Core Points - The company has completed the registration and filing procedures for its business changes and has obtained a new business license from the Ganzhou Market Supervision Administration [2] - The company type has been changed to a joint-stock company (Hong Kong, Macao, Taiwan, and domestic joint venture, listed) [2] - The registered capital of the company is approximately 1.22 billion RMB [2] Company Information - The company is named "Furong Technology (Ganzhou) Co., Ltd." with a unified social credit code of 913607006984663896 [2] - The legal representative is Xie Yong, and the company was established on December 18, 2009 [2] - The company's address is located in the Jiangxi Province Ganzhou Economic and Technological Development Zone [2] - The business scope includes research, production, and sales of lithium-ion batteries, battery management systems, electric vehicle auxiliary systems, and recycling of used lithium batteries [2]

证券代码：688567 证券简称：孚能科技 公告编号：2025-035 近日，公司已完成上述相关工商变更登记及备案手续，并取得了赣州市市场 监督管理局换发的《营业执照》，相关登记信息如下： 名称：孚能科技（赣州）股份有限公司 统一社会信用代码：913607006984663896 类型：股份有限公司（台港澳与境内合资、上市） 法定代表人：谢勇 孚能科技（赣州）股份有限公司 关于完成工商变更登记的公告 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、准确性和完整性依法承担法律责任。 孚能科技（赣州）股份有限公司（以下简称"公司"或"孚能科技"）于2025 年4月21日召开第二届董事会第四十一次会议，于2025年5月7日召开2025年第二 次临时股东大会，审议通过了《关于变更公司类型及修订<公司章程>并办理工 商变更登记的议案》，于2025年5月7日召开第三届董事会第一次会议审议通过了 《关于选举公司第三届董事会董事长的议案》。具体内容详见公司于2025年4月 22日在上海证券交易所网站（www.sse.com.cn）披露的《孚能科技（赣州）股份 有限公司关于 ...

Core Viewpoint - The report summarizes the continuous sponsorship work of Dongwu Securities for Funeng Technology (Ganzhou) Co., Ltd., detailing the company's stock issuance and the subsequent management of raised funds, as well as significant events during the sponsorship period [1][2][3]. Group 1: Company Overview - Funeng Technology (Ganzhou) Co., Ltd. issued 140 million A-shares at a price of 23.70 RMB per share, raising a total of 3.318 billion RMB [1]. - The company is located in Jiangxi Province, with a registered capital of 1.222 billion RMB [3]. - The actual controller of the company is the People's Government of Guangzhou [3]. Group 2: Sponsorship Work Overview - Dongwu Securities established a robust continuous sponsorship work system, conducting regular communication, site inspections, and due diligence [2]. - The company adhered to relevant laws and regulations regarding information disclosure and the management of raised funds [2][10]. Group 3: Significant Events During Sponsorship - The company postponed the completion date of the "8GWh lithium-ion power battery project" to July 2023, with independent directors and the sponsor providing consent [3]. - The company approved the use of idle raised funds for cash management, which was subsequently ratified by independent directors [4]. - The company terminated part of the fundraising projects and redirected the remaining funds (265.2629 million RMB) to new projects, including a 30GWh new energy battery project [4][5]. Group 4: Financial Performance and Risks - The company has been operating at a loss, with risks of further losses due to slowing demand in the new energy vehicle market and declining battery prices [6]. - The company is expected to complete its major projects by December 2025, but initial phases may incur losses due to low capacity utilization and increased depreciation [6][10]. Group 5: Control Changes - Following the continuous sponsorship period, the company's control shifted from Hong Kong Funeng to Industrial Control Group, with the actual controller changing to the People's Government of Guangzhou [8][9].

东吴证券股份有限公司 关于孚能科技（赣州）股份有限公司 2021 年度向特定对象发行 A 股股票 之持续督导保荐工作总结报告书 经中国证券监督管理委员会出具的《关于同意孚能科技（赣州）股份有限 公司向特定对象发行股票注册的批复》（证监许可[2022]1472 号）同意，孚能 科技（赣州）股份有限公司（以下简称"孚能科技"或"公司"）向特定对象 发行人民币普通股（A 股）140,000,000 股，发行价格为每股 23.70 元。募集资 金总额 3,318,000,000.00 元 ， 扣 除 发 行 费 用 后 ， 募 集 资 金 净 额 为 3,256,480,253.05 元。上述资金已全部到位，2022 年 11 月 3 日大华会计师事务 所（特殊普通合伙）出具了《孚能科技（赣州）股份有限公司发行人民币普通 股（A 股）14,000 万股后实收股本的验资报告》（大华验字[2022]000757 号）。 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为公 司 2021 年度向特定对象发行 A 股股票的保荐机构，负责孚能科技的持续督导 工作，持续督导期至 2024 年 12 月 31 日止，截 ...

Core Viewpoint - The article highlights the successful high-standard testing of the SPS battery pack by Funeng Technology, demonstrating its superior safety performance and advanced technology in the electric vehicle sector [3][9]. Group 1: Testing and Safety Performance - Funeng Technology's SPS battery pack has passed the stringent C-NCAP vehicle-level scraping safety test for 2024, showcasing its high safety standards [3][4]. - The C-NCAP has introduced a new scraping test for electric vehicles, making it the first NCAP system globally to implement such a project, aimed at identifying potential hazards like battery fires and leaks [4][6]. - The SPS battery pack underwent both forward and reverse scraping tests at speeds of 30 km/h and 5 km/h respectively, simulating extreme conditions without significant damage [6][9]. Group 2: Technological Advancements - The SPS battery pack features high intrinsic safety chemical materials, significantly reducing risks of thermal runaway and short circuits, along with a high-strength aluminum alloy structure providing 360° safety protection [9]. - Funeng Technology has officially commenced mass production of the SPS large soft pack product, marking a significant breakthrough in the market [9]. - The SPS products have secured projects with well-known automotive clients such as GAC, Geely, Dongfeng, and Jiangling, aiding the company in expanding its scale and offering high-quality, safe power battery products to consumers [9].

Group 1 - The core viewpoint is that soft-pack batteries are the preferred choice for various battery solutions, including semi-solid and solid-state batteries, particularly in the low-altitude economy sector [2][3] - The global low-altitude economy market is projected to reach 1,064.46 billion yuan by 2026, with eVTOL being a representative low-altitude transportation tool that has high performance requirements for power batteries [3] - The second-generation eVTOL semi-solid battery from the company is set to enter small-scale production, with an energy density of 320 Wh/kg, supporting 15-minute fast charging and a long pulse power of 10C [3] Group 2 - The company has been a leading manufacturer of soft-pack batteries in China for eight consecutive years, emphasizing the lightweight advantages of soft-pack batteries in the low-altitude economy [4] - The second-generation Plus version of the eVTOL is expected to achieve mass production in 2026, with an energy density greater than 350 Wh/kg [3] - The company is pursuing a dual-path development strategy for solid-state battery technology, focusing on both oxide/polymer composite systems and sulfide systems [3]

Group 1 - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) opened on May 15, featuring over 3,200 exhibitors including major companies like CATL, BYD, and A123, with an expected attendance of over 400,000 professional visitors over three days [1][2] - The theme of the exhibition is "Linking the World, Empowering Green, Driving the Future," showcasing the entire industry chain from battery materials to recycling, highlighting new trends in industry development [1][2] - The exhibition includes specialized areas such as three green energy halls, four advanced materials halls, and seven smart manufacturing halls, presenting a complete ecological chain from basic material innovation to end-use applications [2] Group 2 - The event features high-end forums and over 200 academic reports, focusing on industry trends and the future of battery technology, with discussions on solid-state battery industrialization [3] - Chinese companies are positioned to reshape the global value chain through technological innovation and standard output, emphasizing the competition in ecological closed loops and digital intelligence capabilities [3] - The event will release significant publications such as the "Lithium-ion Battery Industry Blue Book 2024" and the "Standardization White Paper for Low-altitude Aircraft Batteries," promoting industry standardization and sustainable development [3]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][8]. Core Insights - The company's Q1 2025 revenue was 2.325 billion yuan, a year-on-year decrease of 20.48%. However, the net loss attributable to shareholders narrowed to 152 million yuan, a 29.82% improvement year-on-year. The adjusted net loss was 146 million yuan, reflecting a 20.5% reduction compared to the previous year [2][8]. - The company optimized its shipment structure, increasing the sales proportion of high-margin products, which led to an overall improvement in gross margin despite the revenue decline. Cost control measures also contributed to a decrease in management expense ratio by 0.23 percentage points and a reduction in financial expense ratio by 2.22 percentage points due to foreign exchange gains [2][8]. - The company is focusing on the development and sales of power battery systems and energy storage products, enhancing its international market penetration through strategic partnerships, particularly with Farasis Energy [2][8]. - A significant change in control occurred on April 15, with the completion of a share transfer agreement, marking an important adjustment in the company's ownership structure and governance [2][8]. - The company faces competitive challenges in the power battery market, leading to adjustments in profit forecasts for 2025-2027, with expected net profits of -274 million yuan, 7 million yuan, and 40 million yuan respectively [2][8]. Financial Summary - For 2025, the total revenue is projected at 10.746 billion yuan, with a year-on-year decline of 8%. The net profit is expected to be -274 million yuan, showing a 17.5% improvement from the previous year [4][9]. - The company’s total assets are estimated to reach 29.850 billion yuan by 2025, with a debt-to-asset ratio of 67.7% [9]. - The earnings per share (EPS) is projected to be -0.22 yuan for 2025, with a significant increase in profitability expected in subsequent years [4][9].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [1][18]. Core Insights - The battery industry is experiencing significant growth, with China's power battery installation volume in April 2025 increasing by 52.8% year-on-year, reaching 54.1 GWh [2][3]. - The report highlights that Chinese companies have increased their share in the overseas power battery market to 42% in Q1 2025, with Ningde Times leading the market [2][3]. - The report anticipates a surge in short-term exports of energy storage batteries from China due to the recent reduction in tariffs between China and the U.S. [2]. Summary by Sections Industry Performance - In April 2025, China's total battery production and sales reached 118.2 GWh and 118.1 GWh, respectively, showing year-on-year increases of 49.0% and 73.5% [2]. - The production-to-sales ratio is close to 1, indicating a destocking trend [2]. Export Trends - In April 2025, China's power and other battery exports totaled 22.3 GWh, marking a year-on-year increase of 64.2%, with power battery exports up by 53.6% [2][10]. - Energy storage batteries accounted for 35.2% of total exports, despite a quarter-on-quarter decline [2]. Company Developments - Ningde Times launched upgraded versions of its batteries, including the "Second Generation Shenxing Supercharging Battery" and sodium batteries, enhancing performance metrics significantly [2]. - Yiwei Lithium Energy introduced eight new commercial vehicle battery products, aiming for mass production by 2026 [2]. Market Concentration - The report notes a slight increase in market concentration, with the top three and five companies holding 72.3% and 81.8% of the market share, respectively [2][17].

为进一步加强与投资者的互动交流，孚能科技（赣州）股份有限公司（以下 简称"公司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公 司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 21 日（周三） 15:30-17:00。届时将 在线就公司 2024 年度和 2025 年第一季度业绩、公司治理、发展战略、经营状况、 融资计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告！ 孚能科技（赣州）股份有限公司 2025 年 5 月 13 日 证券代码：688567 证券简称：孚能科技 公告编号：2025-034 孚能科技（赣州）股份有限公司 关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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、准确性和完整性依法承担法律责任。 ...