CHINT ELECTRICS(SH:601877) 中国基金报·2025-09-02 01:51Core Viewpoint - The IPO plan for Zhejiang Chint Electrics' subsidiary Chint Aneng has failed, triggering a buyback obligation of at least 1.5 billion yuan [1][12][16]. Group 1: IPO Failure - Chint Aneng's IPO application was officially withdrawn on September 1, 2023, after a lengthy process that began in October 2022 [1][2]. - The company faced delays in the IPO process, with no second-round inquiries or entry into the listing committee meeting after submitting updated financial data [1][4]. Group 2: Financial Performance - Chint Aneng's revenue for the years 2022, 2023, and 2024 was reported at 13.704 billion yuan, 29.606 billion yuan, and 31.826 billion yuan, respectively, with net profits of 1.753 billion yuan, 2.604 billion yuan, and 2.861 billion yuan [4][11]. - The company's inventory levels have risen significantly, with inventory at the end of 2024 reaching 37.414 billion yuan, which is 1.18 times its annual revenue [6][10]. Group 3: Inventory and Debt Issues - Chint Aneng's inventory accounted for over half of its total assets, which were valued at 74.257 billion yuan at the end of 2024 [6][13]. - The company has a high debt level, with a debt-to-asset ratio of 80.25% as of the end of 2024, and short-term borrowings reaching 8.97 billion yuan [13][14]. Group 4: Buyback Obligations - The failure of the IPO will activate multiple buyback agreements, with potential liabilities exceeding 1.5 billion yuan for Chint Group and its actual controller, Nan Cunhui [12][16].