Boliwei responds to the inquiry about the private placement: 611 million yuan fundraising allocated to power batteries and other projects

Guangdong Boluwei Technology Co., Ltd. (hereinafter referred to as “Boluwei”) recently issued an announcement regarding a special response to the financial questions involved in the Shanghai Stock Exchange’s inquiry letter on its application documents for a targeted share issuance. The company’s proposed total fundraising amount has been adjusted to 611 million yuan, mainly allocated to the all-extreme-ear large cylindrical multi-scenario lightweight power battery intelligent manufacturing project, the AI-driven new energy battery reliability analysis and R&D capability enhancement project, and the replenishment of working capital.

In the reply, Boluwei detailed the investment composition of each fundraising project, the reasonableness of the financing scale, and the prudence of the benefit calculations. Among them, the all-extreme-ear large cylindrical multi-scenario lightweight power battery intelligent manufacturing project has a total investment of 519.3029 million yuan, with a planned use of 423.9262 million yuan from the raised funds, mainly for construction works, hardware and software equipment investments, etc. This project will focus on the integration of large cylindrical lithium batteries with all-extreme-ear technology, the lightweight power consumer lithium battery system integration production line, and the solid-state battery R&D test line. Once operational, it is expected to have an annual production capacity of 4.6 GWh of lithium battery system integration products.

The AI-driven new energy battery reliability analysis and R&D capability enhancement project has a total investment of 52.0738 million yuan, with a planned use of 47.0738 million yuan from the raised funds, mainly for site renovation, hardware and software equipment investments, and R&D expenses. The replenishment of working capital project plans to use 140 million yuan from the raised funds.

Regarding the reasonableness of the financing scale, Boluwei stated that, considering the company’s current funds, asset-liability ratio, funding gap estimates, and the proportion of non-capital expenditures, the current financing scale is reasonable. As of December 31, 2025, the company’s freely disposable funds are 201.6854 million yuan, with a funding gap of 731.2739 million yuan over the next three years, exceeding the total amount of this fundraising. Meanwhile, the company’s asset-liability ratio has been rising in recent years, and supplementing working capital through equity financing helps optimize the financial structure.

On benefit estimation, Boluwei combined the expected domestic and international sales ratio of the all-extreme-ear large cylindrical multi-scenario lightweight power battery intelligent manufacturing project, along with the unit prices and gross profit margins of existing products or peer companies, to demonstrate the prudence of the benefit calculations for this fundraising project. The calculation period for this project is 10 years (including a 3-year construction period). It is expected to reach 40% capacity in the third year, 80% in the fourth year, and full capacity in the fifth year. After reaching full capacity, annual revenue from lightweight vehicle lithium batteries is projected at 3,776.534 million yuan, lithium batteries for intelligent robots at 397.07M yuan, totaling annual revenue of 4,173.6084 million yuan, with an operating period gross profit margin of 15.08%, which is basically consistent with comparable companies in the industry.

After review, the intermediary agency believes that the investment composition of Boluwei’s fundraising projects is reasonable and fair; the scale of financing is reasonable; and the benefit estimates are prudent, with no significant differences compared to peer companies.

Additionally, Boluwei responded to questions regarding operating performance, financial investments, and other related issues. The company stated that the turnaround to profit in 2025 mainly benefits from revenue growth, improved gross profit margin, and the weakening impact of large prior credit impairment losses and estimated liabilities. The high proportion of export revenue is reasonable and aligns well with customs declaration data. Currently, the company does not have large financial investments, and there have been no new investments or planned investments in financial assets in the six months prior to the board resolution for this issuance.

Boluwei focuses on the research, production, and sales of lightweight vehicle lithium-ion batteries, consumer electronic batteries, and energy storage batteries. This additional fundraising will further enhance the company’s R&D capabilities and production scale in the lithium battery field, consolidating its market competitiveness.

Click to view the original announcement>>

Disclaimer: The market carries risks; investment should be cautious. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s views. All information in this article is for reference only and does not constitute personal investment advice. Please refer to the actual announcement for any discrepancies. If you have questions, please contact biz@staff.sina.com.cn.