Watmar parent company genrevo energy after a huge loss for the first time after the release of self-help progress

At 9:00 PM on June 4, the parent company of watmar, jianruihuaneng, replied to the letter of inquiry concerning the annual report of Shaanxi J&R Optimum Energy Co.,Ltd issued by the shenzhen stock exchange on May 9 (growth enterprise board annual report no. 121 [2018]).

The following is the key content of the reply. Please check the original announcement for the full text.

Shenzhen stock exchange: please supplement the composition of income and sales volume of lithium ion battery (group) and its materials according to the classification of power battery, energy storage battery and lithium battery materials.

Jianrehuaneng: the company achieved sales revenue of 942,452 in the whole year of 2017. 280,000 yuan, classified sales details are as follows:

Shenzhen stock exchange: whether the automobile products produced by using the company's power battery are included in the latest "new energy vehicle promotion and application recommended model catalog", and the sales revenue of power battery corresponding to the automobile products included in the catalog accounts for the proportion of the company's power battery revenue.

Jianrewaneng: the sales revenue of power battery for the listed automobile products accounts for 53 percent of the company's power battery revenue. 67%, meeting the power battery income proportion of more than 115Wh/kg energy density of 14. 29%.

Shenzhen stock exchange: the income and production and sales stock of batteries are listed by category according to the energy density of batteries.

Jianrehuaneng: the revenue of the battery according to the battery energy density is listed as follows:

Shenzhen stock exchange: the company developed 32700-6 in 2017, according to its annual report. 5 ah, 7. 0 ah, 7. The energy density of each cell of 3Ah reaches 150Wh/Kg, 160Wh/Kg and 165Wh/Kg respectively. Please explain the production and sales volume of these three batteries in 2017.

Kennedy: 6. 5Ah battery products, output 1. 19GWH, sales outbound 0. 80 GWH; 7. 0, 7. 3Ah has not been mass produced.

Shenzhen stock exchange: combined with the notice, explain the proportion of power batteries and new energy vehicles in the inventory that meet the latest subsidy requirements, and explain whether the inventory depreciation reserve is sufficient.

Kenpower: the average cost of a battery pack in 2017 was 1. 05 yuan/WH, expected to sell for 1 yuan in 2018. 3 yuan/WH. The average cost of a cell in 2017 was zero. 80 yuan/WH, it is estimated that the procurement cost of packaging materials in 2018 is 0. 21 yuan/WH, the sales price of battery pack is expected to be 1 yuan in 2018. 3 yuan/WH. No provision for depreciation is required.

Shenzhen stock exchange: according to the annual report, the research and development project of sanyuansafe power battery of the company has been concluded. In 2018, watmar plans to launch high-nickel sanyuanli battery with energy density up to 220Wh/kg and cycle times up to more than 2000 times. Meanwhile, it will officially start 21700-4. 0Ah ternary lithium battery production line, rapid realization of mass production. Please add disclosure:

(1) whether the research and development of ternary lithium battery of the company has been completed, whether the expected effect has been achieved, whether the technology can be mass produced immediately, and various technical indicators; (2) the construction of ternary lithium battery production line, including the estimated total investment, the source of construction funds, the amount of investment and accounting treatment so far, the construction progress, the estimated completion time and the estimated production capacity, etc.; (3) the impact of the company's current financial and debt situation on the production of ternary lithium battery.

Jianriwaneng :(1) the company has completed the research and development of ternary lithium battery, with the development of 21700-4. 0Ah ternary lithium battery energy density 220Wh/kg, cycle times of more than 2000 times, achieve the desired effect, can be mass production.

(2) the total investment for the three-yuan lithium battery production line construction is estimated to be 1.5 billion yuan, and the construction funds come from commercial financing and the company's self-financing. The project is currently in the design stage, with an estimated capacity of 3GWh. However, the construction has not started up to now.

(3) the company's current financial debt situation leads to the suspension of the production schedule of ternary lithium battery, which shall be restarted after the company's financial debt is properly handled.

Shenzhen stock exchange: the annual report disclosed the performance of the signed major sales contracts up to this reporting period, with the total contract amount of about 107 yuan. 300 million yuan has been executed by the end of the reporting period. 5.7 billion yuan, part of the major contracts were canceled, the cancellation amount of about 61. 400 million yuan. (1) the amount standard disclosed in the annual report for major contracts; (2) explain the reasons for the cancellation of major contracts based on the company's capital chain, supply capacity, product technical indicators, etc., the impact of the cancellation of major contracts on the company's production and operation, and whether timely information disclosure has been made for the cancellation of major contracts; (3) up to now, orders in hand and performance.

Jianruihuaneng: the disclosure standard for major contracts of the company is 400 million yuan.

The performance of major contracts is as follows:

Up to now, the execution status of mobile orders is as follows:

Shenzhen stock exchange: supplementary description of the top five customers.

Jianruihuaneng: the top five customers in 2016 are: dongfeng special automobile (shiyan) special vehicle co., LTD., chengdu dayun automobile group co., LTD. Yuncheng branch, sinotruk group jinan haowo bus co., LTD., Hohhot public transport corporation and shenzhen wuzhou dragon automobile co., LTD.

The top five customers in 2017 are: dongfeng teqi (shiyan) special purpose vehicle co., LTD, hubei xinchufeng automobile co., LTD, hubei century cosco vehicle co., LTD, jiangsu rothwell electric co., LTD and liaocheng zhongtong light bus co., LTD.

Among them, the terminal customers of related products are the sales revenue and share of the alliance member enterprises. For example, kuaichong wang, the sales revenue of 2016 is 2. 8.8 billion yuan, accounting for 4. 32%; Sales revenue was 16 percent in 2017. 500 million yuan, accounting for 17. 56%; The sales revenue of xinwo in 2016 was 1. 8.8 billion yuan, accounting for 28 percent. 19%; Sales revenue in 2017 was 11 percent. 1.6 billion yuan, accounting for 11. 84%.

The shenzhen stock exchange: in March 2017, the company disclosed the walter m respectively with anhui star dragon buses, anhui nk car the two strategic cooperation agreement signed, walter m innovation alliance members according to the agreement to nk every car purchase 1 pure electric car, nk car need to buy 2 battery packs to walter, walter m innovation alliance members to star triumphant dragon bus every purchase 1 pure electric car, star triumphant dragon buses to union members need to purchase 3 battery. Please disclose the actual implementation of the above agreement (including the number of cars purchased, the number of battery packs, etc.)

Kennedy energy:

The actual implementation of the above agreement is as follows:

Shenzhen stock exchange: the company's ending accounts receivable, notes receivable, long-term receivables up to 138. 3.1 billion yuan, please explain the current situation of payment collection.

Jianruiwaneng: some accounts receivable customers are the oems, the financial situation of the oems is still optimistic, there should be no problem in the recovery of accounts receivable, notes issued by the member of the league, after the endorsement of the oems, the company has the right to go forward to recover. According to the accounting policy, the company has made a provision of 14,446 for this part of accounts receivable and notes receivable. 960,000 yuan impairment provision, is sufficient.

Shenzhen stock exchange: analyzed the reasons for the low cash collection rate of companies in industries such as ningde times and guoxuan high-tech co., LTD.

(1) ningde era and guoxuan high-tech customers of high quality, ningde era and guoxuan high-tech and yutong group, saic motor, Beijing auto group, geely group, fook automobile group, hunan CRRC, dongfeng group and changan group and other industry vehicle leading enterprises to maintain long-term strategic cooperation. High quality customers to the ningde times and the country hin high-tech brought a relatively high rate of cash.

(2) ningde era and the main product of the national attributes of high-tech for three yuan battery, three yuan battery is now pure electric passenger car market mainstream products, more terminal customers, the market is large. And walter's main products are lithium iron phosphate batteries and electric cars for carrying the lithium iron phosphate logistics vehicles, buses, etc., use terminal customers for logistics company, bus company, etc., these companies are using vehicle operating profit, just can have the funds to pay oems, lead to the vehicle model of cash flow nervous, pay for battery progress is slow.

Shenzhen stock exchange: please disclose the disposal status of relevant inventories and fixed assets up to now.

J: up to now, the company has deducted the supplier's payable debts by means of inventory sales and fixed assets sales, involving a total amount of about 20. 8.6 billion yuan. Inventory includes cells, materials and battery packs; Fixed assets include logistics vehicles, commuter vehicles and costco.

Shenzhen stock exchange: by the end of the reporting period, the company delivered commodity 13. 2.5 billion yuan, provision for depreciation 10.23 million yuan, please explain the situation.

Jianruihuaneng: due to the debt crisis, the company's supporting parts and installation services cannot meet customer needs in time, which will affect the progress of product acceptance. Under the current situation, it is estimated that it will take about half a year to complete product acceptance.

Shenzhen stock exchange: up to now, the company's existing debt, the amount and type of overdue debt, your company's debt repayment fund raising situation, follow-up payment arrangements and countermeasures.

Kennedy: as of March 31, the company's total liabilities were 256. 1.8 billion yuan, of which current liabilities 22.3. 4.7 billion yuan, non-current liabilities 3.2. 7.1 billion yuan. Major liabilities 231. 61. The specific situation is as follows: short-term loan 57. 7.4 billion yuan notes payable 95. 7.7 billion yuan, accounts payable 39. Non-current liabilities due within one year 5.5 billion yuan, long-term payables 13. 8.9 billion yuan, long-term borrowing 12. 4.8 billion yuan.

As of May 11, the company is 35 years overdue on its debt. 3.1 billion yuan, of which notes payable are 23. 2.4 billion yuan (commercial acceptance bill 16. 100 million yuan, bank acceptance 7. 1.4 billion yuan), bank loan 7. 900 million yuan, finance lease loan 0. 8.8 billion yuan, other borrowings 3. 2.9 billion yuan.

Watma, a subsidiary of the company, has entered into syndication agreements with 16 Banks involving an initial loan commitment of about 42 per cent. 3.4 billion yuan. In order to maintain the stability of the bank, it will take the patent, land, accounts receivable and so on of watma to the syndicate for credit, the bank is committed to temporarily do not lend, now basically stable.

Shenzhen stock exchange: please add the situation and current progress of receiving 100 million yuan of intention fund from hurray cobalt industry on March 19.

Jianrehuaneng: on December 28, 2017, the company received the bona fide payment of 100 million yuan from hurray cobalt industry and counted it as other payables. Company on March 19, 2018, signed with huayou cobalt industry investment cooperation framework agreement, and the risk of the agreement, after the implementation of the corporate debt crisis led to a subsequent progress slowly, because of huayou cobalt has been paid to the company 100 million yuan of the sincerity of gold, in order to reduce the investment risk of huayou cobalt industry, after consultation by both parties, the company plans to take some inventory sales to huayou cobalt industry way of reducing the company unable to pay sincerity gold huayou cobalt industry risk, the two sides has not terminate the partnership.

Shenzhen stock exchange: please disclose the situation of the lithium concentrate underwriting agreement signed with Australia Altura, and whether the company is liable for breach of contract due to insufficient construction.

Jianruihuaneng: jianruihuaneng underwrite Australia Altura lithium operation co., LTD. (100% wholly owned subsidiary of Altura mining) grade 6% Li2O lithium concentrate for five years, 100 thousand tons per year. The price of lithium concentrate is $550-950 per ton for the first three years and FOBHedland port for the second two years according to the market price. At present, the orders are indeed reduced, but what the company undersells is lithium concentrate. After the concentrate is transported to China, it will be commissioned to process lithium carbonate products, and then the company will sell them to the domestic battery anode material processing plant. At present, the lithium carbonate market belongs to the seller's market, and there is no situation that the company cannot complete the lithium carbonate sales.

Shenzhen stock exchange: during the reporting period, 35 new subsidiaries were set up in shenzhen watmar. Please make supplementary disclosure of the specific situation and purpose, and the operation situation of related subsidiaries up to now, as well as the impact on the company's capital status and production and operation.

Jianruihuaneng: the new 1-5 subsidiaries related to the production and sales of lithium batteries are set up for the purpose of expanding production. Up to now, the company has not actually invested capital, nor put into production, which has no impact on the company's financial situation and production and operation. The new 6-35 subsidiaries of shenzhen minfu are mainly aimed at developing the public transport market, providing charging and maintenance services and operating commuter buses. Among them, 12 have businesses in operation and 18 have not started businesses in 2017. The 12 subsidiaries that have been in operation have purchased a total of 912 vehicles with a purchase amount of 4. 7.3 billion yuan has been settled.

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