Behind the intensified control of Nanfu Battery lies a major capital "chess game" of a billionaire family in Suzhou worth billions...
With an annual production and sales volume exceeding 2 billion units, Nanfu Battery, which has maintained the top sales position of alkaline batteries in China for 32 consecutive years, is just one step away from a complete change of ownership.
Huaxia Energy Network & Huaxia Energy Storage learned that on July 11, Anfu Technology (SH: 603031) announced that it plans to acquire a 31% equity stake in Anhui Anfu Energy Technology Co., Ltd. (hereinafter referred to as "Anfu Energy") by issuing shares and paying cash, and at the same time raise a matching fund of no more than 204.0368 million yuan. This transaction has been approved by the Merger and Reorganization Review Committee of the Shanghai Stock Exchange. According to the process, the next step is to obtain the approval and registration from the China Securities Regulatory Commission to complete the entire process.
Anfu Energy holds shares in Ningbo Yajin Electronic Technology Co., Ltd. (referred to as "Yajin Technology", NQ: 830806). The core asset of Yajin Technology is its controlled Fujian Nanping Nanfu Battery Co., Ltd. (hereinafter referred to as "Nanfu Battery"), with a shareholding ratio of 82.18%.
Behind these successive transactions stands the "sixth richest" family in Suzhou - Yuan Fugeng and his two sons, Yuan Yonggang and Yuan Yongfeng. Yuan Fugeng founded the leading PCB (high - end printed circuit board) company with a market value of hundreds of billions, Dongshan Precision (SZ: 002384). Currently, Yuan Yonggang serves as the chairman and Yuan Yongfeng serves as the general manager.
Anfu Technology is another listed company controlled by the Yuan family. Yuan Yonggang and his wife Wang Wenjuan are the actual controllers. In 2021 and 2022, Yuan Yonggang acquired Nanfu Battery, which was valued at tens of billions, in a "snake swallowing an elephant" way. This private placement and merger is one step in the series of transactions.
Using Anfu Technology as a platform, Yuan Yonggang has also extended his reach to the currently popular industries such as energy storage, chips, and solid - state batteries, fully demonstrating his extraordinary financial skills...
The Rich Family with a Market Value of Hundreds of Billions
Yuan Fugeng was born in 1951 and is a well - known entrepreneur in Suzhou.
In the 1980s, Yuan Fugeng founded a small sheet metal and stamping factory in his hometown and developed it into a leading enterprise in the domestic precision sheet metal and die - casting industry. In April 2010, this township factory was successfully listed on the Shenzhen Stock Exchange, which is now the domestic PCB leader - Dongshan Precision (SZ: 002384). Currently, its market value is around 100 billion yuan, with a cumulative increase of 180% in the past four months.
After the listing of Dongshan Precision, Yuan Fugeng stepped back from the front - line. His two sons, Yuan Yongfeng and Yuan Yonggang, took over. Currently, the younger brother Yuan Yonggang serves as the chairman of Dongshan Precision, and the elder brother Yuan Yongfeng serves as the director and general manager.
Yuan Yonggang
Different from the older generation who are deeply rooted in the real economy, the brothers Yuan Yongfeng and Yuan Yonggang are more adept at capital operations. Through continuous mergers and acquisitions, Dongshan Precision has more than 70 wholly - owned and holding enterprises under its umbrella. Its business covers fields such as electronic circuits, optoelectronic displays, and precision manufacturing. Its products have entered the supply chains of giants such as Apple, Meta, and Tesla. The scale of its flexible printed circuits and printed circuit boards ranks second and third in the world respectively.
As of the end of 2024, the revenue of Dongshan Precision has been more than 40 times that at the time of its listing. In the first quarter of this year, Dongshan Precision achieved a revenue of 8.602 billion yuan, a year - on - year increase of 11.07%; the net profit attributable to the parent company was 456 million yuan, a year - on - year increase of 57.55% (the semi - annual report is expected to be released on August 27).
The business map of the Yuan family is far from limited to just one listed company, Dongshan Precision. According to incomplete statistics, as of now, only Yuan Yonggang has nearly 30 enterprises under his control through continuous acquisitions. There are also two other listed companies, Landun Optoelectronics (SZ: 300862) and Anfu Technology (SH: 603031).
Based on the closing stock prices on August 4, the market values of Dongshan Precision, Landun Optoelectronics, and Anfu Technology are 97.64 billion yuan, 4.53 billion yuan, and 5.74 billion yuan respectively, with a total market value of approximately 107.9 billion yuan.
Huaxia Energy Network & Huaxia Energy Storage noticed that in the "2025 New Fortune 500 Wealth Creation List" released in June this year, the Yuan family ranked 241st on the list with a fortune of 14.12 billion yuan, ranking sixth among the rich in Suzhou.
This is the Yuan family's consecutive appearance on the list for more than a decade. Compared with last year, the wealth of the Yuan family has increased by more than 5.3 billion yuan this year, a sharp increase of 60%.
"Snake Swallowing an Elephant": Acquiring Nanfu Battery Valued at Billions
In the business map of the Yuan family, Anfu Technology is not the largest company in scale, but it can well reflect Yuan Yonggang's capital operation ability.
Anfu Technology was formerly known as Andeli Department Store, which was established in 1999 and mainly engaged in the department store retail business in third - and fourth - tier cities and rural markets in China. In 2016, Andeli was listed on the main board of the Shanghai Stock Exchange, known as the "first stock of self - operated department stores". The controlling shareholder and actual controller was Chen Xuegao.
In November 2019, Chen Xuegao transferred 12.84% of Andeli's equity to Hefei Rongxin Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Hefei Rongxin") and at the same time waived the voting rights of the remaining 38.53% of the equity. After the transaction was completed, the couple Yuan Yonggang and Wang Wenjuan became the actual controllers of Andeli.
At that time, the total market value of Andeli was about 2 billion yuan. The couple Yuan Yonggang and Wang Wenjuan only paid 385 million yuan to gain control of this listed company.
It is worth mentioning that the GP (general partner) of Hefei Rongxin is Glory Capital. The controlling shareholder of Glory Capital is Jintong Zhihui. The shareholders of Jintong Zhihui are Suzhou Jiasheng and Wang Wenjuan, and the shareholders of Suzhou Jiasheng are the couple Yuan Yonggang and Wang Wenjuan.
That is to say, Yuan Yonggang finally achieved control of Andeli through a four - layer equity nesting, and his indirect shareholding in Andeli is only 0.02%.
Main products of Nanfu Battery
Yuan Yonggang's more remarkable operation was to incorporate Nanfu Battery, which was valued at tens of billions, under Andeli's banner, which can be regarded as a classic case of "snake swallowing an elephant".
In 2020 and 2021, Andeli suffered losses of 6 million yuan and 51 million yuan respectively. In order to reverse the trend of performance losses, Yuan Yonggang started business restructuring, divesting the traditional department store business on one hand and deploying the battery business on the other hand.
Since September 2021, Andeli has continuously acquired the equity of Yajin Technology through its holding subsidiaries. In January and May 2022, after two consecutive asset reorganizations, Andeli already held 51% of the equity of Yajin Technology and became the controlling shareholder. At that time, Andeli's net assets were only 613 million yuan, while Nanfu Battery was valued at 9.903 billion yuan.
Subsequently, Andeli officially changed its name to Anfu Technology, announcing the completion of the transformation.
Acquiring Nanfu Battery had an immediate effect on reversing Anfu Technology's performance. In 2022, Anfu Technology turned losses into profits, achieving a net profit attributable to the parent company of 81 million yuan. Since then, this growth trend has continued. In 2023 - 2024, the company achieved net profits attributable to the parent company of 116 million yuan and 168 million yuan respectively, with year - on - year increases of 41.93% and 45.2% respectively. In the first half of this year, the company achieved a revenue of 2.428 billion yuan, a year - on - year increase of 4.98%; the net profit was 107 million yuan, a year - on - year increase of 14.38%.
It is worth mentioning that among the three listed companies controlled by Yuan Yonggang, Dongshan Precision's net profit has declined for two consecutive years in 2023 and 2024, with year - on - year decreases of 17.05% and 44.74% respectively; Landun Optoelectronics also experienced a decline in both revenue and profit in 2024, with the net profit attributable to the parent company dropping sharply by 84.55% year - on - year; the non - recurring profit - adjusted net profit even suffered a loss of 14.2173 million yuan. Anfu Technology has become the only listed company that has maintained performance growth in recent years.
Continuously Capturing New Concepts to Find New Growth Points
Yuan Yonggang has high hopes for Anfu Technology. After acquiring Nanfu Battery and consolidating the alkaline battery business, which is just to strengthen the foundation, he is still constantly using capital power to capture new concepts and find new profit growth points.
As early as July 2022, Anfu Technology jointly invested with Changfu New Energy to establish Hefei Hefu Smart Energy Co., Ltd. (hereinafter referred to as "Hefu Energy") to build an energy storage testing and integration production line and a research and development center. This was also the first investment announcement issued by Anfu Technology after changing its name from Andeli.
In the announcement, Anfu Technology stated that on the basis of doing a good job in the main business of Nanfu Battery, the company actively explores and expands the new energy business, seizes the development opportunities in the energy storage industry, and actively expands the company's second growth curve.
In addition to energy storage, Anfu Technology has also set its sights on chips. Yuan Yonggang once publicly stated that the chip business will be the most important growth point for the group in the next decade.
In February this year, Anfu Technology, together with several venture capital institutions, invested hundreds of millions of yuan in Xiangdixian. Xiangdixian was once known as the "Chinese NVIDIA" and is a domestic GPU unicorn valued at 15 billion yuan. Before receiving this investment, due to a failed bet, the management team of Xiangdixian was facing the crisis of dissolution.
On September 28, 2022, Xiangdixian released the "Tianjun No. 1" GPU chip in Chongqing
Yuan Yonggang also wants to seize the opportunity of solid - state batteries, which are known as the "next - generation lithium batteries". On March 7 this year, Anfu Technology announced that Nanfu Battery, Nanping Green Industry Fund, and Gaoneng Times signed an agreement to establish a joint - venture company to build and operate a 300MWh sulfide - based all - solid - state battery pilot production line, aiming to solve the key technical problems in the commercialization of sulfide all - solid - state batteries.
At that time, Anfu Technology formulated an ambitious development plan: to complete the sample delivery of household energy storage solid - state battery products by December 2027, to complete the sample delivery of solid - state battery products for robots and new energy vehicle power by December 2028, and to complete the sample delivery of solid - state battery products for large - scale energy storage equipment by December 2030.
However, although Yuan Yonggang's vision is good, the actual progress is not satisfactory. Just four months later, on July 18, Anfu Technology announced that due to the freezing of the shares of the controlling shareholder of Gaoneng Times and the significant uncertainty in its business stability and performance ability, the company decided to terminate the solid - state battery project in cooperation with it. This means that the company's move in the solid - state battery field has not succeeded for the time being.
Energy storage, chips, and solid - state batteries are all currently popular tracks. If these three "carriages" can run side by side, the performance of Anfu Technology would soar. Unfortunately, at present, only the energy storage business in Yuan Yonggang's layout is commendable.
Huaxia Energy Network & Huaxia Energy Storage noticed that in the 2024 annual report, Anfu Technology specifically mentioned that Hefu Energy is developing strongly, achieving sales revenue of 412 million yuan, a year - on - year increase of 32.5%; the net profit was 12.9019 million yuan, a year - on - year increase of 3327.71%. At the same time, Hefu Energy also implemented the largest single - user - side energy storage project in China at that time - the 159.6MW/319.2MWh energy storage project of Wuyang Iron and Steel Plant of HBIS Group.
It can be seen that currently, the most promising "second growth curve" for Anfu Technology is only energy storage. What kind of surprises will Yuan Yonggang, who is good at using capital to capture concepts, bring to the 11,000 shareholders next?
This article is from the WeChat public account "Huaxia Energy Network", author: Jiang Bo, editors: Han Chenggong, Wang Dong. Republished by 36Kr with authorization.