本报讯(记者李雯珊)近日，广东股权交易中心专精特新专板培育层企业广东芬尼科技股份有限公司(以下 简称"芬尼股份")通过新三板挂牌审核，获得全国股转公司挂牌同意函，成为广州首家通过三四板"绿色 通道"机制挂牌的企业。 芬尼股份成立于2011年3月11日，位于广州市南沙区，公司主营业务为热泵产品的研发、生产、销售及 服务一体化业务，是国家级专精特新"小巨人"企业，2024年12月27日进入广东省"专精特新"专板，企业 代码为010009。公司于2025年6月19日通过广东股权交易中心"绿色通道"机制申报新三板挂牌并获受 理。得益于三四板"绿色通道"所特有的申报前咨询、优先受理、快速审核等机制优势，公司经过一轮问 询即通过审核，总用时仅31个交易日，是"绿色通道"机制在穗的成功实践。 今年1月份，广州市委金融办印发《广州市企业赴全国股转系统、北京证券交易所挂牌上市专项工作组 工作方案》，成立专项工作组统筹全市企业赴全国股转系统、北京证券交易所挂牌上市工作，建立常态 化对接、实时跟踪、定期通报、信息共享的工作机制，形成合力为广州市上市后备企业提供挂牌上市服 务。在芬尼股份培育辅导期间，广东股权交易中心与广州市委金融办 ...

Core Insights - Guangdong Finney Technology Co., Ltd. has decisively completed the land acquisition in the Nansha core area and is rapidly initiating the construction of its "Global New Headquarters and Advanced Manufacturing Base for Emerging Products," marking a significant expansion move in a volatile global economic environment [1] - The strategic collaboration with Zhang Mowen Planning aims to enhance brand positioning and market penetration, indicating a forward-looking strategic consideration behind these moves [1] Expansion and Globalization - The Nansha project, once completed, will serve as Finney's global operational hub, a high ground for emerging technology research and high-end manufacturing, integrating a digital decision-making center, global marketing hub, and innovation incubation platform [2] - The construction of new supply chain facilities and the expansion of the Nansha industrial park will create a "multi-core driven, complementary advantages" international capacity network, enhancing production capacity and optimizing global supply chain resilience and operational efficiency [2] - Finney's layout in Nansha strengthens its position in the global industrial chain, allowing for more efficient integration of global resources and enhancing its voice in international markets [2] Brand Strategy and Market Positioning - Zhang Mowen Planning is recognized for its deep market insights and strategic brand planning capabilities, having conducted extensive research on Finney's market position and pain points [3] - The comprehensive brand strategy proposed by Zhang Mowen includes market research, brand positioning, visual upgrades, marketing enhancements, and product differentiation, aimed at elevating Finney's brand image and market presence [3] - The collaboration is expected to create a more influential brand communication matrix, enhancing Finney's recognition and reputation in both professional and mass markets [6] Strategic Collaboration and Future Outlook - The partnership between Finney and Zhang Mowen is based on a deep understanding of market trends and strategic foresight, providing a new pathway for Finney's future development amidst global economic uncertainties [7] - This collaboration is anticipated to yield significant results in the market, reinforcing Finney's position as an industry leader and serving as a model for commercial cooperation [7]

Core Viewpoint - PROFROID has launched three new product solutions in the Chinese HVAC market, focusing on multi-split systems, heat pumps, and integrated machine rooms, significantly enhancing cooling and heating efficiency, stability, and intelligent management [1] Group 1: Environmental Benefits - The use of CO refrigerant with a GWP value of only 1 eliminates the risks associated with the ozone-depleting potential of chlorofluorocarbons [3] - The cross-critical CO heat recovery system at the Beijing "Ice Ribbon" National Speed Skating Hall saves 2 million kWh annually, equivalent to a reduction of 1,500 tons of carbon emissions [3] - The technology not only meets stringent environmental regulations but also converts waste heat into building heating, achieving dual value from each kWh consumed [3] Group 2: Energy Efficiency - Products leverage European patented technology and AI integration, achieving a significant leap in energy efficiency, with multi-split systems operating stably in a temperature range of -30℃ to 60℃ and an APF value of 6.4, resulting in a 30% energy saving [3] - Heat pump products utilize R32 eco-friendly refrigerant, supporting heating at -40℃ without performance degradation at -20℃ [3] Group 3: Comprehensive Solutions - PROFROID extends its technological advantages beyond refrigeration to cover industrial plants, commercial complexes, and data centers, providing comprehensive green building solutions [3] - The integrated machine room solution for data centers achieves a PUE value as low as 1.15, saving 10%-20% more energy compared to the industry average [3] - Customized high-efficiency machine room solutions for commercial complexes achieve over 50% energy savings, significantly reducing the energy consumption ratio of air conditioning systems [3] Group 4: Policy and Cost Optimization - The Ministry of Industry and Information Technology's "Equipment Update Plan" mandates energy efficiency upgrades for key energy-consuming devices, aligning with PROFROID's independently developed water machine products that achieve an energy efficiency simulation of 5.0+ [5] - The AI smart operation and maintenance system enables real-time diagnostics and predictive maintenance, reducing lifecycle maintenance costs by 50% and extending equipment lifespan [5] Group 5: Market Transformation - The technological revolution is reshaping how users derive value, as PROFROID builds an ecosystem of "technology + manufacturing + service," ensuring rapid technological iteration and efficient delivery [5] - This model provides users with not just products but a comprehensive energy-saving solution covering design, implementation, and operation [5] - The green technology transformation allows Chinese users to benefit from cutting-edge carbon-neutral technologies, contributing to global climate governance and sustainable development [7]

Financial Performance - In 2024, the company achieved total revenue of CNY 1.297 billion, a year-on-year decrease of 16.02% [1] - Revenue from the HVAC/R sector was CNY 816.62 million, down 31.78% year-on-year [1] - Revenue from the new energy vehicle thermal management sector reached CNY 453.21 million, an increase of 47.23% year-on-year [1] - The net profit attributable to ordinary shareholders was CNY 168.26 million, a decline of 22.24% year-on-year [1] - R&D expenses amounted to CNY 128.34 million, an increase of 29.61% year-on-year [2] Market Trends and Strategic Outlook - The HVAC/R heat pump market is experiencing a downturn due to high inventory levels, but recovery is expected as European demand stabilizes [3] - The company anticipates growth in the heat pump sector as European markets recover and new applications in commercial sectors expand [3] - The new energy vehicle sector is in a rapid growth phase, with an expanding product line and increasing customer base [5] Product Development and Innovation - The company is focusing on enhancing its product line in the commercial air conditioning sector, leveraging core technologies like power electronics and variable frequency drive [4] - In the new energy vehicle sector, the company is expanding its thermal management and intelligent control product offerings, aiming for a comprehensive product matrix [5] - The automation segment is expected to see growth as products move from testing to market readiness, particularly in variable frequency drives and servo products [6] Investment and Expansion Plans - As of the end of 2024, the investment progress for the new energy vehicle electronics and smart manufacturing base was 67.10%, while the R&D testing center was at 34.26% [7] - The company is actively developing a production base in Thailand to enhance local delivery capabilities and support global market expansion [7] - The company plans to distribute a cash dividend of CNY 3.5 per 10 shares, totaling CNY 33.01 million, while also considering reinvestment in core business areas [8]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.05 CNY [5]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's continued recovery in profitability. The heat pump business is expected to provide new growth momentum [3][4]. - In Q1 2025, the company demonstrated significant improvement in cost control capabilities, with sales, management, R&D, and financial expense ratios decreasing by 1.02, 0.16, 1.43, and 0.49 percentage points respectively. This led to a notable improvement in profitability, with gross margin and net margin increasing by 4.11 and 2.80 percentage points respectively [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 6.738 billion CNY, a year-on-year decrease of 8.36%. The net profit attributable to the parent company was -0.62 billion CNY, with a non-recurring net profit of -1.94 billion CNY, indicating a shift from profit to loss. In Q4 2024, the company reported operating revenue of 1.794 billion CNY, a year-on-year increase of 5.41% [1][4]. - For Q1 2025, the company achieved operating revenue of 1.882 billion CNY, a year-on-year increase of 67.13% and a quarter-on-quarter increase of 4.88%. The net profit attributable to the parent company was -0.28 billion CNY, with a non-recurring net profit of -0.63 billion CNY, showing a narrowing of losses [1][2]. Product and Market Development - The company's products are sold globally, with significant shipments in 2024, including 599,500 inverters, of which 548,300 were grid-connected inverters and 51,200 were storage inverters. The overseas shipment ratio was approximately 51.13% [2]. - The company has expanded its product offerings with the launch of the latest SDTG3 series photovoltaic inverters, increasing the power range to 40kW, and achieving a maximum efficiency of 98.7% [2]. Future Projections - The company is projected to achieve revenues of 8.602 billion CNY, 10.447 billion CNY, and 12.431 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 439 million CNY, 560 million CNY, and 716 million CNY [4][10]. - The report anticipates a significant recovery in profitability, with projected PE ratios of 23x, 18x, and 14x for the years 2025, 2026, and 2027 respectively [3][4].