浙江富特科技股份有限公司 Zhejiang EV-Tech Co.,Ltd. （浙江省湖州市安吉县递铺街道文昌路 505 号） 2025 年度向特定对象发行 A 股股票 募集说明书（修订稿） 保荐机构（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 股票代码：301607 股票简称：富特科技 公司特别提示投资者对下列重大事项或风险因素给予充分关注，并仔细阅读 本募集说明书相关章节。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 浙江富特科技股份有限公司 募集说明书 1-1-1 浙江富 ...

发行保荐书 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 2025 年度向特定对象发行股票 并在创业板上市 之 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"、"保荐 机构"或"本保荐机构"）接受浙江富特科技股份有限公司（以下简称"富特科 技"、"公司"、"发行人"）的委托，担任富特科技本次向特定对象发行 A 股股票（以下简称"本项目"）的保荐机构，张现、杜惠东作为具体负责推荐的 保荐代表人。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）和《上 市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等法律、法 规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所（以 下简称"深交所"）有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务 规则、行业执业规范和道德准则出具发行保荐书，并保证所出具文件的真实性、 准确性和完整性。 本发行保荐书中如无特别说明，相关用语具有与《浙江富特科技股份有限公 司 2025 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-1-1 保 ...

目 录 | 关于经营情况…………………………………………………第 1—35 页 一、 | | --- | | 二、关于募投项目…………………………………………………第 35—57 页 | 问询函专项说明 天健函〔2025〕1184 号 深圳证券交易所： 由国泰海通证券股份有限公司转来的《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）奉悉。我们已对问询函中需要我们说明的财务事项进行了审慎核查，现汇 报说明如下。 一、关于经营情况 情况、公司在主要客户体系中的地位等，说明公司是否构成对主要客户或单一 客户的重大依赖，本次募投项目产品目标客户情况，募投项目的实施是否会导 致客户集中度进一步提升，公司改善客户结构的措施。（3）公司境外收入增长 的原因及合理性，境外客户具体情况，包括是否为新增客户、客户开拓情况、 合作年限、是否为可持续收入。（4）报告期内应收账款占收入比例增长的原因， 是否符合行业发展惯例，结合应收账款账龄情况、前五大客户余额及是否存在 异常情况、信用政策及坏账计提政策情况、期后回款情况等，说明应收账款坏 账计提是否充分，信用 ...

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 2025 年度向特定对象发行股票 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 浙江富特科技股份有限公司 上市保荐书 并在创业板上市 之 上市保荐书 声 明 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"或"本保荐 人"）接受浙江富特科技股份有限公司（以下简称"富特科技"、"公司"、"发行 人"）的委托，担任富特科技本次向特定对象发行股票（以下简称"本次发行"） 的保荐人，张现先生、杜惠东先生作为具体负责推荐的保荐代表人，为本次向特 定对象发行股票的发行上市出具上市保荐书。 本保荐人及保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐 业务管理办法》（以下简称"《保荐管理办法》"）、《上市公司证券发行注册管理办 法（以下简称"《注册管理办法》"）、《深圳证券交易所创业板股票上市规则》等 有关法律、法规和中国证券监督管理委员会（以下简称"中国证监会"）以及深 圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤 ...

Core Viewpoint - Fute Technology, a leading supplier of automotive power systems in China, focuses on high-voltage power systems for new energy vehicles and is set to be listed on the Shenzhen Stock Exchange in September 2024 [1] Group 1: Company Overview - Fute Technology was established on August 10, 2011, and is headquartered in Huzhou, Zhejiang Province [1] - The company is recognized as a national high-tech enterprise specializing in the research, production, and sales of high-voltage power systems for new energy vehicles [1] - It operates within the automotive industry, specifically in the automotive parts and electronic electrical systems sector, involving concepts such as charging stations and new energy vehicles [1] Group 2: Financial Performance - In Q3 2025, Fute Technology achieved a revenue of 2.559 billion yuan, ranking 17th among 36 companies in the industry [2] - The company's net profit for the same period was 137 million yuan, placing it 16th in the industry [2] - The industry leader, Joyson Electronics, reported a revenue of 45.844 billion yuan and a net profit of 1.363 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Fute Technology's debt-to-asset ratio was 67.17%, an increase from 50.13% in the previous year, exceeding the industry average of 44.11% [3] - The company's gross profit margin in Q3 2025 was 19.49%, down from 26.41% year-on-year, but in line with the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.01% to 10,100 [5] - The average number of circulating A-shares held per shareholder increased by 29.89% to 10,700 [5] - Notable changes in the top ten circulating shareholders included the exit of several funds [5] Group 5: Business Highlights - Fute Technology's domestic market share for automotive power systems has significantly increased, driven by the growth of domestic customer models [5] - The company has benefited from the electrification trend in Europe, with overseas revenue accounting for over 17% in the first half of 2025 [6] - The company has maintained a strong focus on R&D, successfully applying SiC semiconductor devices in its products [6]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a significant increase in revenue and net profit in Q3 2025, with a revenue of 1.085 billion yuan, a year-on-year increase of 108.27%, and a net profit of 70 million yuan, a year-on-year increase of 186.93% [4][6] - The company's market share in the domestic vehicle power supply sector has notably increased from 5.6% in 2024 to 12.0% in August 2025, driven by partnerships with major domestic manufacturers [5] - The international revenue share has risen from approximately 6.8% in 2024 to over 17% in H1 2025, reflecting the success of the company's internationalization strategy [6] Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 2.559 billion yuan, a year-on-year increase of 116.31%, and a net profit of 137 million yuan, a year-on-year increase of 65.94% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 232 million, 320 million, and 406 million yuan respectively, with corresponding P/E ratios of 29.9, 21.7, and 17.1 [4][8] - The financial metrics indicate a gross margin of 20.5% and a net margin of 6.2% for 2025, with a return on equity (ROE) projected at 18.9% [8][10]

Group 1 - The company Futec Technology (SZ 301607) announced a share reduction plan involving four executives, each holding approximately 1.18 million shares, representing 0.76% of the total share capital [1] - The executives plan to reduce their holdings by a maximum of 295,000 shares each, which accounts for 0.19% of the total share capital, within a three-month period starting from November 21, 2025 [1] - Futec Technology's revenue composition for the year 2024 is entirely from the new energy sector, with a 100% contribution [1] Group 2 - As of the announcement, Futec Technology has a market capitalization of 6.9 billion yuan [1]

Core Viewpoint - Fute Technology (301607.SZ) announced that a shareholder holding more than 5% of shares, Changgao Electric New, plans to reduce its holdings by up to 3.465 million shares, accounting for 2.23% of the company's total share capital, due to personal funding needs [1] Group 1 - The reduction period for Changgao Electric New's shareholding is set for three months, starting from 15 trading days after the announcement, specifically from November 21, 2025, to February 20, 2026 [1] - Additionally, a strategic placement asset management plan intends to reduce its holdings by up to 3.8855 million shares, representing 2.50% of the total share capital, also due to redemption demands from holders [1] - The reduction for the strategic placement asset management plan will occur during the same three-month period as Changgao Electric New's reduction [1]

Core Points - The company Futec Technology announced that four executives plan to reduce their holdings due to personal financial needs [1] - The executives include the director and deputy general manager Ni Bin, director Zhang Jiming, and deputy general managers Chen Yu and Zhang Yao, each holding 1.1801 million shares, representing 0.76% of the total share capital [1] - The planned reduction will occur within three months from November 21, 2025, to February 20, 2026, with a maximum reduction of 295,000 shares per person, equating to a 0.19% reduction [1] - The selling price will be determined based on market conditions and will not be lower than the issue price [1]