Boluwei responde à carta de consulta sobre aumento de capital, planeando captar 611 milhões de yuans para expandir a produção de grandes células cilíndricas e projetos de pesquisa e desenvolvimento

广东博力威科技股份有限公司（以下简称“博力威”）近日发布公告，就上海证券交易所关于其2025年度向特定对象发行A股股票申请文件的审核问询函进行了回复。
A Guangdong Bolibwei Technology Co., Ltd. (hereinafter referred to as “Bolibwei”) recently issued an announcement in response to the inquiry letter from the Shanghai Stock Exchange regarding its application for issuing A-shares to specific objects for the year 2025.

公司拟通过本次定增募集资金不超过6.11亿元，用于全极耳大圆柱多场景轻型动力电池智能制造项目、AI驱动的新能源电池可靠性分析与研发能力提升项目以及补充流动资金。
The company plans to raise no more than 611 million yuan through this private placement, to be used for the all-tab terminal 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 to supplement working capital.

在回复函中，博力威详细阐述了本次募投项目与公司现有业务及前次募投项目的联系与区别，强调募集资金主要投向主业，不涉及新产品、新技术。
In the reply letter, Bolibwei elaborated on the relationship and differences between this fundraising project and the company’s existing business and previous fundraising projects, emphasizing that the raised funds are primarily directed at the main business and do not involve new products or new technologies.

全极耳大圆柱多场景轻型动力电池智能制造项目将重点建设4系大圆柱锂电芯一体化产品、轻型车用及智能机器人锂电池生产线，并布局固态电池研发试验线。
The all-tab terminal large cylindrical multi-scenario lightweight power battery intelligent manufacturing project will focus on building 4-series large cylindrical lithium battery cell integrated products, production lines for lightweight vehicle and smart robot lithium batteries, and establishing a solid-state battery R&D testing line.

该项目预计新增轻型车用锂离子电池产能4.3GWh/年，智能机器人锂电池产能0.3GWh/年。
This project is expected to add a production capacity of 4.3 GWh/year for lightweight vehicle lithium-ion batteries and 0.3 GWh/year for smart robot lithium batteries.

AI驱动的新能源电池可靠性分析与研发能力提升项目则聚焦数字孪生与AI驱动的电池性能评估、BMS功能安全体系建设等前沿课题。
The AI-driven new energy battery reliability analysis and R&D capability enhancement project focuses on cutting-edge topics such as digital twins and AI-driven battery performance evaluation, as well as the construction of BMS functional safety systems.

针对前次募投项目尚未达产的情况，博力威表示，2025年以来轻型车和智能机器人锂电池市场景气度提升，公司大圆柱电芯产能利用率已提升至74.76%，产销率达98.21%，前募未达效益的因素对本次募投实施不构成重大不利影响。
Regarding the fact that the previous fundraising project’s production targets have not yet been met, Bolibwei stated that since 2025, the market for lightweight vehicles and smart robot lithium batteries has improved, with the company’s large cylindrical cell capacity utilization rate rising to 74.76% and the sales-to-production ratio reaching 98.21%. Factors from past fundraising that did not yield benefits do not pose significant adverse impacts on this fundraising implementation.

公司结合市场需求、竞争格局、在手订单等因素，认为本次新增产能规划合理，并制定了持续拓展客户、加大研发投入、提升产品质量等产能消化措施。
The company, considering market demand, competitive landscape, and existing orders, believes that the planning for the new production capacity is reasonable and has developed measures for continuous customer expansion, increased R&D investment, and improved product quality to absorb this capacity.

关于融资规模的合理性，博力威测算未来三年资金缺口约6.91亿元，本次募资6.11亿元有助于优化财务结构，降低资产负债率。
Regarding the reasonableness of the financing scale, Bolibwei estimates a funding gap of approximately 691 million yuan over the next three years. The current fundraising of 611 million yuan will help optimize the financial structure and reduce the debt-to-asset ratio.

效益测算方面，全极耳大圆柱项目达产后预计年营业收入41.74亿元，运营期平均毛利率15.08%，与同行业可比公司水平基本一致，具备谨慎性。
In terms of benefit estimation, the all-tab terminal large cylindrical project is expected to generate an annual operating income of 4.174 billion yuan after reaching production, with an average operating gross profit margin of 15.08%, which is basically consistent with the level of comparable companies in the same industry, demonstrating prudence.

此外，博力威还就外销收入、业绩变动、现金流与净利润差异、应收账款坏账计提、存货跌价准备等问题进行了详细说明。
In addition, Bolibwei provided detailed explanations regarding issues such as foreign sales revenue, performance changes, cash flow and net profit differences, provisions for bad debts on accounts receivable, and inventory impairment provisions.

公司外销收入主要来自欧洲、亚洲和北美洲，2025年度占比37.65%，与海关报关数据匹配良好。
The company’s foreign sales revenue mainly comes from Europe, Asia, and North America, accounting for 37.65% in the year 2025, which matches well with customs declaration data.

2025年公司实现归母净利润5587.93万元，同比扭亏为盈，主要得益于收入增长、毛利率提升及信用减值损失减少。
In 2025, the company achieved a net profit attributable to the parent of 55.8793 million yuan, turning a profit compared to a loss in the previous year, mainly due to revenue growth, improved gross profit margin, and reduced credit impairment losses.

财务性投资方面，截至2025年末，公司持有武汉逸飞激光股权及厦门汇桥科创二期基金等财务性投资合计约6245.94万元，占归母净资产比例约5.55%，不存在金额较大的财务性投资。
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, with no significant financial investments.

本次发行董事会决议日前六个月至今，公司未新投入或拟投入财务性投资。
In the six months prior to the board resolution for this issuance, the company has not made any new financial investments or plans to do so.

中介机构东莞证券和大信会计师事务所对博力威的回复内容进行了核查，认为公司本次募投项目具有必要性和可行性，产能规划合理，效益测算谨慎，相关风险提示充分。
The intermediaries Dongguan Securities and Daoxin Accounting Firm verified Bolibwei’s response and believe 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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Disclaimer: The market has risks; investment requires caution.

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