Boliwei responds to the private placement inquiry: detailed explanation of the 4.6GWh expansion plan and the necessity of R&D projects

Boliwei (688345.SH) recently released the “Revised Draft Reply to Inquiry Letter on the 2025 A-Share Stock Offering to Specific Targets”(, providing detailed responses to the Shanghai Stock Exchange’s questions regarding its private placement plan. The company intends to raise no more than 611 million yuan, allocated to the all-extreme-tab large cylindrical multi-scenario lightweight power battery intelligent manufacturing project, AI-driven new energy battery reliability analysis and R&D capability enhancement project, and supplementary working capital.

Synergy Between Funded Projects and Existing Business Focused on Large Cylindrical and Intelligent Upgrades

The announcement shows that the current fundraising projects are related to, yet clearly distinguished from, the company’s existing business and previous fundraising projects. The “All-Extreme-Tab Large Cylindrical Multi-Scenario Lightweight Power Battery Intelligent Manufacturing Project” will focus on building four series of large cylindrical lithium battery production lines, complementing the previous Series 3 large cylindrical production line. The project plans to add an annual capacity of 4.6 GWh, including 4.3 GWh for lightweight vehicle lithium-ion batteries and 0.3 GWh for intelligent robot lithium batteries.

Compared to the previous fundraising project, this project significantly upgrades product types and performance: the battery cell diameter is upgraded from Series 3 to Series 4, with a new intelligent robot battery PACK line, mainly targeting the high-rate, high-energy-density lithium batteries for two-wheel vehicles. The technical route continues the all-extreme-tab structure design, while also deploying solid-state battery R&D test lines to achieve technological iteration from liquid to solid-state batteries.

The “AI-Driven New Energy Battery Reliability Analysis and R&D Capability Enhancement Project” focuses on application technology development. It involves establishing an EMC laboratory, purchasing advanced R&D hardware and software, and conducting research on five major topics including digital twin and AI-driven battery performance evaluation systems, BMS safety functions, etc. The total investment is 52.0738 million yuan, with planned use of 47.0738 million yuan from the raised funds.

Reasonableness of Capacity Planning and Mitigation Measures

The company has demonstrated the reasonableness of the 4.6 GWh expansion from multiple dimensions such as market demand, competitive landscape, and existing orders. According to GGII forecasts, China’s two-wheel vehicle lithium battery shipments will reach 38.6 GWh by 2029, with the new capacity accounting for 15.09% of that market size. In the smart robot field, it is expected that by 2030, global demand for lithium batteries for embodied intelligent robots will exceed 100 GWh, with a compound annual growth rate over 100% in five years.

By the end of 2025, the company’s on-hand orders for lightweight vehicle lithium batteries amount to 535 million yuan (0.63 GWh), and for intelligent robot lithium batteries 31 million yuan (0.03 GWh). Major customers include industry leaders such as Ninebot, Niu, Yadea, and Pudu Technology, with significant revenue growth from these clients in 2025.

To absorb the new capacity, the company will adopt multiple measures: continue to deepen demand from leading existing customers, expand new customer base; increase R&D investment to leverage scale effects and reduce costs; strengthen process management to improve product quality; and utilize flexible production lines to adapt product structures based on market demand.

Previous Fundraising’s Underperformance Does Not Significantly Impact

Regarding the underperformance of the previous fundraising project, the company explained that it was mainly affected by the decline in the small vehicle lithium market in 2022-2023 and the cycle of new battery cell market promotion. Since 2025, the utilization rate of large cylindrical cell capacity has increased to 74.76%, with a sales and production rate of 98.21%, indicating ongoing business improvement.

The company emphasizes that the current penetration of large cylindrical batteries in lightweight power and portable energy storage fields is accelerating, with strong market demand. The technological experience accumulated from the previous fundraising project provides a solid foundation for the current project, and the products targeted in this fundraising are positioned at a higher end, forming synergy rather than simple repetition with previous projects.

Research and Development Projects Target Industry Frontiers to Strengthen Technical Barriers

The R&D projects focus on improving battery reliability, safety, and intelligence, including:

• Digital twin and AI-driven battery performance evaluation systems to enhance state estimation accuracy and safety early warning
• BMS safety function system construction to meet ISO26262 international standards
• Reliability analysis based on strength and fatigue life
• Development of DC/DC-BMS integrated technology to optimize system architecture
• Research on high-reliability BBU battery systems for AIDC scenarios
• Construction of solid-state battery R&D test lines, laying out next-generation technologies

The company states that these R&D directions are closely aligned with industry development trends, which will strengthen its technological barriers in lightweight power batteries and create strong synergy with existing business.

Prudent Estimation of Financing Scale and Benefits

Based on calculations, the company’s funding gap over the next three years is approximately 730 million yuan, making the 611 million yuan raised in this round reasonable. After reaching production, the project is expected to generate an additional annual revenue of 4.17B yuan, with an average gross profit margin of 15.08% over the operational period, consistent with comparable industry companies.

Intermediary agencies believe that Boliwei’s current fundraising projects are necessary and feasible, with reasonable capacity planning and cautious benefit estimates. The underperformance of previous projects does not significantly adversely affect this project.

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