孚能科技上半年营收43.53亿元 年内交付固态电池明年将量产

Core Viewpoint - Company Fudi Technology (孚能科技) is positioned as a leading player in the soft-pack power battery industry, showing signs of recovery in its financial performance while expanding its product offerings in semi-solid and solid-state batteries. Financial Performance - In the first half of 2025, Fudi Technology achieved operating revenue of 4.353 billion yuan, with a net profit attributable to shareholders of -162 million yuan, reducing losses by approximately 28.4 million yuan compared to the same period last year [1] - The company's net cash flow from operations was 126 million yuan, significantly improving year-on-year [1] Market Position - Fudi Technology ranked first in domestic soft-pack power battery installation volume and third globally in the same category for the first half of 2025 [1] - The company has maintained its position as the top soft-pack power battery installer in China for eight consecutive years [1] Product Development - The company’s SPS large soft-pack product is set to drive significant sales growth in 2025, enhancing collaborations with strategic clients and expanding into new markets and vehicle types [3] - Fudi Technology's second-generation semi-solid battery is scheduled for mass production in the second half of 2025, while the third generation is undergoing vehicle-level certification and is planned for 2026 [2][5] - The company aims to deliver 60Ah solid-state batteries to strategic partners by the end of the year, with plans to scale solid-state battery production to GWh levels by 2026 [2][6] Strategic Partnerships and Expansion - Fudi Technology has secured project designations from major clients such as GAC and Dongfeng for its semi-solid batteries, with some projects already entering mass production [2][4] - The company is focusing on enhancing delivery capabilities for its clients while leveraging the economic advantages of its SPS products to improve scale effects [4] Production Capacity - The company is advancing its production projects, including a 30GWh annual capacity facility in Ganzhou and another 30GWh facility in Guangzhou, with some production lines already operational [4] - Fudi Technology's semi-solid battery production capacity is expected to reach 54GWh by the end of 2025, significantly increasing its profit margins [6] Industry Trends and Regulatory Environment - Recent policies from the Ministry of Industry and Information Technology are expected to promote high-quality development in the new energy vehicle and power battery sectors [7] - The company is positioning itself to become a leader in solid-state batteries, recognizing the market potential for semi-solid batteries due to their balance of safety, performance, and cost [7][8] Government Support - The change in control to Guangzhou Industrial Investment Holding Group is anticipated to enhance Fudi Technology's financing channels and strengthen strategic collaborations with GAC [8] - The integration of state-owned capital is expected to accelerate production capacity release and support breakthroughs in solid-state battery technology [8]