HLSY(SZ:000622) 起点锂电·2025-06-21 10:04Core Viewpoint - The article discusses the challenges faced by *ST Hengli, including its impending delisting due to negative net profit and declining revenues, as well as the broader issues in the lithium battery industry where many companies are struggling to adapt and survive amidst increasing competition and market saturation [2][4][7]. Company Overview - *ST Hengli, listed on the Shenzhen Stock Exchange since 1996, primarily engages in automotive parts manufacturing and the processing of new energy battery materials [3]. - The company has faced multiple delisting threats throughout its history, being labeled as "ST" (special treatment) several times due to financial difficulties [3]. - In 2023, *ST Hengli reported a significant loss with revenues dropping to 79.54 million yuan, leading to a delisting risk warning [4]. Recent Developments - On June 18, 2024, *ST Hengli received a notice of administrative penalty and was informed of its stock entering a delisting preparation period due to failing to meet financial reporting requirements [2]. - The company attempted to mitigate its financial struggles by acquiring New Energy Co., Ltd. for 15 million yuan, aiming to enhance its revenue through this asset purchase [5]. Industry Context - The lithium battery industry is experiencing an adjustment period characterized by intensified competition and overcapacity, leading many cross-industry entrants to halt or terminate their investment projects [7]. - Since 2023, over 100 cross-industry lithium battery cases have been recorded, with many companies exiting the market, highlighting the difficulties of adapting to the industry's dynamics [8]. - The article emphasizes that companies should focus on their core business and adopt differentiated competition strategies to survive the cyclical adjustments in the industry [8].