格隆汇2月5日丨孚能科技(688567.SH)在投资者互动平台表示，钠离子电池是公司重点布局的技术领 域，公司钠离子电池产品已装车于江铃等相关车型，实现了全球首款钠电车型的交付，公司未来将进一 步推动第二代钠离子电池的产业化。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Kexin New Energy ETF (588830), which opened down by 3.04% at 1.689 yuan on February 5 [1] - Major holdings in the Kexin New Energy ETF experienced significant declines, with JinkoSolar down 7.14%, Canadian Solar down 2.76%, and Trina Solar down 4.03% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, managed by Penghua Fund Management Co., with a return of 73.85% since its establishment on July 31, 2024, and an 18.90% return over the past month [1] Group 2 - Other notable stock performances within the ETF include Rongbai Technology up 0.10%, Daqo New Energy down 1.90%, Xiamen Tungsten down 1.02%, and Gotion High-Tech down 0.90% [1] - The article emphasizes the volatility in the new energy sector, as indicated by the mixed performance of the ETF's holdings [1]

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

证券代码：688567 证券简称：孚能科技 公告编号：2026-003 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经孚能科技（赣州）股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度实现归 属于母公司所有者的净利润为-83,000万元到-58,000万元。 （2）预计归属于母公司所有者扣除非经常性损益后的净利润为-86,180万元到-61,180万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 （一）2024年度，公司利润总额为-44,814.71万元；归属于母公司所有者的净利润为-33,205.94万元；归 属于母公司所有者的扣除非经常性损益的净利润为-36,613.77万元。 （二）2024年度，公司每股收益为-0.27元。 （二）公司本年度加大市场开拓力度，培育市场新客户，推动客户结构优化；同时客户结算模式调整、 部分产品更新换代，短期内对毛利有一定影响 ...

Core Viewpoint - The company, Funeng Technology (688567.SH), forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -830 million and -580 million yuan, indicating a significant loss due to various operational challenges and market conditions [1] Group 1: Performance Forecast - The expected net profit for 2025 is projected to be between -830 million and -580 million yuan [1] - The performance decline is attributed to the ramp-up phase of two new production bases, which incurs high fixed depreciation costs and has not yet achieved optimal capacity utilization [1] Group 2: Operational Challenges - The company is currently in the process of increasing market penetration and optimizing customer structure, which has short-term impacts on gross margins due to adjustments in customer settlement models and product updates [1] - Increased research and development investments in new products and technologies, such as solid-state batteries, are contributing to the financial strain [1] Group 3: External Factors - A reduction in domestic export tax rebates and increased U.S. tariffs on exports to China are negatively affecting the company's gross margin [1] - The company has adopted a cautious approach by impairing certain inventories and receivables, further impacting financial performance [1]

Core Viewpoint - The company, Funeng Technology (688567.SH), forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -830 million and -580 million yuan, indicating a significant loss due to various operational challenges and market conditions [1] Group 1: Performance Forecast - The expected net profit for 2025 is projected to be between -830 million and -580 million yuan [1] - The performance decline is attributed to the ramp-up phase of two new production bases, which incurs high fixed depreciation costs and has not yet achieved optimal capacity utilization [1] Group 2: Operational Challenges - The company is currently increasing its market development efforts, which includes cultivating new customers and optimizing customer structure, impacting gross margins in the short term [1] - Adjustments in customer settlement models and product updates are also contributing to the short-term effects on gross profit [1] Group 3: Investment in R&D - There is an ongoing increase in research and development investments for new products and technologies, including solid-state batteries [1] Group 4: External Economic Factors - The reduction in domestic export tax rebates and the increase in U.S. tariffs on Chinese exports are negatively affecting the company's gross margin [1] - The company has made provisions for impairment on certain inventories and receivables based on a cautious approach [1]

Core Viewpoint - The company, Funeng Technology (688567.SH), is expected to report a net loss attributable to shareholders of the parent company ranging from -830 million to -580 million yuan for the fiscal year 2025, with a net loss excluding non-recurring gains and losses estimated between -862 million and -612 million yuan [1] Group 1: Financial Performance - The anticipated net loss is primarily due to the ongoing ramp-up phase of two new production bases, which incurs high fixed depreciation costs and has not yet achieved optimal capacity utilization, equipment efficiency, and yield rates [1] - The company is increasing its market development efforts to cultivate new customers and optimize customer structure, which, along with adjustments in customer settlement models and product upgrades, is expected to impact gross margins in the short term [1] Group 2: Operational Challenges - The company is investing in the development of new products and technologies, including solid-state batteries, leading to increased R&D expenditures [1] - A reduction in domestic export tax rebates, coupled with increased U.S. tariffs on exports to China, is expected to negatively affect the company's gross margin [1] - The company has made provisions for impairment on certain inventories and receivables based on a cautious approach [1]

本期业绩变化的主要原因：(一)公司两个新生产基地"赣州年产 30GWh 新能源电池项目(一期)"和"广州 年产 30GWh 动力电池生产基地项目(一期)"目前尚处于产能爬坡阶段，固定折旧摊销费用大，产能利用 率、设备效率及良品率还处于稳步提升阶段。(二)公司本年度加大市场开拓力度，培育市场新客户，推 动客户结构优化；同时客户结算模式调整、部分产品更新换代，短期内对毛利有一定影响。(三)公司持 续拓展新产品、新技术，固态电池等研发投入增加。(四)国内出口退税率降低，叠加美国对华出口关税 提升，影响公司毛利率。(五)基于谨慎性原则，公司对部分存货及应收款项计提减值。 格隆汇1月30日丨孚能科技(688567.SH)公布，经公司财务部门初步测算，预计2025年度实现归属于母公 司所有者的净利润为-8.3亿元到-5.8亿元。预计归属于母公司所有者扣除非经常性损益后的净利润 为-8.62亿元到-6.12亿元。 ...

孚能科技公告称，预计2025年度归属于母公司所有者的净利润为-8.3亿元到-5.8亿元，上年为-3.32亿 元；扣非净利润为-8.62亿元到-6.12亿元，上年为-3.66亿元。业绩变动主因是新生产基地处于产能爬坡 阶段，折旧摊销费用大；加大市场开拓、调整结算模式及产品换代影响毛利；研发投入增加；出口退税 及关税政策影响毛利率；对部分存货及应收款项计提减值。 ...