Zhejiang Narada Power Source

ST Nandu released its 2026 interim report. Total operating revenue was 1.699 billion yuan, down 56.71% year-on-year. Net profit attributable to the parent company was negative 1.111 billion yuan, with the loss widening year-on-year. Net cash inflow from operating activities was 171 million yuan, down 71.01% year-on-year. The asset-liability ratio rose to 99.81%, gross margin was negative 12.02%, return on equity was negative 382.93%, and diluted earnings per share was negative 1.24 yuan. The company had 83,200 shareholders, and the top ten shareholders held 18.88% of total share capital.

ST Nandu announced it has received a notice from creditor Zhejiang Huazheng Energy Materials Co., Ltd., stating that the applicant has filed with the Hangzhou Intermediate People's Court for pre-restructuring and restructuring of the company on the grounds that it is unable to repay its due debts but possesses restructuring value. This marks the beginning of bankruptcy restructuring proceedings for Nandu Power, a company deeply engaged in the energy storage sector for nearly three decades. In recent years, the company has been dragged down by Huabo Renewable Resources turning from profit to loss, posting an attributable net loss of 2.642 billion yuan in 2025 and a further loss of 305 million yuan in the first quarter of 2026. The auditor issued a qualified opinion on the company's 2025 financial statements and an adverse opinion on internal controls, pointing out that the prepayment balance to the top supplier reached 365 million yuan, with cumulative prepayments for the year totaling 4.633 billion yuan but only 134 million yuan worth of goods received, while the company also guaranteed 2.364 billion yuan in private lending for partners. As of the announcement date, a total of 163 accounts of the company and its subsidiaries have been frozen, with the amount subject to freezing applications approximately 3.067 billion yuan, representing 216.99% of the latest audited net assets. Cumulative overdue debts have reached 552 million yuan, and the debt-to-asset ratio has surged to 92.14%.