Farasis Energy(SH:688567) Xin Lang Cai Jing·2025-09-12 06:28Core Viewpoint - The performance of lithium battery companies listed on the A-share market shows a significant divergence in net profits, with most companies experiencing revenue growth while net profits reveal a stark contrast, particularly for Funeng Technology, which continues to face operational challenges [1][4]. Group 1: Company Performance - Funeng Technology reported a revenue of 4.35 billion yuan in the first half of the year, a year-on-year decline of 37.6%, making it the only major lithium battery company to experience a revenue drop [1][3]. - 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, marking the fifth consecutive year of losses [1][4]. - In contrast, other companies like CATL and EVE Energy showed positive revenue growth, with CATL achieving 178.89 billion yuan in revenue, a 7.3% increase, and a net profit of 30.49 billion yuan, up 33.3% [3]. Group 2: Inventory and Production Issues - Funeng Technology's inventory increased to 3.565 billion yuan, a 58% year-on-year rise, with inventory turnover days extending to 149.27 days, up 71% [4][7]. - Despite the inventory buildup, the company is expanding production capacity, with a projected output of 20 GWh for 2023 and a capacity of 55 GWh by the end of the year [7]. - The company acknowledged that its new production capacity is still 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 the major shareholder shifting to Guangzhou Industrial Investment Holding Group, which is now the actual controller [7][8]. - Following this change, the company received support in terms of funding, financial coordination, and research collaboration, but faces challenges in balancing technological investment with profitability [8]. - The new shareholders have plans to reduce their stakes, indicating a potential shift in strategic focus as the company navigates its financial and operational hurdles [8].