中化国际子公司负债率118.2% 申请破产重整 一年半营收2.43亿元亏5.47亿元

Core Viewpoint - Zhonghua International's subsidiary, Ningxia Zhonghua Lithium Battery Materials Co., Ltd., is facing insolvency and has applied for bankruptcy reorganization due to continuous operating losses and inability to repay debts [1][2]. Financial Performance of Ningxia Zhonghua - As of December 31, 2024, Ningxia Zhonghua had total assets of 278 million yuan and total liabilities of 301 million yuan, resulting in a net loss of 525 million yuan on revenue of 155 million yuan [1]. - By June 30, 2025, total assets decreased to 244 million yuan, with total liabilities at 288 million yuan, and a net loss of 21.58 million yuan on revenue of 88.14 million yuan for the first half of 2025 [1][2]. - The debt-to-asset ratio reached 118.2% as of June 30, 2025, indicating severe financial distress [2]. Impact on Zhonghua International - Zhonghua International has recognized a total receivable of 256 million yuan from Ningxia Zhonghua, with a provision for bad debts of 34.58 million yuan, leaving a net receivable of 221 million yuan [2]. - The company has fully provisioned for a long-term equity investment of 470 million yuan in Ningxia Zhonghua, resulting in a net value of zero [2]. - Zhonghua International has guaranteed a loan of 226 million yuan for Ningxia Zhonghua, which remains unpaid, further straining the company's financial position [2]. Overall Performance of Zhonghua International - For the year 2024, Zhonghua International reported revenues of 52.93 billion yuan, a decrease of 2.48% year-on-year, and a net loss of 2.84 billion yuan, a decline of 53.52% [3]. - In the first half of 2025, revenues fell to 24.35 billion yuan, down 5.83% year-on-year, with a net loss of 886 million yuan, reflecting a significant deterioration in financial performance [3].