CATL(SZ:300750) Sou Hu Cai Jing·2025-07-30 15:35Core Viewpoint - The president's office director of Hichain Energy, Feng Dengkai, has been taken into custody by police in Ningde for allegedly infringing on trade secrets, following a report by Ningde Times, which has provided evidence to the authorities [3]. Group 1: Company Overview - Hichain Energy, founded by former Ningde Times engineer Wu Zuyu, has quickly risen to become one of the top three global suppliers of lithium-ion energy storage batteries, with a shipment volume of 35.1 GWh, trailing only Ningde Times and Yiwei Lithium Energy [3]. - The company submitted its prospectus to the Hong Kong Stock Exchange on March 25, 2023, and is experiencing rapid revenue growth, with projections showing an increase from 3.615 billion yuan in 2022 to 12.917 billion yuan in 2024, representing a compound annual growth rate of 89% [3]. Group 2: Financial Performance - Hichain Energy's gross profit margin has improved from 11.3% to 17.9%, with a forecasted net profit of 288 million yuan in 2024, marking its first profitable year [3]. - The company's current debt ratio stands at 73.1%, with short-term loans amounting to 3.658 billion yuan and cash reserves of only 4.294 billion yuan, raising concerns about potential cash flow issues if the ongoing legal disputes result in significant financial penalties [4]. Group 3: Legal Issues - Ningde Times has initiated legal action against Hichain Energy and Wu Zuyu, citing unfair competition, with a court hearing scheduled for August 12, 2023. The lawsuit claims that Hichain's 587Ah battery cell closely resembles Ningde's patented products, with a density deviation of only 4.4%, significantly below the industry threshold of 10% [3][4].