Core Viewpoint - Fute Technology, a leading supplier of automotive power systems in China, focuses on high-voltage power systems for new energy vehicles and is set to be listed on the Shenzhen Stock Exchange in September 2024 [1] Group 1: Company Overview - Fute Technology was established on August 10, 2011, and is headquartered in Huzhou, Zhejiang Province [1] - The company is recognized as a national high-tech enterprise specializing in the research, production, and sales of high-voltage power systems for new energy vehicles [1] - It operates within the automotive industry, specifically in the automotive parts and electronic electrical systems sector, involving concepts such as charging stations and new energy vehicles [1] Group 2: Financial Performance - In Q3 2025, Fute Technology achieved a revenue of 2.559 billion yuan, ranking 17th among 36 companies in the industry [2] - The company's net profit for the same period was 137 million yuan, placing it 16th in the industry [2] - The industry leader, Joyson Electronics, reported a revenue of 45.844 billion yuan and a net profit of 1.363 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Fute Technology's debt-to-asset ratio was 67.17%, an increase from 50.13% in the previous year, exceeding the industry average of 44.11% [3] - The company's gross profit margin in Q3 2025 was 19.49%, down from 26.41% year-on-year, but in line with the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.01% to 10,100 [5] - The average number of circulating A-shares held per shareholder increased by 29.89% to 10,700 [5] - Notable changes in the top ten circulating shareholders included the exit of several funds [5] Group 5: Business Highlights - Fute Technology's domestic market share for automotive power systems has significantly increased, driven by the growth of domestic customer models [5] - The company has benefited from the electrification trend in Europe, with overseas revenue accounting for over 17% in the first half of 2025 [6] - The company has maintained a strong focus on R&D, successfully applying SiC semiconductor devices in its products [6]

Core Viewpoint - Futec Technology, listed for less than a year, has announced a refinancing plan to raise up to 528 million yuan for investments in the electric vehicle sector and to supplement working capital [1][2]. Group 1: Financing Plan - The company plans to issue A-shares to no more than 35 qualified investors, with a maximum of 46.6261 million shares, not exceeding 30% of the pre-issue total share capital [1]. - The funds will be allocated as follows: 234 million yuan for the intelligent production project of core components for electric vehicles (Phase III), aiming to add 720,000 sets of onboard power supply capacity; 155 million yuan for the second base of onboard power supply production; 36.4243 million yuan for the R&D of the next generation of onboard power supplies; and the remaining 103 million yuan for working capital [1]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 1.934 billion yuan, a year-on-year increase of 5.38%; in Q1 2025, revenue reached 506 million yuan, a nearly 95% year-on-year surge [2]. - Despite revenue growth, the company faced declining profitability, with a net profit attributable to shareholders of 94.6052 million yuan in 2024, down 1.9% year-on-year; the net profit excluding non-recurring items was 75 million yuan, a decrease of 19.3% [2]. - The operating cash flow has been declining for two consecutive years, with a net cash flow from operating activities of 105 million yuan in 2023, down 51.74% year-on-year; in 2024, it fell to 25.9386 million yuan, a 75.21% decline; and in Q1 2025, it turned negative at -8.8841 million yuan [2]. Group 3: Dividend Policy - The company's dividend plan for 2024 is to distribute 0.18 yuan per 10 shares, totaling approximately 2 million yuan, resulting in a cash dividend rate of only 0.2%, which is considered extremely low [2].