9月18日，安孚科技涨5.06%，截至发稿，报40.10元/股，成交1.76亿元，换手率2.15%，总市值101.10亿 元。 资料显示，安徽安孚电池科技股份有限公司位于安徽省合肥市蜀山区潜山路888号百利中心北塔1801， 成立日期1999年5月7日，上市日期2016年8月22日，公司主营业务涉及高性能环保锌锰电池的研发、生 产及销售。主营业务收入构成为：碱性电池83.08%，碳性电池7.88%，其他电池4.51%，其他产品 4.35%，其他(补充)0.18%。 从基金十大重仓股角度 数据显示，蜂巢基金旗下1只基金重仓安孚科技。蜂巢润和六个月持有期混合A（014944）二季度持有 股数5600股，占基金净值比例为0.3%，位居第九大重仓股。根据测算，今日浮盈赚取约1.08万元。 蜂巢润和六个月持有期混合A（014944）成立日期2022年8月9日，最新规模2043.01万。今年以来收益 5.58%，同类排名6679/8172；近一年收益13.75%，同类排名6572/7980；成立以来收益14.5%。 蜂巢润和六个月持有期混合A（014944）基金经理为李海涛、李铮男。 截至发稿，李海涛累计任职时间6年66 ...

Core Viewpoint - Anfu Technology's stock price has shown volatility, with a year-to-date increase of 33.71% but a recent decline of 4.51% over the past five trading days [2] Group 1: Stock Performance - As of September 17, Anfu Technology's stock price was 37.92 CNY per share, with a market capitalization of 9.561 billion CNY [1] - The stock has experienced a 4.51% decline in the last five trading days, while it has increased by 5.54% over the last 20 days and 30.00% over the last 60 days [2] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 26, where it recorded a net buy of -560.953 million CNY [2] Group 2: Financial Performance - For the first half of 2025, Anfu Technology reported a revenue of 2.428 billion CNY, representing a year-on-year growth of 4.98%, and a net profit attributable to shareholders of 107 million CNY, up 14.38% year-on-year [3] - The company has distributed a total of 142 million CNY in dividends since its A-share listing, with 116 million CNY distributed over the past three years [4] Group 3: Business Overview - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [2] - The company's revenue composition includes 83.08% from alkaline batteries, 7.88% from carbon batteries, 4.51% from other batteries, and 4.35% from other products [2] - Anfu Technology is categorized under the power equipment industry, specifically in batteries, and is involved in concepts such as energy storage, share buybacks, lithium batteries, cross-border e-commerce, and mergers and acquisitions [2]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Anfu Technology, indicating a significant increase in stock price and trading activity [1][2] - As of September 16, Anfu Technology's stock price rose by 2.05% to 38.90 CNY per share, with a total market capitalization of 9.808 billion CNY [1] - Year-to-date, Anfu Technology's stock has increased by 37.17%, with a 1.14% rise in the last five trading days and a 34.98% increase over the past 60 days [1] Group 2 - Anfu Technology operates in the electric equipment industry, specifically in the battery sector, focusing on high-performance environmentally friendly zinc-manganese batteries [1][2] - The company's revenue composition includes 83.08% from alkaline batteries, 7.88% from carbon batteries, and 4.51% from other battery types [1] - For the first half of 2025, Anfu Technology reported a revenue of 2.428 billion CNY, reflecting a year-on-year growth of 4.98%, and a net profit of 107 million CNY, up 14.38% year-on-year [2] Group 3 - Anfu Technology has distributed a total of 142 million CNY in dividends since its A-share listing, with 116 million CNY distributed over the past three years [3]

证券代码：603031 股票简称：安孚科技 编号：2025-071 安徽安孚电池科技股份有限公司 关于 2025 年半年度业绩召开情况的公告 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。 安徽安孚电池科技股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日 11:00-12:00 通过"价值在线"（www.ir-online.cn）以网络文字互动的方式召开了 2025 半年度业绩说明会，针对公司 2025 年半年度经营成果、财务指标、发展战 略等具体情况与投资者进行互动交流和沟通，在遵循信息披露规则的前提下，就 投资者普遍关注的问题进行了回答交流。现将相关召开情况公告如下： 问题 1：根据安孚科技 2024.03.14 日公布重组方案当日，亚锦科技股价 1.63 元，与要约收购 2 元大约可浮赢 22.7%。目前从方案到实施，已过一年半，根 据亚锦科技每年业绩预估（参考当年评估），年增长 5%应该不算过分，两年按 10%计算应该还是保守。则要约收购价应该在 2.45-2.55 之间才正常。这是在没 考虑分红的情 ...

Company Overview - Anfu Technology Co., Ltd. is located in Hefei, Anhui Province, and was established on May 7, 1999. The company went public on August 22, 2016. Its main business involves the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1]. Business Composition - The revenue composition of Anfu Technology is as follows: alkaline batteries account for 83.08%, carbon batteries for 7.88%, other batteries for 4.51%, other products for 4.35%, and miscellaneous for 0.18% [1]. Stock Performance - On September 5, Anfu Technology's stock rose by 5.06%, reaching a price of 38.17 yuan per share, with a trading volume of 83.61 million yuan and a turnover rate of 1.06%. The total market capitalization is 9.624 billion yuan [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Hive Fund has a significant holding in Anfu Technology. The fund "Hive Runhe Six-Month Holding Period Mixed A" (014944) held 5,600 shares in the second quarter, representing 0.3% of the fund's net value, ranking as the ninth largest heavy stock [2]. Fund Performance - The "Hive Runhe Six-Month Holding Period Mixed A" fund was established on August 9, 2022, with a latest scale of 20.43 million. Year-to-date returns are 4.61%, with a one-year return of 12.93% and a cumulative return since inception of 13.45% [2]. Fund Manager Information - The fund manager, Li Haitao, has a tenure of 6 years and 53 days, managing assets totaling 14.366 billion yuan, with the best fund return during his tenure being 76.18% and the worst at 0.8%. Co-manager Li Zhengnan has a tenure of 1 year and 15 days, managing assets of 1.424 billion yuan, with the best return of 7.29% and the worst at 2.72% [2].

Macro Economic Updates - The National Development and Reform Commission has released a notice soliciting opinions on the "Basic Rules for the Medium- and Long-term Electricity Market (Draft for Comments)", emphasizing the promotion of inter-provincial and intra-provincial trading coupling and orderly connection [6] - To implement a more proactive macro policy, the Ministry of Finance and the People's Bank of China held a second group leader meeting to strengthen the coordination between fiscal and monetary policies [6] Industry Dynamics - Strong demand for lawn mowers and window cleaning machines is predicted, with IDC forecasting high growth in sales of cleaning robots, related stocks include Ninebot (689009) and Ecovacs (603486) [8] - Zhejiang is advancing the marketization of new energy electricity prices, highlighting the importance of optimized services, related stocks include Guoneng Rixin (301162) and Longxin Group (300682) [8] - The Shanghai Stock Exchange hosted a salon on brain-computer interface industry, related stocks include Xiangyu Medical (688626) and UCloud (688158) [8] Company Focus - EVE Energy (300014) has officially unveiled its solid-state battery research institute in Chengdu, with the "Longquan No. 2" all-solid-state battery successfully rolling off the production line [10] - Anfu Technology (603031) has completed the tape-out verification of the new generation "Fuxi" architecture chip developed by Xiangdi, which shows excellent performance in graphics rendering and parallel computing [10] - Digital China (000034) stated in a research meeting that it aims to enhance its AI infrastructure, further enriching computing device forms and innovating architecture design based on its KunTai intelligent computing products [10] Market Review and Outlook - On September 4, the total trading volume of the two markets was 25,443 billion, with 2,106 stocks rising and 2,908 stocks falling. The net capital outflow from the market was 1,229.75 billion, with trading volume increasing by 1,802 billion compared to the previous day [12] - The three major indices opened slightly lower and fluctuated downwards, closing with a bearish candlestick pattern. Large-cap stocks underperformed while small-cap stocks showed relative resilience [12] - Market hotspots included significant net inflows in banking and retail sectors, while semiconductor and communication services sectors saw substantial outflows [12] - The report suggests that the market may experience further downward testing of support levels, with potential for a rebound if accompanied by reduced volume, indicating a possible short-term trading opportunity [13]

Core Viewpoint - The article highlights the rapid development and breakthroughs in the domestic GPU market in China, particularly focusing on the advancements made by the company Xiangdixian with its new "Fuxi" architecture chip [2][4]. Group 1: Domestic GPU Development - Domestic GPU manufacturers are experiencing explosive growth, with new achievements being announced regularly [2]. - Xiangdixian has completed the tape-out verification of its new "Fuxi" architecture chip, which excels in graphics rendering and parallel computing performance [4]. Group 2: Technical Specifications - The new "Fuxi" architecture GPU will utilize a 5nm process technology, achieving a computing power of 160 TFLOPS (FP32) and integrating 12GB of HBM2 memory [4]. - The "Fuxi" architecture will introduce two new products: Fuxi A0, aimed at filling the gap in high-end domestic rendering products, and Fuxi B0, which integrates GPU and NPU, targeting the rapidly growing AIPC market [4]. Group 3: Market Applications - Fuxi B0 will support the deployment of mainstream models such as LLAMA, ChatGLM-6B, Stable-Diffusion, Sora, and DeepSeek R1 1.5B/7B on the edge [4].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown a steady revenue growth of 5.0% year-on-year in H1 2025, with total revenue reaching 2.43 billion yuan and a net profit attributable to shareholders of 0.11 billion yuan, reflecting a 14.4% increase [1] - The growth in revenue is primarily driven by an increase in exports, supported by product innovation and capacity expansion [2] - The company's gross margin slightly decreased by 0.9 percentage points to 48.3% in H1 2025, while the net margin improved by 0.4 percentage points to 19.1% [3] Revenue Growth - The company launched the fifth generation of its battery products, enhancing performance and solidifying its market leadership in both domestic and overseas markets [2] - The company plans to establish four new production lines, with three already operational, to address capacity constraints due to rising orders [2] - The market share of the company's alkaline batteries has continued to increase, maintaining its position as the top seller in the domestic market for 32 consecutive years [2] Profitability Improvement - The company's net profit margin increased to 19.1% in H1 2025, with a notable rise in net profit for Q2 2025 by 24.3% year-on-year [3] - The company has managed to reduce financial expenses due to the replacement of low-interest loans and repayment of bank borrowings, contributing to improved profitability [3] Financial Projections - The projected net profits for the company from 2025 to 2027 are 0.33 billion yuan, 0.43 billion yuan, and 0.47 billion yuan, representing year-on-year growth rates of 94.4%, 31.1%, and 9.3% respectively [3] - The company's revenue is expected to grow steadily, with estimates of 5.02 billion yuan in 2025, 5.46 billion yuan in 2026, and 5.93 billion yuan in 2027 [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 78.8 in 2023 to 19.5 by 2027, indicating an improving valuation as earnings grow [4] - The projected EPS for the company is expected to rise from 0.46 yuan in 2023 to 1.86 yuan in 2027 [4]

Core Viewpoint - Anfu Technology announced that its investment in Xiangdixian has accelerated the development of the new generation "Fuxi" architecture chip, which has completed tape-out verification and shows excellent performance in graphics rendering and parallel computing [1] Group 1: Chip Development - The new generation Fuxi architecture GPU will utilize 5nm technology and achieve a computing power of 160 TFLOPS (FP32), integrating 12GB of HBM2 memory [1] - Xiangdixian is developing two new products under the Fuxi architecture, with performance and technical specifications reaching a leading level in China [1] Group 2: Product Focus - Fuxi A0 is designed to fill the gap in the domestic high-end rendering product market [1] - Fuxi B0 is a chip that integrates GPU and NPU, targeting edge model deployment and the rapidly growing AIPC market, supporting mainstream models such as LLAMA, ChatGLM-6B, Stable-Diffusion, Sora, and DeepSeek R1 1.5B/7B for edge deployment needs [1] Group 3: Investment and Support - Anfu Technology has disclosed that Xiangdixian's shareholders include state-owned investment institutions, such as Chongqing Liangjiang Industry Development Group [1] - The listing plan for Xiangdixian will be decided based on market conditions and development strategies, with the company committed to monitoring Xiangdixian's progress and actively supporting its growth [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [20]. Core Insights - The company reported a revenue of 2.428 billion yuan for the first half of 2025, a year-on-year increase of 5%, with a net profit attributable to shareholders of 107 million yuan, up 14.38% year-on-year [2]. - The company is actively pursuing significant asset restructuring to enhance its equity stake in Nanfu Battery, which has been successfully completed, increasing its ownership to 93.25% [4]. - The OEM business has shown rapid growth, contributing to the company's competitive advantage in the battery industry, alongside a strong performance in its consumer battery brand matrix [3]. Financial Performance Summary - The gross profit margin for the first half of 2025 was 48.28%, a decrease of 0.93 percentage points year-on-year, while the net profit margin improved to 19.13%, an increase of 0.36 percentage points year-on-year [4]. - The company expects net profits for 2025-2027 to be 234 million, 439 million, and 485 million yuan respectively, reflecting year-on-year growth rates of 39%, 87%, and 11% [5]. - The total share capital increased from 211.12 million shares to 252.12 million shares following the asset restructuring [4]. Market Position and Strategy - The company has solidified its leading position in the domestic alkaline battery market and enhanced its technological advantages in the overseas OEM market through the launch of new battery products [3]. - The company is focusing on expanding its B2B market, with a continuous increase in orders and improved cost control measures [3].