NARADA(SZ:300068)2023-08-04 16:00Financial Performance - The company reported a total revenue of 21,426,467.52 RMB for the first half of 2023, reflecting a significant increase compared to the previous period[25]. - The company's operating revenue for the reporting period was ¥7,894,629,937.42, representing a 40.11% increase compared to ¥5,634,570,813.44 in the same period last year[45]. - Net profit attributable to shareholders was ¥306,147,340.68, a decrease of 42.18% from ¥529,474,569.44 in the previous year[45]. - The net profit after deducting non-recurring gains and losses was ¥284,720,873.16, showing a significant increase of 594.44% compared to ¥40,999,780.99 last year[45]. - The company reported a total cash balance of CNY 2,467,361,095.00 at the end of the period, an increase from CNY 1,298,498,045.22 at the beginning of the period, reflecting a significant growth in liquidity[85]. - The company’s investment income decreased by CNY 12,773,154.61, accounting for -4.22% of total profit[108]. - The company’s other income, primarily from government subsidies, accounted for 94.47% of total profit, amounting to CNY 285,952,872.99[108]. Business Strategy and Development - The company plans to focus on the development of high-temperature energy-saving and environmentally friendly lead-acid battery products, which are primarily used in industrial energy storage sectors[29]. - The company emphasizes a sales strategy that combines direct and agency sales to enhance market development and maintenance[31]. - The company is committed to providing accurate and complete financial reports, with all board members present for the review of the half-year report[12]. - The company continues to focus on technological support for product production through its technical center[31]. - The company has established a comprehensive industrial chain in the energy storage sector, covering lithium-ion and lead batteries, with sales in over 150 countries[50]. - The company is focusing on the development of new power storage solutions, with significant applications in user-side, grid-side, and generation-side energy storage[59]. - The company has formed strategic alliances with domestic and international power generation groups and energy service companies to build a comprehensive energy storage ecosystem[98]. - The company has established partnerships with universities such as Zhejiang University and Xi'an Jiaotong University to enhance its technological innovation capabilities[131]. Market Trends and Positioning - The global energy storage market is experiencing rapid growth, with domestic energy storage bidding reaching 28.7GWh in the first half of 2023, a year-on-year increase of 553%[57]. - The company ranked sixth in global market shipments of energy storage systems and ninth in global market shipments of energy storage batteries in 2022[59]. - The company has seen a 20% year-on-year increase in global 5G base station shipments, indicating a growing market for its industrial energy storage solutions[74]. - The lithium battery recycling market in China is expected to grow significantly, with an estimated retirement volume of 174.2 GWh by 2025, representing a compound annual growth rate of 58.2%[93]. Environmental and Compliance Efforts - The company is committed to environmental protection, adhering to national and local regulations, and has established effective pollution control measures[192]. - The company has maintained compliance with environmental standards, ensuring that all pollution control facilities operate effectively and meet regulatory requirements[199]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[196]. - The company has created closed-loop industrial chains for lead and lithium battery recycling, reducing resource consumption and promoting sustainability[197]. - The company emphasizes sustainable development and social responsibility, enhancing its management capabilities in environmental protection and occupational health[199]. Risk Management and Governance - The company has outlined potential risks in its operations and corresponding countermeasures in the management discussion section of the report[4]. - The company has implemented risk control measures for its futures hedging business to mitigate commodity price fluctuations[145]. - The company has established a strict technical confidentiality system to mitigate risks associated with technology iteration and leakage[154]. - The company has implemented measures to prevent risks related to technology leakage and loss of core technical personnel[182]. Investment and Capital Management - The company has a 100% investment progress in the annual production of 10 million kVAh new energy battery project, with cumulative realized benefits of ¥9.03 million[141]. - The company plans to invest in a new lithium battery production project with an annual capacity of 6GWh, utilizing excess raised funds of 26,834.09 million CNY and 1,726.90 million CNY for this purpose[143]. - As of June 30, 2023, the company has temporarily supplemented its working capital with 26,257.37 million CNY from idle raised funds[143]. - The company has reported a bad debt provision of CNY 14,826.72 million, reducing the ending balance to CNY 48,493.55 million[89]. Employee Engagement and Incentives - The company has approved a stock option incentive plan on February 6, 2023, to enhance employee motivation and reduce talent loss risk[159]. - The company has implemented a stock option incentive plan, with the list of incentive targets publicly disclosed from January 13 to January 23, 2023, and no objections were raised during the review period[188]. - The eighth board meeting approved the stock option incentive plan on February 6, 2023, with independent opinions provided by independent directors and legal counsel[189]. - The company actively engages shareholders, particularly small and medium-sized shareholders, by facilitating participation in shareholder meetings through online voting[199]. Technological Advancements - The company has developed lithium recovery technology with a recovery rate exceeding 92% and has made breakthroughs in phosphoric acid iron resource technology and graphite regeneration technology[102]. - The company has a comprehensive technical capability in design, integration, and maintenance, with multiple proprietary intellectual properties in core technologies and products[182]. - The company is actively involved in the fuel cell sector through partnerships, leveraging its channel advantages to expand its market presence in new energy applications[67].