长虹新能源厂区 长虹智慧显示工厂 答案藏在"并购+智造"的双轨并行中。长虹能源近年来先后并购了位于江苏的长虹三杰、位于深圳的长 虹聚合源，形成碱性电池、高倍率锂电池、聚合物锂电池三位一体、多级发展的业务格局。 近日，上海证券报记者实地探访了长虹能源多条智能化产线，并与多个核心部门的负责人对话，解码其 如何以技术前瞻性弥补地域局限，又如何在巨头林立的"战场"开辟差异化增长极。 产线轰鸣，马力全开 走进长虹能源旗下长虹三杰的绵阳生产车间，"精益生产，打造'零缺陷'产品"的标语迎面而立。在一条 条自动传送带上，一块块电池稳稳"立正"，宛如接受检阅的"士兵"，静待注液、封装、清洗、喷码等步 骤的完成。 这批电池未来将奔赴天南海北，嵌入园林工具、清洁工具、电动二轮车、充电宝等产品终端。 "这个车间设计的产能是每天80万只，最近几乎天天满产，实际产能已超过80万只。"长虹三杰相关负责 人说。 长虹三杰相关负责人介绍，清洁工具和园林工具（割草机、吸尘器等）在欧美市场属于刚需，同时国内 智能家居洗地机、吸尘器仍在增长中，二者合力推高了市场对于高倍率锂电池的需求。 长虹新能源生产线 ◎记者 孙小程 既无矿产资源之利，亦无终端市 ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The report highlights that the dry battery industry has significant demand characteristics and growth potential, with Anfu Technology expected to increase its stake in Nanfu Battery to 43% by 2026, which will have a substantial positive impact on performance [2][13]. Financial Summary - Total revenue is projected to grow from 4,318 million yuan in 2023 to 5,822 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 6.7% [4][19]. - Net profit attributable to the parent company is expected to rise from 116 million yuan in 2023 to 502 million yuan in 2027, with a notable increase of 131.3% in 2025 [4][19]. - Earnings per share (EPS) are forecasted to increase from 0.55 yuan in 2023 to 2.38 yuan in 2027 [4][19]. - The price-to-earnings (P/E) ratio is projected to decrease from 65.80 in 2023 to 15.18 in 2027 [4][19]. Business Segments - The alkaline battery segment is expected to generate revenues of 38.72 billion yuan in 2025, with a stable gross margin of 54% [17][19]. - The carbon battery segment is projected to achieve revenues of 3.80 billion yuan in 2025, maintaining a gross margin of around 37% [17][19]. - Other battery types, including button batteries and rechargeable lithium batteries, are anticipated to generate revenues of 2.20 billion yuan in 2025, with a gross margin of 58% [18][19]. Industry Overview - The dry battery industry is characterized by strong demand and significant growth potential, driven by trends such as the proliferation of smart home devices and the aging population [2][13]. - The global retail market for zinc-manganese batteries is expected to exceed 12 billion USD by 2025, with a steady growth rate of over 1% annually until 2028 [13][19]. Strategic Actions - Anfu Technology is undergoing a strategic transformation by increasing its control over Nanfu Battery, which has maintained a market share of over 85% in the domestic alkaline battery market for 32 consecutive years [13][19]. - The company is actively optimizing its shareholding structure to enhance operational efficiency and market competitiveness [23][29].

Group 1 - Anfu Technology has decided to terminate its joint venture project for sulfide all-solid-state batteries due to substantial risks arising from the freezing of the controlling shareholder's shares of Gao Neng Times [1] - The joint venture aimed to establish a new battery pilot platform and develop a 300MWh pilot production line for sulfide-based all-solid-state batteries, with four phased goals set for product sampling from 2026 to 2030 [1] - Anfu Technology is a leading alkaline battery manufacturer in China, with its subsidiary Nanfu Battery being one of the top three alkaline battery brands globally, facing challenges from the rapid adoption of lithium batteries [1] Group 2 - Lih湖股份 announced its exit from the joint venture with Gao Neng Times by transferring its 45.45% stake in Gao Neng Lih湖 for a nominal price of zero, following unsuccessful negotiations [2] - Gao Neng Lih湖 was established as a joint laboratory to develop industrialization technologies for all-solid-state sulfide batteries, but Gao Neng Times failed to fulfill its initial capital contribution obligations [3] - Lih湖股份 is an automotive parts supplier, primarily producing compressor housings and turbine housings, which are critical components of automotive power systems [3] Group 3 - Gao Neng Times, founded in July 2021, focuses on the research and industrialization of all-solid-state batteries and solid electrolytes, with significant backing from various investors [4] - The company completed over 55 million in angel financing in 2022 and established a research center for sulfide all-solid-state batteries in Zhuhai, followed by a Pre-A round financing in 2023 [4]

Core Viewpoint - Anfu Technology (603031.SH) reported a positive performance in its 2025 semi-annual earnings, with total revenue and net profit showing year-on-year growth, indicating successful business expansion efforts, particularly in the overseas alkaline battery market [1] Financial Performance - Total revenue for the first half of 2025 reached 2.428 billion yuan, representing a year-on-year increase of 4.98% [1] - Net profit attributable to shareholders was 107 million yuan, reflecting a year-on-year growth of 14.38% [1] Business Expansion - The company has actively expanded its overseas alkaline battery business, achieving significant results [1]

Core Viewpoint - Anhui Anfu Battery Technology Co., Ltd. plans to issue shares and pay cash to acquire all equity interests of Anhui Anfu Energy Technology Co., Ltd. This acquisition is supported by an asset evaluation report conducted by Anhui Zhonglian Guoxin Asset Appraisal Co., Ltd. [1][6] Group 1: Company Overview - Anhui Anfu Battery Technology Co., Ltd. is a publicly listed company with a registered capital of 211.12 million RMB, established on May 7, 1999. Its business scope includes technology services, battery manufacturing, and sales [4]. - Anhui Anfu Energy Technology Co., Ltd. was established on October 28, 2021, with a registered capital of 296.72727 million RMB. The company focuses on technology services and battery manufacturing [4][5]. Group 2: Financial Performance - As of December 31, 2024, Anhui Anfu Energy's total assets amounted to 467,419.71 million RMB, with total liabilities of 111,809.59 million RMB and owner's equity of 355,610.12 million RMB [7]. - The consolidated financial performance for Anhui Anfu Energy over the past three years shows a net profit of 28,099.40 million RMB for the year ending December 31, 2024, with total revenues of 463,833.33 million RMB [5][6]. Group 3: Asset Evaluation - The asset evaluation includes all assets and liabilities of Anhui Anfu Energy, with a focus on both current and non-current assets. The evaluation report provides a detailed analysis of the company's financial health as of December 31, 2024 [7][8]. - The evaluation report indicates that the total book value of Anhui Anfu Energy's assets is 467,419.71 million RMB, with a breakdown of 99,619.80 million RMB in current assets and 367,799.91 million RMB in non-current assets [7][8]. Group 4: Investment and Shareholding - Anhui Anfu Battery Technology Co., Ltd. is the controlling shareholder of Anhui Anfu Energy Technology Co., Ltd., which is a key factor in the planned acquisition [6][9]. - The acquisition is part of a broader strategy to enhance the company's market position and operational capabilities in the battery manufacturing sector [6][9].

Core Viewpoint - The company, Anhui Anfu Battery Technology Co., Ltd., is responding to an inquiry from the Shanghai Stock Exchange regarding its asset acquisition and fundraising activities, specifically focusing on the evaluation of identifiable assets and goodwill recognition during its merger with Yajing Technology [1][2]. Group 1: Previous Restructuring - The company acquired 51% of Yajing Technology through its subsidiary Anfu Energy, recognizing goodwill of 2.906 billion yuan [1]. - The transaction counterparties committed to Yajing Technology's net profits from 2022 to 2024, with targets of 616.37 million yuan, 657.46 million yuan, and 698.56 million yuan respectively [1]. - The inquiry requests clarification on the identification of identifiable assets during the merger, the accuracy of goodwill recognition, and the cash flow reporting related to the acquisition [1][2]. Group 2: Asset Evaluation - The company engaged Zhonglian Guoxin to assess Yajing Technology's identifiable net assets as of January 31, 2022, with the fair value of identifiable assets including trademarks valued at 353.28 million yuan and patents at 48.02 million yuan [3][4]. - The assessment concluded that the company had fully identified the identifiable assets, including trademarks and patents, while long-term customer contracts could not be reliably measured and thus were not recognized [4][5]. - The fair value allocation of the merger consideration was based on the evaluation report, confirming the accuracy of the goodwill amount [5][6]. Group 3: Financial Projections - The revenue forecast for Nanfeng Battery, a subsidiary, shows projected revenues increasing from 3.384 billion yuan in 2023 to 5.159 billion yuan in 2026, with net profits expected to rise from 599.78 million yuan to 1.006 billion yuan over the same period [6][7]. - The profit-sharing rate for trademarks was determined to be 4.82%, while the profit-sharing rate for patents was calculated at 1.46% based on various factors including market conditions and technological advancements [8][9]. - The assessment of intangible assets included a detailed analysis of the economic lifespan of trademarks and patents, with the trademark's revenue expected to be perpetual and the patent's revenue projected until the end of 2031 [9][10].

Core Viewpoint - Longhua Energy reported significant growth in revenue and profit for the year 2024, indicating a successful turnaround and strategic focus on expanding its product offerings in the energy sector [1][2][3] Financial Performance - The company achieved an operating revenue of 3.671 billion yuan, a year-on-year increase of 31.26% [1] - The net profit attributable to shareholders was 197 million yuan, marking a substantial turnaround from losses [1] - The net cash flow from operating activities reached 354 million yuan, reflecting a remarkable year-on-year growth of 1066.10% [1] - The weighted average return on equity was 24.45% [1] - The annual distribution plan includes a cash dividend of 5 yuan per 10 shares (tax included) and a bonus issue of 4 shares [1] Business Strategy and Development - The company continues to adhere to the strategy of "strengthening, enlarging, and innovating," focusing on enhancing product price competitiveness, quality, and technology [1] - Longhua Energy has successfully transitioned to a diversified business model, integrating alkaline batteries, high-rate lithium batteries, and polymer lithium batteries into a synergistic and multi-polar development framework [2] - The alkaline battery segment focuses on maintaining existing customers while expanding new orders, showing steady growth [2] - The high-rate lithium battery segment has improved its marketing structure and customer development capabilities, achieving significant scale breakthroughs in various applications [2] - The polymer lithium battery segment has capitalized on market opportunities, with substantial sales growth in 3C digital and IoT terminal batteries, serving major domestic and international brands [2] Research and Development - The company emphasizes a "technology-first, product-leading" philosophy, with a market-driven approach to differentiated product development [2] - Research and development investment for 2024 was 158 million yuan [2] - The alkaline battery segment is exploring new materials, processes, and structures to enhance competitive capabilities [2] - The high-rate lithium battery segment is advancing the development of various battery technologies, including manganese iron lithium batteries and solid-state batteries [2] - The polymer lithium battery segment is focusing on innovative products such as drone batteries and low-temperature rise batteries [2] Future Outlook - The company aims to become a world-class new energy enterprise, focusing on strengthening alkaline batteries, expanding lithium batteries, and innovating special batteries [3] - Longhua Energy plans to optimize its domestic and international layout, enhance operational efficiency, and continuously improve product competitiveness [3] - The company is actively seeking high-quality special battery targets and leveraging synergies to create new growth drivers [3]