转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院固态电池研究小组发布的《中国固态电池行业市场前瞻与投资战略规 划分析报告》 行业主要上市公司：比亚迪(002594.SZ)、上汽集团(600104.SH)、蔚来汽车(NIO)、宁德时代(300750.SZ)、孚 能科技(688567.SH)、国轩高科(002074.SZ)等 本文核心数据：固态电池产业链;固态电池产业全景图谱;最新投资布局; 固态电池产业链全景梳理 固态电池主要企业/机构区域热力地图 固态电池产业链与液态锂电池大致相似，上游包括原料矿产、机械设备以及基础材料，两者主要的区别在于 负极材料和电解质的种类，正极材料方面几乎一致。产业链中游为电池包的加工制备过程，产业链下游应用 领域包括新能源汽车、储能系统、消费电子等。 分析中国固态电池行业生态图谱可知，固态电池生产商垂直一体化能力强。电池芯材料制备环节厂商包括杉 杉股份、天齐锂业、赣锋锂业、天丰新材等新能源材料生产商，也有宁德时代、清陶能源等动力电池生产企 业，还包括丰田等车企，企业类型多样，切入方向多元。 国内全固态电池仍处于基础性研究阶段。主要两部分机构在做相关研究，国内知名高校及科研院 ...

证券代码：688567 证券简称：孚能科技 公告编号：2026-004 孚能科技（赣州）股份有限公司 2025年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年 度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 2025年年末公司总资产22,710,655,348.09元，较上一年末下降14.71%。 (二)影响经营业绩的主要因素 公司2025年度营业收入较上年同期下降22.23%，亏损较上年扩大，主要系以下原因综合导致： 1.毛利及毛利率影响 第一，公司两个新生产基地"赣州年产30GWh新能源电池项目（一期）"和"广州年产30GWh动力电池生 产基地项目（一期）"目前尚处于产能爬坡阶段，固定折旧摊销费用大，产能利用率、设备效率及良品 率还处于稳步提升阶段，导致毛利及毛利率偏低。 单位：元 ■ 二、经营业绩和财务状况情况说明 (一)经营业绩和财务状况 据公司财务部门初步核算，公司本 ...

对于业绩变动的原因，公告指出，主要受毛利及毛利率下滑、研发费用增加等因素影响。 2月27日，孚能科技发布2025年度业绩快报。经初步核算，报告期内，公司实现营业收入90.84亿元，同 比下降22.23%；归母净利润亏损7.67亿元，上年同期亏损3.32亿元。 一方面，公司两个新生产基地"赣州年产30GWh新能源电池项目（一期）"和"广州年产30GWh动力电池 生产基地项目（一期）"目前尚处于产能爬坡阶段，固定折旧摊销费用较高，产能利用率、设备效率及 良品率仍在提升过程中，导致毛利水平偏低；公司年内加大市场开拓以优化客户结构，叠加客户结算模 式调整、部分产品更新换代，以及国内出口退税率降低，美国对华出口关税提升，带来毛利率下降。另 一方面，公司持续拓展新产品、新技术，投入固态电池研发等带来研发费用的上升。 （企业公告） ...

证券日报网讯 2月27日，孚能科技发布公告称，公司2025年度实现营业收入9083850389.87元，同比下降 22.23%；归属于母公司所有者的净利润为-767363305.64元，亏损较上年同期扩大。 （文章来源：证券日报） ...

格隆汇2月27日丨孚能科技(688567.SH)公布2025年年度业绩快报，据公司财务部门初步核算，公司本年 度营业收入90.84亿元，较上年同期下降22.23%；归属于母公司所有者的净利润为-7.67亿元，归属于母 公司所有者的扣除非经常性损益的净利润为-7.98亿元，亏损较上年同期增大。 ...

证券代码：688567 证券简称：孚能科技 公告编号：2026-004 孚能科技（赣州）股份有限公司 2025 年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以公司 2025 年年度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 | 单位：元 | | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 9,083,850,389.87 | 11,680,468,636.74 | -22.23 | | 营业利润 | -663,171,466.91 | -394,334,140.05 | 不适用 | | 利润总额 | -719,828,377.81 | -448,147,072.98 | 不适用 | | 归属于母公司所有者的净利润 | -767,363,305.64 | - ...

孚能科技公告称，2025年度公司实现营业总收入90.84亿元，同比下降22.23%；归属于母公司所有者的 净利润亏损7.67亿元，亏损幅度较上年同期增大。年末总资产为227.11亿元，较上一年末下降14.71%。 业绩下滑主要因新生产基地产能爬坡、市场开拓、出口政策变化等因素致毛利降低，同时研发投入增 加，公司还对部分存货及应收款项计提减值。数据为初步核算，未经审计。 ...

Core Viewpoint - The recent publication of the research paper "Discovery Learning predicts battery cycle life from minimal experiments" by Fulin Technology and a professor from the University of Michigan introduces a groundbreaking machine learning method that significantly reduces the time and energy required for battery life validation, addressing high development costs and long cycles in battery development [1][3][4]. Group 1: Discovery Learning Method - The "Discovery Learning" method compresses traditional battery life validation to 33 days and 0.468 MWh, saving 98% of time and 95% of energy, thus shortening the R&D cycle from years to months [3]. - Only 51% of the prototype's first 50 cycle data is needed to achieve results that exceed current mainstream methods, significantly reducing trial and error costs in R&D and manufacturing [3]. Group 2: Impact on Fulin Technology - The introduction of "Discovery Learning" not only represents a technological breakthrough but is also closely linked to the overall development of Fulin Technology, enhancing its competitiveness in the battery technology R&D field [4]. - Fulin Technology has established a flexible manufacturing platform capable of commercializing various battery types and materials, including high-nickel ternary, lithium iron phosphate, and sodium-ion batteries [3][4]. Group 3: Future Directions and Market Position - Solid-state batteries are viewed as the next core direction for power batteries, with Fulin Technology aiming to lead in this area through extensive R&D and industrialization efforts [5]. - The company has developed a diverse and high-quality customer ecosystem, including major clients such as GAC, Dongfeng, and a leading eVTOL company, which positions it well to expand market share and strengthen growth [5][6]. - Fulin Technology plans to continue its innovation-driven development approach, deepening collaborations with top research institutions and integrating cutting-edge technologies into its multi-material battery R&D and production processes [6].

Group 1 - The core viewpoint of the articles highlights the growing interest in the integration of solid-state batteries with humanoid robots, driven by recent announcements from companies like Funeng Technology [1][2] - Funeng Technology has sent samples of its solid-state batteries to a leading humanoid robot client, igniting market enthusiasm and leading to significant stock price increases for related companies [1][2] - TrendForce predicts that humanoid robots will enter a critical commercialization phase by 2026, significantly increasing the demand for next-generation solid-state batteries to address current power limitations [2] Group 2 - The report estimates that global humanoid robot shipments will exceed 50,000 units by 2026, with an annual growth rate surpassing 700%, and by 2035, the demand for solid-state batteries from humanoid robots will exceed 74 GWh, representing over a 1000-fold increase from 2026 [2] - Current humanoid robots face challenges with battery life, typically operating for only 2 to 4 hours, necessitating advancements in battery technology, such as solid-state batteries, to achieve longer operational times [2] - Companies like Funeng Technology are at the forefront of solid-state battery development, leveraging their early advantages in flexible production and various material systems to achieve energy densities of 400-500 Wh/kg [3][4] Group 3 - The Chinese supply chain is poised to replicate its success in the electric vehicle sector for the humanoid robot market, with companies that achieve breakthroughs in solid-state battery technology expected to reap significant industry rewards [3][4] - The solid-state battery industry is supported by a robust supply chain, with key material manufacturers actively advancing in critical areas such as cathodes, anodes, and electrolytes [3] - Overall, the layout of Chinese enterprises in the humanoid robot solid-state battery supply chain is taking shape, with a comprehensive industrial foundation and a promising market environment facilitating future growth [4]

Core Viewpoint - The company aims to enhance operational efficiency and reduce costs while ensuring large-scale production and delivery of SPS products, accelerating the industrialization of solid-state batteries, and expanding into overseas markets, eVTOL, and humanoid robots, ultimately improving its operational performance and investment value [2] Group 1 - The company will deepen cost reduction and efficiency enhancement efforts [2] - The company is focused on ensuring large-scale production and delivery of SPS products [2] - The company plans to accelerate the industrialization of solid-state batteries [2] Group 2 - The company is exploring opportunities in overseas markets [2] - The company is expanding into eVTOL and humanoid robot sectors [2] - The company aims to enhance its core competitiveness and investment value [2]