Recently, Zhengtai Electric announced that it had decided to terminate the listing of its subsidiary Zhengtai Digital Energy (Zhejiang) Co., Ltd. on the main board of the Shanghai Stock Exchange and withdraw the relevant application documents for listing.
Before that, on June 30 , Zheng Taian also updated its prospectus and actively promoted its listing.
It is understood that Zheng Taian can originally plan to raise 6 billion yuan through the listing , for By the end of 2024, more than 1.6 million household photovoltaic power stations have been developed. However, after two years of preparation for listing, why did Zheng Taian suddenly press the "brake" and withdraw the application for listing voluntarily?
Take the initiative to withdraw the table, the truth is that the performance is too "excellent"?
In other words, the withdrawal seems to be due to the fact that the performance of Tai'an Energy is too "excellent" .
But for the sprint IPO, good performance is a boost , why is Tai'an able to suffer from it ?
According to the 2025 semi-annual report of Zhengtai Electric Appliances, during the reporting period, Zhengtai'an, a subsidiary of Zhengtai Electric Appliances, realized operating income of 14.798 billion yuan and net profit of 19.During the reporting period, the
parent company, Zhengtai Electric Appliances, realized revenue of 29.619 billion yuan, an increase of 2.18% over the same period last year; The net profit was 2.554 billion yuan , an increase of 32.9% over the previous year, and the net assets were 428.
However, according to the provisions of the split of listed companies, in the consolidated statement of the latest fiscal year of listed companies, the net profit of the subsidiaries to be split according to their rights and interests. It shall not exceed 50% of the net profit of the listed company attributable to the shareholders; the net assets of the subsidiary company enjoyed by equity shall not exceed 30% of the net assets of the shareholders.
It is understood that Zhengtai Electrical Appliances currently holds Zhengtai'an Energy 64. Converted to the first half of 2025, Zhengtai Electrical Appliances enjoys a net profit of Zhengtai'an Energy of 1.219 billion yuan . This part of the profit has accounted for 47 of the net profit of Zhengtai Electric Appliances in the first half of the year.
In addition, it is worth noting that in the first half of 2025, the net assets of Zhengtai Anneng have accounted for 38
of its parent company Zhengtai Electric Appliances. Zhengtai'an can choose to withdraw the table at this time, or based on the prediction of business performance in the second half of 2025. That is to say, the proportion of profits and net assets of Zhengtai Electric Appliances , the parent company, will increase .
Policy is cold!Document 136, issued
earlier this year, was formally implemented on June 1, making it clear that new energy projects such as wind power and photovoltaic power have entered the electricity market in an all-round way. All on-grid electricity prices are formed through market transactions.
Transmission to the field of household photovoltaic, under the influence of the new policy, the uncertainty of the expected return on investment of power plant projects will be greatly increased in the short term. Household photovoltaic investment enterprises will follow the current development and investment mode, and the sustainability of future performance growth will face a test.
According to its prospectus, Zheng Taian's business scale has grown rapidly in recent years, covering 29 provinces, autonomous regions and municipalities directly under the Central Government, including Shandong, Henan and Anhui , with more than 1900 districts and counties. As of December 31, 2024, the company has developed more than 40 GW of household photovoltaic grid-connected installed capacity . In the
face of the impact of policy adjustment on the existing business model of the market and the future development of the industry in the future, Zhengtai can have a prediction.
According to the semi-annual report of Zhengtai Electric Appliances 2025, Zhengtai can actually take the lead in launching the transformation from single household photovoltaic development to integrated energy services as early as 2024, from selling power stations to selling services.
Zheng Tai'an Energy has also officially announced that it will https://www.databm.
from the C-end. According to Lu Chuan, chairman of Zheng Tai'an Energy, Zheng Taianneng will build " in the future. For Zheng Taianneng, the withdrawal of the IPO application, It will not only give the company more space and freedom in capital use and business adjustment, but also open up a broader business space after the completion of the transformation of integrated energy services.
However, the transformation is not an easy task.
Judging from the current financial data, Zheng Tai'an can already face considerable financial pressure . According to the prospectus, the asset-liability ratio of Zheng Taianeng in 2024 is 80.
The proportion of accounts receivable and inventory of Zheng Tai'an Neng is also increasing. It is reported that in 2024, the book value of Zhengtai Anneng's accounts receivable has reached 2 billion 940 million yuan ; The book value of inventory is 37.414 billion yuan , accounting for 78% of current assets.
There is still a long way to go.
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