SMM News: on the evening of November 11, Yiwei LiNeng issued a notice announcing a change in the use of part of the raised funds. According to the announcement, the board of directors of Yiwei Lithium Energy has agreed to raise 900 million yuan from the Jingmen Yiwei Energy Storage Power Lithium Ion Battery Project to set up a fully automated cylindrical ternary lithium ion battery production line, of which 300 million yuan is used for the implementation of the second phase project of the new production line of Jingmen cylindrical product line, and 600 million yuan is used for the implementation of the industrialization project of high-performance lithium-ion power battery.
As for the reasons for this change, Yiwei LiNeng said that the implementation of the Jingmen Yiwei Energy Storage Power Lithium Ion Battery Project is progressing smoothly, through continuous optimization of construction plans and cost control, effectively reduce unit investment costs while achieving planned production capacity. In order to improve the efficiency of raising funds, the company plans to allocate part of the raised funds to set up a fully automated cylindrical ternary lithium-ion battery production line.
In recent years, with the increasing popularity of power tools market and electric bicycle market, the demand of downstream customers for high-performance and high-safety cylindrical ternary batteries is increasing day by day. "Jingmen Cylindrical production Line Phase II Project" and "High performance Lithium Ion Power Battery industrialization Project" plan to purchase advanced production and testing equipment at home and abroad to set up a fully automatic cylindrical ternary lithium ion battery production line. In the past, the capacity of Yiwei LiNeng cylindrical ternary battery is mainly small capacity 18650 model, but this project plans to produce 21700 model battery with larger capacity at the same time, which can better achieve the matching requirements of high energy density than 18650 model battery.
In addition, recently, Yiwei LiNeng released its third-quarter earnings report for 2020. According to the announcement, Yiwei Lithium can achieve revenue of 5.34 billion yuan in the first three quarters of 2020, an increase of 16.66 percent over the same period last year, and a net profit of 946 million yuan, down 18.35 percent from the same period last year.
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