安徽安孚电池科技股份有限公司 拟发行股份及支付现金购买资产涉及的 安徽安孚能源科技有限公司股东全部权益价值项目 加期资产评估说明 皖中联国信评报字(2025)第 192 号 安徽中联国信资产评估有限责任公司 中国合肥 二〇二五年六月二十七日 安徽安孚电池科技股份有限公司拟发行股份及支付现金购买资产涉及的 安徽安孚能源科技有限公司股东全部权益价值项目 | 一、 | 释义…………………………………………………………………………1-1 | | --- | --- | | 二、 | 关于资产评估说明使用范围的声明………………………………………2-1 | | 三、 | 关于进行资产评估有关事项的说明………………………………………3-1 | | 四、 | 资产评估说明………………………………………………………………4-1 | | | 评估对象与评估范围的说明……………………………………………4-1-1 | | | 资产核实情况总体说明…………………………………………………4-2-1 | | | 安孚能源资产基础法评估技术说明……………………………………4-3-1 | | | 亚锦科技收益法评估技术说明………………………… ...

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].

事项： 2025 年6 月6 日，公司披露自3 月29 日增持计划公布以来，公司部分董事、高管通过集中竞价累计增持 617.74 万元。此外，控股股东前海荣耀增持计划仍进行中，增持金额不低于5000 万元。 评论： 主业现金牛特性显著，海外拓展及权益提升值得期待。南孚电池作为公司核心资产，凭借其卓越的品牌 影响力以及覆盖全国约300 万个零售网点的深厚渠道，在国内市场构筑了坚固的护城河。公司经营活动 产生的现金流量净额表现亮眼，2025 年Q1 达到3.09 亿元，同比大幅增长64.50%，再次印证其主业强大 的"现金牛"属性。公司正积极推动海外市场扩张，随着新增产能的全面达产，海外业务有望迎来新一轮 增长。同时，市场高度关注安孚科技对南孚电池的权益比例提升计划，若未来持股比例能从当前的约 26%提升至市场预期的更高水平，将显著增厚上市公司业绩 投资建议：高盈利高现金下出海增量可观，拟持续提升南孚权益，加速增厚归母及产业整合。因近期收 购暂未完全落地，按现有股东权益及股本计算下，我们预测25、26、27 年归母净利润为2.0/2.3/ 2.5 亿 元。给予南孚25 年23 倍谨慎合理市盈率，结合安孚持股比例并 ...