*ST Zhongli has applied to remove its delisting risk warning, with related matters currently in the supplementary material stage. On May 26, *ST Zhongli (SZ:002309) announced that it submitted its application to the Shenzhen Stock Exchange on April 21, 2025, to revoke the delisting risk warning and certain other risk warnings while continuing to implement other risk warnings. As of the date of this announcement, the application is still in the supplementary material phase. According to Article 9.1.12 of the Shenzhen Stock Exchange’s Stock Listing Rules, the time for supplementary materials will not be counted in the decision-making period of the Shenzhen Stock Exchange. The company will fulfill its information disclosure obligations promptly based on the progress of its application.
On May 22, *ST Zhongli reported a 41.8% decline in revenue for 2024, totaling 2.36 billion yuan, while the net loss for the parent company decreased to 1.17 billion yuan from 1.5 billion yuan in the same period last year. The net profit excluding non-recurring items worsened, with a loss of 2.25 billion yuan compared to 1.3 billion yuan in 2023. The net cash flow from operations was -659 million yuan, a significant drop of 327.6%. The fully diluted earnings per share (EPS) stood at -0.3904 yuan.
On March 20, *ST Zhongli announced the appointment of a new company secretary following a meeting of its board of directors. Mr. Liao Jiaqi was appointed in accordance with the Company Law of the People’s Republic of China and relevant regulations.
In recent discussions with various investors, *ST Zhongli emphasized its focus on a light asset operation model and its control over overseas markets. The company aims to recover from its current *ST status after completing its restructuring at the end of 2024.
On December 19, *ST Zhongli announced that it had received 2.105 billion yuan from all restructuring investors as per the restructuring investment agreement, which includes funds to resolve non-operating capital occupation issues.
In a related development, *ST Zhongli has established a new subsidiary, Shanghai Zhongli Huanyu Industrial Co., Ltd., with a registered capital of 20 million yuan. The company’s business scope includes sales of photovoltaic equipment and components, wire and cable operations, and project management services.
In other news, on May 27, China National Nuclear Power announced the full capacity grid connection of its 400 MW offshore photovoltaic project in Yantai, demonstrating the application of innovative technologies such as self-developed bifacial double-glass photovoltaic components.
Moreover, the European Union has introduced new bidding rules for renewable energy projects, requiring member states to incorporate non-price evaluation criteria, such as sustainability and supply chain resilience, into their bids.
On May 26, GCL-Poly Energy secured a procurement order for N-type photovoltaic modules from Shanghai Fuhong New Energy, with a total procurement volume of 22 MW at a unit price of 0.736 yuan/W.
Finally, on May 21, Guohua Investment achieved full capacity grid connection for its first “fishing and photovoltaic” project in Suzhou, marking a significant step in combining green energy generation with fish farming.
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