Core Insights - Sichuan Province has approved the "14th Five-Year Plan" with the ambitious goal of maintaining an economic growth rate above the national average, presenting both opportunities and challenges for local industries [1] - The plan emphasizes the transformation of manufacturing towards high-end, intelligent, and green development, with a focus on technological innovation and regional coordination [1] - Changhong Holding Group's industrial layout and development strategy align closely with the provincial planning, positioning it as a potential "industry star" in the next five years [1] Group 1: Manufacturing Foundation - Changhong has established a comprehensive manufacturing system covering various processes, including molds, injection molding, and precision electronic components, which is crucial for its competitive edge [4] - The company has achieved significant production milestones, such as over 40 million units of smart home appliances annually and being the global leader in refrigerator compressor shipments for 12 consecutive years [4] - Changhong's commitment to manufacturing is evident in its extensive product range and production capabilities, which are essential for the province's industrial upgrade goals [4][6] Group 2: Industrial Internet and Digital Transformation - Changhong initiated its industrial internet platform in 2017, which has become a key support for its digital transformation and has empowered nearly 3,000 small and medium-sized enterprises [7][9] - The platform utilizes a "data + AI" core to enhance operational efficiency across various industries, significantly improving supply chain collaboration and production processes [9][10] - The company has received over 30 national and provincial honors for its industrial internet initiatives, showcasing its leadership and innovation in the sector [10] Group 3: Green Manufacturing and Sustainability - Changhong has implemented AI technology to achieve substantial carbon reduction, exceeding 50,000 tons annually, and has developed a comprehensive green manufacturing system [11][12] - The company has made significant strides in energy efficiency, such as reducing energy consumption through digital controls and innovative production techniques [12] - Changhong is actively involved in recycling and resource regeneration, with the capacity to process over 14 million discarded electrical appliances annually [13] Group 4: Smart Supply Chain and Collaboration - Changhong has developed a smart supply chain platform that integrates AI to enhance procurement processes, inventory management, and logistics, resulting in improved operational efficiency [15][17] - The platform allows for real-time tracking and automated procurement, significantly reducing approval times and enhancing supply chain resilience [15][17] - The company has successfully transformed its supply chain collaboration model, fostering a digital ecosystem that promotes shared risks and benefits among partners [17][18] Group 5: Future Outlook and Innovation - Changhong has been recognized as a pioneer in the development of a trusted data space, which aims to facilitate data sharing and drive new productivity in the manufacturing sector [18][19] - The company continues to innovate and expand into future industries such as healthcare and robotics, reinforcing its commitment to high-quality development [19] - With over 60 years of experience, Changhong is poised to redefine its growth boundaries and achieve new heights in becoming a world-class enterprise [19]

在广州地铁8号线的新港东站内，一幅幅虎头电池的广告牌特别醒目，这是距离广交会展馆6号门最近的 地铁站。广交会期间，无数的客商从此经过，一抬头，就能看到这个叫做Tiger Head的电池品牌。 第138届广交会虽然在11月初落下帷幕，但是，广州轻工集团虎头公司海外销售部负责人吴艳和同事却 完全没有歇息下来。"这次参展效果超出预期，现在都还在梳理意向客户清单，带了好几拨客户到工厂 看货。"吴艳告诉南方财经记者，广交会上，虎头公司的展品中新品率达8%，开发产品与拓展客户并 行。 眼下许多外贸企业正忙着明年的订单，虎头公司工厂里，生产线一边加足马力运转的同时，工作人员正 忙着接待来自多元市场的外国采购商。这家成立97年的老牌电池企业，旗下"555""虎头牌"电池畅销世 界100多个国家和地区。 创办史可追溯到1928年的虎头电池，不仅代表广州电池工业的"门面"，也见证了整个中国干电池的发展 历程。如果说国内电池市场是南孚、双鹿、555等群雄混战，那么在海外则是虎头电池与国外品牌正面 较量，其产品在许多国家和地区的市占率到了八成以上。 吴艳提到，他们的一位客商三代人专程奔赴广交会找虎头公司，从祖父辈需要的普通干电池，到 ...

在广州地铁8号线的新港东站内，一幅幅虎头电池的广告牌特别醒目，这是距离广交会展馆6号门最近的地铁站。广交会期间，无数 的客商从此经过，一抬头，就能看到这个叫做Tiger Head的电池品牌。 新港东地铁站内的虎头电池广告/记者林曦 摄 第138届广交会虽然在11月初落下帷幕，但是，广州轻工集团虎头公司海外销售部负责人吴艳和同事却完全没有歇息下来。"这次参 展效果超出预期，现在都还在梳理意向客户清单，带了好几拨客户到工厂看货。"吴艳告诉南方财经记者，广交会上，虎头公司的展 品中新品率达8%，开发产品与拓展客户并行。 记者丨伍素文 实习生钟宸 编辑丨蒋韵 眼下许多外贸企业正忙着明年的订单，虎头公司工厂里，生产线一边加足马力运转的同时，工作人员正忙着接待来自多元市场的外 国采购商。这家成立97年的老牌电池企业，旗下"555""虎头牌"电池畅销世界100多个国家和地区。 创办史可追溯到1928年的虎头电池，不仅代表广州电池工业的"门面"，也见证了整个中国干电池的发展历程。如果说国内电池市场 是南孚、双鹿、555等群雄混战，那么在海外则是虎头电池与国外品牌正面较量，其产品在许多国家和地区的市占率到了八成以上。 吴艳提到 ...

融券方面，浙江恒威12月23日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 12月23日，浙江恒威跌0.31%，成交额2287.31万元。两融数据显示，当日浙江恒威获融资买入额264.58 万元，融资偿还304.91万元，融资净买入-40.33万元。截至12月23日，浙江恒威融资融券余额合计 7446.61万元。 融资方面，浙江恒威当日融资买入264.58万元。当前融资余额7446.61万元，占流通市值的2.58%，融资 余额超过近一年90%分位水平，处于高位。 资料显示，浙江恒威电池股份有限公司位于浙江省嘉兴市秀洲区油车港正阳西路77号，成立日期1999年 1月14日，上市日期2022年3月9日，公司主营业务涉及从事高性能环保锌锰电池的研发、生产及销售。 主营业务收入构成为：碱性电池73.24%，碳性电池21.10%，其他5.66%。 截至9月30日，浙江恒威股东户数1.14万，较上期增加21.31%；人均流通股6984股，较上期增加 124.42%。2025年1月-9月，浙江恒威实现营业收入4. ...

一句"一节更比六节强"的广告词，让中国家家户户都认识了南孚电池，作为中国电池行业的龙头企业，南孚的影响力曾经无人能及。 这家靠质量和口碑崛起的民族品牌，却逐渐沦为了美国品牌的"工具人"。 利润被榨干，渠道被掏空，专利被利用到极致，南孚的故事不仅让人唏嘘，也给中国企业敲响了警钟。 南孚是怎么一步步落到这步田地的？这段企业史背后到底发生了什么？ 1954年，南孚电池的前身"南平电池"在福建南平成立，起初，这只是一个小作坊式的工厂，规模小、设备差，连维持基本运营都成问题。 那时候，南平电池的目标不是成为巨头，而是如何在不倒闭的前提下多卖几节电池。 70年代，福建师范大学化学系的高材生陈来茂加入了南平电池。他不仅专业对口，而且对电池行业充满热情。 陈来茂用了不到几年时间，就让南平电池完成了"从乡村走向城市"的初步突破。 他带领团队通过与北上广的知名电池厂合作，打开了市场，逐渐让南平电池的名字被更多人知道。 但陈来茂并没有止步于此，他敏锐地察觉到一个全新的市场机遇——碱性电池。 彼时，寻呼机（传呼机）的流行让5号和7号电池的需求量激增，这正是南平电池的机会。 凭借对市场的精准判断，陈来茂带领南平电池迅速崛起，成为全国碱 ...

Core Viewpoint - Anfu Technology's stock price has decreased by 5.15%, currently trading at 38.67 CNY per share, with a market capitalization of 9.97 billion CNY [1] Company Overview - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, is located in Hefei, Anhui Province. The company specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1] - The revenue composition of Anfu Technology includes: alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and miscellaneous (0.18%) [1] Fund Holdings - According to data, one fund under Everbright Prudential holds a significant position in Anfu Technology. The Everbright Prudential Research Selected Mixed A Fund (008313) held 59,300 shares in the third quarter, accounting for 3.2% of the fund's net value, making it the fifth-largest holding [2] - The fund has experienced a floating loss of approximately 124,500 CNY today [2] Fund Performance - The Everbright Prudential Research Selected Mixed A Fund (008313) was established on March 23, 2020, with a current scale of 79.19 million CNY. Year-to-date, it has achieved a return of 30.68%, ranking 2,642 out of 8,100 in its category; over the past year, it has returned 29.61%, ranking 2,675 out of 8,065; and since inception, it has returned 19.24% [2] Fund Managers - The fund is managed by Cui Shutian and Tang Yuwei. Cui has been in the position for 5 years and 172 days, with a total asset scale of 1.669 billion CNY, achieving a best return of 43.51% and a worst return of -25.54% during his tenure [3] - Tang has been managing the fund for 4 years and 135 days, with a total asset scale of 83.03 million CNY, achieving a best return of 9.6% and a worst return of -15.62% during his tenure [3]

证券代码：301222 证券简称：浙江恒威 | | □特定对象调研 □分析师会议 | | --- | --- | | □媒体采访 投资者关系 | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | □现场参观 | 一对一沟通 | | □其他 | | | 参与单位及人员 | 中银国际证券 陶波 | | 时间 2025 年 | 12 月 12 日 10:00-11:00 | | 地点 | 公司董事会秘书办公室 | | 上市公司接待人员 | 董事会秘书兼财务负责人 杨菊女士 | | | 公司董事会秘书兼财务负责人杨菊女士就投资者关注的问题进行 | | | 回复，具体互动交流的情况如下： | | | 问：目前公司经营情况是怎样的？ | | | 答：公司专业从事高性能环保锌锰电池的研发、生产及销售， | | | 主要产品包括 LR03、LR6、LR14、LR20、6LR61 系列碱性电池及 | | | 系列碳性电池，产品主要出口销往欧 R03、R6、R14、R20、6F22 | | | 洲、北美、日韩等发达国家和地区，服务国际商业连锁企业、知名 | | | 品牌运营商及大型贸易商等优质客户，提供自身 ...

Core Viewpoint - Anfu Technology's stock has experienced a significant decline, with a 10.52% drop over the past week, raising concerns about its market performance and investor sentiment [1]. Company Overview - Anfu Technology, officially known as Anhui Anfu Battery Technology Co., Ltd., was established on May 7, 1999, and went public on August 22, 2016. The company is based in Hefei, Anhui Province, and specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1]. - The revenue composition of Anfu Technology includes: alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and additional items (0.18%) [1]. Fund Holdings - According to data, one fund under Guotai Haitong Asset Management holds a significant position in Anfu Technology. The Guotai Haitong Quality Life Mixed Fund A (016130) held 113,000 shares in the third quarter, accounting for 4.29% of the fund's net value, making it the seventh-largest holding [2]. - The fund has incurred a floating loss of approximately 220,300 yuan today, with total floating losses of 511,900 yuan during the seven-day decline [2]. Fund Manager Performance - The fund manager of Guotai Haitong Quality Life Mixed Fund A is Fan Yang, who has been in the position for 3 years and 127 days. The total asset size of the fund is 1.834 billion yuan, with the best return during his tenure being 30.33% and the worst return at 4% [3].

Core Viewpoint - Anfu Technology's stock has experienced a significant decline, with a 10.52% drop over the past week, leading to concerns about its market performance and investor sentiment [1]. Company Overview - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1]. - The company's revenue composition includes: alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and miscellaneous (0.18%) [1]. Fund Holdings - The fund "Puyin Ansheng Elegant Life Mixed A" (519113) holds a significant position in Anfu Technology, with 100,000 shares representing 3.64% of the fund's net value, making it the sixth-largest holding [2]. - The fund has incurred a floating loss of approximately 195,000 yuan today and a total floating loss of 453,000 yuan during the seven-day decline [2]. Fund Manager Performance - The fund manager, Chu Yanhui, has a tenure of 11 years and 152 days, with a total asset size of 634 million yuan and a best return of 172.9% during his tenure [3]. - Co-manager Lin Weiqiang has been in position for 141 days, managing assets of 253 million yuan, with a best return of 6.68% [3].

Core Viewpoint - Yema Battery (605378.SH) faces significant operational challenges, with a notable contrast between revenue growth and a sharp decline in net profit, indicating a "revenue without profit" dilemma [1][2][20]. Financial Performance - In the first three quarters of 2025, Yema Battery achieved total revenue of 1.028 billion yuan, a year-on-year increase of 8.15%, but the net profit attributable to shareholders plummeted by 53% to 54.656 million yuan [1]. - For Q3 2025, revenue was 443 million yuan, up 4.37% year-on-year, while net profit fell by 50.58% to 24.03 million yuan [1]. - The gross profit margin dropped to a record low of 14.26%, down 7.22 percentage points from 21.48% in the same period of 2024 [2][6]. Market Dynamics - The global zinc-manganese battery market is projected to reach approximately 8 billion USD in 2025, with a compound annual growth rate of only 2%, leading to intensified price competition [6]. - Yema Battery primarily operates under an OEM model, which limits its pricing power and exposes it to aggressive pricing pressures from larger clients [6][7]. Competitive Position - Compared to competitors, Yema Battery's profitability is significantly lower, with peers like Nanfu Battery achieving a gross margin of 48% and Changhong Energy at 16% [6]. - The company is heavily reliant on OEM production for international brands, which constrains its ability to establish a strong market presence with proprietary brands [7]. Industry Trends - The zinc-manganese battery industry is experiencing increasing concentration, with leading companies like Nanfu and Shuanglu dominating the market, capturing 60% of the domestic alkaline battery market [8]. - The shift towards alkaline batteries over carbon batteries is further squeezing the market space for smaller players like Yema Battery [8]. Cash Flow and Receivables - Yema Battery's accounts receivable reached 390 million yuan, a 20% increase year-on-year, indicating declining cash flow efficiency [9][12]. - The high accounts receivable, which accounted for 38% of total receivables and 17.3% of total assets, suggests potential risks in cash recovery [9][12]. Future Outlook - The company is exploring a transition to new energy solutions, such as sodium batteries, but faces significant challenges due to high technical barriers and resource allocation issues [13][20]. - The current high valuation of Yema Battery, with a price-to-earnings ratio of 75, is seen as unsustainable given its declining profitability and growth prospects compared to peers [15][17].