December 7, Baichuan Changyin announced that the company had received the Notice of Filing a Case from Songjiang Branch of Shanghai Public Security Bureau. On October 31,
2023, Baichuan Changyin reported the case to Songjiang Branch of Shanghai Public Security Bureau. Zhou Dangui, a manager of Baichuan Future New Energy Technology (Shanghai) Co., Ltd. and Baichuan Future Photovoltaic Technology (Shanghai) Co., Ltd., a holding subsidiary of the company, and his spouse Ma Yujun were suspected of embezzlement. According to the provisions of Article 112 of the Criminal Procedure Law of the People’s Republic of China, a case has been filed.
Baichuan Changyin said that the above incident is still in the investigation stage and will not have a significant impact on the normal operation of the company's business. The company will continue to pay attention to the progress of the case, actively cooperate with the investigation of the public security organs, and timely disclose relevant information. According to
public information, the two subsidiaries involved are new companies established by Baichuan Changyin in the first half of this year. According to the main business of the two companies, they are the company's photovoltaic business development platform. In the company's semi-annual report this year, the two companies have no impact on the overall production, operation and performance.
Source: The company announced
that in August this year, Baichuan Changyin planned to invest in the field of 1.4 billion cross-border photovoltaic heterojunction batteries. The company signed an investment agreement with Moganshan High-tech Zone in Huzhou, Zhejiang Province for the project of 4G W heterojunction batteries, which will be constructed in two phases. The first phase is 2GW, with an investment amount of about 800 million yuan.
In the investment announcement, Baichuan Changyin said that the investment is an extension of the company's existing new energy business and has a synergistic effect with the company's existing business. According to the
data, Baichuan Changyin was founded in April 2009 and is a company mainly engaged in landfill gas power generation business. In 2021, the company was listed on the Shenzhen Stock Exchange. As the only A-share listed company mainly engaged in biogas power generation, the power generation business currently accounts for the majority of the company's revenue. In the first half of 2021
, 2022 and 2023, the company's biogas power generation business achieved revenue of 469 million, 420 million and 172 million respectively, accounting for 93.97%, 94.32% and 88.07% of the total revenue. It was not until the first half of this year that the proportion of the former's revenue declined after the company developed its mobile energy storage and heating business. The
single business structure also makes Baichuan Changyin deeply bound with the landfill market and share the rise and fall. In July
2020, the landfill industry ushered in a major turning point. The National Development and Reform Commission (NDRC), the Ministry of Housing and Urban-Rural Development (MOHURD), the Ministry of Ecology and Environment (MOE) and other three departments jointly issued the Implementation Plan for the Strengths and Weaknesses of Municipal Solid Waste Classification and Treatment Facilities, which proposes to accelerate the development of incineration-based waste treatment methods. In principle, cities at or above the prefecture level and counties (cities and districts) with incineration capacity will no longer build new primary domestic waste landfills. After nearly 30 years of
active landfill, it began to withdraw. Baichuan Changyin, who lives on this, suffers from "performance anxiety disorder".
Taking 2020 as the node, according to the available data, from 2014 to 2020, the company's performance maintained a record of six consecutive rises, reaching the peak of 519 million yuan in 2020; the net profit attributable to the parent company also maintained a trend of uniform growth, reaching the peak of 124.9 million yuan in 2020. Revenue
of Baichuan Changyin. Source: After the release of relevant policies of Oriental Fortune Network
in 2020, the company's performance immediately changed. In the first half of 2021, 2022 and 2023, the company's revenue was 499 million, 445 million and 196 million respectively. The year-on-year decline was 3.74%, 10.89% and 14.79%. The net return to the mother was 109 million, 37.68 million and 17.16 million, down 12.70%, 65.43% and 60.07% year on year, and the rate of decline was accelerating. At the beginning of
this year, Baichuan Changyin responded to the decline of the company's power generation on the interactive platform for investors, saying that some projects were near the end of their operation cycle, facing factors such as withdrawal and capacity reduction, which led to a decline in power generation and business income.
The main industry grew fatigue, and Baichuan Changyin began to seek a "second spring".
First of all, the company tried to expand its landfill gas power generation business to foreign countries. By the end of June this year, the company's business has gradually expanded to Southeast Asia, South America and other foreign markets. At present, it has invested in three biogas power generation projects in Malaysia and Colombia. In addition to
the main business, the company began to concentrate on the development of mobile energy storage heating business. At present, the company has established energy storage business subsidiaries such as Shanghai Energy Storage, Zhuhai Energy Storage and Baichang Heat Chain. As of the end of June, as of the end of the reporting period, the company has reached cooperation with a number of large waste incineration enterprises at the group level, and has reached heating cooperation with more than 30 heat consumption enterprises of various types, and 83 mobile energy storage tankers have been put into operation. In August
this year, the company extended its existing new energy business and formally entered the field of photovoltaic manufacturing, intending to invest 1.4 billion yuan to build a 4G W heterojunction cell project in Huzhou, Zhejiang Province.
According to the company's annual report, the company has expanded its photovoltaic biogas business on the basis of biogas business, and there are many photovoltaic power stations under construction in Colombia.
However, at present, the money of photovoltaic manufacturing industry is not necessarily better than that of biogas power generation.
At present, the photovoltaic cell industry has serious involution, frequent price wars and rapid technological changes. Baichuan's heterojunction field has become a capital black hole for many enterprises because the progress of industrialization and commercialization is slower than that of TOPCon. Similarly, the cross-border Diamond Photovoltaic has invested nearly 2 billion yuan in the field of heterojunction, but it has not yet achieved profitability. As the leader of heterojunction, Huasheng New Energy announced in October this year that it would turn losses into profits.
For enterprises like Baichuan Changyin, whose annual revenue has never exceeded 600 million, it is still uncertain whether they can actually land PPT production capacity. After all, the company's operating cash flow in the first three quarters of 2023 was only 61.7283 million, down nearly 30% year-on-year.
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