Baoli New(300116)

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保力新(300116) - 2021 Q4 - 年度财报
2022-04-26 16:00
Financial Performance - The company achieved operating revenue of 164 million yuan, an increase of 16.37% compared to the same period last year[5]. - The net profit attributable to the parent company was a loss of 133 million yuan, a reduction of 21.94% in losses year-on-year[5]. - The company's operating revenue for 2021 was RMB 163,505,219.43, representing a 16.37% increase compared to RMB 140,504,993.97 in 2020[76]. - The net profit attributable to shareholders for 2021 was a loss of RMB 133,322,924.74, an improvement of 21.94% from a loss of RMB 170,795,598.86 in 2020[76]. - The net cash flow from operating activities was RMB 12,737,460.36, a significant increase of 103.62% compared to a negative cash flow of RMB 352,205,283.73 in 2020[76]. - The company's basic and diluted earnings per share for 2021 were both -0.03, an improvement of 25.00% from -0.04 in 2020[76]. - The net profit of the company, excluding non-recurring losses, totaled -340 million yuan for 2020 and 2021[41]. - The operating loss was 135 million yuan, a reduction of 33.60% year-on-year, while the net profit attributable to shareholders was a loss of 133 million yuan, down 21.94% from the previous year[109]. Market and Product Development - The company is developing new formulation systems to reduce material costs in response to rising raw material prices for lithium batteries[10]. - The company is actively pursuing market expansion and new product development in the energy storage and electric vehicle sectors[68]. - The company has focused on the development of lithium-ion batteries, particularly in the low-speed and light transportation sectors[68]. - The company primarily produces 32700 cylindrical lithium iron phosphate batteries, facing competition from other battery technologies in both low-speed electric vehicles and energy storage markets[47][49]. - The company has developed various standard products and modules for small-scale energy storage, actively expanding into markets in Japan, the USA, India, and Africa[120]. - The company is developing a new lithium manganese oxide battery to meet market demand, aiming to enhance product variety and competitiveness[1]. - The company has improved the cycle performance of existing lithium iron phosphate batteries to meet specific market demands for long cycle life[1]. Production and Operational Efficiency - The company is executing a special upgrade plan to improve yield rates and material usage efficiency, aiming to save energy consumption in factories[10]. - The production capacity utilization rate was relatively low, leading to higher production costs and a smaller overall sales scale[118]. - The company has established a standardized management system and implemented refined management, significantly improving product quality and performance[109]. - The company has implemented a strict supplier management control program to ensure the quality of raw materials used in production[109]. - The company is focusing on optimizing production processes to shorten production cycles and enhance efficiency, which is expected to improve overall competitiveness[1]. Financial Strategy and Investments - The company plans to increase its net assets through a specific stock issuance, providing funding support for technological upgrades and R&D investments[10]. - The company has initiated a stock issuance to specific targets in April 2022, which is progressing smoothly and is expected to improve long-term operating performance[42]. - The company has signed investment agreements for a project to produce 5 million low-speed intelligent travel vehicles, with local government support[35]. - The company plans to invest in 17GWh lithium battery cell and 10GWh PACK capacity projects in Sanmenxia, Zaozhuang, and Huangshi, with local government backing[38]. - The company reported a net cash outflow from financing activities of ¥56,730,048.53 in 2021, a significant decrease from a net inflow in 2020[145]. Risks and Challenges - The company is facing high production costs and a small order scale, which affects its operating revenue[5]. - The company faces risks related to the inability to implement projects on time due to limited financial resources and reliance on local government support[38]. - The competitive landscape is intensifying with both domestic and international players entering the energy storage and low-speed vehicle markets[51][54]. - The company has not identified any major risks related to the fulfillment of contracts[129]. Shareholder and Management Information - Mr. Li Yao's stock holdings were passively reduced due to a court ruling, resulting in a decrease from 6.05% to 3.51% of total shares held[29]. - The controlling shareholder has committed to ensuring a net profit of no less than RMB 300 million from January 1, 2020, to December 31, 2022, or will compensate the company in cash[38]. - The company is pursuing a remaining performance compensation of RMB 4.093 billion from Mr. Li Yao, following his previous compensation of approximately RMB 11.09 billion[34]. Research and Development - Research and development (R&D) investment reached ¥9,592,742.93 in 2021, accounting for 5.87% of operating revenue, a significant increase from 0.14% in 2020[144]. - The company reduced its R&D personnel by 47.73% from 44 in 2020 to 23 in 2021, while the proportion of R&D personnel to total staff increased from 5.44% to 7.57%[144]. - The average cost reduction for new inorganic lithium iron phosphate products is expected to be no less than 13%[1]. Cash Flow and Asset Management - The company achieved a significant increase in operating cash inflow, totaling ¥275,407,834.11 in 2021, representing a 147.74% increase compared to 2020[145]. - Operating cash outflow decreased to ¥262,670,373.75, down 43.31% from the previous year, resulting in a net cash inflow from operating activities of ¥12,737,460.36, a turnaround from a net outflow in 2020[145]. - Cash and cash equivalents decreased by 10.39% from 144,739,368.78 CNY (18.67% of total assets) to 58,255,063.33 CNY (8.28% of total assets) due to investments and debt repayments[154]. - Accounts receivable decreased by 3.89% from 150,372,952.07 CNY (19.40% of total assets) to 109,197,810.31 CNY (15.51% of total assets) as a result of effective collection efforts[154]. - Inventory increased by 6.98% from 105,703,014.28 CNY (13.64% of total assets) to 145,180,250.77 CNY (20.62% of total assets) due to rising lithium battery prices[154].
保力新(300116) - 2021 Q3 - 季度财报
2021-10-25 16:00
Financial Performance - The company's operating revenue for the third quarter reached ¥42,628,101.28, representing a 161.72% increase year-over-year[4] - The net profit attributable to shareholders was -¥25,326,043.12, a decrease of 34.13% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥25,384,681.67, a decrease of 33.92% year-over-year[4] - Operating revenue for the first nine months of 2021 reached ¥127,980,235.53, a significant increase of 287.98% compared to ¥32,986,438.03 in the same period of 2020[9] - The basic earnings per share for the quarter was -¥0.0059, a decrease of 34.13% compared to the same period last year[4] - The net loss for the third quarter of 2021 was ¥83,464,997.91, compared to a loss of ¥77,571,333.79 in the same quarter of the previous year[39] - The total comprehensive income for the third quarter was a loss of ¥94,326,589.19, compared to a loss of ¥87,004,832.82 in the same period last year[41] Assets and Liabilities - The total assets at the end of the reporting period were ¥772,205,799.66, a decrease of 0.38% from the end of the previous year[4] - The total liabilities increased to ¥456,219,977.69 as of September 30, 2021, compared to ¥364,844,154.71 at the end of 2020, marking an increase of approximately 25.1%[36] - The company's total current assets decreased to ¥457,076,435.50 from ¥548,695,814.78, a decline of about 16.7%[32] - The company's cash and cash equivalents decreased significantly to ¥17,603,889.57 from ¥144,739,368.78 at the end of 2020, a decline of about 87.8%[30] - The total assets of the company as of September 30, 2021, amounted to ¥772,205,799.66, slightly down from ¥775,156,565.87 at the end of 2020[32] Cash Flow - Cash flow from operating activities for the year-to-date was -¥50,275,350.66, an increase of 76.19% year-over-year[4] - The cash flow from operating activities showed a net outflow of ¥50,275,350.66, an improvement from a net outflow of ¥211,186,210.28 in the previous year[46] - Cash inflow from operating activities totaled ¥172,824,272.01, compared to ¥82,332,133.51 in the same period last year, indicating a significant increase[44] - The cash outflow from operating activities was ¥223,099,622.67, down from ¥293,518,343.79 in the previous year, showing a reduction of approximately 24%[46] - The net cash flow from investing activities was a loss of ¥55,689,743.20, compared to a loss of ¥12,770,319.68 in the previous year[46] Investments and Expenses - The company's inventory increased by 68.93% to ¥178,560,845.10 due to unsold stock and strategic stocking for major clients[7] - Long-term equity investments increased by 729.31% to ¥37,382,126.47, primarily due to new investments in several companies[7] - Research and development expenses increased by 66.21% to ¥7,693,486.78 from ¥4,628,872.63 in the previous year, driven by the expansion of the R&D team and ongoing projects[11] - The company reported a 441.18% increase in asset impairment losses, totaling ¥10,084,273.72, due to additional provisions for inventory write-downs[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 142,196, with the top ten shareholders holding a combined 14.02% of shares[12] - Major shareholders include Changde Zhongxing Investment Management Center holding 594,520,000 shares (approximately 25.5% of total shares) and Guo Hongbao holding 228,357,272 shares (approximately 9.9% of total shares)[16] - The company has a significant number of shares held by related parties, with Guo Hongbao and Xi'an Jianrui Penghua Enterprise Management Consulting Partnership acting in concert[16] Strategic Developments - The company is focused on expanding its sales channels for new energy products, particularly in the lithium battery sector for low-speed intelligent travel[19] - The company plans to invest RMB 20 million in Shenzhen Ruiditai Technology Co., with RMB 22,200 allocated to increase registered capital and the remaining RMB 19,777,800 as a premium to be added to the capital reserve[19] - The company is actively pursuing strategic planning and operational development to enhance its market position in the new energy sector[19] - The company plans to acquire a 10% stake in Reidi Tech and aims to increase its ownership to 51% upon performance commitments being met[20] - A joint venture with Dongguan Jiali New Energy Technology has been established with a registered capital of RMB 20 million, where the company holds 80% equity to develop battery packs for low-speed intelligent travel[20] Corporate Governance - The company has appointed two new vice presidents to support governance and strategic development[22] - The company has changed its office address and investor consultation phone number to enhance communication[20] - The company received a notification regarding the bankruptcy management of a shareholder, which will affect shareholder rights and obligations[20] - The company has revised its business scope and changed its English name to "Blivex Energy Technology Co., Ltd"[22]
保力新(300116) - 2021 Q2 - 季度财报
2021-08-29 16:00
Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2021, representing a year-on-year increase of 25%[18]. - The gross profit margin improved to 30%, up from 25% in the same period last year[18]. - Future guidance estimates a revenue growth of 30% for the second half of 2021, driven by increased demand for electric vehicle batteries[18]. - The company achieved operating revenue of ¥85,352,134.25, an increase of 411.14% compared to the same period last year[27]. - The net profit attributable to shareholders was -¥55,050,667.47, a decrease of 12.45% year-on-year[27]. - The company reported a total revenue of 358.43 million CNY for the first half of 2021, showing a significant increase compared to previous periods[189]. - The company reported a net loss of 343.2 million yuan for the reporting period, indicating challenges in achieving profitability[79]. Research and Development - The company plans to invest RMB 100 million in R&D for new lithium-ion battery technologies in the upcoming year[18]. - The company is establishing a new energy research institute to focus on key technology development and innovation in battery technology[39]. - The company is committed to enhancing its research and development efforts to drive innovation in electric vehicle technology[78]. - The company is investing in R&D, allocating 10% of its revenue towards developing new technologies aimed at enhancing energy efficiency[175]. Market Expansion and Strategy - The company is targeting a market expansion into Southeast Asia, aiming for a 20% market share by 2023[18]. - The company is exploring potential mergers and acquisitions to enhance its supply chain efficiency[18]. - The company is exploring new product development in the electric mobility sector, including smart electric balance vehicles[44]. - Market expansion plans include entering two new international markets by the end of 2021, which is anticipated to increase overall market share by 5%[175]. - The company is considering strategic acquisitions to bolster its technology capabilities, with a budget of 500 million yuan earmarked for potential deals[175]. Operational Challenges and Risks - The company has identified key risks including supply chain disruptions and is implementing measures to mitigate these risks[5]. - The company experienced operational challenges last year due to bankruptcy restructuring and the impact of the COVID-19 pandemic[39]. - The company faces risks related to rising raw material prices, which significantly impact product costs, as raw materials constitute a high percentage of total costs[134]. - The company is at risk of product singularity, as its main product is the 32700 cylindrical lithium iron phosphate battery, facing competition from other battery types[134]. Investments and Financial Management - The company has made significant investments in subsidiaries, including ¥10 million in Shenzhen Ruiditai Technology Co., and ¥22.5 million in Baoli New (Bengbu) Intelligent Technology Co.[61]. - The company has reported a total of 294,759.99 million in funding allocation, with 297,831.75 million as the planned amount, indicating a slight shortfall of 7.8 million[95]. - The company has completed a capital increase of 20 million yuan in its subsidiary, which specializes in electric vehicle components[79]. - The company has a total of 23,071.78 million in planned investments, with 21,181.61 million actually invested, indicating a significant investment progress[113]. Environmental and Social Responsibility - The company adheres to national environmental protection and energy-saving regulations, actively engaging in clean production efforts[151]. - The company is committed to sustainable development and actively fulfills its social responsibilities towards employees and stakeholders[148]. - The company aims to accelerate the preparation of energy storage and new energy supporting storage battery products to contribute to carbon neutrality goals[151]. Shareholder and Governance - The company has ensured that all disclosed information is timely, accurate, and complete, with no violations in the management and use of raised funds[103]. - The company emphasizes the protection of shareholder and creditor rights, ensuring compliance with relevant laws and regulations[148]. - The company has committed to not transferring shares obtained from the stock issuance for 12 months after the issuance ends[163]. - The company has established a long-term commitment to avoid any competition with related businesses[167].
保力新(300116) - 2021 Q1 - 季度财报
2021-04-28 16:00
Financial Performance - The company's revenue for Q1 2021 was ¥29,117,824.94, representing a 513.50% increase compared to ¥4,746,200.50 in the same period last year[8]. - The net profit attributable to shareholders was -¥19,402,624.79, a decrease of 103.70% from -¥9,524,896.08 year-over-year[8]. - The basic and diluted earnings per share were both -¥0.0045, reflecting a 114.29% decline from -¥0.0021 in the same period last year[8]. - The company reported a significant increase in short-term borrowings and other financial liabilities, reflecting a shift in financial strategy[159]. - The company reported a comprehensive loss of CNY 20,473,720.76 for the current period, compared to a loss of CNY 10,574,879.46 in the prior period[180]. - The company’s long-term equity investments increased from CNY 575,004,613.18 to CNY 631,520,651.18, reflecting a growth of approximately 9.83%[166]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥55,058,257.69, which is a 54.62% decline compared to -¥35,607,767.05 in the previous year[8]. - Cash and cash equivalents at the end of the period amounted to ¥47,040,788.04, a decrease of 67.50% compared to the beginning of the period, primarily used for paying goods, labor costs, and purchasing fixed assets[23]. - The ending cash and cash equivalents balance was ¥47,327,428.50, down from ¥434,896,480.57 in the previous period[194]. - The company’s cash flow from operating activities indicates a strong recovery compared to the previous period, highlighting improved operational efficiency[195]. Assets and Liabilities - The total assets at the end of the reporting period were ¥760,462,412.21, down 1.90% from ¥775,156,565.87 at the end of the previous year[8]. - The total liabilities as of March 31, 2021, were ¥370,623,721.80, compared to ¥364,844,154.71 at the end of 2020[159]. - The total equity decreased from CNY 776,406,834.36 to CNY 767,283,938.69, showing a decline of approximately 1.45%[169]. Operational Performance - Operating revenue for the period was ¥29,117,824.94, an increase of 513.50% year-on-year, while operating costs rose by 713.68% to ¥29,969,043.64[23]. - Cash received from sales of goods and services amounted to ¥27,752,858.66, an increase of 1531.14% year-on-year, reflecting expanded sales scale[23]. - The company has significantly increased its workforce due to the addition of subsidiaries, leading to higher expenses in labor, depreciation, leasing, and R&D[144]. Strategic Agreements and Collaborations - The company signed a strategic cooperation framework agreement with Aerospace Parker (Guangdong) Technology Co., Ltd., focusing on lithium battery technology development and market applications[27]. - A strategic cooperation agreement was established with Guangdong Mengshi New Energy Technology Co., Ltd. to enhance collaboration in the new energy industry chain[27]. - The company signed a strategic cooperation agreement with Hummer (Chongqing) New Energy Technology Development Co., Ltd. to jointly develop customized operational models, with uncertainties regarding implementation and market conditions[30]. Shareholder and Equity Issues - A major shareholder, Guo Hongbao, faces judicial disposal of 31,680,000 shares, representing 1.02% of the total share capital, due to forced liquidation by the court[30]. - Another major shareholder, Li Yao, has 138,500,290 shares frozen, accounting for 3.24% of the total share capital, which may affect the company's ability to repurchase shares[30]. - The company repurchased and canceled approximately 219,087,747 shares resulting from the capital reserve conversion, based on a ratio of 8.5 shares for every 10 shares held[33]. Risks and Challenges - The company faces risks related to the inability to implement signed framework agreements, which may adversely affect future operations[27]. - The company is exposed to policy risks following the implementation of the new national standard for electric bicycles, which may lead to a temporary decline in demand for electric bicycle batteries[33]. - Increased competition in the lithium battery market is anticipated as traditional lead-acid battery manufacturers begin to enter the lithium sector[36]. Commitments and Compliance - The company has committed to ensuring that its controlled entities do not engage in any business activities that directly or indirectly compete with its main operations[47]. - The company has made a commitment to compensate for any shortfall in profit if the actual profit does not meet the promised figures, with shares being unlocked only after performance compensation is completed[61]. - The commitments made by the controlling parties regarding related transactions and fund occupation have been strictly adhered to during the reporting period[74].
保力新(300116) - 2020 Q4 - 年度财报
2021-04-19 16:00
Financial Performance - The company achieved operating revenue of 141 million yuan, a decrease of 74.16% year-on-year, and a net profit of -177 million yuan, a decrease of 163.80% year-on-year[4]. - The company’s operating revenue for 2020 was ¥140,504,993.97, a decrease of 74.16% compared to ¥543,815,130.85 in 2019[42]. - The net profit attributable to shareholders for 2020 was -¥170,795,598.86, down 157.95% from ¥294,722,969.63 in 2019[42]. - The net cash flow from operating activities was -¥352,205,283.73, a significant decline of 57,110.86% compared to -¥615,626.59 in 2019[42]. - The total assets at the end of 2020 were ¥775,156,565.87, a decrease of 37.94% from ¥1,249,074,024.55 at the end of 2019[42]. - The net assets attributable to shareholders at the end of 2020 were ¥397,395,768.95, down 29.55% from ¥564,115,681.15 at the end of 2019[42]. - The company reported a basic earnings per share of -¥0.04 for 2020, a decline of 157.14% from ¥0.07 in 2019[42]. - The company reported a total revenue of 2,112 million yuan for the year 2020[160]. - The net profit attributable to the company was -805.3 million yuan, indicating a significant loss[160]. Reasons for Decline - The main reasons for the decline in revenue and profit include high fixed costs due to underutilized capacity, expected credit losses on receivables, and inventory impairment losses of approximately 10 million yuan[4]. - The company reported a negative gross margin due to high fixed costs and underutilized capacity, leading to significant operating losses during the reporting period[85]. - In 2020, the company faced challenges in market expansion and cost control due to the impact of the pandemic, resulting in lower capacity utilization and higher unit costs[23]. Strategic Initiatives - After the completion of the restructuring plan, the company restructured its board on June 3, 2020, with Gao Baoqing appointed as the new chairperson and general manager, bringing extensive experience in the lithium battery industry[5]. - The company is focusing on the development of lithium iron phosphate batteries and plans to enhance its production capabilities through the acquisition of a PACK factory and investment in a 2GWh lithium battery project[6]. - The company plans to establish a new energy research institute to focus on key technology development and innovation in advanced battery technology[55]. - The company is actively expanding its market presence, having participated in the Jiangsu International New Energy Electric Vehicle and Parts Trade Fair in October 2020 to promote its new brand and products[56]. - The company is committed to optimizing its strategic layout and enhancing its competitiveness in the lithium battery market despite the challenges posed by the pandemic and market competition[6]. Market Trends - The lithium-ion battery industry continues to grow rapidly, with significant increases in production and sales in both electric vehicle and energy storage markets, indicating a positive outlook for the industry[6]. - The market potential for lithium iron phosphate batteries is significant, especially in the energy storage and low-speed electric vehicle markets[54]. - The new national standard for electric bicycles, implemented in April 2019, favors lithium batteries due to weight restrictions, further driving market demand for lithium battery electric bicycles[58]. - The electric two-wheeler market is anticipated to maintain high growth rates due to the implementation of new national standards and the rise of shared economy models[63]. - The company is positioned in the downstream of the lithium-ion battery industry chain, primarily producing lithium iron phosphate cells and battery packs[56]. Risks and Challenges - The company faces risks related to the judicial disposal of shares held by major shareholders, which could lead to passive reductions in shareholding[8]. - The company faces risks related to the implementation of the new national standard for electric bicycles, which may lead to a temporary decline in demand for electric bicycle batteries[19]. - The transition from lead-acid batteries to lithium batteries in the electric two-wheeler market may not proceed as expected due to price sensitivity among consumers[20]. - The competitive landscape is intensifying with domestic and international players like Samsung SDI and LG Chem entering the energy storage market, alongside traditional lead-acid battery companies transitioning to lithium batteries[25]. - The company is at risk of being unable to adapt to industry changes due to its reliance on a single product line, which could hinder its competitive resilience[22]. Shareholder and Legal Matters - The company received a court ruling allowing the forced auction of 108,500,000 shares of Jianrui Woneng stock to settle debts, which represents a significant legal development[10]. - As of the report date, major shareholder Li Yao holds 257,750,290 shares, accounting for 6.02% of the total share capital, all of which are judicially frozen[10]. - Li Yao has a performance commitment to compensate the company up to 5.2 billion RMB due to unmet profit targets from the acquisition of Watma, with 1.109 billion RMB already paid[14]. - The company has initiated a share repurchase plan for shares held by Li Yao, which are subject to judicial restrictions, creating uncertainty in execution[12]. - The company has committed to repurchasing shares at a nominal price of 1 RMB as part of the performance compensation agreement with Li Yao[14]. Production and Capacity - The company has resumed production with a capacity of 3GWh at its subsidiary Inner Mongolia Anding New Energy Co., Ltd[90]. - The company has established PACK factories in Huizhou, Wuxi, and Dongguan, leveraging synergies between PACK and cell production to drive sales[81]. - The company plans to expand its capacity for lithium iron phosphate soft pack and square batteries to meet diverse market demands[71]. - The company has made progress in the electric two-wheeler market by sending samples to most manufacturers, but there remains uncertainty in entering mainstream customer supply chains[23]. - The company has reported that the market replacement of lead-acid batteries with lithium batteries in light electric vehicles is progressing slower than anticipated[20]. Research and Development - The company is developing new products, including a 6.7 Ah battery cell with a target of 2,000 cycles at 1C, which has entered the pilot test phase[116]. - The company has achieved ISO9001 quality system certification and several other certifications, indicating a commitment to quality management[90]. - The company has committed to maintaining high product quality as a core competitive advantage and is continuously optimizing its quality management system[171]. - The company is committed to enhancing its core competitiveness through technology-driven strategies and optimizing its R&D system[170]. Corporate Governance - The company has undergone a management restructuring and is focusing on optimizing resources and enhancing production and sales teams[23]. - The management team, led by CEO Gao Baoqing, has extensive industry experience and has restructured the organization to enhance operational efficiency[80]. - The company has restructured its board and management team to improve decision-making and operational efficiency[91]. - The company has implemented the IATF16949:2016 system standard training and internal auditor training to enhance operational efficiency and support high-quality development[171]. Investment and Funding - The company has not distributed any cash dividends or implemented capital reserve transfers to increase share capital in the reporting period, with a net profit of -170,795,598.86 CNY[177]. - The company has committed to an investment project for the production and R&D of 20,000 S-type aerosol automatic fire extinguishing devices, with a total investment of CNY 9,400 million, achieving 89.69% completion as of January 17, 2017[136]. - The company has allocated CNY 3,990 million for the establishment of the Jianrui Fire Marketing Center, achieving 95.62% completion by December 31, 2015[138]. - The company has utilized all funds allocated for fixed asset investment in the aerosol fire extinguishing device project, with remaining funds redirected to working capital[139]. - The company has engaged in strategic acquisitions to enhance its market position and expand its business operations[143].
保力新(300116) - 2020 Q3 - 季度财报
2020-10-29 16:00
Financial Performance - Operating revenue for the reporting period was CNY 16,287,955.76, a decline of 91.68% year-on-year[8]. - Net profit attributable to shareholders of the listed company was a loss of CNY 38,448,848.86, a decrease of 95.06% compared to the same period last year[8]. - Basic earnings per share were CNY -0.0090, down 94.81% year-on-year[8]. - The net loss for Q3 2020 was CNY 38,386,545.60, compared to a net loss of CNY 781,790,508.26 in the previous year, showing an improvement of approximately 95.1%[105]. - The total operating revenue for Q3 2020 was CNY 16,287,955.76, a significant decrease from CNY 195,851,018.84 in the same period last year, representing a decline of approximately 91.7%[103]. - The company reported a net loss of CNY 6,931,860,210.58 in retained earnings as of September 30, 2020[100]. - The company reported a cumulative net profit target of no less than 403.5 million CNY, 909 million CNY, and 1.518 billion CNY for the years ending December 31, 2016, 2017, and 2018 respectively[79]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 942,804,762.55, a decrease of 24.52% compared to the end of the previous year[8]. - Total liabilities decreased to CNY 465,741,015.37 from CNY 686,208,413.57, showing a reduction in financial obligations[99]. - The company's equity attributable to shareholders decreased to CNY 477,058,843.96 from CNY 564,115,681.15, reflecting a decline in retained earnings[100]. - Cash and cash equivalents decreased by CNY 209,469,428.67, a decline of 39.58%, primarily due to payments to suppliers and financial institutions as per the restructuring plan[20]. - Current assets decreased to CNY 684,586,182.69 from CNY 1,104,924,815.93, reflecting a significant reduction in cash and cash equivalents[96]. - Total liabilities reached CNY 686,208,413.57, with current liabilities at CNY 650,839,463.39 and non-current liabilities at CNY 35,368,950.18[133]. Cash Flow - Net cash flow from operating activities was a negative CNY 43,134,675.04, a decrease of 183.15% compared to the previous year[8]. - Cash received from sales of goods and services decreased by ¥360,591,055.41, a decline of 92.21%, attributed to a reduced consolidation scope and business scale[26]. - The company reported a net cash outflow from operating activities of 73,952,900.43 CNY after deducting cash outflows[121]. - Total cash inflow from financing activities was 370,588,947.99 CNY, with a net cash flow of 28,552,954.61 CNY, reversing a negative cash flow of -80,826,647.85 CNY in the previous period[123]. - The company experienced a decrease in cash and cash equivalents by 410,350,778.57 CNY during the period[127]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 158,808[13]. - The largest shareholder, Changde Zhongxing Investment Management Center, held 14.02% of the shares[13]. - There is a risk of major shareholders reducing their holdings in the secondary market as the lock-up period for approximately 1.151 billion shares is nearing its end[29]. Restructuring and Strategic Plans - The company plans to continue its restructuring efforts to stabilize operations and improve financial health[20]. - The company has established strategic partnerships with Guangdong Mengshi New Energy Technology Co., Ltd. and Hummer (Chongqing) New Energy Technology Development Co., Ltd. to enhance technology development and market operations[28]. - The company has agreed to the transfer of 55% equity in Hubei Litong New Energy Co., Ltd. for CNY 21.12 million as part of its strategic restructuring[30]. - The company has canceled several subsidiaries to reduce management costs and improve operational efficiency[30]. Compliance and Commitments - The company has committed to not transferring its shares in Jianrui Wonen for 36 months from the date of subscription during the restructuring process[37]. - The company will ensure compliance with relevant laws and regulations regarding related party transactions[53]. - The company has committed to avoiding any illegal occupation of funds or assets from its controlled enterprises[51]. - The company has confirmed that there are no related party relationships with major shareholders and management personnel of Jianrui Wonen[41]. Inventory and Receivables - Inventory increased by CNY 120,563,062.53, a rise of 378.70%, due to stockpiling after the factory resumed production, despite poor sales performance[20]. - Accounts receivable increased by CNY 13,411,968.69, an increase of 16.06%, mainly due to the disposal of idle vehicles[20]. - Other receivables decreased by CNY 357,235,183.48, a decline of 95.50%, due to the confirmation of receivables from restructuring investors[20].
保力新(300116) - 2020 Q2 - 季度财报
2020-08-27 16:00
Financial Performance - The company reported a net profit attributable to shareholders of approximately -4.12 billion RMB for 2019, indicating a significant loss [22]. - The company's operating revenue for the reporting period was ¥16,698,482.27, a decrease of 92.86% compared to the same period last year [48]. - The net profit attributable to shareholders was -¥48,957,250.51, representing a 97.32% improvement from the previous year's loss of -¥1,828,770,402.55 [48]. - The net cash flow from operating activities was -¥168,051,535.24, a significant decline of 1,729.88% compared to the previous year [48]. - Total assets at the end of the reporting period were ¥974,707,509.07, down 21.97% from the end of the previous year [48]. - Non-recurring losses for the reporting period amounted to approximately -¥9,221,458.34, impacting the net profit attributable to shareholders [54]. - The gross profit margin for lithium-ion battery cells and packs was 4.42%, with a year-on-year decrease of 11.06% [101]. Strategic Partnerships and Agreements - The company has signed a strategic cooperation agreement with Guangdong Mengshi New Energy Technology Co., Ltd. to enhance its capabilities in power battery manufacturing and energy storage systems [10]. - The company has established a strategic partnership with Guangdong MSL New Energy Technology Co., Ltd. to enhance collaboration in the new energy industry [61]. - The company has established a joint venture with Jiangsu Huakong Investment Management Co., Ltd. for the development and production of lithium-ion batteries, with a registered capital of 200 million RMB [6]. Market and Product Development - The company primarily produces 32700 cylindrical lithium iron phosphate batteries, which are safer, longer-lasting, and cheaper compared to other battery technologies [24]. - The company aims to expand its market presence in the energy storage and low-speed electric vehicle sectors, which are expected to grow significantly [58]. - The company plans to change its name to "Baoli New Energy Technology Co., Ltd." and its stock abbreviation to "Baoli New" pending shareholder approval [19]. - The company plans to expand into the two-wheeled electric vehicle market, leveraging its 32700 cylindrical lithium iron phosphate battery technology [186]. Risks and Challenges - The company is facing risks related to the inability to fulfill performance commitments made by major shareholder Li Yao, who is required to compensate up to 5.2 billion RMB due to unmet profit targets [18]. - The company faces risks from a single product line, as it has not yet developed ternary lithium battery products, which may limit its ability to adapt to industry changes [27]. - The competitive landscape is intensifying with both domestic and international players entering the energy storage and low-speed vehicle markets, including companies like Samsung SDI and CATL [28]. - The company is at risk of market competition intensifying, particularly in the energy storage and low-speed vehicle sectors [186]. Operational Changes and Management - The company's operational improvement is hindered by the recent appointment of a new CEO, who has limited time to implement changes [22]. - The company has restructured its board and management team to optimize operational efficiency and adapt to market changes [58]. - The management team was strengthened by the introduction of experienced personnel, including the actual controller, who has a successful track record in turning around companies [84]. - The company has implemented a more scientific and efficient management structure post-reorganization, enhancing decision-making and operational unity [93]. Financial Restructuring and Investments - The company successfully completed its restructuring plan, which significantly improved its financial condition and optimized its asset-liability structure [58]. - The company has initiated a capital reserve transfer plan to increase its total share capital by approximately 206.76 million shares [18]. - The company has allocated CNY 4,050 million for land purchase, fully completed [127]. - The company has completed the investment in fixed assets for the annual production of 20,000 S-type aerosol automatic fire extinguishing devices, with all funds utilized [171]. Shareholder Engagement and Commitments - The company held its first extraordinary shareholders' meeting on February 25, 2020, with a participation rate of 6.50% [190]. - The annual shareholders' meeting for 2019 took place on June 3, 2020, with a participation rate of 1.11% [190]. - The actual controller and shareholders have fulfilled their commitments regarding competition and related transactions during the reporting period [191]. - The commitments made by the actual controller are valid for the long term and have been strictly adhered to during the reporting period [191].
保力新(300116) - 2020 Q1 - 季度财报
2020-04-30 16:00
Financial Performance - Total revenue for Q1 2020 was ¥4,746,200.50, a decrease of 95.57% compared to ¥107,213,557.34 in the same period last year[9]. - Net profit attributable to shareholders was -¥9,524,896.08, an improvement of 98.24% from -¥540,239,368.55 year-on-year[9]. - Basic earnings per share improved to -¥0.0021 from -¥0.12, reflecting a 98.24% increase[9]. - Diluted earnings per share also improved to -¥0.0021 from -¥0.12, showing a 98.29% increase[9]. - The net loss for the current period is CNY -10,140,337.56, an improvement from a net loss of CNY -540,427,639.86 in the previous period[181]. - The total comprehensive income for the period was -3,427,198.10, compared to -22,731,741.80 in the previous period, indicating a significant improvement[192]. Cash Flow and Liquidity - Net cash flow from operating activities was -¥35,607,767.05, a significant decline of 1,725.29% compared to -¥1,950,803.50 in the previous year[9]. - Cash inflows from operating activities totaled 2,596,314.23, down from 140,266,151.46 in the previous period, reflecting a decrease in operational performance[193]. - Cash outflows from operating activities amounted to 38,204,081.28, compared to 142,216,954.96 in the previous period, showing a reduction in cash expenditures[196]. - Cash and cash equivalents at the end of the period were 434,896,480.57, down from 43,150,697.20 in the previous period, reflecting a decrease in liquidity[199]. - The net cash flow from financing activities was -35,808,983.33, compared to 554,832.37 in the previous period, highlighting a significant outflow[199]. Assets and Liabilities - Total assets increased by 7.28% to ¥1,339,953,387.23 from ¥1,249,074,024.55 at the end of the previous year[9]. - Total liabilities increased to ¥790,486,824.10 from ¥686,208,413.57, reflecting a growth of around 15.2%[163]. - Owner's equity decreased to ¥549,466,563.13 from ¥562,865,610.98, a decline of about 2.4%[166]. - Current liabilities decreased to ¥625,020,327.40 from ¥650,839,463.39, a reduction of about 3.3%[163]. - Non-current liabilities rose significantly to ¥165,466,496.70 from ¥35,368,950.18, indicating an increase of approximately 367.5%[163]. Shareholder Information - The company had a total of 64,593 common shareholders at the end of the reporting period[13]. - The top shareholder, a special account for the disposal of bankrupt enterprise assets, held 45.95% of shares, totaling 2,067,645,880 shares[13]. - Li Yao holds 257,750,290 shares, accounting for 10.60% of the total share capital, with 72.19% of these shares pledged[32]. - The company plans to repurchase and cancel shares held by Li Yao that were increased due to the capital reserve conversion, totaling approximately 256,487,747 shares[38]. Operational Challenges - The company is facing risks related to the inability to implement signed framework agreements and the judicial disposal of major shareholder equity[28]. - The company is undergoing bankruptcy reorganization due to failure to meet repayment obligations, initiated by creditor Kai Rui Da[36]. - The company has faced risks of suspension and termination of stock listing, as indicated in multiple announcements throughout early 2020[42]. - The company has identified risks of potential losses due to delays in production and sales caused by the COVID-19 pandemic[151]. Strategic Initiatives - The company plans to implement a capital increase of approximately 206,764,590 shares based on a ratio of 10 shares to 8.5 shares, with a portion of Li Yao's shares subject to buyback and cancellation[33]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2021[66]. - A strategic acquisition of a local competitor is in progress, which is expected to increase production capacity by 40%[66]. - The company has established partnerships with three new suppliers to enhance raw material sourcing efficiency[66]. Compliance and Commitments - The company emphasizes compliance with the regulations of the China Securities Regulatory Commission regarding related party transactions[123]. - The company has committed to ensuring the independence of its assets, business, personnel, finance, and institutions post-major asset restructuring[92]. - The company has established a compensation mechanism for performance commitments, ensuring actual compensation capability in case of non-fulfillment[116].
保力新(300116) - 2018 Q4 - 年度财报
2019-04-29 16:00
Debt Crisis and Financial Challenges - The company faced a debt crisis leading to the freezing of 117 bank accounts, with a total frozen amount of approximately 78.92 million yuan[16]. - The company and its subsidiaries are involved in 536 lawsuits, with a total disputed amount of about 8.16 billion yuan, of which approximately 2.91 billion yuan has been adjudicated[12]. - The company reported significant asset seizures, with inventory valued at approximately 536.69 million yuan and fixed assets valued at about 426.08 million yuan being seized[16]. - The company is at risk of losing 100% equity in its subsidiary due to a judicial auction, which would result in the complete exit from the fire safety business segment[9]. - The company is facing a bankruptcy reorganization application, which is currently under review by the court, introducing significant uncertainty regarding its acceptance[22]. - The company's major shareholder, Guo Hongbao, has all shares frozen due to a stock pledge default, affecting 205.72 million shares[17]. - The company's total debt as of the reporting period was approximately 16.587 billion CNY, including overdue debts of about 9.9 billion CNY[30]. - The company has not yet finalized any substantial agreements regarding the introduction of strategic investors, which poses a risk of non-implementation[10]. - The company is at risk of talent loss due to operational disruptions caused by the debt crisis, which may adversely affect future operations[34]. - The company is exploring strategic investments and debt restructuring options with potential partners to address its financial challenges[73]. - The company is considering bankruptcy reorganization as a potential solution to its debt crisis, which could involve a court-approved restructuring plan[96]. Operational Performance and Revenue - The company's operating revenue for 2018 was CNY 3,997,392,090.31, a decrease of 58.62% compared to 2017[56]. - The net profit attributable to shareholders for 2018 was a loss of CNY 3,924,895,211.55, which is a 6.54% increase in loss compared to the previous year[56]. - The total assets at the end of 2018 were CNY 17,600,561,403.97, down 40.39% from the previous year[56]. - The net assets attributable to shareholders decreased to CNY 251,476,488.12, a decline of 93.92% compared to 2017[56]. - The company reported a significant decrease in intangible assets, with a year-end balance of CNY 175.95 million, down 63.51% from the previous year due to impairment provisions related to the acquisition of Shenzhen Watma Battery Co., Ltd.[75]. - The company reported a significant decrease in investment, with the current period's investment amounting to 500,000 yuan, a 99% decrease compared to the previous year's investment of 50 million yuan[150]. - The company reported a revenue of 3.997 billion yuan, a decrease of 58.62% compared to the same period last year[93]. - The company faced operational challenges due to a debt crisis, leading to reduced production and order volumes[104]. Asset Management and Impairment - The company recorded a goodwill impairment of CNY 166.15 million, resulting in a year-end goodwill balance of CNY 54.17 million, a decrease of 75.41%[75]. - The company has incurred increased asset impairment losses due to bad debt provisions and inventory write-downs[93]. - The company reported an asset impairment of 2,398,098.83 million yuan, which accounted for 68.64% of total profits, due to significant asset ownership restrictions and idle equipment[138]. - The company has reported that multiple subsidiaries' equity has been frozen, in addition to the frozen debt claims[149]. Market and Industry Trends - The new energy vehicle industry saw production and sales of 1.27 million and 1.26 million units in 2018, representing year-on-year growth of 59.9% and 61.7% respectively[74]. - The cumulative production of power batteries in China reached 70.6 GWh in 2018, with a year-on-year growth of 56.3%[74]. - The market concentration for power batteries increased, with the CR2 at 61.3%, CR5 at 73.8%, and CR10 at 82.8% based on installed capacity in 2018[74]. - The company is developing high-specification products for MW-level energy storage to meet strict requirements for frequency modulation, with a focus on stable mass production[200]. - The small and micro energy storage market is expected to see lithium-ion batteries replace lead-acid batteries, with costs decreasing by 10-20% annually, making them competitive by early 2019[200]. Strategic Initiatives and Future Plans - The company is focusing on new product development and market expansion strategies[37]. - The company is actively restructuring its debt to lower liabilities and optimize its debt structure through negotiations with suppliers[93]. - The company is working with Tianjin Jinping Technology Development Co., Ltd. to introduce advanced battery manufacturing technology and resources[96]. - The company plans to enter a restructuring process if the court accepts the bankruptcy reorganization application from creditors in 2019[73]. - The company is actively expanding its market presence through strategic partnerships and investments in new technologies[154]. Financial Management and Fundraising - The company has cumulatively used 293,148.29 million RMB from its fundraising efforts, with 1,567.06 million RMB used in the current period[161]. - The company has a total of 3,848.69 million RMB in unused fundraising, with 3,826.8 million RMB frozen due to judicial seizure[161]. - The company has established a joint investment fund for the new energy vehicle industry with a total investment of 50 million RMB, achieving 100% of the planned investment[154]. - The company has completed the acquisition of Daming Technology Co., Ltd. with an investment of 11,004 million RMB, achieving 100% of the planned investment[162]. - The company has received approval from the China Securities Regulatory Commission for a non-public issuance of shares to raise matching funds totaling approximately 2.5 billion yuan[181].
保力新(300116) - 2019 Q1 - 季度财报
2019-04-29 16:00
Financial Performance - Total revenue for Q1 2019 was ¥107,213,557.34, a decrease of 90.40% compared to ¥1,116,621,884.24 in the same period last year[9] - Net profit attributable to shareholders was -¥540,239,368.55, representing a 69.27% increase in losses from -¥319,165,702.91 year-on-year[9] - Net cash flow from operating activities was -¥1,950,803.50, a decline of 100.66% compared to ¥297,246,635.67 in the previous year[9] - Basic and diluted earnings per share were both -¥0.22, worsening from -¥0.13 in the same period last year, reflecting a 69.27% increase in losses[9] - Total assets at the end of the reporting period were ¥15,663,515,087.92, down 11.01% from ¥17,600,561,403.97 at the end of the previous year[9] - Net assets attributable to shareholders were -¥339,660,143.11, a decrease of 235.07% from ¥251,476,488.12 at the end of the previous year[9] - Cash and cash equivalents at the end of the period were 127.99 million CNY, down 73.22% from the beginning of the period[23] - Accounts receivable decreased by 107,071.53 million CNY, a decline of 11.37%, primarily due to debt offsetting[23] - The company’s R&D expenses were 344.59 million CNY, down 92.22% year-over-year, reflecting reduced investment due to financial constraints[24] - Other income fell to 518.99 million CNY, a decrease of 91.80% compared to the previous year, due to reduced government subsidies[25] - The company experienced a cash inflow from sales of 99.28 million CNY, down 92.24% year-over-year, attributed to slow collection of receivables[24] - The total asset impairment loss increased by 10.75% to 25,576.19 million CNY, mainly due to aging receivables[32] - The company’s operating costs were 8,108.52 million CNY, a decrease of 91.04% compared to the same period last year[24] - The company’s financial expenses decreased by 23.18% to 15,334.16 million CNY, due to a reduction in the scale of interest-bearing debt[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,947[14] - The largest shareholder, Ningbo Jianrui New Energy, held 13.58% of shares, totaling 330,333,720 shares[14] - The company did not conduct any repurchase transactions among the top 10 ordinary shareholders during the reporting period[16] Legal and Operational Risks - The company faces risks related to the judicial auction of its wholly-owned subsidiary, which could lead to a complete exit from the fire protection business[39] - The company has guaranteed a total of 4.755 billion yuan for its subsidiary, with 3.835 billion yuan related to bank loans, exposing it to significant liability risks[40] - The company has 117 frozen bank accounts with a total frozen amount of 78.92 million yuan, and its inventory and fixed assets have also been seized, valued at approximately 536.69 million yuan and 426.08 million yuan respectively[41] - The company is currently facing a risk of bankruptcy reorganization, with a creditor having applied for such proceedings due to unpaid debts[41] - The company's net assets were reported at 251,476,488.12 yuan at the end of the reporting period, indicating a risk of negative net assets due to ongoing operational deterioration[42] - As of March 31, 2019, the company's unaudited net assets were -328,520,790.22 yuan, highlighting the risk of suspension of stock listing if the audited net assets remain negative at year-end[44] - The company faced a debt risk with total liabilities amounting to approximately 16.587 billion yuan, including overdue debts of about 9.9 billion yuan as of December 31, 2018[47] - Accounts receivable and notes receivable net amount was 9.083 billion yuan, a decrease of 22.79% compared to the previous year, indicating potential collection risks[47] - The company is facing operational risks due to a debt crisis that has led to significant asset seizures and judicial freezes, severely impacting production capacity[48] - The company has experienced talent loss due to operational disruptions, which may adversely affect future operations and R&D capabilities[52] - The company is facing severe debt crisis and operational difficulties, which has slowed down the progress of introducing strategic investors[55] - The company has received a demand letter from creditor Kaierda, indicating that a bankruptcy reorganization application has been filed due to failure to repay debts[59] Strategic Initiatives and Future Outlook - The company has signed significant contracts, including a 60,002.41 million yuan energy storage battery contract with Zhongshan Greenbo Lighting, which has been executed for 5,588.37 yuan[33] - The company is actively pursuing asset and debt restructuring, including major asset restructuring and bankruptcy reorganization[60] - The company reported a significant risk of suspension and termination of stock listing, with multiple announcements made throughout January and February 2019 regarding this issue[66] - The company is navigating a complex financial landscape, with significant implications for its future operations and market position[66] - The company expects revenue growth of 30% for the upcoming quarter, driven by new product launches and market expansion strategies[78] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2020[78] - A strategic acquisition of a competitor is anticipated to be finalized by Q3 2019, expected to enhance the company's product offerings and market reach[78] - The company has introduced a new product line that is projected to contribute an additional 10 million in revenue over the next year[78] - The company has set a performance guidance of achieving a net profit of 100 million for the fiscal year 2019, reflecting a growth target of 25%[78] Compliance and Governance - The company is committed to maintaining its independence and avoiding any conflicts of interest with its subsidiaries and affiliates[78] - The company has committed to ensuring compliance with legal regulations regarding related party transactions, ensuring fair pricing[102] - The management emphasized the importance of maintaining independent operations to avoid conflicts of interest with related parties[102] - The company has strict compliance commitments regarding related party transactions and will adhere to fair pricing and approval procedures[179] - The company has reiterated its commitment to maintaining transparency and accountability in its financial reporting and shareholder agreements[134]