Farasis Energy(SH:688567) Xin Lang Cai Jing·2025-09-12 06:07Core Viewpoint - The performance of A-share lithium battery listed companies in the first half of 2025 shows a significant divergence in revenue growth and net profit, with some companies thriving while others, like Funeng Technology, are struggling with declining revenues and increasing inventory levels [1][3]. Group 1: Financial Performance - Funeng Technology reported a revenue of 4.35 billion yuan in the first half of 2025, a year-on-year decrease of 37.6%, making it the only major lithium battery listed company to experience a revenue decline [1]. - The company's net profit attributable to shareholders was -160 million yuan, although this loss was reduced by 14.92% compared to the previous year, leading to a cumulative loss of 4.5 billion yuan since its listing in July 2020 [1]. - In the second quarter of 2025, Funeng's revenue dropped to 2.03 billion yuan, a year-on-year decline of 49.92% [1]. Group 2: Inventory and Production Capacity - Despite the revenue decline, Funeng Technology's inventory increased to 3.565 billion yuan, a year-on-year growth of 58%, with inventory turnover days rising to 149.27 days, an increase of 71% [1]. - The company is facing issues with idle production capacity while simultaneously expanding production, indicating a potential mismatch between production capacity and market demand [1][3]. Group 3: Market Position and Future Outlook - Funeng Technology ranked among the top ten globally in terms of shipment volume in 2022, with a total installed capacity of 7.4 GWh, reflecting a year-on-year growth of 215.1% and a market share of 1.4% [2]. - The company is projected to achieve a total shipment volume of 20 GWh in 2023, with production capacity expected to reach 55 GWh by the end of 2023 and 100 GWh by the end of 2024 [2]. - Funeng Technology's recent change in control to Guangzhou Industrial Investment Holding Group has provided financial support and resources for research and development, but the company faces challenges in balancing technological investment with profitability [3].