【私募调研记录】复胜资产调研壹石通

Group 1 - The core focus of the news is on the recent research conducted by Fusheng Asset on a listed company, Yishitong, which is developing solid oxide fuel cell (SOFC) technology [1] - Yishitong has mastered key core technologies for SOFC since initiating the project in 2020, with current challenges related to data accumulation and performance optimization of demonstration projects [1] - The company plans to complete its first demonstration project by the end of 2025 and aims to reduce the cost of single kW equipment to below 30,000 yuan by 2026, with further reductions expected before 2030 [1] - SOFC technology is noted for its wide fuel adaptability and high energy conversion efficiency, making it suitable for applications such as data centers, although it is not yet ready to handle commercial orders [1] - Yishitong intends to adopt a business model that combines equipment sales with energy sales, targeting GW-level production scale within five years [1] - The company holds independent core patents in the SOFC field, with no patent barriers and has established a complete industrial chain, mitigating risks of supply chain constraints [1] Group 2 - Fusheng Asset Management, established in 2015, is one of the first research-driven private equity fund management companies in China, with a pure equity management scale exceeding 6 billion yuan [2] - The core investment research team at Fusheng Asset has over 16 years of investment experience across mainland China, Hong Kong, and the United States, with fund managers having top-tier public fund experience [2] - The company emphasizes sustainable investment and aims to achieve long-term stable returns for investors, adhering to the principle of "winning through compound interest" [2] - Fusheng Asset has received multiple awards for its performance, including the 2019 China Securities Journal's "Golden Bull Private Equity Investment Manager" and the 2021 New Fortune Best Private Equity Investment Manager [2]