Core Viewpoint - The significant change in inventory structure of Fute Technology (301607.SZ) has drawn attention following the Shenzhen Stock Exchange's inquiry regarding its stock issuance to specific targets, highlighting the increase in inventory value and its implications for the company's operations [1][2]. Group 1: Inventory Changes - As of June 30, 2025, the company's inventory book value reached 658 million yuan, accounting for 29.84% of current assets [1]. - The balance of inventory goods surged from 30.1 million yuan at the end of 2022 to 141 million yuan by June 30, 2025, with its proportion rising from 11.07% to 25.83% [1]. - The contract fulfillment cost increased dramatically from 18.67 million yuan to 146 million yuan during the same period [1]. Group 2: Reasons for Inventory Changes - The structural change in inventory is attributed to two main factors: increased stockpiling to ensure stable supply for new client projects, particularly for international clients with longer shipping times, and significant investment in overseas technical service projects for major automotive clients like Renault and Stellantis [1]. - The company has adopted a "sales-driven production" model, supported by a strong order backlog, with over 80% of inventory covered by orders as of June 30, 2025 [2]. - Additionally, 88.14% of the inventory consists of items with a turnover age of less than one year, indicating good turnover conditions [2]. Group 3: Inventory Management - The company has made adequate provisions for potential declines in value for long-term stagnant items, carefully assessing the realizable net value of raw materials and finished products related to discontinued models based on scrap prices [2].
富特科技：存货激增近5倍至6.58亿 库存商品与合同履约成本占比大幅攀升引监管问询