Quan Jing Wang·2025-10-13 12:44Company Overview - Fengli Intelligent plans to issue up to 36.03 million shares to raise no more than 730 million yuan, targeting the high-growth sectors of new energy vehicles and humanoid robots, marking a key transition from small modulus gears to precision reducers [1] - The company has a strong technical foundation and industry synergy, holding 53 patents, including 18 invention patents, and has established several research platforms [3] Fundraising Purpose - The fundraising will allocate 270 million yuan to a precision power gear manufacturing project for new energy vehicles, expected to produce 9 million precision power gears annually, addressing current capacity bottlenecks [2] - 220 million yuan will be invested in a new generation precision transmission manufacturing project, producing 180,000 harmonic reducers and 200,000 small micro reducers, targeting key areas in robotic joint transmission [2] - 40 million yuan will be used to build a precision transmission R&D center, focusing on mechatronics and modular technology, facilitating the company's transition from a single component supplier to a solution provider [2] Market Position and Growth - The company has successfully entered the supply chain of major automotive manufacturers like BYD and has obtained qualification from other parts manufacturers, ensuring capacity absorption for the fundraising projects [3] - The new energy power transmission products are in a growth phase, with significant increases expected in the first half of 2025, indicating a positive business transformation trend [3] Industry Context - The fundraising project aligns with both policy and market trends, as the penetration rate of new energy vehicles in China has surged from 5.4% in 2020 to 40.9% in 2024, with total vehicle sales reaching a record high [5] - Domestic brands dominate the sales of new energy vehicles, enhancing their bargaining power in the supply chain and shifting the gear supply chain from a traditional closed model to third-party outsourcing [5] - National policies are increasingly supportive of the development of core components for new energy vehicles and high-end equipment, accelerating the process of domestic substitution [5]