NARADA(SZ:300068) Xi Niu Cai Jing·2025-12-23 01:53Core Viewpoint - Nandu Power (300068.SZ) announced the termination of its control change plan, leading to the resumption of its stock trading on December 19, after a seven-day suspension due to the failed negotiations with potential buyers [2][4]. Group 1: Control Change Plan - The company was in discussions regarding a control change and the sale of its lead recycling business but failed to reach a consensus on key terms after multiple negotiations [4]. - No information about the potential buyers or specific details of the transaction was disclosed during the planning and termination phases [4]. Group 2: Financial Performance - In 2023, Nandu Power reported revenue of 14.666 billion yuan, a year-on-year increase of 24.83%, but net profit plummeted by 89.19% to 36 million yuan [4]. - For 2024, the company expects revenue to drop to 7.984 billion yuan, a significant decline of 45.56%, with a projected net loss of 1.497 billion yuan, representing a staggering year-on-year decrease of 4260.62% [4]. - Cumulatively, the company has incurred losses of 2.8 billion yuan from 2020 to 2024 [5]. Group 3: Strategic Shift and Legal Issues - Nandu Power attributed its financial downturn to a strategic shift from lead recycling to lithium battery production, resulting in reduced output from its lead recycling segment [5]. - The company is involved in a legal dispute with Xinri Co. (603787.SH) over quality issues related to lithium batteries supplied under a contract, with Xinri seeking approximately 565 million yuan in damages [5]. - Nandu Power maintains that its products meet quality standards, and a court ruling indicated that the company did not fundamentally breach the contract, although it was ordered to pay 100 million yuan to Xinri [6][7].