海雷股份上市辅导工作终获验收完成函 增收难增利窘境亟待最优解

Core Viewpoint - The company, Haili New Energy Co., Ltd., has finally received the acceptance letter for its listing guidance work after a prolonged delay, allowing it to prepare for submitting its application to the Beijing Stock Exchange (BSE) [2][3][6]. Group 1: Listing Process - Haili New Energy signed a listing guidance agreement with Dongguan Securities on April 8, 2024, and submitted its completion report to the Shenzhen Securities Regulatory Bureau on May 26, 2025, after more than a year of guidance [3][5]. - The company faced significant delays in obtaining the acceptance letter, while many other companies that entered the acceptance process later received theirs promptly [5][6]. - On December 26, 2025, Haili finally received the acceptance letter, but missed the opportunity to submit its application during a surge of listings at the BSE at the end of December [6][7]. Group 2: Financial Performance - Haili's revenue grew from 556 million in 2022 to over 700 million in 2023, with a net profit nearing 80 million [10]. - However, in 2024, the company experienced a decline in net profit, with a non-recurring net profit of approximately 60.39 million, down over 20% year-on-year [12][13]. - In the first half of 2025, despite a revenue increase of 44.87% to 491 million, the non-recurring net profit only grew by 1.19% to about 33.47 million [13][14]. Group 3: Client Dependency and Risks - Haili has been heavily reliant on a major client, China Tower's subsidiary, Iron Tower Energy, which accounted for 72.05% of its revenue in 2022 [15][16]. - In 2024, Iron Tower significantly reduced its purchases, leading to a nearly 39% drop in revenue from this client [15][16]. - The company acknowledged the risk of dependency on major clients, which could adversely affect its financial performance if market conditions change [17]. Group 4: Future Plans and Funding - Haili plans to raise up to 500 million through its listing on the BSE, with 150 million allocated for working capital and 350 million for the construction of its Shenzhen smart manufacturing base [19]. - The company switched its listing guidance from Dongguan Securities to Huatai United Securities in March 2025, aiming for a more favorable outcome in its listing process [20][21].