Shuangjie Electric pre-loss of more than 600 million production battery diaphragm subsidiary has recently stopped production

SMM1 22: on the evening of January 20, Shuangjie Electric disclosed the performance forecast of 638 million yuan to 643 million yuan in 2019, and said that due to the operating difficulties of its subsidiaries engaged in lithium battery diaphragm business, the company made a decision to stop production.

In the huge loss of Shuangjie Electric Appliances, Tianjin Donggao Film Technology Co., Ltd. (hereinafter referred to as "Donggao Film") also "contributed its own strength". It has been disclosed that due to difficulties in production and operation, some bank accounts have been frozen by suppliers. After a study and decision by the board of directors, Donggao film will stop production from January 17, 2020.

Shuangjie Electric said that after the Donggao film "wet diaphragm production line with an annual production capacity of 200 million square meters of power battery" has been basically completed, a number of technical transformations have been carried out on the production line according to market demand, and the technical parameters have been improved, but the stability of continuous production is not up to expectations. in addition, in 2019, the lithium battery diaphragm market competition is fierce, product prices continue to fall, Donggao film production and operation difficulties, continuous losses, some bank accounts have been frozen by suppliers.

Shuangjie Electric is through the gradual acquisition of Donggao film. At present, the company holds 52.51% equity interest in Donggao film. As of November 30, 2019, Donggao Film had total assets of 809 million yuan and net assets of 305 million yuan; from January to November 2019, it realized operating income of 7.1606 million yuan and net profit of-5838.11 yuan; and in 2018, it realized operating income of 39.1434 million yuan and net profit of-52.8204 million yuan.

Shuangjie Electric has carried out a preliminary impairment test on goodwill, accounts receivable, inventory and fixed assets within the scope of the consolidated statements in 2019, of which the impairment of goodwill is about 298 million yuan, and the total impairment of accounts receivable, inventory and fixed assets is about 647 million yuan.

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