恒立实业29年上市路终落幕 转型锂电"救命稻草"反成"催命符"

Core Viewpoint - The decision by the Shenzhen Stock Exchange to delist Hengli Industrial marks the end of a long struggle for the company, which has faced significant operational decline and financial losses over the years [1][4]. Group 1: Company Performance and Financials - Hengli Industrial's stock will enter a delisting period starting June 25, 2025, with the final trading day expected to be July 15, 2025 [1]. - The company has experienced a drastic decline in revenue, with figures dropping from 346 million yuan in 2021 to 111 million yuan in 2023, and only 70.06 million yuan in the first three quarters of 2024 [1]. - The company reported a net profit of negative 33 million to negative 43 million yuan for the year 2024, despite a revenue forecast of 300 million to 350 million yuan [3]. Group 2: Strategic Moves and Challenges - In an attempt to avert delisting, Hengli Industrial acquired 100% of a newly established lithium battery materials processing company for no more than 15 million yuan in August 2024 [2]. - The acquisition led to a significant revenue increase in the fourth quarter, but the company faced discrepancies with its auditing firm regarding revenue figures, which were reported as only 196 million yuan [3]. - The company’s chairman obstructed the board's review of the annual report, leading to a delay that contributed to the delisting process [4]. Group 3: Industry Context and Implications - The failure of Hengli Industrial's cross-industry venture into lithium battery materials reflects a broader trend of over a hundred companies exiting the lithium battery sector due to industry oversupply and cyclical fluctuations [4]. - The case illustrates the regulatory environment under the new registration system, which has zero tolerance for "shell restructuring" and "financial engineering" practices [4]. - The shift in the new energy industry from rapid growth to refined competition indicates that companies lacking core competitiveness will face significant challenges [4].