BAMC(SH:601137) 2 1 Shi Ji Jing Ji Bao Dao·2026-02-05 01:52Core Viewpoint - The company, Bowei Alloy (601137.SH), faced scrutiny from the Shanghai Stock Exchange regarding significant impairment losses in its new energy sector, totaling over 1 billion yuan, primarily recognized in Q4 2025, despite no impairments reported in the first three quarters of the year [1] Group 1: Impairment Losses - The company reported a provision for inventory impairment of 303 million yuan and an asset impairment of 703 million yuan related to its Vietnam battery project, with total impairments exceeding 1 billion yuan concentrated in Q4 2025 [1] - The Shanghai Stock Exchange questioned whether there were any prior periods where impairments should have been recognized but were not, as well as issues related to timely information disclosure [1] Group 2: Policy Impact - The U.S. imposed a high tariff of 307.78% on Vietnamese solar products starting in April 2025, and the "Inflation Reduction Act" was implemented in July, which the company did not account for in its earlier financial reports [1] - The company explained that despite the policy announcements, management was actively pursuing relocation or sale options for the Vietnam project, which delayed the recognition of impairment until December 2025 [1] Group 3: Risk Disclosure - The company stated that the new energy business was stable in the first three quarters due to proactive inventory management, and it had consistently highlighted policy risks in its periodic reports, although the specific impairment did not meet disclosure thresholds [1] - The company only issued a concentrated announcement regarding impairments and performance forecasts on January 23, 2026, after the policy impacts intensified in Q4 [1]