On the evening of April 18, Boliwei (Shanghai stock code: 688345) released its latest results. According to the data, the company will achieve revenue of 1.844 billion yuan in 2024, a year-on-year decrease of 17.48%; Net profit attributable to shareholders of listed companies -96.6078 million yuan, a year-on-year increase.

In terms of products, in addition to lithium battery cells, in 2024, the revenue of the three main products of Powerwell will decline. Among them, lithium-ion batteries for light vehicles achieved revenue of 802 million yuan, a year-on-year decrease of 7.15%; consumer electronics batteries achieved revenue of 641 million yuan, a year-on-year decrease of 5.29%; The operating income of energy storage batteries was 138 million yuan, a year-on-year decrease of 72.48%.

Boliwei explained that the decline in operating income of lithium-ion batteries for light vehicles was mainly affected by the slowdown in consumer demand in the European market, the destocking of downstream enterprises, and the simultaneous decline in battery prices due to the decline in raw material prices; The decrease in energy storage battery operating income was mainly affected by the decline in the demand of the energy storage market in South Africa; The decrease in operating income of consumer electronics batteries was mainly due to the decline in raw material prices and the simultaneous decline in battery prices.

In addition, Boliwei said that the company made special provisions for some large accounts receivable according to the customer's operation and payment collection. At the same time, according to the relevant provisions of the Accounting Standards for Business Enterprises, the Company makes reasonable estimates of the economic losses that may occur in pending litigation or arbitration cases during the reporting period and confirms the relevant estimated liabilities, which have a certain impact on the Company's operating performance.

In terms of customers, Boliwei revealed that during the reporting period, Nine Group, Zhejiang Jiahong Sports Equipment Co., Ltd., DJI Group, and Jiangsu Maverick Electric Technology Co., Ltd. were new customers among the top five customers. The market demand for electric motorcycles, electric bicycles and other products is growing, and the company is actively expanding customers.

According to the data, Guangdong Powerway Technology Co., Ltd. was established in 2006 and registered in Dongguan, and its main business covers three major areas: light power batteries, energy storage batteries and consumer batteries.

In June 2021, Boliwei was listed on the Science and Technology Innovation Board at an issue price of 25.91 yuan per share. In the second year of listing, Boliwei increased revenue but did not increase profits, and the net profit attributable to the parent company decreased by 12.40% year-on-year. In 2023, the company's revenue and net profit will both decline, with a decrease of 2.88% and 130.66%, respectively.

According to Choice statistics, from 2021 to 2024, the asset-liability ratio of Boliwei will increase year after year, with 48.47%, 52.93%, 56.34%, and 60.85% respectively.

In the secondary market, Boliwei is currently in a state of breakage, closing up 0.11% as of the 18th at 18.35 yuan per share, with a total market value of 1.835 billion yuan.