① China Tianying, with a market value of 10 billion yuan, also launched a new energy investment plan of nearly 17 billion yuan, triggering questions in the market; ② According to statistics from the Financial Association reporter, China Tianying has launched a total investment plan of nearly 100 billion yuan over the past year; ③ Some industry insiders pointed out that China Tianying lacks the capital, talent, and technology to build a new energy base, and it is questionable whether such an agreement can be implemented.
Finance Association, April 2 (Reporters Liu Yue and Xiao Lianghua) China's Tianying (000035.SZ), which has a market capitalization of 10 billion dollars, has also invested heavily.
China Tianying announced tonight that its wholly-owned subsidiary Anda Tianying Renewable Energy Co., Ltd. and the Anda Municipal Government of Heilongjiang Province signed a 16.95 billion yuan cooperation agreement for the integrated wind and solar hydrogen-ammonia alcohol storage project, which sparked a buzz in the market. Some industry observers say that the company's continuous large investments are suspected of “painting the cake.”
According to China's Tianying's “Investment Cooperation Agreement for the Integrated Wind and Solar Hydrogen and Ammonia Alcohol Storage Project”, the project has an installed capacity of 1.8 GW of new energy, including 1.4 GW of wind power generation, 0.4 GW of photovoltaic power generation, and 140 mW/280 MWh of comprehensive energy storage for supporting construction; the scale of the green hydrogen plant is 100,000 tons/year, the ammonia plant is 38,000 tons/year, and the methanol plant is 620,000 tons/year.
This is not the first time that China's Tianying has launched a “hyperscale plan.” As early as September 8, 2022, China Tianying announced that the company signed a strategic cooperation framework agreement with the Tongliao Municipal Government and others, with a total investment of 60 billion yuan to jointly build the Tongliao 10-million-kilowatt landscape hydrogen and ammonia integrated zero-carbon industrial park. In addition, we will jointly build a zero-carbon industrial equipment manufacturing center, focusing on building a zero-carbon equipment manufacturing center for gravity energy storage, green hydrogen, green ammonia, and biomass in the North, with a total investment of 10 billion yuan.
Recently, on March 12, the company's official account revealed that Yan Shengjun, chairman of China's Tianying, and his entourage visited Zhangye City and reached a strategic cooperation framework agreement with the Zhangye Municipal Government and the Energy Investment Committee of the China Investment Association to further promote China's Tianying Zhangye gravity energy storage project, build an integrated wind and solar hydrocarbon-storage project, and build a zero-carbon industrial park based on energy storage materials.
Over the past year or so, China's Tianying proposed an investment plan of nearly 100 billion yuan, “Where did the money come from?” Faced with questions from investors, China's Tianying stated in the announcement that the project will be developed and invested in stages. In addition to the company's small investment, the project will also introduce funds from various sources such as insurance funds and industrial funds, and the company will scientifically plan the project investment and construction progress.
By implication, the company produces “green onions,” and naturally there are people who produce “crabs.”
Right now, China's Tianying's pockets are not big enough. As of the end of the third quarter of 2023, the company had monetary capital of 1,797 billion yuan on its books, with total current assets of 5.928 billion yuan; at the same time, the company had short-term loans of 2,577 billion yuan and current liabilities of 7.825 billion yuan.
Furthermore, the company's guarantee amount is high. On March 29, China Tianying issued an announcement stating that the company's actual total guarantees to subsidiaries was 9.098 billion yuan, accounting for 87.16% of the company's most recent audited net assets.
Looking at the new energy industry sector, in China Tianying's main business, only a few small-scale gravity energy storage demonstration projects have been completed, accounting for a very low share of the company's revenue. According to the company's semi-annual report, from January to June 2023, China Tianying's revenue comprised of waste incineration and electricity sales accounting for 47.28%, environmental protection projects accounting for 31.39%, and urban environmental services accounting for 21.32%.
“The development of large-scale wind energy farms and stations requires huge amounts of capital, talent, and project experience. Currently, this listed company is only involved in the field of gravity energy storage. It is not ruled out that the company will not be able to fulfill the contents of the agreement.” A wind power industry observer told the Financial Federation reporter.
The Finance Association reporter also noticed that the current progress of the Tongliao project, which the company invested 70 billion dollars in 2022, is unclear. In last year's semi-annual report, the company only mentioned that the 10 million kilowatt wind solar hydrogen-ammonia integrated zero-carbon industrial park project in Tongliao City is “under construction.”