BR-robot(SH:688218) Mei Ri Jing Ji Xin Wen·2025-07-21 15:29Core Viewpoint - Jiangsu Beiren's energy storage system business is under regulatory scrutiny due to the presence of abnormal situations among its clients, with over 70% of the 17 clients exhibiting such issues [1][2]. Group 1: Client Situation - In 2024, Jiangsu Beiren's energy storage system sales amounted to 74.25 million yuan, involving 17 clients, of which 13 exhibited abnormal characteristics [2]. - Among the 13 clients with issues, 11 were established for less than 3 years, 6 had registered capital below 3 million yuan, and 12 had fewer than 20 insured employees [2]. - The total sales amount from these 13 clients was 32.66 million yuan, with Suzhou Shengbei New Energy Technology Co., Ltd. contributing 10.80 million yuan [2]. Group 2: Company Relationships - Jiangsu Beiren's wholly-owned subsidiary, Jiangsu Beiren New Energy Technology Co., Ltd., holds a 5% stake in Suzhou Shengbei New Energy [2]. - In November 2023, Suzhou Shenghuo New Energy Technology Co., Ltd. partnered with Jiangsu Beiren New Energy to establish Shengbei New Energy, with respective ownership stakes of 90% and 10% [2]. - Jiangsu Beiren's investment in Shengbei New Energy aims to strengthen long-term maintenance and service relationships for energy storage equipment [2]. Group 3: Financial Performance - The gross profit margin for Jiangsu Beiren's business with Shengbei New Energy was 9.54%, while the margin with Foshan Shengli Nengying Technology Co., Ltd. was -9.99% [4]. - Jiangsu Beiren's sales to Foshan Shengli amounted to 6.71 million yuan in 2024, with a similar indirect stake of 5% held by Jiangsu Beiren New Energy [4]. Group 4: Market Dynamics - The energy storage market is transitioning from initial scale development to a competitive mid-stage, attracting numerous new entrants due to explosive growth expectations [5]. - Jiangsu Beiren, as a new market player, has adopted relatively lenient client selection standards during the initial market expansion phase [5].