耗时四年、历经两次延期，野马电池5亿元募投终迎结项

Core Viewpoint - The completion of the fundraising project for Yema Battery marks a significant step in enhancing its production capacity and technological upgrades, despite facing delays and challenges in the implementation process [1][4][12]. Fundraising and Project Development - Yema Battery raised approximately 5.45 billion yuan through its initial public offering, with the funds allocated to four main projects, including the construction of a research and testing center and an intelligent manufacturing center [2][4]. - The original project for expanding alkaline zinc-manganese battery production was adjusted to increase capacity from 610 million to 810 million units, with total investment rising to approximately 4.43 billion yuan [2][4]. - The project faced multiple delays, with the completion date for the research and testing center being postponed twice before finally being announced as operational on September 27, 2025 [3][4]. Capacity and Technological Challenges - The new facilities are expected to enhance Yema Battery's R&D capabilities and production efficiency, which are crucial for maintaining competitiveness in the growing alkaline battery market [4][5]. - The intelligent manufacturing center aims to improve automation and reduce reliance on manual labor, which is essential for optimizing production costs and improving profit margins [6][12]. - The alkaline battery market is experiencing a shift towards higher performance, with developed regions seeing a market share of 60% to 90% for alkaline batteries [6][12]. Financial Performance and Market Position - Yema Battery has faced challenges in profitability, with revenue growth not translating into profit increases from 2020 to 2024, and a significant drop in net profit of 55.13% in the first half of 2025 [8][9]. - The company’s management has recently sold shares, raising concerns about their confidence in the company's short-term outlook amidst declining profits [9][12]. - The transition from a traditional battery manufacturer to a green energy solutions provider is seen as essential for Yema Battery's long-term growth, especially in light of new EU regulations and domestic carbon reduction goals [10][11][12]. Future Outlook - The impact of the new facilities on Yema Battery's performance will take time to materialize, as the transition to new technologies and processes requires adaptation and market development [12]. - The company is also working on establishing a production base in Vietnam to optimize its global supply chain, although progress has been slow [11][12].