拟发行百亿元债券，宁德时代“缺钱”了？

Core Viewpoint - Ningde Times plans to issue bonds up to 10 billion yuan to optimize its debt structure and reduce financing costs, with funds primarily allocated for project construction, working capital, and debt repayment [1] Group 1: Bond Issuance - The bond issuance will have a term of no more than 5 years and will be underwritten by institutions through a balance underwriting method [1] - The company is in a critical phase of global capacity expansion and new technology development, with a significant investment of 4.1 billion euros in a battery factory in Spain set to commence production by the end of 2026 [1] Group 2: Financial Performance - In Q3, Ningde Times reported revenue of 104.19 billion yuan, a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 18.55 billion yuan, up 41.21% [2] - For the first three quarters, total revenue reached 283.07 billion yuan, a 9.28% increase year-on-year, with a net profit of 49.03 billion yuan, reflecting a 36.2% growth [2] - As of the end of September, the net cash flow from operating activities was 80.6 billion yuan, a 19.6% increase, with cash and cash equivalents rising to 291.78 billion yuan, up 26.49% [2] Group 3: Capital Operations - The company has increased its entrusted wealth management quota for 2025 by up to 40 billion yuan, bringing the total for the year to 80 billion yuan [3] - As of November 30, Ningde Times has spent approximately 4.386 billion yuan on share buybacks, completing half of its previously disclosed buyback plan of 8 billion yuan [3]