Core Viewpoint - The company, Fengshan Group, clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking it to the "solid-state battery" concept [1] Business Operations - The company primarily sells lithium-ion electrolytes, with sodium-ion electrolytes making up a very small portion of sales, accounting for only 0.01% of the consolidated revenue by mid-2025 [1] - The collaboration with Tsinghua University, led by Professor Zhang Qiang, is at an early research and development stage, with a small contract amount and a long project timeline extending to December 31, 2028 [1] Research and Development - The research project commissioned by the company is not the same as the significant research results recently published by Professor Zhang's team [1] - There is considerable uncertainty regarding the future research outcomes and their commercialization [1]

Core Viewpoint - Fengshan Group (603810.SH) clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking the company to the "solid-state battery" concept [1] Business Operations - The company emphasizes that its main operations have not changed, and its subsidiary Fengshan Quannuo primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are projected to represent only 0.01% of the company's consolidated revenue [1] Research and Development - The recent important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is expected to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

Core Viewpoint - Fengshan Group (603810.SH) clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking the company to the "solid-state battery" concept [1] Business Operations - The company’s main business has not changed, and its subsidiary Fengshan Quannuo primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to represent only 0.01% of the company’s consolidated revenue [1] Research and Development - The important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is scheduled to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

Core Viewpoint - The company, Fengshan Group (603810.SH), clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite recent media reports linking it to the "solid-state battery" concept [1] Business Operations - The company’s main business has not changed, and its subsidiary, Fengshan Quannuo, primarily sells lithium-ion electrolytes, with sodium-ion electrolytes making up a relatively small portion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to account for only 0.01% of the company's consolidated revenue [1] Research and Development - The important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Core Viewpoint - The company clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking it to the "solid-state battery" concept [1] Business Operations - The company's main business has not changed, and its subsidiary, Fengshan Quannuo, primarily sells lithium-ion electrolytes, with sodium-ion electrolytes making up a relatively small portion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to account for only 0.01% of the company's consolidated revenue [1] Research and Development - The important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the company's commissioned research and development project [1] - The collaboration with Tsinghua University is currently in the preliminary research and development phase, with a small contract amount, and the technology development project is scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Core Viewpoint - The company, Fengshan Group, clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite recent media speculation linking it to the "solid-state battery" concept [1] Business Operations - The company’s main business has not changed, and its subsidiary, Fengshan Quannuo, primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, the sales revenue from sodium-ion electrolytes is expected to represent only 0.01% of the company's consolidated operating income [1] Research and Development - The recent important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is scheduled to last until December 31, 2028 [1] - There is significant uncertainty regarding the subsequent research outcomes and their commercialization [1]

Core Viewpoint - Fengshan Group (603810) clarifies that its main business remains focused on the production, research, and sales of raw medicines and formulations, despite media reports linking the company to the "solid-state battery" concept [1] Business Operations - The company’s main business has not changed, and its subsidiary Fengshan Quannuo primarily sells lithium-ion electrolytes, with sodium-ion electrolytes accounting for a relatively small proportion of sales [1] - As of the first half of 2025, sodium-ion electrolyte sales are expected to represent only 0.01% of the company’s consolidated revenue [1] Research and Development - The recent important research results published by Professor Zhang Qiang's team from Tsinghua University are not related to the research and development project commissioned by the company [1] - The collaboration with Tsinghua University is still in the preliminary research and development phase, with a small contract amount, and the technical development project is scheduled to last until December 31, 2028, indicating significant uncertainty regarding future research outcomes and commercialization [1]

Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company expects revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an order backlog of approximately 0.8 GWh [1] Group 2: Zhenhua Co., Ltd. (振华股份) - Zhenhua Co., Ltd. reported double-digit growth in export volumes, primarily driven by domestic demand [2] - The company maintains a cost-plus pricing strategy and has seen historical high gross margins in Q2, with limited expansion from competitors [2] - Cash flow has decreased due to accounts receivable and inventory, while the production of ultra-fine aluminum hydroxide has expanded [2] Group 3: Maide Medical (迈得医疗) - Maide Medical has a competitive advantage in the domestic contact lens market due to over 20 years of technical accumulation and short delivery times [3] - The company is in the expansion phase of its contact lens business, planning to commercialize through a CDMO and self-brand sales model [3] - The main business of the company is under pressure, but growth in blood purification equipment and drug-device combination products is expected to reverse the loss situation in 2024 [3] Group 4: Changcheng Fund (长城基金) - Changcheng Fund has an asset management scale of 349.902 billion yuan, ranking 29th among 210 funds [4] - The fund has 242 public funds under management, ranking 27th among 210 [4] - The best-performing public fund in the past year is Changcheng Health Mixed A, with a net value increase of 106.13% [4]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Pengyang Fund on Zhuhua Co., Ltd. (603067), focusing on the company's performance and market dynamics [1] - Zhuhua Co., Ltd. has seen a double-digit annual growth in exports, with the majority of the increase coming from domestic markets [1] - The company's pricing strategy is based on cost-plus, and management has adopted a cautious approach [1] Group 2 - In the second quarter, Zhuhua Co., Ltd. achieved a historical high in gross margin, with limited capacity expansion from competitors [1] - The company is facing reduced cash flow due to accounts receivable and inventory occupation, while expanding the production of ultra-fine aluminum hydroxide [1] - The lithium-ion electrolyte production is low but maintains stable gross margins, with no significant capacity increases observed in the industry [1] Group 3 - Pengyang Fund, established in 2016, has an asset management scale of 143.7 billion yuan, ranking 48th out of 210 in total public funds [1] - The fund's non-monetary public fund asset management scale is 124.753 billion yuan, ranking 41st out of 210 [1] - The best-performing public fund product in the past year is Pengyang North Certificate 50 Index A, with a latest net value of 1.46 and a growth of 90.21% over the past year [1]

Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. maintains an AA- credit rating with a stable outlook, reflecting its strong product structure and customer quality, despite facing challenges in profitability and industry conditions [4][9]. Company Overview - The company primarily engages in the research, production, and sales of pesticide active ingredients, formulations, and fine chemical intermediates [11]. - The fine chemical segment has entered trial production, enhancing the company's product chain and competitiveness [6][11]. Financial Performance - Total assets as of March 2025 are 27.81 billion, with equity attributable to shareholders at 15.91 billion [4]. - Revenue for 2023 is reported at 3.22 billion, a decline from 10.44 billion in 2022, with a net profit of 0.15 billion, recovering from a loss of 0.42 billion in 2022 [4][5]. - The company’s operating cash flow has been negative, indicating challenges in cash generation [4]. Industry Environment - The pesticide industry is currently at a cyclical low, with a projected slight decline in revenue for 2024, while the net profit is expected to remain a loss of 0.39 billion [6][9]. - The global pesticide market is expected to grow from 790.6 billion in 2024 to 1,185.1 billion by 2031, driven by increasing food demand and pest control needs [14]. Risks and Challenges - The company faces risks related to the commercialization of sodium-ion electrolyte products, which are not progressing as expected, leading to underutilization of production capacity [7][8]. - Environmental and safety production risks are heightened due to stricter regulations in the chemical industry [8][9]. Market Position - The company has a competitive edge in its core pesticide products, with significant market share in active ingredients like Fluorochloromethane and Quinclorac [15][16]. - The sales concentration remains low, with a diverse customer base, reducing dependency on a few clients [19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating gradual recovery in market demand and pricing for its main products [9][12]. - The company is actively managing inventory and production to align with market conditions, indicating a strategic approach to navigating current challenges [19].