① Lingda Co., Ltd. disclosed this evening that some bank accounts of the company and its subsidiaries were frozen due to a sales contract dispute with silver paste supplier Dike Co., Ltd.; ② Due to various issues such as the timing and reasons for the discontinuation of production, and whether there is a risk of asset impairment, Lingda Co., Ltd. was requested by the exchange to provide written explanations and disclosure on related issues before March 25.
Financial Services Association, March 24 (Reporter Liu Mengran) According to the temporary shutdown announcement previously disclosed by Lingda Co., Ltd. (300125.SZ), the company plans to resume production on April 15. However, the announcement that some bank accounts of the company and its subsidiaries were frozen as revealed this evening may make the plan face even greater uncertainty. One of the reasons for the freezing of its account was a sales contract dispute between the company and Dike Co., Ltd. (300842.SZ).
A Financial Services Association reporter noticed that Dike Co., Ltd. is mainly engaged in R&D, production and sales of conductive silver paste. Silver paste is one of the key raw materials in the upstream production of photovoltaic cells. As a metallized electrode, it directly affects the photoelectric conversion efficiency of photovoltaic cells. It is still unknown whether Dike Co., Ltd. will continue to supply this material to Lingda Co., Ltd. in the event of a lawsuit between the two parties.
As of the disclosure date of the announcement, there were a total of 8 accounts with frozen bank account funds of Lingda Co., Ltd. and its subsidiaries, including 2 basic bank accounts and 6 general bank accounts. The total amount requested to be frozen was $259.899 million, and the actual amount to be frozen was 869,800 yuan, accounting for 3.94% and 0.12% of the company's 2022 audited net assets, respectively, and 23.32% and 0.70% of the company's 2022 audited monetary funds, respectively.
The specific reason for the freeze showed that Jinzhai Jiayue had a sales contract dispute with Wuxi Dike; in addition, Jinzhai Jiayue had a financial lease dispute with Haier Financial Leasing Co., Ltd., and the company provided a joint liability guarantee for Jinzhai Jiayue's financial leasing business mentioned above. Currently, the above matters have not entered the litigation/arbitration stage.
Lingda Co., Ltd. stated in the announcement that after learning about the above matters, it is actively communicating with relevant parties to properly handle the frozen bank account, seek to unblock the frozen bank account as soon as possible, reduce its impact on the company's daily operations, and protect the company's legitimate rights and interests to the greatest extent possible.
It is worth noting that the company was originally scheduled to disclose the 2023 annual report on March 26, 2024. Since then, the company stated that due to reasons such as the need for further improvement of the annual report, the disclosure period was extended until April 23, 2024.
The background of the delayed disclosure of financial reports may be related to the company's current exchange concerns awaiting response. Its subsidiary Jinzhai Jiayue Renewable Energy, which accounts for more than 90% of revenue, officially announced the discontinuation of production this month. As of the first three quarters of last year, Jinzhai Jiayue New Energy achieved operating income of 736 million yuan and net profit of 40.32 million yuan, which is an important source of profit for listed companies.
Lingda Co., Ltd. received a letter of concern from the Shenzhen Stock Exchange on March 18 due to various issues such as when and why production was discontinued, and whether there was a risk of asset impairment, and requested written instructions and disclosure to the public by March 25.
According to the performance forecast, in 2023, Lingda Co., Ltd. expects operating income of 800 million to 1 billion yuan, and a net profit loss of 19 million to 38 million yuan. Compared with the previous year's loss of 16.928 million yuan, the loss amount has increased. At the same time, the net profit loss after deduction is estimated to be 43.9934 million yuan to 62.9934 million yuan.
Among the reasons for the change in performance, the company mentioned that the rapid decline in product prices, pressure on the profitability of the company's main business, and the resulting inventory impairment losses had a significant negative impact on the company's fourth quarter results.