Core Viewpoint - The company, Funeng Technology (688567.SH), announced its advancements in solid-state batteries, positioning itself as a leader in the industry, particularly in semi-solid battery commercialization and ongoing development of various solid-state battery materials [1] Group 1: Semi-Solid Battery Development - The company has received recognition from multiple clients, including GAC, Dongfeng, SANY, FAW Liberation, leading eVTOL customers in the U.S., and top domestic flying car clients, making it one of the earliest companies to achieve semi-solid battery industrialization [1] Group 2: Solid-State Battery Progress - The company is concurrently advancing research on various material systems for solid-state batteries, including sulfide and oxide/polymer composite systems, with plans to deliver small batches of 60Ah sulfide solid-state batteries to strategic partners by the end of 2025 [1] Group 3: SPS Super Soft Pack Battery - The company's SPS super soft pack battery is compatible with multiple material systems, including ternary, lithium iron phosphate, solid-state, and sodium-ion batteries, and has secured project designations from several clients, including GAC, Geely, and Jiangling [1]

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 ...

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]

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].

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。 ...

Core Insights - Chinese companies are increasingly demonstrating their advantages in the overseas power battery market, contributing over half of the global power battery installation volume in Q1 2023 [1][5] - The global power battery installation volume, excluding China, reached 98.4 GWh in Q1 2023, a year-on-year increase of 26.5%, while the total global market, including China, was 221.8 GWh, up 38.8% [1][5] Company Performance - CATL (宁德时代) ranked first in the global power battery market outside of China with a market share of 29.5%, achieving an installation volume of 29 GWh, an increase of 2 percentage points year-on-year [2][4] - BYD (比亚迪) saw a significant growth of 104.7% in its installation volume, reaching 6.4 GWh and a market share of 6.5%, ranking sixth [4][5] - Guoxuan High-Tech (国轩高科) entered the top ten for the first time with an installation volume of 2 GWh, marking a 108.2% increase and a market share of 2% [5][6] - Other Chinese companies, including Zhongxin Innovation (中创新航) and Funeng Technology (孚能科技), also made it to the top ten with installation volumes of 2 GWh and 1.9 GWh, respectively [5][6] Market Dynamics - The total market share of the five Chinese companies in the global power battery market outside of China reached 42% in Q1 2023, up from 35.2% the previous year [5][6] - In contrast, the combined market share of three South Korean companies (LG Energy Solution, SK On, and Samsung SDI) decreased to 40.3%, down from a 10.6% lead over Chinese companies the previous year [6][7] - Panasonic (松下) also experienced a decline in market share to 7.4%, attributed to its reliance on Tesla and a decrease in sales of Tesla's Model 3 and Model Y [6][7] Future Outlook - Tesla (特斯拉) achieved a remarkable growth of 447.9% in its installation volume, reaching 1.9 GWh, although it ranked tenth with a market share of 1.9% [6][7] - Tesla's strategy to produce at least 30% of its battery needs in-house may impact its suppliers, including LG Energy Solution and Panasonic, as it expands its battery production capabilities [7]

Core Viewpoint - The article discusses the recent focus on new national standards for electric vehicle power batteries and the development of 500Ah+ large storage cells, highlighting the importance of industry dialogue and technological exploration [1][2]. Group 1: New National Standards for Power Batteries - The roundtable discussion will address the impacts of the new national standards on the battery industry [2]. - Key topics include the challenges of achieving non-flammability and non-explosiveness from both product and technical perspectives [2]. - The discussion will explore the technological pathways and solutions that comply with the new standards [2]. - Participants in this segment include companies such as Guoxuan High-Tech, Funeng Technology, and Dofluor [2]. Group 2: 500Ah+ Large Storage Cells - The roundtable will investigate the underlying logic behind the rapid development of large storage cells [2]. - It will also cover the challenges related to materials and processes posed by 500Ah+ large storage cells [2]. - The value that 500Ah+ large storage cells bring to customers will be a focal point of discussion [2]. - Companies involved in this dialogue include Ganfeng Lithium, Penghui Energy, and Xinnengda [4]. Group 3: Event Details - The event will take place on May 16, 2025, at the CIBF exhibition in Shenzhen, with live streaming on the Qidian Lithium Battery video account [3]. - The format includes a roundtable forum, host questions, and online live streaming [3]. - The event aims to focus on new technologies and explore new boundaries within the industry [3].