Farasis Energy(SH:688567) Xin Lang Zheng Quan·2025-09-12 05:46Core Viewpoint - The lithium battery listed companies in A-shares have reported their mid-year results, showing overall revenue growth but significant divergence in net profits among companies, with some facing substantial losses [1][3]. Group 1: Company Performance - Contemporary Amperex Technology Co., Ltd. (CATL) achieved a revenue of 178.89 billion yuan, a growth of 7.3%, and a net profit of 30.49 billion yuan, increasing by 33.3% [3]. - EVE Energy Co., Ltd. reported a revenue of 28.17 billion yuan, a growth of 30.1%, but a net profit decline of 24.9% to 1.61 billion yuan [3]. - Affected by market conditions, Funeng Technology Co., Ltd. saw its revenue drop to 4.35 billion yuan, a decrease of 37.6%, and a net loss of 160 million yuan, although the loss narrowed by 14.92% year-on-year [1][3]. Group 2: Inventory and Production Capacity - Funeng Technology's inventory increased to 3.565 billion yuan, up 58% year-on-year, with inventory turnover days rising to 149.27 days, an increase of 71% [4]. - Despite the revenue decline, Funeng Technology is expanding production capacity, with a projected output of 20 GWh for 2023 and a capacity of 55 GWh by the end of 2023 [7]. - The company acknowledged that its new production capacity is currently in the ramp-up phase, indicating potential underutilization of capacity [7]. Group 3: Ownership and Strategic Changes - In January 2023, Funeng Technology underwent a significant change in control, with Guangzhou Industrial Investment Holding Group becoming the new controlling shareholder [7]. - Following the change in control, Funeng Technology received support in funding, financial coordination, and R&D collaboration, but faces challenges in balancing technological investment with profitability [8]. - Shareholders, including the previous controlling entity, have announced plans to reduce their stakes in the company, indicating a shift in investment strategy [8].