炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 近日，龙蟠科技公告，拟定增融资20亿，用于11万吨高性能磷酸盐型正极材料项目、8.5万吨高性能磷酸盐型正极材料项目，并补充流动资金。 2017年上市后，龙蟠科技逐步转型锂电正极材料领域，同时也开启了对外融资之路，2020年至今，通过可转债、定增、港股IPO和港股增发等方式，合计融 资超30亿。 然而，即便持续融资，相较湖南裕能、德方纳米等可比公司，龙蟠科技负债率增速仍明显偏快，有息负债大幅增加。 值得注意的是，龙蟠科技连续多年大额资本支出，同时研发费用率不断攀升，投入力度显著高于可比公司。然而，公司总体产能利用率远不饱和，盈利能力 也并无优势。 2021年，龙蟠科技曾实施过一轮定增，然而目前股价相较于四年前的定增价，依然接近腰斩，投资者损失惨重，公司融资和投资的成效也备受市场质疑。 从沪港两市直接融资超30亿 负债率增速远超可比公司 然而，即便持续进行融资，龙蟠科技的负债率仍快速走高，且相较于湖南裕能、德方纳米、万润新能、富临精工等磷酸铁锂正极材料同行，增速明显偏快。 2025年6月末，龙蟠科技资 ...

Core Viewpoint - Nandu Power has reported its largest loss in history, struggling with a significant decline in revenue and a shift from lead-acid to lithium batteries amid intense market competition [2][3]. Financial Performance - In 2024, Nandu Power achieved revenue of 7.984 billion yuan, a year-on-year decrease of 45.56%, and incurred a loss of 1.497 billion yuan, a 4260.62% decline compared to a profit of 35.976 million yuan in 2023 [2]. - In Q1 2025, the company reported revenue of 1.139 billion yuan, down 61.81% year-on-year, with a loss of 266 million yuan, contrasting with a profit of 82.586 million yuan in Q1 2024, marking a 422.47% decrease in net profit [2]. Business Transition - Nandu Power has been transitioning from lead-acid to lithium batteries since its establishment in 1994, but has faced challenges, including a significant drop in new energy storage shipments and underutilization of production capacity [3][4]. - The company has chosen to abandon some low-price competitive orders to ensure product quality and cash flow, leading to a substantial decrease in new energy storage shipments [3][6]. Product Revenue Breakdown - The revenue from Nandu Power's four main product categories—recycled lead products, lithium battery products, lead-acid battery products, and lithium battery materials—was 42.31%, 29.44%, 19.62%, and 8.63% respectively, all experiencing contraction in 2024 [4]. - Sales of lithium batteries fell to 2.81 GWh, a decrease of 1.78 GWh or 38.78% year-on-year, while lead-acid battery sales dropped to 2.62 GWh, down 0.96 GWh or 26.82% [4]. Profitability Challenges - The recycled lead products, which are the largest revenue source, are currently operating at a loss, with a gross margin of -3.11% in 2024, despite a slight improvement from the previous year [5]. - The gross margin for lithium battery products plummeted to -8.12% in 2024, a decrease of 26.44 percentage points year-on-year, due to intense competition and falling sales prices [6][7]. Asset and Debt Management - Nandu Power's asset impairment losses reached 588 million yuan in 2024, accounting for 36.78% of total profit, primarily due to inventory write-downs and goodwill impairment [7]. - The company's debt ratio has been increasing, reaching 81.14% by Q1 2025, indicating a high-risk financial position [8]. Future Outlook - Nandu Power aims to optimize its customer structure and improve cash flow while pursuing a listing on the Hong Kong Stock Exchange to enhance its international market presence and alleviate debt pressure [8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，威领股份发布公告，控股孙公司郴州领武矿业有限公司以自有资金合计1.77亿元收购控股孙公司 天津长领矿业合伙企业（有限合伙）（以下称"长领矿业"）合伙人长城资产持有的69.965%合伙份额。 收购后，威领股份持有长领矿业99.95%合伙份额，长城资产按照年化7%回报率计算退出时收益。 公司表示，本次交易有助于优化资源的统一调配，增强内部协同，降低管理成本，提升管理效率，促进 业务发展。 值得注意的是，截至2024年三季度末，威领股份账面全部现金仅1.35亿，尚不足以支付此次接盘长领矿 业部分股权的对价。 不仅如此，威领股份现金债务比仅为0.32倍，货币资金无法覆盖有息负债，偿债能力堪忧。2024年三季 度末，公司资产负债率达50.63%，较2023年继续攀升，流动负债占比高企，短期偿债压力突出。 同时，公司现金流为经营、投资活动净流出，筹资活动净流入，依赖融资"输血"维持运转，财务风险进 一步放大。 2023年，威领股份实现营业收入11.41亿元，同比下降3.76%，归母净利润-2.23亿元，同比由盈转亏。 2024年前三季度，公司 ...