After removing the heavy burden of Waterma, Jerry Voneng's road to self-rescue is still a long road.
Recently, Kenry Power (300116) released its 2019 annual report. During the reporting period, the company achieved revenue of 543 million yuan, a year-on-year decrease of 86.4%; realized a net profit attributable to shareholders of listed companies of 295 million yuan, turning losses into profits, an increase of 107.5 over the same period %.
Jianrui Woneng stated that the company's turnaround into profit was mainly due to the bankruptcy and reorganization expected to generate debt restructuring gains and excess losses that were returned due to the fact that Waterma was no longer included in the company's consolidated financial statements.
Obviously, Waterma is still a big burden on its self-help path. In 2019, Waterma achieved revenue of 455 million yuan and net profit of -2.81 billion yuan.
Kenry Voneng said that due to the continuous impact of the debt crisis, the production and sales of its subsidiary Waterma lithium-ion battery (group), new energy vehicle sales and service business are relatively small, and the company and its subsidiary debt reduction business has decreased, resulting in this report. Revenue decreased significantly. The current income mainly comes from the sales of battery and electric vehicles in the first three quarters of Waterma and the engineering income of Daming Technology Co., Ltd.
After stripping off Waterma, Jerry Voneng still chose the lithium battery business for self-help. However, it withdrew from the power market and turned its target to the low-speed electric vehicle market, energy storage market, backup power supply, and other applications of lead acid replacement.
Gaogong Lithium Battery understands that the relevant subsidiaries of the lithium battery manufacturing business currently engaged in by Kenry Voneng are all newly established companies in 2019.
Kenry Voreng said that the company currently has 4GWh batteries + 3GWhPACK production capacity, but because the company is in the restructuring stage in 2019, and Waterma has been listed; the company began to resume trial production in November 2019, so in the reporting period Not yet mass produced.
It is worth noting that, on September 25, 2019, Jian Rui Wo Neng signed a purchase contract with Huzhou Kuailu Technology Co., Ltd. for not more than 3 million 32650 lithium iron phosphate batteries.
Kuaiyue Technology belongs to Chaowei Group, and its business scope covers power batteries, power systems, electric bicycles, and electronic products. This means that Kenruiwo's entry into other market segments such as electric bicycle lithium batteries has not been smooth.
In addition, due to the current production and operation of the newly established lithium battery subsidiary is still in the climbing stage, large-scale sales have not yet been achieved. Moreover, due to force majeure factors such as the pneumonia epidemic caused by the new coronavirus, the resumption of the work of related subsidiaries in the first quarter was delayed, and the lithium battery business of Jenovo Vonergy in 2020 was not smooth.
According to the report of the first quarter of 2020, Kenry Woneng reported that the company achieved revenue of 4.746 million yuan in the first quarter, a year-on-year decrease of 95.6%; the net profit attributable to shareholders of listed companies was -9.525 million yuan, an increase of 98.2% year-on-year.
After the divestiture of Waterma, despite the narrow net profit loss of Jerry Voneng, companies still face great pressure to survive, and their "redemption" process still has a long way to go.
