锦浪科技拟募16.77亿加码光伏储能 现金流修复资产负债率降至56.35%

Core Viewpoint - Jinlang Technology, a leading inverter manufacturer, is accelerating its business expansion by issuing convertible bonds to raise up to 1.677 billion yuan for further investments in the photovoltaic and energy storage industries, as well as to supplement working capital [1][2] Financial Performance - Jinlang Technology's total assets have grown significantly from 649 million yuan in 2018 to 20.26 billion yuan by June 2025, representing an increase of over 30 times [1][3] - The company reported a net cash flow from investment activities of 328 million yuan in the first half of 2025, marking its first positive cash flow since 2018 [1][6] - The asset-liability ratio decreased to 56.35% by the end of June 2025, down from 71.55% in 2022, indicating improved financial health [6] Fundraising and Investment Plans - The planned issuance of convertible bonds will allocate 351 million yuan for working capital and the remaining funds for five specific projects, including a distributed photovoltaic power station project and new inverter production projects [2] - The distributed photovoltaic power station project will receive 355 million yuan, aimed at generating stable electricity sales revenue [2] - The new high-voltage, high-power inverter project and the medium and large power hybrid energy storage inverter project will receive 333 million yuan and 291 million yuan, respectively, with a production capacity of 25,000 units per year upon full operation [2] Research and Development - Jinlang Technology has invested a total of 1.479 billion yuan in R&D over the past five years, reflecting its commitment to innovation and technology advancement [4][6] - The company has consistently increased its R&D spending, with amounts reaching 384 million yuan in 2025's first half [6] - The product line has evolved from the first generation of inverter technology to the sixth generation, enhancing overall competitiveness in performance, functionality, reliability, and cost-effectiveness [5] Revenue Growth - In 2025's first half, Jinlang Technology achieved a revenue of 3.794 billion yuan, a year-on-year increase of 13.09%, and a net profit of 602 million yuan, up 70.96% [4] - The revenue from energy storage inverters surged by 313.51% to 793 million yuan, becoming a key driver of overall revenue growth [4]