Workflow
立新能源5次修改定增预案有息负债逼近百亿 上市次年业绩变脸坏账减值加速攀升

Core Viewpoint - The company, Li New Energy, is facing significant financial challenges, including high debt levels and declining performance, as it attempts to finalize a revised A-share issuance plan after multiple modifications over the past year and a half [1][9]. Group 1: Fundraising and Financial Situation - Li New Energy has revised its fundraising plan five times since its initial announcement in November 2023, with the latest proposal aiming to raise 18.29 billion yuan for energy projects and working capital [2][3]. - The company's capital expenditures have consistently exceeded its operating cash flow, with figures of 17.40 billion, 11.54 billion, and 37.90 billion yuan from 2022 to 2024, compared to operating cash flows of 8.12 billion, 5.04 billion, and 3.56 billion yuan respectively [3]. - As of the first quarter of 2025, Li New Energy's interest-bearing debt is approaching 100 billion yuan, with a debt-to-asset ratio reaching 81.46%, indicating a critical need for refinancing [3]. Group 2: Performance Decline - After a successful IPO in 2022, where the company reported a net profit of 196 million yuan, Li New Energy's performance deteriorated significantly, with net profits dropping to 135 million yuan in 2023 and further declining to 50 million yuan in 2024 [6]. - The company has reported a shift from profit to loss in the first quarter of 2024, highlighting ongoing financial distress [6]. Group 3: Accounts Receivable and Bad Debt - Li New Energy's accounts receivable have surged, with a total of 2.016 billion yuan by the end of 2024, reflecting a nearly 100% increase over four years, and the accounts receivable turnover days have increased from 551 days in 2020 to 690 days by the end of 2024 [8]. - The company has faced significant bad debt losses, with 167 million yuan in bad debt losses recorded in 2024, following 211 million yuan in 2023, indicating a troubling trend in receivables management [8].