About Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd
Application documents for issuing shares to specific objects
Reply to the inquiry letter of the third round of audit
Sponsor (lead underwriter)
(registered address: No. 5, Xingyang street, Suzhou Industrial Park)
Shanghai Stock Exchange:
According to the requirements of the third round of examination and inquiry letter on the application documents of Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd. for issuing shares to specific objects (szkss (refinancing) [2022] No. 21) (hereinafter referred to as the "examination and inquiry letter") of your exchange, Soochow Securities Co.Ltd(601555) (hereinafter referred to as "sponsor" and " Soochow Securities Co.Ltd(601555) ") together with Farasis Energy (Gan Zhou) Co.Ltd(688567) (Ganzhou) Co., Ltd. (hereinafter referred to as " Farasis Energy (Gan Zhou) Co.Ltd(688567) ", "company" or "issuer"), Dahua Certified Public Accountants (special general partnership) (hereinafter referred to as "reporting accountant"), Shanghai jintiancheng law firm (hereinafter referred to as "issuer's lawyer") and other intermediaries, According to the requirements of your institute, we have carefully studied the problems raised in the audit inquiry, and now explain them one by one. Please review them.
explain:
1、 Unless otherwise specified, the definitions of abbreviations or terms in this inquiry reply are the same as those in the prospectus (Fourth Revision).
2、 The font in this inquiry reply represents the following meanings:
Review the questions listed in the inquiry letter in bold (BOLD)
Reply to the questions of the audit inquiry letter in Song typeface
Amendments and supplements to the prospectus and other application documents and the reply to this inquiry in italics (BOLD)
3、 There may be slight difference between the sum of individual data in some tables and the total of tables in this inquiry reply, which is caused by rounding.
catalogue
Question 1 Planning for new capacity 4 question 2 About financial investment 29 description 3 Description of Farasis Energy (Gan Zhou) Co.Ltd(688567) operation 34. Overall verification opinions of the recommendation institution forty-four
Question 1 Planning for new capacity
According to the application documents and the reply to the second round of inquiry: (1) the issuer's existing capacity is 13gwh, the capacity under construction is 16gwh, and the planned capacity of this raised investment is 12gwh, which will reach 41gwh after all; (2) The issuer's sales volume in 2021 was 3.47 GWH, and up to now, the orders on hand in 2022 were 14.81 GWH; (3) The issuer estimates that the potential demand from 2022 to 2024 is 24.68gwh, 49.81gwh and 65.77gwh respectively; (4) According to the prediction of high tech lithium battery (GGII), China's lithium battery shipment will increase from 229gwh in 2021 to 611gwh in 2025; The market share of soft pack batteries will rise from 12% to 16%, and the shipment volume of soft pack power batteries in China is expected to reach 88.6gwh by 2025.
The issuer is requested to explain: (1) the specific process, basis and rationality of China's lithium battery shipment, the proportion of soft pack battery market share and the forecast of soft pack battery shipment from 2021 to 2025; (2) The market share of the issue in the field of power battery and the subdivision field of ternary soft pack power battery during the reporting period; (3) Analyze whether the potential demand of customers calculated by the issuer matches the relevant market scale and market position in combination with the relevant market share and the market share of the issuer; (4) Analyze the necessity and rationality of the issuer's raising and investment in combination with relevant market share and the issuer's market share.
[reply]
1、 Specific process, basis and rationality of China's lithium battery shipments, market share of soft pack batteries and forecast of soft pack battery shipments from 2021 to 2025
(I) specific process and basis of China's lithium battery shipments, market share of soft pack batteries and forecast of soft pack battery shipments from 2021 to 2025
1. Basic situation of China's lithium battery shipments, market share of soft pack batteries and forecast of soft pack battery shipments from 2021 to 2025
High tech lithium battery (GGII) is a professional and authoritative industrial research and consulting organization in the lithium battery industry. Listed companies in the industry generally cite the data of this organization, and its statistical data is timely. It will update its industry historical statistics and future forecast data in time with the market development.
In May 2019, according to the prediction of GGII, the shipment of soft pack power batteries in China is expected to reach 88.6gwh by 2025.
In March 2021, according to the updated forecast of GGII, China's lithium battery shipment will increase from 229gwh in 2021 to 611gwh in 2025; Meanwhile, from 2022 to 2025, the market share of China's soft pack batteries will rise from 12% to 16%, and the corresponding shipment volume of China's soft pack batteries in 2025 is expected to be 97.76gwh.
China's lithium battery shipment forecast from 2021 to 2025
seven hundred
six hundred and eleven
six hundred
five hundred and nine
five hundred
four hundred and ten
four hundred
three hundred and fourteen
three hundred
two hundred and twenty-nine
200 100
0
2021E 2022E 2023E 2024E 2025E
Lithium battery shipments in China (GWH)
Data source: March 2021 GGII forecast
To sum up, the sources of China's lithium battery shipments, the market share of soft pack batteries and the forecast data of soft pack battery shipments from 2021 to 2025 are the relevant industry forecasts publicly disclosed by GGII on its official website. 2. High tech lithium battery (GGII) is a professional and authoritative industrial research and consulting organization in the industry, and its data are widely cited by Listed Companies in the industry
According to the official website of "Research Institute of high industry"（ http://www.gg-ii.com./ ）, the Institute of high tech industry is a professional consulting organization focusing on emerging industries, focusing on industrial research and consulting services in the fields of national strategic emerging industries such as electric vehicles, lithium batteries, hydrogen batteries, Siasun Robot&Automation Co.Ltd(300024) , smart cars, new materials and led.
Its high tech lithium battery (GGII) is a comprehensive integrated service platform integrating industrial research, exhibition and conference and professional network media, focusing on the field of lithium battery and power battery. Since GGII is authoritative in the data field of lithium battery industry, and its statistical data is consistent and timely, listed companies and companies to be listed in the lithium battery industry generally cite the data of this institution in their annual reports, prospectuses and additional issuance documents, as follows:
Company category company name references GGII data
Contemporary Amperex Technology Co.Limited(300750) Contemporary Amperex Technology Co.Limited(300750) was listed on the gem of Shenzhen Stock Exchange in 2018. The prospectus of its initial application
GGII's data are cited in the book, the plan for non-public offering of shares in 2020 and other documents.
Hunan Changyuan Lico Co.Ltd(688779) Hunan Changyuan Lico Co.Ltd(688779) was listed on the science and Innovation Board of Shanghai Stock Exchange in 2021, and its initial application is the prospectus
GGII data is referenced in.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) Ningbo Ronbay New Energy Technology Co.Ltd(688005) was listed on the science and Innovation Board of Shanghai Stock Exchange in 2019. The prospectus of its initial application
GGII's data are quoted in the book, the annual report disclosed after listing and other documents.
Guizhou Zhenhua E-Chem Inc(688707) Guizhou Zhenhua E-Chem Inc(688707) applied for IPO in 2021, which is quoted in the prospectus of its IPO application
GGII data were.
Guangdong Fangyuan Environment Co.Ltd(688148) Guangdong Fangyuan Environment Co.Ltd(688148) was listed on the science and Innovation Board of Shanghai Stock Exchange in 2021, and its initial application is the prospectus
GGII data are quoted in listed companies.
Xtc New Energy Materials( Xiamen) Co.Ltd(688778) Xtc New Energy Materials( Xiamen) Co.Ltd(688778) was listed on the science and Innovation Board of Shanghai Stock Exchange in 2021, and its initial application is the prospectus
GGII data is referenced in.
Cngr Advanced Material Co.Ltd(300919) Cngr Advanced Material Co.Ltd(300919) was listed on the gem of Shenzhen Stock Exchange in 2020, and its initial application is the prospectus
GGII data is referenced in.
Gem Co.Ltd(002340) Gem Co.Ltd(002340) was listed on the small and medium-sized board of Shenzhen Stock Exchange in 2010, and its non-public offering of shares in 2019
GGII data is quoted in the plan, feedback reply and other documents.
Beijing Easpring Material Technology Co.Ltd(300073) Beijing Easpring Material Technology Co.Ltd(300073) was listed on the gem of Shenzhen Stock Exchange in 2010 and issued to specific objects in 2021
Documents such as the prospectus and the reply to the inquiry letter of the stock quoted the data of GGII.
Gotion High-Tech Co.Ltd(002074) Gotion High-Tech Co.Ltd(002074) was listed on the small and medium-sized board of Shenzhen Stock Exchange in 2006, and its annual report was published in 2019
GGII's data are quoted in the prospectus and other documents for issuing convertible bonds.
Tianli lithium energy, a company to be listed, applied for initial public offering in 2020, which is quoted in the prospectus of its initial public offering application
GGII data were.
To sum up, from 2021 to 2025, China's lithium battery shipments, the proportion of soft pack battery market share and the forecast of soft pack battery shipments come from the mainstream channels of the industry. GGII is a professional and authoritative industrial research and consulting organization in the industry. The data provided by GGII can be generally recognized by the industry and has high reliability.
(II) the forecast data of China's lithium battery shipments, market share of soft pack batteries and soft pack battery shipments from 2021 to 2025 are reasonable
According to the cross check relationship of the data in the above prediction, China's lithium battery shipment * China's soft pack battery market share = China's soft pack battery shipment. Therefore, the rationality of the three prediction data in the above prediction is demonstrated by analyzing the rationality of China's lithium battery shipment and soft pack battery market share.
1. The forecast of lithium battery shipment is reasonable
(1) In GGII's forecast of lithium battery shipments in China, the forecast data of 2021 has been verified, and its forecast data is reasonable
In March 2021, GGII predicted that China's lithium battery shipment in 2021 is expected to reach 229gwh. According to the latest survey data, the actual shipment of lithium batteries in China in 2021 is about 220gwh, which is basically consistent with the previously predicted 2021 data (229gwh).
(2) GGII's forecast of China's lithium battery shipment is basically consistent with that of other authoritative information institutions in the industry, and its forecast data is reasonable
Ihsmarkit is a famous global business information organization, with more than 5000 analysts, data scientists, financial experts and industry experts, covering 50000 customers in 140 countries. Among the above-mentioned customers, Fortune Global 500 accounts for 80%. In many key areas of today's business links, ihsmarkit is one of the mainstream information sources of market statistics and analysis. According to ihsmarkit's prediction of China's vehicle battery market, by 2025, China Shipbuilding Industry Group Power Co.Ltd(600482) battery shipment is expected to be 590.55gwh, soft pack battery shipment is expected to be 89.04gwh, and soft pack battery market share is expected to be 15%. The above forecast data (611gwh) of GGII is basically consistent with the forecast data of IHS Markit, an international business information institution in the industry.
To sum up, based on the actual shipment data in 2021, it is basically consistent with the forecast data of GGII; Ihsmarkit predicts that the China Shipbuilding Industry Group Power Co.Ltd(600482) battery shipment in 2025 is basically consistent with the GGII prediction, which can reasonably infer that the above-mentioned data of China's lithium battery shipment in the next five years predicted by GGII is reasonable.
(3) GGII's global power battery shipment forecast data is basically consistent with that of other authoritative information institutions in the industry, with high reliability
South Korea SNE research predicted in January 2021 that the global power battery demand in 2025 will be 1160gwh. In August 2021, GGII predicted that the global power battery shipment will reach 1100gwh in 2025. GGII's global power battery shipment forecast data is basically consistent with that of other authoritative information institutions in the industry. Therefore, the prediction data of GGII has high reliability.
(4) Forecast data will be integrated
