Core Viewpoint - Anfu Technology's stock price has experienced fluctuations, with a year-to-date increase of 39.10% but a recent decline of 4.53% over the last five trading days [1] Company 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 [1] - The company's revenue composition includes alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and miscellaneous (0.18%) [1] Financial Performance - For the period from January to September 2025, Anfu Technology achieved a revenue of 3.608 billion yuan, representing a year-on-year growth of 0.39%, and a net profit attributable to shareholders of 174 million yuan, reflecting a year-on-year increase of 16.32% [2] - Cumulative cash dividends since the A-share listing amount to 142 million yuan, with 116 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Anfu Technology reached 15,300, an increase of 41.54% from the previous period, while the average circulating shares per person decreased by 29.35% to 13,833 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 5.1219 million shares as a new shareholder [3] Market Activity - On November 17, Anfu Technology's stock price fell by 2.06% to 39.45 yuan per share, with a trading volume of 50.5317 million yuan and a turnover rate of 0.60% [1] - The stock 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 -56.0953 million yuan [1]

安徽安孚电池科技股份有限公司 证券代码：603031 证券简称：安孚科技 公告编号：2025-086 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 安徽安孚电池科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年第三季度报告。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2025 年 11 月 18 日（星期二）11:00-12:00 在"价值在线"（www.ir-online.cn） 召开安徽安孚电池科技股份有限公司 2025 年第三季度业绩说明会，与投资者进 会议召开时间：2025 年 11 月 18 日（星期二）11:00-12:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 18 日 前 访 ...

Core Viewpoint - Anfu Technology's stock price has experienced fluctuations, with a year-to-date increase of 42.81% but a recent decline in the last five trading days [1] Group 1: Company Overview - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, is located in Hefei, Anhui Province, specializing in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [2] - The company's main business revenue composition includes alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), and other products (4.35%) [2] - As of September 30, 2025, Anfu Technology had 15,300 shareholders, an increase of 41.54% from the previous period, with an average of 13,833 circulating shares per shareholder, a decrease of 29.35% [2] Group 2: Financial Performance - For the period from January to September 2025, Anfu Technology achieved an operating income of 3.608 billion yuan, a year-on-year increase of 0.39%, and a net profit attributable to the parent company of 174 million yuan, a year-on-year growth of 16.32% [2] - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 116 million yuan distributed over the past three years [3] Group 3: Market Activity - On November 14, Anfu Technology's stock price fell by 2.01%, trading at 40.50 yuan per share, with a total market capitalization of 10.442 billion yuan [1] - The net outflow of main funds was 4.436 million yuan, with significant buying and selling activity observed in large orders [1] - Anfu Technology 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 -56.095 million yuan [1]

Core Viewpoint - Anfu Technology's stock has shown significant growth this year, with a year-to-date increase of 51.20%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of November 13, Anfu Technology's stock price reached 42.88 yuan per share, with a market capitalization of 11.056 billion yuan [1]. - The stock has experienced a 9.47% increase over the last five trading days, a 13.20% increase over the last 20 days, and a 31.25% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading leaderboard) once this year, with the most recent appearance on August 26, where it recorded a net buy of -56.0953 million yuan [1]. Group 2: Financial Performance - For the period from January to September 2025, Anfu Technology reported a revenue of 3.608 billion yuan, reflecting a year-on-year growth of 0.39%, and a net profit attributable to shareholders of 174 million yuan, which is a 16.32% increase year-on-year [2]. - The company has distributed a total of 142 million yuan in dividends since its A-share listing, with 116 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Anfu Technology had 15,300 shareholders, an increase of 41.54% from the previous period, with an average of 13,833 circulating shares per shareholder, a decrease of 29.35% [2]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 5.1219 million shares as a new shareholder [3]. Group 4: Business Overview - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, is based in Hefei, Anhui Province, and specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1]. - The company's main business revenue composition includes alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), and other products (4.35%) [1].

Group 1 - Anfu Technology's stock price increased by 5.03% on November 11, reaching 43.40 CNY per share, with a trading volume of 241 million CNY and a turnover rate of 2.70%, resulting in a total market capitalization of 11.19 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 7.74% during this period [1] - Anfu Technology specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries, with its main business revenue composition being 83.08% from alkaline batteries, 7.88% from carbon batteries, 4.51% from other batteries, and 4.35% from other products [1] Group 2 - According to data, the Everbright Prudential Fund holds a significant position in Anfu Technology, with the Everbright Prudential Research Selected Mixed A Fund (008313) owning 59,300 shares, accounting for 3.2% of the fund's net value, making it the fifth-largest holding [2] - The fund has generated a floating profit of approximately 123,300 CNY today and 176,100 CNY during the four-day increase [2] - The Everbright Prudential Research Selected Mixed A Fund was established on March 23, 2020, with a latest scale of 79.19 million CNY and a year-to-date return of 31.66%, ranking 2779 out of 8147 in its category [2]

Group 1 - The company will focus resources on core businesses that have a solid foundation and development potential [1] - The aim is to ensure that the expansion of new businesses effectively contributes to the overall value and sustainable profitability of the company [1]

Core Viewpoint - Anfu Technology (603031) plans to leverage its financial strength and industrial resources to drive sustainable development through a dual approach of "internal cultivation and external expansion" [1] Group 1 - The company aims to actively promote industry chain cooperation and strategic integration [1] - There are plans to increase investments in a systematic and step-by-step manner [1] - The company intends to utilize capital market resources to steadily advance new business initiatives [1]

安徽安孚电池科技股份有限公司 2025 年第四次临时股东大会 会议资料 二〇二五年十一月 | 1 1 2 | | --- | | 1 | | 2025 年第四次临时股东大会会议议程 . | | --- | | 2025 年第四次临时股东大会参会须知 . | | 议案一 ... | | .. 议案二 . | | 议案三 | | 议案四 21 | 安徽安孚电池科技股份有限公司 2025 年第四次临时股东大会会议议程 现场会议时间：2025 年 11 月 17 日 14:00 网络投票时间：2025 年 11 月 17 日，本次股东大会采用上海证券交易所股 东大会网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日 的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东大会召开当日的 9:15-15:00。 现场会议地点：安徽省合肥市蜀山区潜山路 888 号百利中心北塔 1801 会议主持人：董事长夏茂青先生 参会人员：股东、股东代表、董事、监事、高级管理人员及聘请的见证律 师等。 现场会议议程： 为维护投资者的合法权益，保障安徽安孚电池科 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the resilience of the white goods sector and the potential for growth driven by policy changes and market dynamics [3][5]. Core Insights - The home appliance sector has shown stronger export performance compared to domestic sales, with various segments experiencing differing trends in sales and production [4][12]. - The report identifies three main investment themes: white goods, export-driven companies, and core components, recommending specific companies within these categories for investment [5][6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][34]. - The refrigerator sector reported a production of 8.72 million units, a slight decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales fell by 7.35% to 3.87 million units, while exports rose by 7.63% to 4.47 million units [4][41]. - The washing machine sector experienced a production increase of 10.4% to 9.05 million units, with total sales rising by 7.52% to 8.85 million units. Domestic sales decreased by 6.88% to 4.06 million units, while exports surged by 23.76% to 4.79 million units [4][43]. Investment Themes - The white goods sector is expected to benefit from a reversal in real estate policies, with characteristics such as low valuation, high dividends, and stable growth making it attractive for investment. The report suggests that the "trade-in" policy could act as a catalyst for growth [5][6]. - For export-driven companies, the report recommends firms like Ousheng Electric and Dechang Co., which are expected to see revenue growth from large customer orders and expanding automotive parts businesses [5][6]. - In the core components segment, companies like Huaxiang Co. and Shun'an Environment are highlighted for their competitive advantages and growth potential in the context of rising demand for key components in the white goods sector [5][6]. Market Dynamics - The report notes that the overall home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% in the home appliance sector index while the CSI 300 rose by 0.8% [5][7]. - The report emphasizes the importance of emerging markets in driving export growth, particularly in regions like Africa and South America, despite challenges such as tariffs and high inventory levels [5][12].

Core Viewpoint - Anfu Technology plans to acquire a 6.7402% stake in Anhui Anfu Energy Technology Co., Ltd. for 304 million yuan, increasing its ownership in the core asset, Nanfu Battery, from 39.09% to 41.91% [1] Group 1: Acquisition Details - This acquisition marks the third purchase of Anfu Energy by Anfu Technology in over a year, following previous acquisitions of 31% and 8.09% stakes for 1.152 billion yuan and 276 million yuan respectively [1] - The total equity valuation of Anfu Energy is assessed at 4.505 billion yuan, reflecting an increase of 308 million yuan or 7.34% from the previous restructuring valuation of 4.197 billion yuan [1] - The increase in valuation is attributed to cash dividends of 326 million yuan received from Yajing Technology, with the company stating that the transaction valuation is slightly lower than the previous restructuring when excluding cash dividends [1] Group 2: Financial Performance and Concerns - Anfu Technology's sales expense ratio remains high at 17.2% for the first three quarters of 2025, up 0.6 percentage points year-on-year, significantly exceeding the industry average [2] - As of September 30, 2024, the company's goodwill stands at 2.906 billion yuan, accounting for 42% of total assets, primarily from the high-premium acquisition of Yajing Technology [2] - There are concerns regarding discrepancies between revenue forecasts and actual performance, with a 263 million yuan overestimation in the 2022 acquisition of Yajing Technology [2] Group 3: Investment Risks - Anfu Technology faces investment risks, particularly with its investment in Shenzhen Pengbo Industrial Group, which has significant delisting risks, and this investment has been impaired to zero [2] - The actual controllers of Anfu Technology have committed to a cumulative net profit of no less than 1.05 billion yuan for Anfu Energy from 2024 to 2026, but the coverage of this commitment is low [3] - In the August acquisition, the maximum compensation amount accounted for 77.92% of the total transaction price, leaving some risks uncovered [4] Group 4: Future Outlook - Anfu Technology expresses confidence in stable cash dividends from Nanfu Battery and Yajing Technology, with dividends of 265 million yuan, 326 million yuan, and 230 million yuan expected for 2023, 2024, and the first half of 2025 respectively [4] - However, the combination of high valuations, elevated expenses, and investment risks raises questions about the company's ability to achieve sustained growth through this acquisition [4]