CNGR(SZ:300919) Shen Zhen Shang Bao·2025-10-26 04:59Core Viewpoint - Zhongwei New Materials Co., Ltd. has re-submitted its prospectus to the Hong Kong Stock Exchange after its previous submission expired, indicating ongoing efforts to raise capital despite recent financial challenges [1][2]. Financial Performance - Revenue projections for Zhongwei from 2022 to 2024 are 30.344 billion, 34.273 billion, and 40.223 billion yuan respectively, with net profits of 1.549 billion, 1.948 billion, and 1.467 billion yuan [1]. - In the first half of 2025, the company reported revenue of 21.323 billion yuan, a year-on-year increase of 6.16%, while net profit decreased by 14.83% to 735 million yuan [1]. - The second quarter of 2025 saw a 12% decline in net profit, marking the fourth consecutive quarter of year-on-year declines [1]. Government Support - Zhongwei received significant government subsidies from 2022 to 2024, totaling 1.518 billion yuan, 1.58 billion yuan, and 438 million yuan, which accounted for 33.66%, 27.62%, and 24.45% of net profits during those periods [1]. Cash Flow and Debt Situation - From 2021 to the first half of 2025, the company experienced a cumulative net cash outflow of 36.048 billion yuan from operating and investing activities [2]. - The company's asset-liability ratio exceeded 60.60%, reaching a three-year high, with current and quick ratios of 1.28 and 0.89, significantly lower than the previous year's ratios [2]. - Short-term borrowings amount to 4.6 billion yuan, with non-current liabilities due within one year totaling 7.5 billion yuan, leading to a combined total exceeding 10 billion yuan [2]. - Long-term liabilities stand at 15.6 billion yuan, with interest-bearing debts totaling 28.5 billion yuan, which is 140% of net assets, indicating substantial debt pressure [2]. - As of June 30, 2025, the actual guarantee balance reached 32.9 billion yuan, representing 162% of the most recent audited net assets, suggesting that all net assets are under pledge [2].