CSG Energy(SZ:003035) Shen Zhen Shang Bao·2026-01-05 04:05Core Viewpoint - The company Southern Power Grid Comprehensive Energy Co., Ltd. has applied for bankruptcy reorganization for its subsidiary Nanneng Changling Company after a previous bankruptcy liquidation application was rejected by the court, indicating ongoing financial distress and strategic shifts within the company [1][2]. Group 1: Bankruptcy and Financial Status - Nanneng Changling Company, a subsidiary of Southern Power Grid Comprehensive Energy, is in a state of production suspension and unable to repay its debts, prompting the reorganization application to protect the interests of the company and its shareholders [1]. - The court rejected the bankruptcy liquidation application on December 9, 2025, stating that the company did not sufficiently prove that Nanneng Changling's assets were inadequate to cover its debts [1]. - The company has faced cash flow shortages and operational difficulties due to rising fuel prices, supply shortages, and insufficient customer demand, leading to continuous losses [2]. Group 2: Strategic Adjustments - Southern Power Grid has decided to exit the biomass energy sector, which has significantly impacted its financial performance, with a reported 43.9% decline in net profit to 311 million CNY in 2023 [3]. - The company has established a leadership group to address losses and has announced that it will not make new investments in comprehensive resource utilization or renewable energy projects like solar power [3]. - For the first three quarters of 2025, the company reported a revenue of 262.88 million CNY, a year-on-year increase of 15.37%, and a net profit of 34.24 million CNY, reflecting a growth of 125.08% [3].