Near-term tightness vs. sustainable price hikes. Despite near-term tightness in the battery market, we remain cautious about expectations for sustained price increases. Investor discussions indicate anticipation of price hikes amidst rising month-over-month shipments and supply constraints. While seasonal strengths into Q4 2025 might lead to marginal or temporary price rebounds (or the perception thereof), potentially driving stock prices in the near term, we believe a sustainable price hike is unlikely. Th ...

Core Viewpoint - The performance of lithium battery companies listed on the A-share market shows a significant divergence in net profits, with most companies experiencing revenue growth while net profits reveal a stark contrast, particularly for Funeng Technology, which continues to face operational challenges [1][4]. Group 1: Company Performance - Funeng Technology reported a revenue of 4.35 billion yuan in the first half of the year, a year-on-year decline of 37.6%, making it the only major lithium battery company to experience a revenue drop [1][3]. - The company's net profit attributable to shareholders was -160 million yuan, although this loss was reduced by 14.92% compared to the previous year, marking the fifth consecutive year of losses [1][4]. - In contrast, other companies like CATL and EVE Energy showed positive revenue growth, with CATL achieving 178.89 billion yuan in revenue, a 7.3% increase, and a net profit of 30.49 billion yuan, up 33.3% [3]. Group 2: Inventory and Production Issues - Funeng Technology's inventory increased to 3.565 billion yuan, a 58% year-on-year rise, with inventory turnover days extending to 149.27 days, up 71% [4][7]. - Despite the inventory buildup, the company is expanding production capacity, with a projected output of 20 GWh for 2023 and a capacity of 55 GWh by the end of the year [7]. - The company acknowledged that its new production capacity is still in the ramp-up phase, indicating potential underutilization of capacity [7]. Group 3: Ownership and Strategic Changes - In January 2023, Funeng Technology underwent a significant change in control, with the major shareholder shifting to Guangzhou Industrial Investment Holding Group, which is now the actual controller [7][8]. - Following this change, the company received support in terms of funding, financial coordination, and research collaboration, but faces challenges in balancing technological investment with profitability [8]. - The new shareholders have plans to reduce their stakes, indicating a potential shift in strategic focus as the company navigates its financial and operational hurdles [8].

Core Viewpoint - The performance of A-share lithium battery listed companies in the first half of 2025 shows a significant divergence in revenue growth and net profit, with some companies thriving while others, like Funeng Technology, are struggling with declining revenues and increasing inventory levels [1][3]. Group 1: Financial Performance - Funeng Technology reported a revenue of 4.35 billion yuan in the first half of 2025, a year-on-year decrease of 37.6%, making it the only major lithium battery listed company to experience a revenue decline [1]. - The company's net profit attributable to shareholders was -160 million yuan, although this loss was reduced by 14.92% compared to the previous year, leading to a cumulative loss of 4.5 billion yuan since its listing in July 2020 [1]. - In the second quarter of 2025, Funeng's revenue dropped to 2.03 billion yuan, a year-on-year decline of 49.92% [1]. Group 2: Inventory and Production Capacity - Despite the revenue decline, Funeng Technology's inventory increased to 3.565 billion yuan, a year-on-year growth of 58%, with inventory turnover days rising to 149.27 days, an increase of 71% [1]. - The company is facing issues with idle production capacity while simultaneously expanding production, indicating a potential mismatch between production capacity and market demand [1][3]. Group 3: Market Position and Future Outlook - Funeng Technology ranked among the top ten globally in terms of shipment volume in 2022, with a total installed capacity of 7.4 GWh, reflecting a year-on-year growth of 215.1% and a market share of 1.4% [2]. - The company is projected to achieve a total shipment volume of 20 GWh in 2023, with production capacity expected to reach 55 GWh by the end of 2023 and 100 GWh by the end of 2024 [2]. - Funeng Technology's recent change in control to Guangzhou Industrial Investment Holding Group has provided financial support and resources for research and development, but the company faces challenges in balancing technological investment with profitability [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 自2020年7月登陆科创板以来，孚能科技累计亏损额已达45亿元。 | 上市公司 | 营业总收入(亿元) | 菅收増速 | 归母净利润(亿元) | 净利增速 | 扣非净利润(亿元) | 扣非净利增 | | --- | --- | --- | --- | --- | --- | --- | | 宇德时代 | 1.788.9 | 7.3% | 304.9 | 33.3% | 272.0 | 35.6% | | 亿纬锂能 | 281.7 | 30.1% | 16.1 | -24.9% | 11.6 | -22.8% | | 欣旺达 | 269.9 | 12.8% | 8.6 | 3.9% | 5.8 | -28.0% | | 国轩高科 | 193.9 | 15.5% | 3.7 | 35.2% | 0.7 | 48.5% | | 德赛电池 | 97.6 | 9.3% | 1.0 | -9.4% | 0.7 | -15.3% | | 孚能科技 | 43.5 | -37.6% | -1.6 | 14.9% | -1.9 | -8.7% | | 劇監 ...

2025 年 9 月 第 1 页 孚能科技（赣州）股份有限公司 2025 年第三次临时股东大会 会议资料 孚能科技（赣州）股份有限公司 2025 年第三次临时股东大会会议资料 孚能科技（赣州）股份有限公司 2025 年第三次临时股东大会会议资料 目 录 | 2025 | 年第三次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第三次临时股东大会会议议程 | 5 | | 议案一：关于新增公司 | 2025 年度日常关联交易预计额度的议案 | 6 | 第 2 页 2025 年第三次临时股东大会会议须知 为了维护孚能科技（赣州）股份有限公司（以下简称"公司"）全体股东的 合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》以及 《孚能科技（赣州）股份有限公司章程》的相关规定，特制定公司本次股东大会 会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen a strong increase of 1.90%, with significant gains in constituent stocks such as Juhe Materials (688503) up 12.79%, Aotwei (688516) up 6.53%, and Yihua Tong (688339) up 5.29% [1] - The new energy sector is performing well, particularly in the photovoltaic concept, with domestic electric vehicle brands like Leap Motor, Xpeng, and NIO achieving record sales in August, indicating strong growth resilience [1] - The Sci-Tech Innovation New Energy ETF (588830) rose by 1.97%, with the latest price reported at 1.5 yuan [1] Group 2 - Dongwu Securities indicates that silicon material prices hit bottom in Q2 2025, with significant profit pressure; however, profitability is expected to turn positive in H2 2025 as industry competition drives prices up [2] - The silicon wafer market is experiencing oversupply, leading to competitive pricing; profitability is anticipated to improve in H2 2025 and into 2026 due to capacity consolidation and industry competition [2] - The overall price of components has entered a bottom range, with expectations for price recovery in Q2 2025 driven by installation surges and improved financial reporting [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index include JinkoSolar (688223), Trina Solar (688599), and Daqo New Energy (688303), collectively accounting for 48.15% of the index [3] - The Sci-Tech Innovation New Energy ETF (588830) closely tracks the performance of the New Energy Index, which includes 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [2][3]

格隆汇9月11日丨孚能科技(688567.SH)在投资者互动平台表示，公司向上海时的独家供应配套于其核心 机型的第二代半固态eVTOL电池。此外，公司半固态电池已获美国头部eVTOL客户、小鹏汇天、吉利 沃飞、零重力等多家主流eVTOL客户认可，能量密度高达330Wh/kg的第二代半固态电池于今年量产。 相较于乘用车领域，eVTOL电池能量密度、放电倍率、安全性要求显著提升，具有技术壁垒高、附加 值高的特点，占eVTOL整机价值量占比较高，具备更高的盈利空间，为公司增长注入新动能。 ...

格隆汇9月11日丨孚能科技(688567.SH)在投资者互动平台表示，公司向上海时的独家供应配套于其核心 机型的第二代半固态eVTOL电池。此外，公司半固态电池已获美国头部eVTOL客户、小鹏汇天、吉利 沃飞、零重力等多家主流eVTOL客户认可，能量密度高达330Wh/kg的第二代半固态电池于今年量产。 相较于乘用车领域，eVTOL电池能量密度、放电倍率、安全性要求显著提升，具有技术壁垒高、附加 值高的特点，占eVTOL整机价值量占比较高，具备更高的盈利空间，为公司增长注入新动能。 ...

第7笔成交价格为17.49元，成交14.30万股，成交金额250.11万元，溢价率为-11.98%，买方营业部为方 正证券股份有限公司总部，卖方营业部为东兴证券股份有限公司北京中关村大街证券营业部。 第8笔成交价格为17.43元，成交13.50万股，成交金额235.31万元，溢价率为-12.28%，买方营业部为广 发证券股份有限公司总部，卖方营业部为东兴证券股份有限公司北京中关村大街证券营业部。 第9笔成交价格为17.43元，成交11.50万股，成交金额200.45万元，溢价率为-12.28%，买方营业部为国 联民生证券股份有限公司深圳益田路证券营业部，卖方营业部为东兴证券股份有限公司北京中关村大街 证券营业部。 第3笔成交价格为17.43元，成交11.50万股，成交金额200.45万元，溢价率为-12.28%，买方营业部为机 构专用，卖方营业部为东兴证券股份有限公司北京中关村大街证券营业部。 第4笔成交价格为17.43元，成交11.50万股，成交金额200.45万元，溢价率为-12.28%，买方营业部为机 构专用，卖方营业部为东兴证券股份有限公司北京中关村大街证券营业部。 第5笔成交价格为17.43元，成交 ...

每经AI快讯，有投资者在投资者互动平台提问：公司新能源是否有拓展新的客户？ 科瑞技术（002957.SZ）9月9日在投资者互动平台表示，目前，公司已与宁德时代、国轩高科、亿纬锂 能、孚能科技、豪鹏科技、瑞浦兰钧、楚能新能源、鹏辉能源、正力新能、Enovix等国内外厂商建立了 长期稳定的合作关系，公司会在现有业务的基础上不断开拓国内新客户及新需求。 （文章来源：每日经济新闻） ...