帕瓦股份2024年财报：净利润暴跌193%，股票将被实施其他风险警示

Core Viewpoint - The financial performance of Pava Co. in 2024 is concerning, with significant losses and internal control issues leading to a downgrade in stock status to ST Pava [1][4][6] Financial Performance - Total revenue for 2024 was 949 million, a slight decrease of 0.60% year-on-year - Gross profit was -181 million, with net profit attributable to shareholders and net profit excluding non-recurring items at -727 million and -732 million, representing year-on-year declines of 193.37% and 192.68% respectively [1][4] - Compared to 2023, the net profit attributable to shareholders and net profit excluding non-recurring items were -248 million and -250 million, showing declines of 269.86% and 330.31% respectively [4] - Rolling quarter-on-quarter growth rates for 2024 showed declines of -26.26% for total revenue, -40.47% for net profit attributable to shareholders, and -41.72% for net profit excluding non-recurring items, indicating worsening financial conditions [4] Industry Background - The lithium battery industry experienced robust growth in 2024, driven by the booming electric vehicle and energy storage markets - Global lithium-ion battery shipments reached 1,545.1 GWh, a year-on-year increase of 28.5%, with China accounting for 1,214.6 GWh, up 36.9% [4] - Despite the industry's growth, Pava Co. failed to capitalize on these opportunities, facing intense competition and market challenges [5] Internal Control Issues - The major issue in Pava Co.'s 2024 annual report was the negative opinion on internal controls issued by Tianjian Accounting Firm, leading to the stock being flagged for risk and renamed ST Pava [6] - In the 2025 Q1 report, the company disclosed issues with financial data, including inflated revenue and underreported inventory impairment, highlighting serious deficiencies in financial management [6]