Core Viewpoint - The company, Funeng Technology, has announced significant advancements in its semi-solid state battery technology, highlighting its superior energy density and safety features compared to traditional liquid batteries [2] Group 1: Energy Density - The second generation of the company's semi-solid state battery achieves an energy density of 330 Wh/kg, with plans for mass production in the second half of 2025 [2] - The third generation of the semi-solid state battery is expected to further increase energy density to 400 Wh/kg, positioning the company at the forefront of the industry, with mass production anticipated in 2026 [2] Group 2: Safety Performance - The company's semi-solid state batteries have demonstrated excellent safety performance, passing puncture tests and withstanding heating tests at temperatures exceeding 200°C [2]

Core Viewpoint - Company Fudi Technology (688567.SH) is a key supplier of second-generation semi-solid eVTOL batteries to Shanghai Times Technology, highlighting the growing importance of eVTOL technology in the aviation sector [1] Group 1: Company Information - Fudi Technology supplies exclusive battery models for eVTOL applications, which have significantly higher energy density, discharge rates, and safety requirements compared to passenger vehicle batteries [1] - The eVTOL batteries possess high technical barriers and added value, contributing a substantial portion to the overall value of eVTOL aircraft [1] Group 2: Industry Developments - The company is progressing well in the overseas airworthiness certification process, with its batteries for a leading US eVTOL company currently in the fourth stage of certification by the Federal Aviation Administration (FAA) [1]

证券代码：688567 证券简称：孚能科技 公告编号：2025-041 孚能科技（赣州）股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ? 股东持股的基本情况 本次减持计划实施前，孚能科技（赣州）股份有限公司（以下简称"公司"） 股东上杭兴源股权投资合伙企业（有限合伙）（以下简称"上杭兴源"）持有公 司股份 36,413,791 股，占公司总股本的比例为 2.9796%。 ? 减持计划的实施结果情况 公司于 2025 年 4 月 22 日披露了《股东减持股份计划公告》（公告编号： 股份，减持数量不超过 36,413,791 股，即不超过公司总股本的 2.9796%。本次减 持期间：通过集中竞价交易、大宗交易方式减持的，自公告披露之日起 3 个交易 日后的 3 个月内进行。 公司于近日收到上杭兴源出具的《关于股份减持进展的告知函》，截至本公 告披露日，上杭兴源在 2025 年 4 月 28 日至 2025 年 7 月 25 日通过集中竞价交易 ...

证券代码：688567 证券简称：孚能科技 公告编号：2025-041 孚能科技（赣州）股份有限公司 股东减持计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，孚能科技（赣州）股份有限公司（以下简称"公司"） 股东上杭兴源股权投资合伙企业（有限合伙）（以下简称"上杭兴源"）持有公 司股份 36,413,791 股，占公司总股本的比例为 2.9796%。 减持计划的实施结果情况 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）股东因以下事项披露减持计划实施结果： 披露的减持时间区间届满 | 股东名称 | 上杭兴源股权投资合伙企业（有限合伙） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 减持计划首次披露日期 | 2025 年 4 月 | 22 | 日 | | | | | | 减持数量 | 12,176,763股 | | | | | | ...

孚能科技公告，上杭兴源股权投资合伙企业(有限合伙)原持股3641.38万股，占2.9796%；2025年4月28日 至2025年7月25日通过集中竞价减持1217.68万股，占0.9964%，减持价格区间16～17.49元/股，套现2.06 亿元；目前持股2423.7万股，占1.9832%，减持计划期限届满。 ...

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]

Group 1 - CATL has established a new energy company named Dongying Times Zero Carbon New Energy Technology Co., Ltd., focusing on carbon reduction and renewable energy technologies [2] - Funeng Technology received a development notification from GAC Group for battery pack assembly, expected to start supply within the year [3] - Chuangming New Energy signed a strategic cooperation agreement with Pinggao Group to develop mobile energy storage solutions [4] Group 2 - Chuangneng New Energy signed a long-term cooperation agreement with Nord Shares to procure 160,000 tons of copper foil materials over the next five years [5] - Ruipu Lanjun's revenue for the first half of the year is expected to be between 9.3 billion to 9.8 billion RMB, a growth of approximately 22.4% to 29.0% year-on-year [6] - Honeycomb Energy's second-generation battery has officially rolled off the production line, featuring a capacity of 65 kWh and ultra-fast charging capabilities [7] Group 3 - XWANDA's 20 GWh battery production project in Yiwu has received environmental approval, aiming for significant production capacity [8] - BYD has applied for a patent to increase the range of electric vehicles without changing battery pack dimensions [9][10] - Hunan Youneng plans to invest in a lithium battery cathode material project in Malaysia with a total investment of approximately 9.5 billion RMB [13] Group 4 - Jiangsu Yecheng New Materials' project for producing 400,000 tons of lithium battery anode materials has been approved [14] - Lithium Tai New Energy completed a million yuan angel round financing to advance battery safety technology [15] - Dingsheng New Materials announced a delay in the construction of its 800,000 tons battery foil project to December 2027 [16] Group 5 - Shanghai Weitai plans to acquire a 51% stake in Zhijiang New Materials, aiming to enter the lithium battery materials sector [17] - A new integrated phosphate-coal chemical project with a total investment of approximately 73 billion RMB has commenced construction [18][19] - Sichuan Wuke Jinsilicon received strategic investment to enhance its silicon-carbon anode material production capabilities [20] Group 6 - A 20 million RMB lithium battery composite new materials project has been signed in Jiangsu [21] - Yifei Laser delivered a new production line for large cylindrical batteries to a leading global battery customer [23] - Jing Shan Light Machinery has begun mass production of battery equipment for the energy storage sector [24] Group 7 - The Chinese lithium battery stacking equipment market is projected to reach 3.6 billion RMB in 2024, with a decline of 21.74% year-on-year [25] - A 18,000-ton lithium battery recycling project is set to be established in Heilongjiang [29] - A 48,000-ton lithium battery recycling project is proposed in Guangdong, with an investment of 651 million RMB [31] Group 8 - A new project for processing 60,000 tons of power batteries and 2 GWh of energy storage has been launched in Guangdong [32] - A 38,000-ton lithium battery recycling project is planned in Jiangxi [33] - BMW Group announced the establishment of a wholly-owned subsidiary in Nanjing, enhancing its information technology capabilities [35] Group 9 - XPeng Motors announced that its MONA M03 model has surpassed 150,000 cumulative deliveries [36] - Great Wall Motors reported a total revenue of 52.3 billion RMB for Q2 2025, a year-on-year increase of 7.8% [37] - BYD's 13 millionth electric vehicle has rolled off the production line [38] Group 10 - Chery aims to rank among the top ten global automotive manufacturers by the end of the year [39] - Mitsubishi Motors announced its complete withdrawal from the Chinese market [40][41] - Tesla's Model 3 has surpassed 3 million units in global sales [42]

Battery - Fudi Technology's semi-solid state battery has a cost that is only 5%-10% higher than liquid batteries, demonstrating good economic viability and market competitiveness, with GWh-level shipments already achieved [3] - Prit's first batch of square 314Ah semi-solid state batteries has been successfully delivered, making it the first domestic company to transition this technology from laboratory to mass production, positively impacting its semi-annual performance [6] - In the first half of 2025, China's new energy heavy truck sales are expected to reach approximately 79,000 units, a year-on-year increase of 185%, driving the installation of heavy truck power batteries to about 31.7GWh, a year-on-year growth of 230% [7] Materials - Oke Technology signed a 176 million yuan contract for two wet-process diaphragm production lines, which accounts for 40.51% of the company's audited revenue for the past year [11] - A new lithium battery anode material project with an annual production capacity of 100,000 tons has been accepted for environmental impact assessment in Guizhou, indicating ongoing technological upgrades [13] - Sanfu New Materials' 3D composite copper foil is currently in the sample testing phase for downstream battery manufacturers, with applications in high-end consumer electronics and high-end new energy vehicle power batteries [14] - CATL's subsidiary in Qinghai has commenced construction on a pole piece project with a total investment of 5 billion yuan, aiming to establish a complete production process chain [16]

Core Viewpoint - Company has received a development notification from GAC Group for a vehicle component, marking an enhancement in market recognition for its SPS battery products and deepening the strategic partnership with GAC Group [2][3] Group 1: Product Development and Market Recognition - The SPS battery products have achieved mass production and have been selected by major automotive clients including GAC, Geely, Dongfeng, and Jiangling [3] - The SPS lithium iron phosphate battery system has an energy density of 330Wh/kg, a volume utilization rate of 75%, and a cycle life exceeding 3000 times, showcasing excellent performance in range and charging efficiency [6] - The SPS battery system has passed national safety standards ahead of schedule, indicating readiness for market demands [6] Group 2: Strategic Partnerships and Business Expansion - GAC Group has been a key client since 2018, with previous successful collaborations on various models, enhancing trust and recognition [10] - Following the acquisition by Guangzhou Industrial Investment, the company is expected to deepen its collaboration with GAC Group and explore partnerships with other automakers like XPeng [12][14] - The company is also expanding into low-altitude economy and humanoid robotics, indicating a diversification of its application areas [16][19] Group 3: Financial Performance and Future Outlook - The company reported a significant reduction in net losses, with a revenue of 11.68 billion yuan in the previous year and a net profit loss of -0.332 billion yuan, marking an 82.22% improvement [12] - The gross margin for battery cells reached 30.57%, an increase of 13.27 percentage points, indicating improved profitability [12] - The company aims to achieve large-scale shipments of its SPS lithium iron phosphate battery products by 2025, positioning itself for future growth [5] Group 4: Technological Advancements - The company is advancing in solid-state battery technology, transitioning from laboratory to pilot production, with plans to establish a pilot production line by the end of the year [17] - The company has secured contracts for its semi-solid eVTOL batteries, indicating strong demand in emerging markets [19]

Group 1 - The State Administration of Foreign Exchange reported that the RMB exchange rate remained stable in the first half of 2025, appreciating by 1.9% against the USD [1] - The People's Bank of China indicated that as of the end of Q2 2025, the balance of real estate loans in RMB was 53.33 trillion yuan, a year-on-year increase of 0.4% [1] - Bloomberg reported that U.S. regulators plan to modify a controversial rule to ease day trading restrictions for retail investors, which is expected to attract more retail participation in the U.S. stock market [1] Group 2 - U.S. Treasury Secretary stated that the next round of U.S.-China tariff negotiations may include discussions on China's purchases of oil from Russia and Iran [2] - The Chinese Foreign Ministry emphasized the importance of dialogue and cooperation to stabilize U.S.-China relations [2] Group 3 - The United Nations reported that over 93,000 people have been displaced due to conflict in Syria's Suweida province, with significant disruptions to healthcare and basic supplies [3] - Shenzhen's authorities are enhancing communication with central ministries to support the capital market and facilitate the listing of companies in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - The National Energy Administration is rumored to have issued a notice to regulate coal mine production and ensure stable coal supply, although this has not been officially confirmed [4] - The World Health Organization is developing new guidelines for GLP-1 therapies for adult obesity, expected to be released in September 2025 [4] Group 5 - Hive Energy plans to begin trial production of its first-generation semi-solid battery with a capacity of 140Ah in Q4 2025, aimed at supplying BMW's next-generation models [6] - The company is also set to produce semi-solid batteries with an energy density of 300Wh/kg this year, with plans for a second generation reaching 360Wh/kg [6] Group 6 - China Nuclear Power plans to invest 1 billion yuan in China Fusion Energy Co., which is a subsidiary of China National Nuclear Corporation [9] - Zhejiang Energy intends to invest 751 million yuan for a 5% stake in China Fusion Energy Co. as part of its strategy in the nuclear fusion energy sector [9] Group 7 - Sichuan Chengyu is part of a consortium that has been selected as the first candidate for the G5 Jingkun Expressway expansion project, with an estimated total investment of approximately 28.55 billion yuan [10] - Gotion High-Tech received a development notice from GAC Group for battery pack assembly, indicating increased market recognition for its SPS battery products [10] Group 8 - GoerTek is in preliminary discussions to acquire 100% equity of Hong Kong Mia and Changhong Limited for approximately 10.4 billion HKD (about 9.5 billion yuan) [11] - Hunan YN plans to establish an investment company in Singapore to invest in a lithium battery cathode material project in Malaysia, with a total investment of about 9.5 billion yuan [11]