Company Overview - Founded in 2011, located in Huzhou Anji, specializing in R&D, production, and sales of high-voltage power systems for electric vehicles [1] - Main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging power modules, and smart DC charging power modules [1] - Application scenarios include home slow charging, fast charging on the go, and vehicle-to-load power supply [1] Production Capacity - First production base commenced operations in 2021, with a second base starting production in the first half of 2025 [2] - Current production capacity is stable, with plans for dynamic optimization based on market demand and customer orders [4] Customer Concentration - Established stable partnerships with major automotive manufacturers such as GAC, NIO, Xiaomi, and others [3] - Dependency on the primary customer is decreasing, enhancing operational stability [3] International Strategy - Secured a project with Renault in 2021, with overseas business revenue accounting for 6.8% in 2024 [5] - Expected to increase to over 17% in the first half of 2025 as production stabilizes [5] Shareholder Information - 50.71% of shares were unlocked for trading on September 4, prior to the IPO [6] - Shareholders are required to announce any planned reductions in shareholdings [6] Stock Incentive Plan - A restricted stock incentive plan was approved on August 29, 2025, with a follow-up board meeting scheduled within 60 days to finalize grant dates [8] Financial Performance - Revenue increased by over 122% year-on-year due to significant growth in customer demand [8] - Accounts receivable rose by more than 45% compared to the end of the previous year, leading to higher credit impairment losses [8]

Company Overview - Zhejiang Fute Technology Co., Ltd. was established in 2011, focusing on R&D, production, and sales of high-voltage power systems for electric vehicles and non-vehicle applications [1] - The main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging power modules, and smart DC charging power modules, catering to the power needs of electric vehicles [1] - The company has a global market strategy, with R&D headquarters in Hangzhou and manufacturing bases in Anji, where the second base commenced production in the first half of 2025 [2] Client Relationships - The company has established stable partnerships with leading automotive manufacturers, including GAC, NIO, Xiaomi, Leap Motor, Xpeng, and Changan [3] - Key models supported include NIO ES/ET series, Xiaomi SU7/YU7, and GAC Aion series, with plans to deepen existing collaborations and expand to new clients and projects [3] International Business Development - In 2024, overseas business revenue accounted for approximately 6.8%, which increased to over 17% in the first half of 2025, indicating progress in the company's international strategy [4] - Ongoing projects with other overseas clients are expected to contribute further to revenue growth [4] Project Differences - Overseas projects generally have higher customization requirements and longer development cycles, typically around 3 years, compared to shorter cycles for domestic projects [5] - The output power for overseas vehicle-mounted chargers is primarily 11kW, with some 22kW projects in development, while domestic products mainly feature 6.6kW output [5] Financial Performance - The fluctuation in product gross margin is influenced by the overall background of the electric vehicle industry, customer price reductions, and supply chain cost-cutting measures [6] - The company is actively optimizing existing technology platforms and improving supply chain management to address challenges related to declining gross margins [6] New Business Development - The company maintains a cautious approach to new business ventures, assessing technical reserves and market maturity to avoid blind investments that could impact core operations [7]

Company Overview - The company was established in 2011 and is located in Huzhou Anji, focusing on the R&D, production, and sales of high-voltage power systems for electric vehicles and non-vehicle applications [1] - Main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging power modules, and smart DC charging power modules, catering to the power needs of new energy vehicles [1] Market and Revenue - In 2024, overseas revenue is expected to account for approximately 6.8%, increasing to over 17% in the first half of 2025 [2] - The company’s R&D headquarters is in Hangzhou, with a second manufacturing base in Anji that began production in the first half of 2025 [2][3] Financial Performance - The gross margin for the vehicle-mounted power business in the first half of 2025 was 20.23%, showing a decline compared to the same period last year due to competitive pricing pressures and supply chain cost impacts [4] - The company is implementing strategies to stabilize gross margins through technological cost reduction and supply chain collaboration [4] Customer Management - Credit policies vary based on customer cooperation duration, performance, and industry reputation, with domestic customer credit periods typically ranging from 30 to 90 days [5] Capital Strategy - The company is exploring various capital operation methods, including a targeted issuance of shares to enhance capital strength for business expansion and strategic layout [6][7] - A cautious approach is maintained regarding investments in new technologies and business scenarios, with no current products or solutions in other fields [7]