华福证券 公 司 研 究 安孚科技（603031.SH） 25H1 点评：OEM 快速增长，资产重组持续推进 公 司 财 报 点 评 事件：公司发布 25H1 业绩，上半年实现营收 24.28 亿元，同比+5%；归母 净利润为 1.07 亿元，同比+14.38%；扣非归母净利润 1.03 亿元，同比 +12.75%。单季度来看，25Q2 实现营收 10.50 亿元，同比+3.92%；归母净 利润为 0.35 亿元，同比+24.34%；扣非归母净利润 0.33 亿元，同比+21.38%。 碱性电池龙头地位稳固，OEM 业务快速增长 上半年公司推出聚能环 5 代电池产品，采用 0.158mm 金刚钢壳和 Spacemax 超薄密封圈结构的立体扩容技术，性能在聚能环 4 代基础上 大幅提升，进一步稳固南孚电池在国内碱性电池市场的龙头地位及海 外 OEM 市场的产品技术优势。 在碱性电池之外，南孚的子品牌"丰蓝一号"燃气灶电池、"益圆" 绿 色 环 保 不 漏 液 铁 壳 5/7 号 电 池 、" 传 应 " 锂 锰 纽 扣 电 池 和 "TENAVOLTS"充电锂电池，在南孚品牌和渠道优势的加持下，收入 实现较快增 ...

Core Viewpoint - Anhui Anfu Battery Technology Co., Ltd. (Anfu Technology) is actively expanding its alkaline battery business overseas and has achieved significant results in the first half of 2025, with total revenue of 2.428 billion yuan, a year-on-year increase of 4.98%, and a net profit of 107 million yuan, up 14.38% year-on-year [2]. Group 1: Business Strategy and Growth - Anfu Technology's management emphasizes the importance of maximizing the value of its core asset, Nanfu Battery, which has been the focus since acquiring control in 2022 [3]. - The company aims to enhance its equity stake in Nanfu Battery through mergers and acquisitions, targeting high-growth potential companies within the industry [2][5]. - The domestic market for Nanfu Battery shows strong growth potential, with a retail market share exceeding 80% and a significant gap in alkaline battery penetration compared to developed countries [3][4]. Group 2: International Expansion - Nanfu Battery currently holds the third-largest global market share in alkaline batteries, but its export share is only about 8% [4]. - Anfu Technology plans to increase production capacity with four new fully automated production lines, expected to add 1 billion units of capacity, supporting future growth in the OEM export market [4]. - The company is also exploring overseas factory setups, partnerships, and acquisitions to accelerate its global expansion [4]. Group 3: Product Diversification - Anfu Technology is diversifying its product offerings beyond alkaline batteries, with sub-brands achieving rapid revenue growth in their respective segments [5]. - The company is focused on building a comprehensive brand strategy that includes "Smart Manufacturing Nanfu," "Technology Nanfu," and "World Nanfu" to enhance its market presence [5]. Group 4: Mergers and Acquisitions - Anfu Technology's recent acquisition of a 31% stake in Anfu Energy has been approved, increasing its equity stake in Nanfu Battery from 26.09% to 42.92% [5]. - The successful completion of this major asset restructuring is expected to significantly improve the company's future operating performance [5][6]. - The company's strong integration capabilities and past successful mergers provide a solid foundation for future growth and value creation [6][8].