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].

11月14日，安孚科技盘中下跌2.01%，截至10:09，报40.50元/股，成交7195.30万元，换手率0.84%，总 市值104.42亿元。 资金流向方面，主力资金净流出443.60万元，特大单买入431.61万元，占比6.00%，卖出268.66万元，占 比3.73%；大单买入1413.76万元，占比19.65%，卖出2020.31万元，占比28.08%。 截至9月30日，安孚科技股东户数1.53万，较上期增加41.54%；人均流通股13833股，较上期减少 29.35%。2025年1月-9月，安孚科技实现营业收入36.08亿元，同比增长0.39%；归母净利润1.74亿元，同 比增长16.32%。 分红方面，安孚科技A股上市后累计派现1.42亿元。近三年，累计派现1.16亿元。 机构持仓方面，截止2025年9月30日，安孚科技十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股512.19万股，为新进股东。 责任编辑：小浪快报 今年以来安孚科技已经1次登上龙虎榜，最近一次登上龙虎榜为8月26日，当日龙虎榜净买入-5609.53万 元；买入总计1.59亿元 ，占总成交额比19.94%；卖出总计 ...

安孚科技所属申万行业为：电力设备-电池-蓄电池及其他电池。所属概念板块包括：电子商务、跨境电 商、并购重组、中盘、固态电池等。 截至9月30日，安孚科技股东户数1.53万，较上期增加41.54%；人均流通股13833股，较上期减少 29.35%。2025年1月-9月，安孚科技实现营业收入36.08亿元，同比增长0.39%；归母净利润1.74亿元，同 比增长16.32%。 11月13日，安孚科技盘中上涨2.07%，截至10:46，报42.88元/股，成交9612.33万元，换手率1.07%，总 市值110.56亿元。 资金流向方面，主力资金净流出1494.38万元，特大单买入0.00元，占比0.00%，卖出583.79万元，占比 6.07%；大单买入1807.36万元，占比18.80%，卖出2717.95万元，占比28.28%。 安孚科技今年以来股价涨51.20%，近5个交易日涨9.47%，近20日涨13.20%，近60日涨31.25%。 今年以来安孚科技已经1次登上龙虎榜，最近一次登上龙虎榜为8月26日，当日龙虎榜净买入-5609.53万 元；买入总计1.59亿元 ，占总成交额比19.94%；卖出总计2.15 ...

机构持仓方面，截止2025年9月30日，浙江恒威十大流通股东中，博道成长智航股票A（013641）退出 十大流通股东之列。 责任编辑：小浪快报 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4.75亿元，同比减少7.90%；归母净利润6123.72万 元，同比减少29.79%。 分红方面，浙江恒威A股上市后累计派现1.72亿元。近三年，累计派现1.11亿元。 11月11日，浙江恒威涨0.10%，成交额3725.98万元。两融数据显示，当日浙江恒威获融资买入额480.43 万元，融资偿还533.67万元，融资净买入-53.24万元。截至11月11日，浙江恒威融资融券余额合计 7521.51万元。 融资方面，浙江恒威当日融资买 ...

Group 1 - Anfu Technology's stock price increased by 5.03% on November 11, reaching 43.40 CNY per share, with a trading volume of 241 million CNY and a turnover rate of 2.70%, resulting in a total market capitalization of 11.19 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 7.74% during this period [1] - Anfu Technology specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries, with its main business revenue composition being 83.08% from alkaline batteries, 7.88% from carbon batteries, 4.51% from other batteries, and 4.35% from other products [1] Group 2 - According to data, the Everbright Prudential Fund holds a significant position in Anfu Technology, with the Everbright Prudential Research Selected Mixed A Fund (008313) owning 59,300 shares, accounting for 3.2% of the fund's net value, making it the fifth-largest holding [2] - The fund has generated a floating profit of approximately 123,300 CNY today and 176,100 CNY during the four-day increase [2] - The Everbright Prudential Research Selected Mixed A Fund was established on March 23, 2020, with a latest scale of 79.19 million CNY and a year-to-date return of 31.66%, ranking 2779 out of 8147 in its category [2]

Core Insights - Anfu Technology's stock price increased by 5.03% on November 11, reaching 43.40 CNY per share, with a trading volume of 241 million CNY and a turnover rate of 2.70%, resulting in a total market capitalization of 11.19 billion CNY. The stock has risen for four consecutive days, with a cumulative increase of 7.74% during this period [1] Company Overview - Anhui Anfu Battery Technology Co., Ltd. is located at 888 Qianshan Road, Shushan District, Hefei City, Anhui Province. The company was established on May 7, 1999, and went public on August 22, 2016. Its main business involves the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1] - The revenue composition of the company includes: alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and others (0.18%) [1] Fund Holdings - According to data from the top ten holdings of funds, Guotai Haitong Asset Management has a fund that heavily invests 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. The estimated floating profit today is approximately 235,000 CNY, with a total floating profit of 335,600 CNY during the four-day increase [2] - The Guotai Haitong Quality Life Mixed Fund A (016130) was established on July 19, 2022, with a latest scale of 47.985 million CNY. Year-to-date returns are 5.88%, ranking 6699 out of 8147 in its category; the one-year return is 0.4%, ranking 7686 out of 8056; and since inception, the return is 7.79% [2] Fund Manager Information - The fund manager of Guotai Haitong Quality Life Mixed Fund A (016130) is Fan Yang. As of the report date, Fan Yang has been in the position for 3 years and 117 days, managing total fund assets of 1.834 billion CNY. The best fund return during his tenure is 32.76%, while the worst return is 2.78% [3]

Core Viewpoint - Yema Battery is a leading company in the domestic high-performance environmentally friendly zinc-manganese battery sector, with strong R&D capabilities and a focus on the development, production, and sales of these batteries [1] Financial Performance - For Q3 2025, Yema Battery reported a revenue of 1.028 billion yuan, ranking 7th among 10 companies in the industry. The top company, Tianneng Co., had a revenue of 33.402 billion yuan, while the industry average was 6.243 billion yuan [2] - The revenue breakdown shows that alkaline batteries contributed 504 million yuan (86.16%), carbon batteries contributed 49.74 million yuan (8.51%), and other products contributed 30.42 million yuan (5.20%) [2] - The net profit for the same period was 54.656 million yuan, also ranking 7th in the industry. The leading company, Tianneng Co., reported a net profit of 1.386 billion yuan, with the industry average at 281 million yuan [2] Financial Ratios - As of Q3 2025, Yema Battery's debt-to-asset ratio was 21.79%, down from 25.36% year-on-year and significantly lower than the industry average of 38.83%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 14.26%, a decrease from 21.48% year-on-year and below the industry average of 17.75%, suggesting a need for improvement in profitability [3] Executive Compensation - The chairman, Chen Yijun, received a salary of 1.0762 million yuan in 2024, an increase of 11,200 yuan from 2023 [4] - The general manager, Yu Gufeng, had a salary of 1.6052 million yuan in 2024, up by 11,600 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.06% to 36,700, while the average number of circulating A-shares held per account increased by 4.23% to 7,129.9 [5]

Core Viewpoint - Anfu Technology's stock has shown significant volatility in recent trading sessions, with a year-to-date increase of 38.50% and a recent decline over the past 20 days of 8.25% [2] Group 1: Stock Performance - As of October 29, Anfu Technology's stock price increased by 2.03% to 39.28 CNY per share, with a trading volume of 1.29 billion CNY and a market capitalization of 10.127 billion CNY [1] - The stock has experienced a 2.21% increase over the last five trading days and a 44.04% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Anfu Technology reported a revenue of 3.608 billion CNY, reflecting a year-on-year growth of 0.39%, and a net profit attributable to shareholders of 174 million CNY, which is a 16.32% increase year-on-year [3] - The company has distributed a total of 142 million CNY in dividends since its A-share listing, with 116 million CNY distributed in the last three years [4] Group 3: Shareholder Information - As of September 30, 2025, Anfu Technology had 15,300 shareholders, an increase of 41.54% from the previous period, with an average of 13,833 circulating shares per shareholder, a decrease of 29.35% [3] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, having recently acquired 5.1219 million shares [4] Group 4: Business 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 [2] - The company's revenue composition includes 83.08% from alkaline batteries, 7.88% from carbon batteries, 4.51% from other batteries, and 4.35% from other products [2]