Boluwei responds to inquiry letter on private placement, plans to raise 611 million yuan to expand large cylindrical battery production and R&D projects

Guangdong Boliv Tech Co., Ltd. (hereinafter referred to as “Boliv”) recently announced its response to the Shanghai Stock Exchange regarding the inquiry letter on its application documents for the issuance of A-shares to specific objects for the year 2025. The company plans to raise no more than 611 million yuan through this private placement, which will be used for the all-tab terminal large cylindrical multi-scenario lightweight power battery intelligent manufacturing project, AI-driven new energy battery reliability analysis and R&D capability enhancement project, and to supplement working capital.

In the response letter, Boliv elaborated on the connection and differences between this fundraising project and the company’s existing business and previous fundraising projects, emphasizing that the raised funds will mainly be directed towards the main business and will not involve new products or new technologies. The all-tab terminal large cylindrical multi-scenario lightweight power battery intelligent manufacturing project will focus on building integrated products of 4 series large cylindrical lithium battery cells, production lines for lightweight vehicle and intelligent robot lithium batteries, and establishing a solid-state battery R&D experimental line. This project is expected to add lithium-ion battery production capacity for lightweight vehicles of 4.3 GWh/year and intelligent robot lithium battery capacity of 0.3 GWh/year. The AI-driven new energy battery reliability analysis and R&D capability enhancement project will focus on cutting-edge topics such as digital twins and AI-driven battery performance evaluation, and construction of the BMS functional safety system.

In response to the situation where previous fundraising projects have not yet reached production capacity, Boliv stated that since 2025, the market for lithium batteries for lightweight vehicles and intelligent robots has improved. The capacity utilization rate of the company’s large cylindrical battery cells has increased to 74.76%, and the production-to-sales ratio has reached 98.21%. The factors for the previous fundraising projects not achieving benefits do not pose a significant adverse impact on the implementation of this fundraising project. The company believes that the new capacity planning is reasonable based on market demand, competitive landscape, and existing orders, and has developed capacity digestion measures such as continuously expanding customers, increasing R&D investment, and improving product quality.

Regarding the reasonableness of the financing scale, Boliv estimates a funding gap of about 691 million yuan over the next three years. The fundraising of 611 million yuan will help optimize the financial structure and reduce the asset-liability ratio. In terms of benefit estimation, the all-tab terminal large cylindrical project is expected to generate annual operating revenue of 4.174 billion yuan after reaching production capacity, with an average gross profit margin of 15.08% during the operating period, which is basically consistent with comparable companies in the industry, demonstrating prudence.

In addition, Boliv provided detailed explanations regarding issues such as foreign sales revenue, performance changes, cash flow and net profit discrepancies, accounts receivable bad debt provisions, and inventory write-down provisions. The company’s foreign sales revenue mainly comes from Europe, Asia, and North America, accounting for 37.65% in the 2025 fiscal year, which matches well with customs declaration data. In 2025, the company achieved a net profit attributable to the parent company of 55.8793 million yuan, turning a profit compared to the previous year, mainly due to revenue growth, an increase in gross margin, and a reduction in credit impairment losses.

In terms of financial investments, as of the end of 2025, the company holds financial investments totaling approximately 62.4594 million yuan, including equity in Wuhan Yifei Laser and the Xiamen Huqiao Science and Technology Innovation Phase II Fund, accounting for about 5.55% of net assets attributable to the parent company. There are no significant financial investments. Since the board resolution for this issuance, the company has not made new or planned financial investments in the past six months.

Intermediary institutions Dongguan Securities and Daxin Certified Public Accountants reviewed Boliv’s response content, believing that the company’s fundraising project is necessary and feasible, the capacity planning is reasonable, the benefit estimation is prudent, and the relevant risk warnings are sufficient.

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