On the evening of June 9, Ningde Times clarified the recent rumors in a centralized manner. Regarding the "Ningde Times' semi-annual report this year may confirm the loss of futures investment of more than one billion yuan in the first quarter", "Ningde Times No. 2 Huang Shilin has been crazy recently. The company stated that the above-mentioned rumors are seriously untrue, and have been widely reprinted and disseminated through the Internet, which has brought a great negative impact on the company. For the manufacture and dissemination of such false information, the company will reserve the right to pursue legal responsibilities of relevant enterprises and personnel according to law.
In addition to the above-mentioned rumors, the news that BYD is supplying Tesla may also worry investors. It is understood that the main battery suppliers for Tesla's domestic models are CATL, South Korea's LG and Japan's Panasonic. The addition of BYD will help China's new energy power battery industry to maintain its international leading position, but CATL, which has been leading for a long time, will undoubtedly face more intense competition.
CATL once again clarifies that hedging business is based on spot
Recently, there have been market rumors that the semi-annual report of CATL may confirm the loss of more than one billion yuan in futures investment in the first quarter.
After the rumor spread, the stock price of Ningde Times fluctuated violently on June 8. During the early trading on June 8, the stock price of Ningde Times opened lower and fell by more than 7% during the session. In the afternoon, as the market continued to fluctuate and rise, Ningde Times' stock price continued to fluctuate higher and eventually closed in the red.
Regarding the above rumors, insiders of CATL once said, "It must be a rumor, and now the second quarter is not over."
However, on June 9, the stock price of CATL changed again, falling more than 6% throughout the day.
On the evening of June 9, CATL officially issued an announcement to clarify that the company's hedging business is based on spot, and the floating profit and loss on the futures side is hedged by the corresponding spot, which has little impact on the company's performance. The above rumors are not true.
Previously, in the institutional research activities in early May, CATL revealed that the company has deployed part of the nickel resource industry chain to ensure the stable supply of the company's raw materials and the need to reduce costs. In order to prevent the risk of sharp fluctuations in raw material prices, the company conducts hedging business for nickel and other related products based on its own operating conditions and business needs. In early March of this year, there was an "epic" short-squeezing "war" in London Nickel.
In the first quarterly report released by CATL, derivative financial liabilities increased by 1.787 billion yuan, which had been listed as derivative financial assets in previous financial reports. In the 2021 annual report, CATL explained its derivative financial assets and derivative financial liabilities. The company's derivative financial instruments include forward foreign exchange contracts, futures contracts and foreign exchange option contracts. It is initially measured at the fair value on the date when the derivative transaction contract is signed, and is subsequently measured at its fair value. A derivative financial instrument with a positive fair value is recognized as an asset, and a negative fair value is recognized as a liability.
This also means that the Ningde era has been making money from hedging before, but it lost money in the first quarter of this year, and it is listed as derivative financial liabilities.
Ningde Times said that based on ensuring the stable supply of the company's raw materials and the need to reduce costs, the company has made a partial layout of the nickel resource industry chain. In order to prevent the risk of sharp fluctuations in raw material prices, the company, based on its own business conditions and business needs, conducts corresponding commodity (nickel) hedging in accordance with relevant regulations such as regulatory requirements and company systems to avoid the risk of large fluctuations in the commodity market. speculative purpose.
Huayou Cobalt, which is also in the lithium battery industry chain, reported 14 times its derivative financial liabilities in the first quarter, which also caused heated discussions in the market. The first quarterly report shows that as of March 31, 2022, Huayou Cobalt’s derivative financial liabilities were as high as 1.568 billion yuan. In this regard, Huayou Cobalt once stated that the sharp increase in derivative financial liabilities was mainly caused by the floating losses formed by the company's nickel futures hedging contracts at the end of the period.
The rumor that the second person is crazy to reduce his holdings and cash out is not true
In addition to the rumors of "semi-annual report or confirmation of futures investment losses", there have also been recent reports in the market that "Huang Shilin, the No.
Ningde Times stated that the above-mentioned rumors were not true after confirmation by Huang Shilin, a shareholder who holds more than 5% of the company's shares.
According to the company announcement, on January 4, 2022, Huang Shilin signed the "Concert Person Agreement" with 6 private securities investment fund products that hold 100% of the shares, stipulating that Mr. Huang Shilin will transfer no more than 2 million shares of the company in a block transaction. 6 private securities investment fund products.
The only investor after the penetration of the six private securities investment fund products is Huang Shilin himself, who holds 100% of the funds, and the above six private securities investment fund products and Mr. Huang Shilin are acting in concert.
This also means that Huang Shilin did not reduce his holdings of CATL, but transferred part of his holdings to the private equity funds he held.
According to the company's announcement, from January 11, 2022 to June 1, 2022, Mr. Huang Shilin has transferred 2 million shares of the company to the above-mentioned 6 private securities investment fund products through block transactions, and these share transfer plans have been implemented. complete.
The company stated that the only investors in the 6 private equity securities investment fund products of the transferee of the above-mentioned share transfer plan were Mr. Huang Shilin himself, and the share change was an internal transfer between Mr. Huang Shilin and the persons acting in concert. The above transfer did not lead to Mr. Huang Shilin's actual transfer. The proportion and number of company shares controlled (through direct or indirect shareholding) have changed, and there is no disguised reduction in market rumors.
At the same time, because the above-mentioned 6 private securities investment fund products formed a concerted action relationship with Mr. Huang Shilin, according to the relevant provisions of the "Implementation Rules for the Reduction of Shares held by Shareholders, Directors, Supervisors and Senior Management of Listed Companies on the Shenzhen Stock Exchange", the major shareholders acted in concert with them. Therefore, the subsequent reduction of the above-mentioned 6 private securities investment fund products must also strictly comply with the relevant regulations on the reduction of major shareholders.
The company stated that, regarding the subsequent changes in the shares of Mr. Huang Shilin and persons acting in concert, the company will fulfill its obligation of information disclosure in a timely manner in accordance with relevant regulations and regulatory requirements.
BYD's supply to Tesla CATL will face more intense competition
In addition to the above rumors, the fierce competition between CATL and BYD may also worry investors.
Lian Yubo, executive vice president of BYD Group and dean of the Automotive Engineering Research Institute, said in an interview with the media recently that BYD respects Tesla and is also a good friend with Musk. He also revealed that BYD will provide Tesla with battery products. .
In fact, the market has repeatedly circulated that BYD will supply batteries to Tesla, but the company has not disclosed much information. Now, with the "official announcement" of BYD's high-level officials and Tesla's cooperation, the previous rumors have finally come to fruition, and at the same time, the long-running CATL has one more competitor.
CATL and BYD are both domestic companies that entered the lithium battery industry earlier. On the technical route, CATL strives to be extensive and comprehensive in terms of industrial layout and technical layout, from square to soft-packed cylindrical, from ternary iron lithium to sodium-ion solid-state batteries, in order to meet the needs of different customers in various scenarios. battery usage requirements. BYD takes iron-lithium as the key layout direction, and through structural innovation, breaks the bottleneck of iron-lithium use in high-end performance vehicles, and also provides more ideas for mainstream car companies such as Tesla and Volkswagen in the choice of battery routes .
In the 2021 annual report of CATL, the company mentioned that in recent years, while the lithium-ion battery market has developed rapidly, it has also continuously attracted new entrants to compete through direct investment, industrial transformation or mergers and acquisitions. Battery companies have also expanded production capacity one after another, and market competition has become increasingly fierce. The company's future business development will face certain risks of intensified market competition.
Ningde Times said that the company has a professional, diversified and international management team, and the core management personnel have accumulated profound professional knowledge and rich practical experience in power batteries and related fields. The company continues to attach importance to R&D investment and R&D talents, and regards continuous R&D investment as an important measure to maintain the company's core competitiveness, and maintains the company's product competitiveness by continuously improving product performance and product quality.
