Summary of Conference Call on Thin Film Lithium Niobate (TFLN) and Related Companies Industry Overview - The thin film lithium niobate (TFLN) is identified as a crucial component for achieving single-wave 400G technology, as the silicon photonics path has reached its physical limits [1] - TFLN is recognized for its high electro-optic coefficient and bandwidth capabilities, with laboratory tests achieving over 260Gbaud [1] Key Points on TFLN and Its Applications - The "silicon photonics + TFLN" heterogeneous integration scheme is essential for 3.2T optical modules, balancing cost control with performance enhancement [1] - TFLN is expected to see significant usage in CPO (Co-Packaged Optics) and OIO (Optical Interconnects) scenarios [1] Technical Implementation - The integration process involves slicing TFLN, using Dieto Wafer or Wafer to Wafer techniques, and bonding it to SOI (Silicon On Insulator) wafers to produce high-speed modulator chips [3] - The TFLN serves as the modulation core, while the silicon photonics part handles passive functions like routing and coupling, leveraging CMOS technology for cost efficiency [3] Company Insights Anfu Technology - Anfu Technology has a stake in Yilong Micro, which successfully completed tri-party testing of the world's first single-wave 400Gbps heterogeneous integrated chip in Q2 2025 [3] - The company is set to launch a pilot production line with an annual capacity of 500,000 chips in Q3 2025, focusing on TFLN modulator integration [3] - The expected price for a single heterogeneous integrated modulator for a 3.2T module is projected to reach $200, indicating high margins and significant market potential [3][4] Tiantong Co., Ltd. - Tiantong holds over 50% of the domestic market share for TFLN chips and serves as a supplier to companies like Anfu [4] - The value of products corresponding to each optical module is estimated to be several hundred RMB, with net profit margins exceeding 40% [4] Competitive Landscape - The thin film lithium niobate industry in China is noted for its completeness, providing a significant advantage for domestic manufacturers compared to the indium phosphide industry, which is primarily based in the US and Japan [2] Financial Outlook - Anfu's main business, Nanfu Battery, is projected to generate a profit of 1 billion RMB, contributing to a market valuation of 20 billion RMB [3][4] - The optical communication business is also expected to add another 20 billion RMB in market value [4]

Market Overview - The battery sector increased by 1.4% compared to the previous trading day, with Huazi Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Huazi Technology (300490) closed at 16.94, up 10.36% with a trading volume of 515,900 shares and a transaction value of 855 million [1] - Anfu Technology (603031) closed at 55.65, up 10.00% with a trading volume of 115,800 shares [1] - Yinghe Technology (300457) closed at 29.30, up 9.45% with a trading volume of 305,000 shares [1] - Honggong Technology (301662) closed at 178.80, up 8.54% with a trading volume of 15,700 shares [1] - Manns Tech (301325) closed at 52.70, up 8.10% with a trading volume of 58,000 shares [1] - Haike Xina (301292) closed at 54.15, up 7.87% with a trading volume of 129,300 shares [1] - Xianhui Technology (688155) closed at 97.98, up 7.67% with a trading volume of 50,300 shares [1] - Xian Dao Intelligent (300450) closed at 59.92, up 7.56% with a trading volume of 942,300 shares [1] - Keda Li (002850) closed at 4162.00, up 6.78% with a trading volume of 118,200 shares [1] - Wanrun New Energy (688275) closed at 77.99, up 6.69% with a trading volume of 62,100 shares [1] Capital Flow Analysis - The battery sector saw a net inflow of 508 million from institutional investors, while retail investors contributed a net inflow of 594 million [2] - Retail investors experienced a net outflow of 1.1 billion, indicating a mixed sentiment in the market [2] Detailed Capital Flow for Selected Stocks - Xian Dao Intelligent (300450) had a net inflow of 3.80 billion from institutional investors, but a net outflow of 2.50 billion from retail investors [3] - Tianhua New Energy (300390) saw a net inflow of 1.33 billion from institutional investors, with retail investors experiencing a net outflow of 765.46 million [3] - Anfu Technology (603031) had a net inflow of 631.24 million from institutional investors, while retail investors faced a net outflow of 571.16 million [3] - Keda Li (002850) recorded a net inflow of 503.07 million from institutional investors, with retail investors seeing a net outflow of 617.04 million [3]

Group 1 - The A-share market is seeing a strong performance in the new retail sector, with notable stocks such as Anfu Technology and Xinhua Department Store hitting the daily limit up [1] - Other companies like Sanjiang Shopping and Kingood Co. have increased by over 7%, while Guangyun Technology and Wanshili have risen by over 6% and 5% respectively [1] Group 2 - Anfu Technology (stock code: 603031) has a market capitalization of 14.3 billion and has increased by 25.62% year-to-date, with a daily increase of 10% [2] - Xinhua Department Store (stock code: 600785) has a market capitalization of 5.787 billion and has seen a year-to-date increase of 89.30%, with a daily increase of 9.99% [2] - Sanjiang Shopping (stock code: 601116) has a market capitalization of 10.3 billion, with a daily increase of 7.22% and a year-to-date increase of 36.89% [2] - Guangyun Technology (stock code: 688365) has a market capitalization of 12.5 billion, with a daily increase of 6.97% and a year-to-date increase of 73.86% [2] - Wanshili (stock code: 301066) has a market capitalization of 4.325 billion, with a daily increase of 5.08% but a year-to-date decrease of 6.50% [2]

格隆汇2月3日丨安孚科技(603031.SH)涨8.46%，报54.870元，股价创历史新高，总市值141.47亿元。 ...

Summary of Key Points Core Viewpoint - Anfu Technology (603031.SH) announced a cash dividend distribution plan for the first three quarters of 2025, with a total cash dividend of 30,938,975.16 yuan, equating to 0.12 yuan per share (including tax) based on a total share capital of 257,824,793 shares before the implementation of the plan [1]. Group 1 - The cash dividend distribution is based on a total share capital of 257,824,793 shares [1]. - The total cash dividend to be distributed amounts to 30,938,975.16 yuan [1]. - The record date for the dividend distribution is set for February 5, 2026, with the ex-dividend date on February 6, 2026 [1].

证券代码：603031 证券简称：安孚科技 公告编号：2026-010 安徽安孚电池科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.12元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/5 | － | 2026/2/6 | 2026/2/6 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2026 年 1 月 22 日的2026年第一次临时股东会审议通过。 2025年前三季度权益分派实施公告 四、 分配实施办法 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本257,824,793股为基数，每股派发现金红利0.12 ...

Group 1 - Anfu Technology's stock increased by 5.21% to 51.45 CNY per share, with a trading volume of 172 million CNY and a turnover rate of 1.64%, resulting in a total market capitalization of 13.265 billion CNY [1] - 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 main business revenue composition includes alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and additional (0.18%) [1] Group 2 - Silver Hua Fund has a significant holding in Anfu Technology, with the Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) holding 127,700 shares, accounting for 3.88% of the fund's net value, ranking as the seventh largest holding [2] - The Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) has a total scale of 146 million CNY and has achieved a year-to-date return of 14.56%, ranking 744 out of 8,872 in its category [2] - The fund has a one-year return of 84.66%, ranking 414 out of 8,126, and a cumulative return since inception of 205.08% [2] Group 3 - The fund manager of Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) is Wang Zhiwei, who has been in the position for 9 years and 191 days, managing assets totaling 773 million CNY [3] - During Wang Zhiwei's tenure, the best fund return was 56.27%, while the worst return was -5.27% [3]

Group 1 - The company has pledged 2.21% of its wholly-owned subsidiary, Anhui Anfu Energy Technology Co., Ltd., to Ping An Bank Co., Ltd. Hefei Branch as collateral for a merger loan [2][3] - The pledged equity amounts to 65.57674881 million yuan, which is part of the payment for acquiring minority stakes in Anhui Anfu Energy [3] - The company maintains a good operating status and debt repayment capability, ensuring that the pledge will not adversely affect its normal operations or harm the interests of shareholders [4] Group 2 - The pledge was officially registered on January 28, 2026, indicating the completion of the necessary legal processes [2] - The collateral covers a credit line of 5.3 million yuan, including interest, penalties, and other related costs as stipulated in the pledge agreement [3] - The transaction aligns with the company's overall financing strategy and long-term development plan [4]

证券代码：603031 股票简称：安孚科技 编号：2026-009 近日，安徽安孚电池科技股份有限公司（以下简称"公司"）将持有的全资 子公司安徽安孚能源科技有限公司（以下简称"安孚能源"）2.21%的股权质押给 平安银行股份有限公司合肥分行（以下简称"平安合肥分行"），为公司在平安合 肥分行申请的并购贷款（用于前期收购宁波正通博源股权投资合伙企业（有限合 伙）持有的安孚能源的股权）提供担保。公司已于 2026 年 1 月 28 日办理完成上 述股权的出质登记。 二、股权质押情况 1.出质人：安徽安孚电池科技股份有限公司 2.质权人：平安银行股份有限公司合肥分行 3.质押物：公司持有的安徽安孚能源科技有限公司 2.21%股权 安徽安孚电池科技股份有限公司 关于子公司股权质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、股权质押情况概述 三、股权质押对公司的影响 公司本次质押所持有的安孚能源部分股权是用于支付前期收购安孚能源少 数股权的部分交易价款，符合公司整体融资安排及长远发展规划。目前公司经营 状况良好，具备较 ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].