Core Insights - Anfu Technology (603031.SH) has introduced FP8, which stands for "Float Point 8-bit," offering significant advantages over traditional FP16 and FP32 formats in terms of storage and computational efficiency [1] Group 1: Technology Advancements - FP8 reduces memory usage for model weights and activation values by half during large model training, allowing for more data to be cached in the same size on-chip storage [1] - The computational speed of FP8 is enhanced by 2-3 times compared to FP16, leading to improved overall efficiency [1] Group 2: Product Development - The upcoming Fuxi architecture B0 chip from Xiangdi Xian is designed as a heterogeneous chip for AIPC, supporting FP8 operations [1]

Core Viewpoint - Anfu Technology's acquisition of a stake in Nanfu Battery marks a significant milestone in its strategic transformation from traditional retail to high-tech manufacturing, enhancing its control from 26.06% to 42.92% and moving closer to full ownership [1] Group 1: Acquisition and Strategic Transformation - The acquisition of Nanfu Battery is not merely an asset integration but reflects Anfu Technology's commitment to transitioning into the high-tech manufacturing sector [1] - The completion of the asset transfer signifies regulatory approval and further solidifies Anfu Technology's position in the battery industry [1] Group 2: Nanfu Battery's Market Position - Nanfu Battery, a well-known national brand, has maintained its position as the leading alkaline battery producer in China since 1993, with a market share of approximately 86% [2] - The brand value of Nanfu Battery is reported at 26.386 billion yuan, ranking 365th in the "China's 500 Most Valuable Brands" list, making it the only battery brand included [2] Group 3: Financial Performance and Cash Flow - Anfu Technology's revenue and net profit from 2022 to 2024 are projected to grow from 3.383 billion yuan to 4.638 billion yuan and from 512 million yuan to 807 million yuan, respectively, largely driven by Nanfu Battery's contributions [4] - Nanfu Battery has maintained a net profit margin of around 20%, providing a stable cash flow that supports Anfu Technology's long-term R&D and market expansion [4] Group 4: Capacity Expansion and Global Strategy - Nanfu Battery is actively expanding its production capacity to meet increasing domestic and international demand, with plans to establish four new fully automated production lines by 2024, adding 1 billion units of capacity [6] - The company aims to enhance its global presence through various strategies, including overseas factories and partnerships, while leveraging its strong domestic market position [5][6] Group 5: Future Growth and Strategic Vision - Anfu Technology plans to explore new growth avenues through mergers and acquisitions, focusing on high-tech sectors such as semiconductors and artificial intelligence [7][8] - The integration of Nanfu Battery is expected to provide a solid foundation for Anfu Technology's sustained growth, with a dual strategy of focusing on core battery operations and developing high-value second growth curves [9]

Group 1 - The Shanghai Composite Index is at 3783.05 points, above the five-day moving average, with a change of 0.32% [1] - The total trading volume of A-shares today is 1,080.3 billion yuan [1] - A total of 276 A-shares have prices that have surpassed the five-day moving average, with notable stocks including San Chuan Wisdom, Ping Gao Co., and Tong Hui Electronics, showing divergence rates of 13.32%, 13.23%, and 9.93% respectively [1] Group 2 - The top three stocks with the highest divergence rates from the five-day moving average are: - San Chuan Wisdom (300066) with a price increase of 20.06% and a divergence rate of 13.32% [2] - Ping Gao Co. (688227) with a price increase of 19.99% and a divergence rate of 13.23% [2] - Tong Hui Electronics (833509) with a price increase of 16.85% and a divergence rate of 9.93% [2] - Other notable stocks include Ding Tai Gao Ke (301377) with a divergence rate of 8.41% and An Fu Technology (603031) with a divergence rate of 7.32% [2]

Core Insights - Anfu Technology's main business includes the research, production, and sales of batteries, with alkaline batteries accounting for the highest revenue share at 77.30% [2] - The company achieved a net profit attributable to shareholders of 0.46 million in 2016, which grew to 1.68 million by 2024, representing a cumulative growth of 269.23% over nine years [2] - Anfu Technology's revenue increased from 1.766 billion in 2020 to 4.638 billion in 2024, with a significant growth rate of 101.71% in 2022 [2] Revenue Analysis - In 2020, Anfu Technology reported a revenue of 1.766 billion, which rose to 4.638 billion by 2024, indicating a strong upward trend [2] - The company experienced substantial revenue growth in 2022, achieving a growth rate of 101.71%, followed by stable growth in subsequent years [2] Profitability Analysis - The net profit attributable to shareholders was negative at -0.07 million in 2020, but improved significantly to 1.68 million by 2024, marking a turnaround in profitability [2] - Anfu Technology has shown a notable improvement in profitability since 2022, achieving positive growth for three consecutive years [2] Market Performance - Since its listing, Anfu Technology's market value has increased by 4.63 times, indicating strong growth potential [4] - The peak market value reached 8.343 billion on March 28, 2024, with the stock price rising to 57.3, but by August 21, 2024, the market value decreased to 7.590 billion, reflecting a loss of 0.753 billion or 9.03% from its peak [4]

安徽承义律师事务所 关于安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资 金暨关联交易 之标的资产过户情况的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：合肥市怀宁路 200 号置地广场栢悦中心 5 层 邮编：230022 传真：0551-65608051 电话：0551-65609815 安徽承义律师事务所 关于安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关 联交易之标的资产过户情况的 法律意见书 （2024）承义法字第00098-28号 致：安徽安孚电池科技股份有限公司 安徽承义律师事务所接受安徽安孚电池科技股份有限公司的委托，指派司 慧、张亘、陈家伟律师（以下简称"本所律师"）担任安孚科技本次发行股份 及支付现金购买资产并募集配套资金暨关联交易的专项法律顾问。 本所律师已根据《公司法》《证券法》《重组管理办法》《发行管理办 法》《重组审核规则》《股票上市规则》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等法律、法规、部门 规章和规范性文件以及中国证监会、上海证券交易所的有关规定 ...

交易 华泰联合证券有限责任公司 关于 安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联 之标的资产过户情况的 独立财务顾问核查意见 签署日期：二〇二五年八月 独立财务顾问声明与承诺 华泰联合证券有限责任公司（以下简称"本独立财务顾问"）受安徽安孚电 池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托，担任本次 发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交 易"或"本次重组"）之独立财务顾问，并出具本独立财务顾问核查意见。 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的相关资料 ...

华安证券股份有限公司 关于 安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联 交易 之标的资产过户情况的 独立财务顾问核查意见 签署日期：二〇二五年八月 独立财务顾问声明与承诺 华安证券股份有限公司（以下简称"华安证券"或"本独立财务顾问"）受 安徽安孚电池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托， 担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称 "本次交易"或"本次重组"）之独立财务顾问，并出具本独立财务顾问核查意 见。 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的 ...

Core Viewpoint - Anhui Anfu Battery Technology Co., Ltd. is proceeding with a share issuance and cash payment to acquire a 31.00% stake in Anhui Anfu Energy Technology Co., Ltd. from several parties, while also raising supporting funds through a private placement [1][2]. Group 1: Transaction Overview - The company has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of shares to purchase assets and raise supporting funds [2]. - As of the announcement date, the transfer of the 31.00% equity stake in Anfu Energy has been completed, and the company has legally obtained the assets [2]. - The company will proceed with cash payments for the transaction price and handle the registration and listing of the new shares with relevant authorities [2]. Group 2: Independent Advisors' Opinions - The independent financial advisor, Huatai United Securities Co., Ltd., confirmed that the restructuring process adhered to necessary decision-making and approval procedures, complying with relevant laws and regulations [3]. - The legal advisor, Anhui Chengyi Law Firm, stated that the transaction plan meets the requirements of the restructuring management measures and that the transfer procedures have been completed legally and effectively [4].

关于 安徽安孚电池科技股份有限公司 华泰联合证券有限责任公司 发行股份及支付现金购买资产并募集配套资金暨关联 交易 之标的资产过户情况的 独立财务顾问核查意见 签署日期：二〇二五年八月 1 独立财务顾问声明与承诺 华泰联合证券有限责任公司（以下简称"本独立财务顾问"）受安徽安孚电 池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托，担任本次 发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交 易"或"本次重组"）之独立财务顾问，并出具本独立财务顾问核查意见。 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的相关 ...

华安证券股份有限公司 之标的资产过户情况的 独立财务顾问核查意见 签署日期：二〇二五年八月 1 独立财务顾问声明与承诺 华安证券股份有限公司（以下简称"华安证券"或"本独立财务顾问"）受 安徽安孚电池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托， 担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称 "本次交易"或"本次重组"）之独立财务顾问，并出具本独立财务顾问核查意 见。 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的相关资料并充分了解本次交易行为的基础上出具 的，旨在就本次交易行为做出独立、客观和公正 ...