On November 16, Jinlang Science and Technology announced that it intends to provide joint and several liability guarantees for credit and loans applied by three wholly-owned subsidiaries (grandsons). The total amount of this guarantee is about 3.
Jinlang Science and Technology said that as of the date of this announcement, the company has provided 13 billion guarantees to wholly-owned and holding subsidiaries (grandsons). After
the guarantee comes into effect, the actual amount of guarantee provided by the Company to wholly-owned and holding subsidiaries (sub-subsidiaries) is 11.242 billion yuan . Accounting for 264% of the company's total net assets audited in the latest period.
At the same time, Digital New Energy noted that in 2022, the guarantee amount of Jinlang Technology to its companies has reached 9.8 billion yuan. Where does
13 billion go?
In 2022, of the total guarantee amount of Jinlang Science and Technology of 9.8 billion yuan, Jinlang Wisdom received 3.6 billion yuan, accounting for more than 36.
In 2021, it was even more exaggerated. In 2021, Jinlang Science and Technology received 2.132 billion yuan. Jinlang Wisdom accounted for more than 59.28%, accounting for 12.
More interestingly, on December 15 last year, Jinlang Technology increased the guarantee amount from 5.8 billion to 9.8 billion in 2022. The next day, it announced that it would provide joint and several liability guarantee for the 200 million credit applied by Jinlang Wisdom.
April 2019, Jinlang Technology established a wholly-owned subsidiary, Jinlang Wisdom, to start the operation of photovoltaic power plants, which currently focuses on the development of distributed power plants, relying on Jinlang Technology's inverter channels and brand endorsement, to develop household photovoltaic and industrial and commercial distributed power plants.
In the annual report of Jinlang Science and Technology, Jinlang Wisdom is positioned as the company's power production business development platform .
According to the annual report, from 2019 to 2021, the revenue of Jinlang Science and Technology New Energy Power Production Business is 6.267 million, 38.185 million and 86.8438 million respectively, accounting for 0.55%, 1.83% and
2.2022 of the total revenue. In the annual report, the company divides the new energy power production into "new energy power production" and "household photovoltaic power generation system", with a cumulative revenue of 714 million yuan in 2022. 12% of the total revenue.
Anyone with a discerning eye has probably found the problem, which is far more than 88% of Jinlang Technology in the past four years.
Although the performance growth is not fast, the debt ratio of Jinlang Wisdom has been high since the year when the company was born. According to the statistics of Digital New Energy DataBM. Com, the highest can reach 93.
Source: Jinlang Technology Announcement, Digital New Energy DataBM. Com Consolidation
Affected by this, the total debt of Jinlang Technology has soared from 415 million in 2019. By the end of the third quarter of 2023, it has reached 12.98 billion, of which only Jinlang Wisdom occupies the largest share. Its total liabilities rose to 116 as of Oct. 30.
Digital new energy DataBM. Com collation
should know that in 2022, Jinlang Science and Technology's annual revenue is only 5.89 billion, net profit is only 10 billion
liabilities, who will pay back?
So, is Jinlang Technology rich? Meanwhile, in the third quarter, the company's revenue and net profit began to slow down, achieving revenue of 1.39 billion yuan, a quarter-on-quarter growth of-12.91%; Net profit attributable to parent company 125 million, quarter-on-quarter -58.
In fact, since the fourth quarter of 2022, Jinlang Technology's revenue and net profit attributable to parent company have shown weak growth, and the quarter-on-quarter ratio of revenue has changed from positive to negative in the current quarter, and the decline has expanded in the third quarter of this year.
Source: Jinlang Technology Announcement, Digital New Energy DataBM.
In the second half of 2022, Jinlang Technology's inverter shipments reached a peak of 508,700 units. But this figure fell 23.79% to 37 in the first half of 2023.
While sales declined, Jinlang Technology's inverter production in the first half of this year also fell from 596,800 units in the second half of last year to 44.
Digital New Energy DataBM. From 2019 to 2022, the book balance of the company's inventory goods was 24.6228 million, 103 million, 253 million and 3 respectively. In the first half of this year, the value soared to 6.
Source: Jinlang Technology Announcement.
From 2019 to 2022, the overseas market revenue of Jinlang Science and Technology accounted for more than 50% all the year round, 62.56%, 60.44%, 54.16% and 55% respectively. Revenue contribution from overseas markets fell to 40.
According to SMM data, in October this year, China exported 3.1107 million inverters, down 28.7% year-on-year and 20% year-on-year. In the first 10 months, Zhejiang exported 1.3527 million inverters, down 23.75% year-on-year.
At present, the European market is approaching winter, and the installed capacity is slowing down. According to media reports, the local regional household energy storage and photovoltaic inverters are still accumulating seriously, and the impact is expected to continue until the beginning of next year.
In addition to photovoltaic inverters, the highly expected energy storage inverter business also failed to meet expectations in the first half of this year. In the first half of
2023, Jinlang Technology's energy storage inverter business achieved a revenue of 312 million, accounting for only 9.59% of the total revenue, compared with 18.00
% at the end of last year. Jinlang Technologies wants to rebuild a market of the same scale as photovoltaic inverters in the energy storage inverter business, which can only be regarded as a good "cake".
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