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南都电源拟赴港IPO:两次定增失败负债率升至80% 毛利率跌入负值5年亏损近30亿

Core Viewpoint - Nandu Power is planning to issue H-shares and list on the Hong Kong Stock Exchange, primarily to expand its international business and supplement its overseas operational funds, amid significant financial pressures and disappointing performance [2][4][5]. Financial Situation - Nandu Power's debt has rapidly increased, with interest-bearing liabilities approaching 100 billion yuan and a debt ratio exceeding 80% as of the first quarter of 2025, marking a historical high [2][6][9]. - The company has faced two failed fundraising attempts in 2017 and 2020, which exacerbated its financial strain [6][9]. - Operating cash flow has been lower than capital expenditures for 15 consecutive years, indicating ongoing financial difficulties [8]. Performance Metrics - Over the past five years, Nandu Power has recorded asset and credit impairments exceeding 1.57 billion yuan, with cumulative losses nearing 3 billion yuan [9][11]. - In 2024, the company's gross margin fell to -1.32%, marking its first negative gross margin, while revenue dropped by 45.56% year-on-year to 7.984 billion yuan [11]. - The net profit attributable to shareholders turned from a profit of 36 million yuan to a loss of 1.494 billion yuan, with a non-recurring net profit of -1.734 billion yuan [11]. Market Context - Nandu Power's move to list in Hong Kong comes as other leading companies in the sector, such as BYD and Ganfeng Lithium, have successfully achieved dual listings, highlighting the competitive landscape [11].