⎏⊕ሂ⢯〇ᢶ㛗Գᴿ䲆ޢਮ ᤕ᭬䍣ঋ亯䍺ӝ䇺զ亯ⴤ 䍺 ӝ 䇺 զ 䈪 ᱄ කݹ䇺ᣛɏɐ ਭ ߂ㅢж ߂жާ කݹ䍺ӝ䇺զᴿ䲆ޢਮ ᒪ ᴾ ᰛ 4-2-1 | | | | 第一部分 | 关于评估说明使用范围的声明 | | | --- | --- | --- | | 第二部分 | 企业关于进行资产评估有关事项的说明 | | | 第三部分 | 资产评估说明正文 | | 4-2-2 浙江富特科技股份有限公司拟收购单项资产评估项目 资产评估说明 ㅢж䜞࠼ ީӄ䇺զ䈪᱄ֵ⭞㤹പⲺ༦᱄ 资产评估机构提供的《资产评估说明》仅供相关监管机构和部门使用。除法律、 行政法规规定外，材料的全部或者部分内容不得提供给其他任何单位或个人，也不 得见诸公开媒体。 坤元资产评估有限公司 2025 年 11 月 10 日 坤元资产评估有限公司 2025 年 11 月 10 日 1 坤元资产评估有限公司 4-2-3 ㅢӂ䜞࠼ Էѐީӄ䘑㺂䍺ӝ䇺զᴿީӁ亯Ⲻ䈪᱄ жȽညᢎӰфӝᵹᤷᴿӰᾸ߫ 本次评估委托人为浙江富特科技股份有限公司，产权持有人为安吉两山高新技 术产业园区开发有限公司。 ж ညᢎӰᾸ߫ 1. 名称：浙江富特科技股份有限公司(以下简称 ...

股票代码：301607 股票简称：富特科技 浙江富特科技股份有限公司 与 国泰海通证券股份有限公司 关于浙江富特科技股份有限公司申请向特 定对象发行股票的审核问询函的回复 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二〇二五年十一月 深圳证券交易所： 根据贵所于 2025 年 10 月 14 日印发的《关于浙江富特科技股份有限公司申 请向特定对象发行股票的审核问询函》（审核函〔2025〕020052 号）（以下简 称"问询函"）的要求，浙江富特科技股份有限公司（以下简称"富特科技"、 "发行人"或"公司"）会同国泰海通证券股份有限公司（以下简称"保荐人" 或"国泰海通"）、浙江天册律师事务所（以下简称"发行人律师"）、天健会 计师事务所（特殊普通合伙）（以下简称"申报会计师"），对问询函提出的问 题逐项进行了认真核查落实。现回复如下，请予审核。 如无特别说明，本回复中的简称或名词释义与募集说明书具有相同含义。 本问询函回复中的字体代表以下含义： | 项目 | 字体 | | --- | --- | | 审核问询函所列问题 | 黑体 | | 对审核问询函所列问题的回复 | 宋体（不加粗） | ...

截至发稿，富特科技市值为62亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，富特科技（SZ 301607，收盘价：39.63元）发布公告称，2025年11月25日，富特科技接受 中邮证券等投资者调研，公司董事会秘书李岩、证券事务代表张佳意参与接待，并回答了投资者提出的 问题。 2024年1至12月份，富特科技的营业收入构成为：新能源占比100.0%。 （记者 胡玲） ...

Group 1: Market Position and Competition - The domestic market for vehicle power supplies is primarily divided into two categories: self-research by OEMs (e.g., BYD, Tesla) and third-party independent suppliers providing complete solutions [1] - Most vehicle manufacturers still rely on third-party independent suppliers for vehicle power supply products, indicating a stable competitive landscape due to high technical barriers and significant R&D investments [1] Group 2: Company Performance and Strategy - The company holds a leading market share in the third-party vehicle power supply segment, attributed to technology-driven R&D, strong partnerships with major OEMs, and high product quality [1] - Revenue has significantly increased year-on-year due to rising customer demand and business expansion, leading to a corresponding rise in accounts receivable [3] Group 3: Financial Outlook - The company maintains a cautiously optimistic outlook on gross margins, expecting to counteract price pressures through an increase in high-value products and cost optimization from technological advancements [4] Group 4: Future Business Development - The company’s V2G (Vehicle-to-Grid) business has made progress, with products featuring bidirectional charging being actively developed, supported by mature market mechanisms in certain overseas regions [5] Group 5: Employee Incentives - The company has approved a restricted stock incentive plan, granting 4,424,200 shares as part of its employee stock ownership program [6]

证券日报网讯富特科技（301607）11月25日在互动平台回答投资者提问时表示，截至2025年11月20日， 公司股东总户数为9503户。 ...

Group 1: Market Position and Strategy - The company has established a diversified customer base, covering domestic traditional automotive brands, new car manufacturers, and major international car companies [1] - The domestic market partnerships include leading companies such as GAC, NIO, Great Wall, Xiaomi, Xpeng, and others, ensuring stable cooperation [1] - The company aims to leverage its strong customer foundation and brand influence to expand both domestic and international markets, enhancing its core competitiveness in the vehicle power supply business [1] Group 2: Product Development and Technology - The vehicle power supply industry is evolving towards 800V high-voltage architecture, deep integration of "multi-in-one" solutions, and diversification of functions, leading to increased technical complexity and unit value [1] - The application of new technologies, such as third-generation wide-bandgap GaN, is expected to bring significant performance and value breakthroughs [2] - The company plans to drive long-term steady growth in unit value through continuous technological upgrades and product innovations [2] Group 3: Market Expansion and Opportunities - The domestic vehicle power supply sector is primarily supported by third-party independent suppliers, with a stable competitive landscape [3] - The overseas market for new energy vehicles has a low penetration rate, presenting significant growth potential, which is a key focus for the company's future expansion [3] - The company intends to deepen cooperation with established international mainstream car manufacturers to enhance market share [3] Group 4: Production Capacity and Infrastructure - The main production base is located in Huzhou Anji, with the first factory operating at full capacity since its launch in 2021, designed for an annual output of 1.2 million units [4] - The second factory began production in the first half of this year, with increased automation and efficiency through smart logistics and integrated design [4] - An overseas factory is under construction, with the building completed in 2024, and production lines will be developed based on customer demand [4] Group 5: Revenue Growth and Client Relationships - Continued deepening of partnerships with strategic domestic clients supports order growth and stabilizes the domestic business [5] - The launch of overseas client projects and further market expansion is expected to contribute incremental revenue to the overall business [5]

Summary of Ford Technology Conference Call Company Overview - **Company**: Ford Technology - **Industry**: New Energy Vehicle (NEV) High Voltage Systems Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue increased by 116% year-on-year, with net profit attributable to shareholders rising by 66% [2][3] - **Q3 Performance**: The net profit growth rate for Q3 reached 187%, indicating strong growth momentum [2][3] - **Future Revenue Projections**: Expected revenues for 2025, 2026, and 2027 are projected at 3.68 billion, 5.32 billion, and 6.98 billion respectively, with net profits of 196 million, 324 million, and 472 million [4][13] Customer Base and Market Position - **Key Clients**: Major clients include Xiaomi, Leapmotor, NIO, and Renault, with expectations for significant contributions from these clients in 2026 [2][3] - **Market Share**: Ford Technology is a leading supplier in the NEV high voltage system market, alongside Weimais, with the top five suppliers holding 74% of the Chinese market [2][8] Product Offerings - **Main Products**: The company specializes in integrated high voltage power solutions, including OBC (On-Board Charger), DCDC converters, and PDU (Power Distribution Unit) [3][7] - **Expansion into Non-Automotive**: Ford Technology is also expanding into non-automotive sectors, supplying power modules for DC charging piles and liquid-cooled supercharging piles, as well as AIDC (Automatic Identification and Data Capture) power modules [5][12] International Expansion - **Overseas Revenue Growth**: In the first half of 2025, overseas revenue reached 260 million, increasing its share of total revenue from a few percent to over ten percent [2][3] - **International Contracts**: The company has secured contracts with Stellantis and European luxury brands, with projects expected to ramp up from 2026 to 2027 [2][10][11] Competitive Landscape - **Industry Concentration**: The NEV high voltage system industry is highly concentrated, with significant market shares held by BYD through its subsidiary Fudi Power, which commands a 29% market share [8] Strategic Developments - **New Facilities**: Ford Technology has established a subsidiary in France and is building a production base in Thailand, indicating a strategic push into the European market [4][10] - **Long-term Contracts**: The company has signed long-term contracts with major automotive brands, which are expected to enhance profitability [11] Profitability and Valuation - **Gross Margin Expectations**: The gross margin is expected to stabilize around 30% in 2024, with some projects potentially exceeding this level [4][11] - **Valuation Insights**: With a current market capitalization of over 6 billion, the projected P/E ratio for the next year is close to 20 times, which is considered favorable given the company's growth prospects [13]

Core Viewpoint - The company has successfully initiated its overseas operations and is enhancing its supply capabilities through the establishment of an overseas production base, which will help mitigate supply chain risks [1] Group 1 - The company's overseas business is progressing in an orderly manner [1] - The overseas production base has completed renovations, and the construction of production lines will proceed based on customer demand [1] - The utilization of the overseas base will strengthen the company's supply capabilities [1]

Group 1 - The core viewpoint of the news is that Futec Technology's stock experienced a decline of 2.36% on November 18, with a trading volume of 91.18 million yuan, indicating a negative sentiment in the market [1] - As of November 18, Futec Technology had a total margin trading balance of 105 million yuan, which represents 2.29% of its market capitalization, indicating a relatively high level of margin trading activity compared to the past year [1] - The company primarily focuses on the research, production, and sales of high-voltage power supply systems for new energy vehicles, with 95.68% of its revenue coming from new energy vehicle products [1] Group 2 - As of November 10, the number of shareholders in Futec Technology decreased by 23.83% to 10,400, while the average number of circulating shares per person increased by 31.28% to 10,450 shares [2] - For the period from January to September 2025, Futec Technology reported a revenue of 2.559 billion yuan, representing a year-on-year growth of 116.31%, and a net profit attributable to shareholders of 137 million yuan, up 65.94% year-on-year [2] - Since its A-share listing, Futec Technology has distributed a total of 1.9983 million yuan in dividends [3]

Group 1 - The company has a strong customer structure and robust growth momentum, focusing on the research and development of the new energy vehicle sector, with notable clients including Renault, Stellantis, Great Wall, GAC, NIO, and BYD [1] - From 2021 to Q3 2025, the company's revenue has shown continuous growth, transitioning from traditional automotive clients to new energy vehicle manufacturers, with significant revenue increases expected from clients like NIO and Xiaomi [1] - In the first three quarters of 2025, the company's revenue reached 2.559 billion, representing a year-on-year increase of 116.31%, with a net profit of 137 million, up 65.94% year-on-year [1] Group 2 - The integration trend of small three-electric systems in the new energy vehicle market is evident, with significant growth potential, as the Chinese new energy vehicle sales are expected to grow at rates of 5% from 2026 to 2028 [2] - The market for small three-electric systems in China is projected to grow from 25.3 billion to 39 billion from 2024 to 2028, while the global market is expected to increase from 33.6 billion to 57.3 billion [2] - The company has established strong binding relationships with quality new energy vehicle manufacturers, achieving over 8% market share in the first half of 2025, although long-term gross margin improvement is limited [2] Group 3 - The company is expanding its overseas operations, with significant revenue growth from international markets, achieving 262 million in overseas revenue in the first half of 2025, accounting for 17.77% of total revenue [3] - The AIDC market presents a new growth opportunity, with increasing power demands projected to rise from 74 TWh in 2022 to 500 TWh by 2027, prompting the company to explore advanced semiconductor technologies [3] - The company is actively researching the application of third-generation wide bandgap semiconductor devices to tap into the emerging AIDC charging module market [3] Group 4 - As a leading domestic supplier of vehicle power sources, the company has shifted its customer base from traditional automotive manufacturers to rapidly growing new energy vehicle companies, with an accelerated overseas layout and high-margin revenue potential [4] - The company is projected to achieve net profits of 200 million, 369 million, and 535 million from 2025 to 2027, with corresponding PE ratios of 32, 17, and 12 [3][4] - A target PE of 29 is set for 2026, corresponding to a market value of 10.55 billion, indicating a potential upside of 66% from the current valuation [4]