”港股，是帝尔激光试图将过去在国内积累的精密激光加工优势，转化为在全球市场竞争力的“关键一跃”。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">从更深层看，若H股成功上市，将成为帝尔激光全球化战略的“稳定器”，同时决定</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">着</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">公司真正跨越行业周期，实现从“中国龙头”到“全球玩家”的身份转变。</span></span></p><p></p><p><section style="box-sizing: border-box; text-align: justify; color: rgb(62, 62, 62);" data-pm-slice="0 0 []"><section style="text-align: center;justify-content: center;display: flex;flex-flow: row nowrap;margin: 10px 0px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;background-image: linear-gradient(90deg, rgb(146, 24, 41) 14%, rgb(122, 13, 13) 85%);min-width: 5%;max-width: 100%;height: auto;line-height: 0.4;box-sizing: border-box;"><section style="transform: perspective(0px);-webkit-transform: perspective(0px);-moz-transform: perspective(0px);-o-transform: perspective(0px);transform-style: flat;box-sizing: border-box;"><section style="text-align: left;transform: translate3d(10px, 0px, 0px) rotateY(180deg);-webkit-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-moz-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-o-transform: translate3d(10px, 0px, 0px) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 10px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(142, 58, 44) rgba(255, 255, 255, 0) rgba(255, 255, 255, 0);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;"><p style="text-wrap: wrap; margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><span leaf=""><br/></span></p></section></section></section></section><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 9px 0px 0px;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;align-self: flex-start;flex: 0 0 auto;padding: 0px 10px;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;"><section style="font-size: 18px;color: rgb(255, 255, 255);line-height: 1;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">产业棋局</span></strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;background-image: linear-gradient(90deg, rgb(146, 100, 102) 13%, rgb(146, 24, 24) 50%, rgb(123, 73, 93) 89%);margin: 9px 0px 0px;height: auto;padding: 1px;overflow: hidden;border-top-right-radius: 145px;border-bottom-right-radius: 145px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;width: 100%;align-self: flex-start;background-color: rgb(255, 255, 255);overflow: hidden;padding: 3px 16px 3px 9px;border-top-right-radius: 155px;border-bottom-right-radius: 155px;box-sizing: border-box;"><section style="text-align: center;width: 100%;box-sizing: border-box;"><section style="text-align: left;color: rgb(123, 24, 25);font-size: 18px;width: 100%;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">30亿重注锁定未来制造高地</span></strong></p></section></section></section></section></section></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">与资本运作同步，帝尔激光在产业端的投入持续加码。帝尔激光</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">发布的最新公告称，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">公司投资约30亿元建设的研发生产基地三期项目已于近期完成土地使用权登记手续，标志着该项目正式进入实质建设阶段。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">据悉，该基地位于武汉东湖高新区未来科技城，占地72亩，将建设集团总部及前沿激光技术创新研究院，扩充光伏组件激光封装成套设备生产线，新增半导体激光设备生产厂房。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">值得注意的是，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这一产能扩张并非简单的规模复制，而是承载着帝尔激光下一代激光技术研发、新产品试制及规模化生产的战略重任。从投资结构看，项目固定资产投资额10.25亿元，其余为研发及其他经营性投入，显示出公司对于技术研发的长期主义态度。</span></span></p><p><span leaf=""><img data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/DWpSLk9dHfzDyhYWo8FLviabTaBRia9HDqqvJ0iaKX9vVYylOK2gC7sHEM6WkfaiaZib5nnBSzicJ3JC35MrCDQl0c1KvDmT8QibOFqTPBEFwicdJ6A/640?wx_fmt=png#imgIndex=3" class="rich_pages wxw-img" data-ratio="0.8407407407407408" data-w="1080" style="width: 677px !important; height: auto !important; visibility: visible !important;" data-backw="554" data-backh="465" data-aistatus="1" data-original-style="width:100%;" data-index="3" src="https://mmbiz.qpic.cn/sz_mmbiz_png/DWpSLk9dHfzDyhYWo8FLviabTaBRia9HDqqvJ0iaKX9vVYylOK2gC7sHEM6WkfaiaZib5nnBSzicJ3JC35MrCDQl0c1KvDmT8QibOFqTPBEFwicdJ6A/640?wx_fmt=png&tp=wxpic&wxfrom=5&wx_lazy=1#imgIndex=3" _width="100%" __sec_open_place_holder__="true" alt="Image" data-before-load-time="1774332199175" data-report-img-idx="5" data-fail="0"/></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">而且，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这与帝尔激光“非光伏领域投入”的战略完全契合——公司已实现晶圆级/面板级TGV封装设备全覆盖，并在消费电子、集成电路领域取得突破。基地建成后，既可能满足<span class="" link-id="link-1774332196394-0.28657743701665117">PCB激光钻孔设备</span>的量产需求，也可能成为“去银化”电镀铜技术的产业化载体。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">值得一提的是，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">帝尔激光选址光谷的决定颇具深意——作为国家级半导体产业集聚区，这里汇聚了长江存储、<span class="" link-id="link-1774332196394-0.21663562909465983">华星光电</span>等龙头企业，帝尔激光借此可深度融入区域产业链，降低供应链协作成本。</span></span></p><p></p><p><section style="box-sizing: border-box; text-align: justify; color: rgb(62, 62, 62);" data-pm-slice="0 0 []"><section style="text-align: center;justify-content: center;display: flex;flex-flow: row nowrap;margin: 10px 0px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;background-image: linear-gradient(90deg, rgb(146, 24, 41) 14%, rgb(122, 13, 13) 85%);min-width: 5%;max-width: 100%;height: auto;line-height: 0.4;box-sizing: border-box;"><section style="transform: perspective(0px);-webkit-transform: perspective(0px);-moz-transform: perspective(0px);-o-transform: perspective(0px);transform-style: flat;box-sizing: border-box;"><section style="text-align: left;transform: translate3d(10px, 0px, 0px) rotateY(180deg);-webkit-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-moz-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-o-transform: translate3d(10px, 0px, 0px) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 10px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(142, 58, 44) rgba(255, 255, 255, 0) rgba(255, 255, 255, 0);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;"><p style="text-wrap: wrap; margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><span leaf=""><br/></span></p></section></section></section></section><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 9px 0px 0px;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;align-self: flex-start;flex: 0 0 auto;padding: 0px 10px;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;"><section style="font-size: 18px;color: rgb(255, 255, 255);line-height: 1;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">生态棋局</span></strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;background-image: linear-gradient(90deg, rgb(146, 100, 102) 13%, rgb(146, 24, 24) 50%, rgb(123, 73, 93) 89%);margin: 9px 0px 0px;height: auto;padding: 1px;overflow: hidden;border-top-right-radius: 145px;border-bottom-right-radius: 145px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;width: 100%;align-self: flex-start;background-color: rgb(255, 255, 255);overflow: hidden;padding: 3px 16px 3px 9px;border-top-right-radius: 155px;border-bottom-right-radius: 155px;box-sizing: border-box;"><section style="text-align: center;width: 100%;box-sizing: border-box;"><section style="text-align: left;color: rgb(123, 24, 25);font-size: 18px;width: 100%;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">亿元投资平台重构产业价值链</span></strong></p></section></section></section></section></section></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">2026年2月，武汉灏远投资合伙企业悄然成立，注册资本1亿元，由帝尔激光及其全资子公司珠海颢远投资有限公司共同持股。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这并非帝尔激光首次涉足投资领域，早在2024年，公司已作为有限合伙人参与设立专注于新能源与激光产业链的创业投资基金，出资7800万元。此次新设投资平台，与前述基金形成协同效应，标志着其资本布局进入系统化、多层次的新阶段。</span></span></p><p></p><p><section nodeleaf=""><img data-src="https://mmbiz.qpic.cn/mmbiz_png/DWpSLk9dHfwKVB9NsNBt2SgkUh2HRf9LEqM0FKy4natDKvogkzibo3MN1xBoPNePDickgeK5oQDaCZUs2jIuF76aBfrm6dkw4gbpd5YvAmEvI/640?wx_fmt=png#imgIndex=4" class="rich_pages wxw-img" data-ratio="0.5361111111111111" data-w="1080" style="width: 677px !important; height: auto !important; visibility: visible !important;" data-backw="553" data-backh="297" data-aistatus="1" data-original-style="width:100%;" data-index="4" src="https://mmbiz.qpic.cn/mmbiz_png/DWpSLk9dHfwKVB9NsNBt2SgkUh2HRf9LEqM0FKy4natDKvogkzibo3MN1xBoPNePDickgeK5oQDaCZUs2jIuF76aBfrm6dkw4gbpd5YvAmEvI/640?wx_fmt=png&tp=wxpic&wxfrom=5&wx_lazy=1#imgIndex=4" _width="100%" __sec_open_place_holder__="true" alt="Image" data-before-load-time="1774332199142" data-report-img-idx="7" data-fail="0"/></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这一系列动作的背后，是帝尔激光从单一设备供应商向产业生态构建者的战略升级。通过”产业运营+资本运作“双轮驱动，公司正在系统性地打造自身的产业生态圈。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">投资公司的设立，通过“产业运营+资本运作”双轮驱动，公司可以更灵活地投资布局产业链上下游具有协同效应的前瞻性技术、关键工艺环节或新兴市场企业。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这不仅能快速补强技术短板、获取市场渠道，实现外延式增长，还能通过布局形成生态合力，提升公司在产业价值链中的话语权和影响力，为公司打开超越设备销售的新增长空间，平滑光伏行业的周期性波动。</span></span></p><p></p><p><section style="box-sizing: border-box; text-align: justify; color: rgb(62, 62, 62);" data-pm-slice="0 0 []"><section style="text-align: center;justify-content: center;display: flex;flex-flow: row nowrap;margin: 10px 0px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 0 0 auto;background-image: linear-gradient(90deg, rgb(146, 24, 41) 14%, rgb(122, 13, 13) 85%);min-width: 5%;max-width: 100%;height: auto;line-height: 0.4;box-sizing: border-box;"><section style="transform: perspective(0px);-webkit-transform: perspective(0px);-moz-transform: perspective(0px);-o-transform: perspective(0px);transform-style: flat;box-sizing: border-box;"><section style="text-align: left;transform: translate3d(10px, 0px, 0px) rotateY(180deg);-webkit-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-moz-transform: translate3d(10px, 0px, 0px) rotateY(180deg);-o-transform: translate3d(10px, 0px, 0px) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 0px;height: 0px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 10px 10px 0px 0px;border-color: rgba(255, 255, 255, 0) rgb(142, 58, 44) rgba(255, 255, 255, 0) rgba(255, 255, 255, 0);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;"><p style="text-wrap: wrap; margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><span leaf=""><br/></span></p></section></section></section></section><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 9px 0px 0px;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;align-self: flex-start;flex: 0 0 auto;padding: 0px 10px;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;"><section style="font-size: 18px;color: rgb(255, 255, 255);line-height: 1;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">冷思考</span></strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;background-image: linear-gradient(90deg, rgb(146, 100, 102) 13%, rgb(146, 24, 24) 50%, rgb(123, 73, 93) 89%);margin: 9px 0px 0px;height: auto;padding: 1px;overflow: hidden;border-top-right-radius: 145px;border-bottom-right-radius: 145px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;width: 100%;align-self: flex-start;background-color: rgb(255, 255, 255);overflow: hidden;padding: 3px 16px 3px 9px;border-top-right-radius: 155px;border-bottom-right-radius: 155px;box-sizing: border-box;"><section style="text-align: center;width: 100%;box-sizing: border-box;"><section style="text-align: left;color: rgb(123, 24, 25);font-size: 18px;width: 100%;box-sizing: border-box;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; box-sizing: border-box;"><strong style="box-sizing: border-box;"><span leaf="">大棋局背后的“阵痛与新生”</span></strong></p></section></section></section></section></section></section></p><p></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">不可回避的是，在这盘大棋局背后，是帝尔激光必须直面的现实压力。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">帝尔激光最新发布的2025年度业绩快报显示，公司全年实现营业收入20.33亿元，同比增长0.93%；归属于上市公司股东的净利润5.19亿元，同比下降1.59%，这也是公司自2019年上市以来净利润首次出现同比下滑。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">这既是光伏行业周期性寒冬在上游设备端的直接传导——下游客户资本开支收窄导致订单承压，也是企业战略转型期的必然阵痛。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">那么，</span></span><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">赴港上市能否如愿成为其国际化战略的“加速器”，新设立的1亿元投资平台能否精准捕获下一个增长点，泛半导体领域的布局何时能从技术储备走向业绩贡献，这三个问题的答案将直接决定此次“破局”的成色。</span></span></p><p><span leaf="" style="color: rgba(0, 0, 0, 0.9); font-size: 17px; font-family: mp-quote, "PingFang SC", system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; line-height: 1.6; letter-spacing: 0.034em;"><span textstyle="" style="font-size: 16px;">对于帝尔激光而言，2026年注定是一个新旧动能转换的关键之年，唯有穿越周期，方能迎来新生。</span></span></p><p style="text-align: right; margin-bottom: 0px; line-height: 1em;"><span style="color: rgb(34, 34, 34); font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 14px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); float: none; display: inline !important;" data-pm-slice="0 0 []"><span style="letter-spacing: 0.544px; float: none; display: inline !important;" data-pm-slice="0 0 []"><span style="letter-spacing: 0.544px; float: none; display: inline !important;" data-pm-slice="2 2 ["para",{"tagName":"p","attributes":{"style":"text-align: right;margin-left: 0px;margin-right: 0px;margin-bottom: 0px;"},"namespaceURI":"http://www.w3.org/1999/xhtml"},"node",{"tagName":"span","attributes":{"style":"color: rgb(34, 34, 34);font-family: -apple-system-font, BlinkMacSystemFont, \"Helvetica Neue\", \"PingFang SC\", \"Hiragino Sans GB\", \"Microsoft YaHei UI\", \"Microsoft YaHei\", Arial, sans-serif;font-size: 14px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-style: initial;text-decoration-color: initial;float: none;display: inline !important;","data-pm-slice":"0 0 []"},"namespaceURI":"http://www.w3.org/1999/xhtml"},"node",{"tagName":"span","attributes":{"style":"color: rgb(34, 34, 34);font-family: -apple-system-font, BlinkMacSystemFont, \"Helvetica Neue\", \"PingFang SC\", \"Hiragino Sans GB\", \"Microsoft YaHei UI\", \"Microsoft YaHei\", Arial, sans-serif;font-size: 14px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: 0.544px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;background-color: rgb(255, 255, 255);text-decoration-style: initial;text-decoration-color: initial;float: none;display: inline !important;","data-pm-slice":"0 0 []"},"namespaceURI":"http://www.w3.org/1999/xhtml"}]"><span leaf="">来源：</span><span leaf="">激光制造网编辑：William Shaw</span></span></span></span></p><p><br/></p>

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