laitimes

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

author:Interface News
Interface News Reporter|Guo Jingjing, Niu Qichang

Zhongbei Communication (603220.HK) SH) two large orders with a total of more than 900 million yuan were "cracked down" by the National Supercomputing Center in Jinan.

On the afternoon of April 11, Shandong Provincial Computing Center (National Supercomputing Jinan Center) issued a solemn statement saying that recently, Zhongbei Communication Group Co., Ltd. and Jinan Supercomputing Center Co., Ltd. signed the "Computing Service Contract" and its annex "Computing Service List", which has nothing to do with the National Supercomputing Jinan Center.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

On April 10, Zhongbei Communication announced that Jinan Supercomputer Center Co., Ltd. (hereinafter referred to as "Jinan Supercomputing Center") purchased the computing power services of the intelligent computing center from the company. The contract amount is 729.6 million yuan, and the service period is 60 months, which is calculated from the date of successful delivery, and the specific payment amount is subject to the actual number of servers delivered to the user.

This is the second order of cooperation between the two parties. On September 18, 2023, Zhongbei Communication also announced that Jinan Supercomputing Center purchased AI computing services from the Intelligent Computing Center, with a contract value of 180 million yuan.

Early in the morning of April 12, the Shanghai Stock Exchange issued a regulatory work letter to Zhongbei Communications on the disclosure of information related to the above-mentioned signing of the contract. At the same time, Zhongbei Communication disclosed a supplementary announcement that the controlling shareholder and actual controller of Jinan Supercomputing Center, the company's contracted partner, is Pan Jingshan. There is no direct or indirect equity relationship between Jinan Supercomputer Center and Shandong Provincial Computing Center (National Supercomputing Center Jinan).

The relevant person of Zhongbei Communication Securities Department then told Jiemian News that the company is aware of the partners of the aforementioned contract, and the company and the National Supercomputing Center Jinan should have relevant communication.

On April 12, Jiemian News came to the National Supercomputing Jinan Center Science and Technology Park, the office address of the two parties to the dispute, and found that the matter may be more subtle after investigation and visit.

The Jinan Supercomputing Center and the National Supercomputing Center Jinan have overlapping personnel and overlapping offices

The National Supercomputing Jinan Center pointed out that the Shandong Provincial Computing Center (National Supercomputing Jinan Center) was established in 1976, affiliated to the Shandong Academy of Sciences, and is the earliest public welfare computer application technology research institution established in Shandong Province, and in 2011, the Ministry of Science and Technology approved the establishment of the National Supercomputing Jinan Center, and in 2012, the National Supercomputing Jinan Center brand was added, and it was renamed the Shandong Provincial Computing Center (National Supercomputing Jinan Center) to carry out the application of information technology. The research on common key technologies and related technical services have gradually become the most influential research service institutions in the field of information technology in Shandong Province and the core engine for the high-quality economic and social development of Shandong Province.

The agency further stated that since its establishment, it has not authorized any enterprises and institutions to carry out relevant commercial activities in the names of "Shandong Computing Center (National Supercomputing Jinan Center)", "Shandong Computing Center", "National Supercomputing Jinan Center", "Jinan Supercomputing Center", "Jinan Supercomputing Center", "Jinan Supercomputer", etc.

"The name of our unit is 'Shandong Provincial Computing Center (National Supercomputing Jinan Center)', 'National Supercomputing Jinan Center', 'National Supercomputing Jinan Center', 'Jinan Supercomputing Center', 'Jinan Supercomputing' and other forms of names, all of which are used by our unit first. Any other unit or individual who uses the above name or uses the above name for publicity and cooperation without the authorization of our unit constitutes an infringement of the name right of our unit, and our unit has the right to pursue its legal responsibility. In view of this, the National Supercomputing Jinan Center emphasized that the relevant contracts of Zhongbei Communications have nothing to do with the National Supercomputing Jinan Center.

According to the official website, the National Supercomputing Center in Jinan is the birthplace of the mainland's first quadrillion supercomputer "Shenwei Blu-ray" developed entirely with independent processors, headquartered in Jinan Supercomputing Science and Technology Park, and has built the first petascale supercomputer built entirely with independent CPUs in China (2011), built an E-level computing prototype in 2018, and is building an exascale supercomputing platform, artificial intelligence platform, and industrial Internet platform from 2019 to 2022. Big data platform and other major infrastructure, and the world's first supercomputing science and technology park has been built, with a total investment of 10.8 billion yuan.

According to the announcement, it was established on May 21, 2021, and its business scope includes technical consulting services for artificial intelligence public service platforms, computer and office equipment maintenance, computer software and hardware and auxiliary equipment wholesale, etc.

The legal representative of the company is Tu Yang, and Pan Jingshan, the controlling shareholder and actual controller, holds 36% of the shares. In addition, Jinan Suanyuan Capital Management Partnership holds 23.5% of the shares, Jinan Supercomputing Technology Research Institute holds 17% of the shares, Jinan Suanan Capital Management Partnership holds 13.5% of the shares, and Shandong Supercomputing Technology Research Institute Co., Ltd. holds 10% of the shares.

Jinan Supercomputer Center acquired Shandong Suangu Information Technology Co., Ltd. from Yang Baicai in September 2023 and established General Artificial Intelligence Technology (Shandong) Co., Ltd. in October 2023.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

According to the official website, on the display column of the expert team of the Jinan Supercomputing Center, Pan Jingshan claims to be the deputy director of the Shandong Provincial Computing Center (National Supercomputing Jinan Center) and the president of the Jinan Institute of Supercomputing Technology. Tu Yang is the deputy director of the Parallel Computing Technology Research Center of Jinan Institute of Supercomputing Technology.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed
[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

According to the official website, the Jinan Supercomputer Center claims to be developed from the National Supercomputing Center Jinan Center, which was established in October 2011, and its direct shareholder, Jinan Supercomputing Technology Research Institute, was established in December 2018.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

According to the official website of the National Supercomputing Center in Jinan, there is indeed a "Jinan Supercomputing Technology Research Institute" in the scientific research platform of the institution.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

According to the official website, Jinan Institute of Supercomputing Technology is the first "four different" new R&D institution in China with the core mission of promoting supercomputing industrialization under the guidance of the Jinan Municipal People's Government, jointly organized by the Shandong Academy of Sciences and the People's Government of Licheng District, and relying on the construction of the National Supercomputing Jinan Center.

The institute focuses on key supercomputing technologies and innovative applications such as parallel computing, computing-network integration, and data security, and is committed to applied research, high-tech development research and technology transfer in related fields such as pathological information engineering, artificial intelligence, data computing, material computing, intelligent media, and FAST data analysis, so as to build a leading domestic supercomputing technology research highland, a cultivation base for intelligent technology enterprises, and a core engine leading the high-quality development of regional economy and society.

The institute has been approved to build provincial and municipal scientific and technological innovation platforms such as "Shandong Engineering Research Center for Computing Network Integration", "Shandong Pilot Base of Supercomputing Research Institute", "Jinan Key Laboratory of High-performance Industrial Software", "Jinan Engineering Research Center for High-performance Computing" and "Jinan Engineering Research Center for Astronomical Big Data", incubate and cultivate 5 start-up enterprises such as Jinan Supercomputing Center and Shandong Computing Network Information Technology Co., Ltd., and jointly hold 1 local branch including Zibo Industrial Computing Center.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

It is worth mentioning that the working addresses of the National Supercomputing Center in Jinan, the Jinan Institute of Supercomputing Technology, and the Jinan Supercomputing Center are all located in the National Supercomputing Jinan Center Science and Technology Park, located at No. 28666, Jingshi East Road, Licheng District, Jinan City, Shandong Province.

In addition, according to the official website, the National Supercomputing Center in Jinan and the Jinan Institute of Supercomputing Technology both use the Sunway Blu-ray Supercomputer, Sunway E-level prototype system, and Sunward Supercomputing Platform as resource advantages.

Field visits: The relationship between the parties to the dispute is delicate

On April 12, Jiemian News reporters came to the National Supercomputing Jinan Center Science and Technology Park according to the industrial and commercial registration address.

The interface news reporter found that in the huge park, the circular main building is marked with the big characters of "National Supercomputing Center in Jinan", and Jinan Supercomputing Center Co., Ltd. is located on the fifth floor of the auxiliary building on the east side of the main building, and the straight-line distance between the two units is less than 50 meters.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

The interface news reporter first came to the location of Jinan Supercomputing Center Co., Ltd. on the fifth floor, and the words "Jinan Supercomputing Technology Research Institute" were marked at the door, but the words "Jinan Supercomputer Center Co., Ltd." were not displayed. The on-site staff confirmed that this floor is the office of the Jinan Supercomputing Center.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

The on-site staff pointed to a company publicity display board and told Jiemian News that Jinan Supercomputing Technology Research Institute is an institution jointly founded by the Shandong Academy of Sciences and the People's Government of Licheng District, and has no affiliation with the National Supercomputing Center in Jinan. Pan Jingshan, who served as the deputy director of the Jinan National Supercomputing Center, did serve as the president of the institute.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

Another front desk staff member later confirmed to Jiemian News that Pan Jingshan is currently working on that floor, but declined to be interviewed by Jiemian News because he was in a meeting.

Subsequently, Jiemian News came to the National Supercomputing Center in Jinan. The relevant person in charge of the agency confirmed to Jiemian News that Pan Jingshan is indeed the deputy director of the center, and he and Guo Meng are both in the state of editing.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

Regarding the reasons why the National Supercomputing Center Jinan is eager to dissociate itself from the Jinan Supercomputing Center, as well as whether the center has business dealings with the Jinan Supercomputing Center, the relevant person in charge said, "All news is subject to the statement issued, and the center will no longer accept any interviews."

"Ghost Li" lurking?

In fact, a local insider in Jinan bluntly said to Jiemian News that when it comes to "Jinan Supercomputing Center", they generally think that it is a "supercomputing center with a national prefix", and they did not know the existence of this supercomputer center Co., Ltd. before.

On April 12, Zhongbei Communication disclosed a supplementary announcement that the controlling shareholder and actual controller of Jinan Supercomputer Center Co., Ltd., the company's contracted partner, was Pan Jingshan. There is no direct or indirect equity relationship between Jinan Supercomputer Center and Shandong Provincial Computing Center (National Supercomputing Center Jinan). The company explained that for ease of reading, the company referred to Jinan Supercomputer Center Co., Ltd. as "Jinan Supercomputer Center" in the announcement; We sincerely apologize for any misunderstanding that may have arisen due to the repetition of some words between the abbreviation and the name of Shandong Provincial Computing Center (National Supercomputing Center in Jinan)."

On the morning of April 12, a relevant person from the Zhongbei Communication Securities Department told Jiemian News that the company was aware of the partners of the aforementioned contract, and the company and the National Supercomputing Center in Jinan should have relevant communication.

However, Jiemian News saw from the official WeChat of Zhongbei Communication that the "Strategic Agreement Signed between Zhongbei Communication and Jinan Supercomputing Research Institute" released by the company on September 18, 2023 mentions the National Supercomputing Jinan Center, and the National Supercomputing Jinan Center is referred to as the "Jinan Supercomputing Center" in the article.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

In addition, according to the article, Jinan Supercomputing Center is "the first batch of national supercomputing centers in the country", which took the lead in launching the country's first supercomputing Internet project in July 2022, and took the lead in establishing the Yellow River Basin Computing Network Alliance in March 2023 and led the construction of the "Shandong Computing Network" covering 16 cities in Shandong.

According to the above-mentioned article of Zhongbei Communication, the company signed a strategic cooperation agreement with Jinan Supercomputing Technology Research Institute in Jinan. The two sides agreed to establish a long-term, stable and comprehensive strategic partnership to promote complementary advantages and common development, and reach strategic cooperation on the promotion of computing resources, the construction of computing power network and the integration of computing network, the construction of SaaS platform for computing services, technology research and application, investment and financing, etc.

According to the strategic agreement, the above-mentioned research institute will make full use of its social influence in the field of supercomputing to assist Zhongbei Communication in the promotion and sales of computing power business, and jointly expand computing power customers. At the same time, the two sides have strengthened the cooperation in key technologies such as "Eastern Data and Western Computing" and supercomputing, intelligent computing and computing power network, and the two sides will jointly lead the promotion of the application of scientific and technological projects and the implementation of scientific and technological policies of both sides; The two sides will also strengthen business cooperation, jointly promote business expansion and strengthening, and carry out investment and financing cooperation on the basis of full demonstration.

From this point of view, Zhongbei Communication and Jinan Supercomputing Technology Research Institute are mutual buyers and sellers.

The article also mentioned that during the period in Jinan, Li Liubing, chairman of Zhongbei Communications, and his entourage visited the "Jinan Supercomputing Center" science and technology exhibition hall and the "Shanhe" supercomputing platform. Tu Yang, general manager of the "supercomputing company" (which should refer to the Jinan Supercomputing Center), and his party visited the Wuhan headquarters of Zhongbei Communications.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

It is worth mentioning that, when it comes to the clarification announcement of Zhongbei Communication, the on-site staff encountered when Jiemian News visited Jinan Supercomputing Center said that the use of the words "Jinan Supercomputer Center" by Zhongbei Communication is an improper publicity of the listed company and has nothing to do with the company, and the listed company has issued an announcement to apologize. However, the person also told Jiemian News, "If the law does not prohibit it, it is not illegal for Zhongbei Communication to use the words 'Jinan Supercomputer Center', but it is only an apology out of morality."

Zhongbei communication announcement also shows that Jinan Supercomputer Center has been established for a short time, is self-financing, and the main source of funds to pay computing power leasing fees is the computing power leasing, technical services and software sales revenue obtained from customers.

Jinan Supercomputer Center is currently profitable, with revenues of 4.8921 million yuan and 30.3247 million yuan in 2022 and 2023, respectively. As of the end of December 2023, the company's total assets are 37.775 million yuan, total liabilities are 12.9209 million yuan, and net assets are 24.8542 million yuan.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

Jinan Supercomputing Center was only established in May 2021 with a registered capital of only 20 million yuan, and its registered address is only an office in the National Supercomputing Center Science and Technology Park. Does Jinan Supercomputing Center of such a size really have the strength to spend more than 900 million yuan to pay computing power procurement fees to Zhongbei Communication?

Radically laying out the computing power business, Zhongbei Communication has repeatedly stepped on the red line of violating the letter

"At present, the development of the company's computing power business is normal. The above-mentioned Zhongbei communication related people pointed out to the interface news that the company is still further deploying the computing power business in the near future.

Communication business is the old business of Zhongbei communication. Jiemian News learned that at the beginning of its listing on the main board of the Shanghai Stock Exchange in November 2018, the company, formerly known as "Wuhan Best Communication Group Co., Ltd.", is a professional communication network technology integrated service provider that provides services across the country, and its customers are mainly China Mobile, China Telecom, China Unicom and other three major telecom operators. On August 30, 2019, the company changed its name to "Zhongbei Communication".

In recent years, the performance of Zhongbei Communication has entered a period of fluctuation. In the second year of listing (2020), the company's net profit attributable to the parent company fell by 62.67% year-on-year to 57 million yuan, and in 2021, the company's performance recovered, and the profit for that year increased by 219.08% year-on-year to 182 million yuan. However, in 2022, the performance of Zhongbei Communication will fall again, and its net profit will decline by 40.11% year-on-year to 109 million yuan.

Or in order to improve the continuous fluctuating business situation, in 2023, Zhongbei Communication will begin to master the "traffic password", and the company will take the field of intelligent computing as its next strategic focus.

On July 13 last year, the company's official WeChat disclosed that it communicated with the technical team of Hengwei Technology (603496.SH) on the development prospects of the field of intelligent computing and the technical direction of the products of both parties, and believed that the two sides have strong complementarity in the visual operation and maintenance of intelligent computing, intelligent computing acceleration network cards and switches, and high-speed optical module products.

Subsequently, on July 24, Zhongbei Communication announced that the company, Hengwei Technology and a third party plan to jointly invest 200 million yuan to establish a joint venture company, which is controlled by Zhongbei Communication and contributed no less than 120 million yuan. The main business of the joint venture company is to invest in the construction of intelligent computing center, which is located in the national computing node city in the Yangtze River Delta region; the construction of the intelligent computing center project is planned to start in the third quarter of 2023, and it is planned to provide no less than 500P computing power operation service capacity; Zhongbei Communication and Hengwei Technology have purchased computing chips and equipment, scheduled chips, etc. to transfer to the project company or joint venture company at a reasonable price to ensure that the project company and the joint venture company achieve the expected computing service capacity as scheduled.

However, the cooperation between Zhongbei Communication and Hengwei Technology does not seem to have actually landed. Tianyancha shows that Zhongbei Communication established Zhongbei Cloud Network Digital Intelligence Technology (Wuhan) Co., Ltd. on July 14, 2023, which is wholly owned by it, but it is currently in a state of cancellation.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

However, this did not stop the pace of Zhongbei Communication's computing business layout. At the 2023 China Computing Conference held from August 18 to 19, 2023, Li Liubing, chairman of the company, said that Zhongbei Communication has determined the development of AI large model industry to take intelligent computing computing services as the focus of new infrastructure business development, and has deployed two computing centers in Hefei and the Yangtze River Delta: the first phase of Hefei Computing Center has invested about 1 billion yuan, and has completed civil engineering and park support, and the computer room has been started, and the first phase of the project will achieve computing power of 3000P, and it is planned to have service capabilities in the fourth quarter, and the maximum computing power capacity of 10000P can be provided after the overall completion; The site of the computer room has been preliminarily determined, and the investment agreement is being negotiated with the local government, and the A800 and H800 servers purchased by the company in the early stage have been put in place one after another, and the prototypes have been provided to some customers for testing.

However, Zhongbei Communication did not announce until August 28 that it planned to invest about 850 million yuan in the Hefei Intelligent Computing Center project in Shushan District Economic Development Zone, Hefei City.

Subsequently, Zhongbei Communication began to continuously release computing power order messages. On August 29, Zhongbei Communication signed a strategic cooperation agreement with Hanjiang Group to jointly cooperate in the fields of computing power services, ICT and digital business, distributed photovoltaic power generation and energy storage construction. ON SEPTEMBER 6, SEPTEMBER 18, OCTOBER 24 AND NOVEMBER 15, THE COMPANY SIGNED CONTRACTS WITH QINGHAI UNICOM, JINAN SUPERCOMPUTING CENTER, BEIJING ZHONGKE XINYUAN TECHNOLOGY, WILDLOOK TECH, ETC., THE LATTER OF WHICH WILL PURCHASE AI COMPUTING POWER SERVICES IN BULK. During the period, on October 23 and September 29, Zhongbei Communication official Weibo also announced that it had signed strategic cooperation agreements with Super Fusion, Youkede, Haitong Hengxin (01905.HK), etc.

Entering 2024, Zhongbei Communication will continue to expand in the computing power business. On February 6, the company plans to invest no more than 3 billion yuan in the construction project of the intelligent computing center, and the project plans to build computing power clusters in many places. On March 28, Zhongbei Communication announced that it plans to sign a contract with the Management Committee of Xining (National Level) Economic and Technological Development Zone to invest about 1 billion yuan in the construction of Qinghai Sanjiangyuan National Green Intelligent Computing Computing Power Scheduling Platform Project.

In addition to the great expansion of the computing power business, Zhongbei Communication has repeatedly stepped on the red line of information disclosure violations.

After investigation, on August 14, 2023, Zhongbei Communication's official Weibo released an article "Actively Create a New Situation of Strong Cooperation in Computing Power Services", and the next day, on August 15, the company's stock price rose 6.02%. On August 20, after the company's official Weibo released the article "Zhongbei Communication - Intelligent Computing Future", its stock price rose 2.76%, 10% and 6.79% respectively for three consecutive trading days since August 21, and hit a different wave of gains on August 23. Subsequently, on August 29, the company disclosed that it planned to invest in the construction of Hefei Intelligent Computing Center project, and its stock price rose on August 29 and August 30, and continued to rise by 7.67% on August 31, and touched the change in growth.

On September 22, the WeChat public account Shushan issued a document "5.5 billion! Zhongbei Communication East China Base officially settled in Shushan District, Hefei"; the company's stock price rose on September 22, and on September 25, it touched abnormal fluctuations in the rise, and in the case of investment news has been leaked, the company still said that "there is no information that should be disclosed and not disclosed"; the company did not disclose related matters until October 11 at the latest, and held a board of directors meeting on December 6, and held a general meeting of shareholders on December 25 to supplement the consideration of the matter.

In view of the above situation, on February 19, 2024, the Shanghai Stock Exchange intends to decide to criticize Li Liubing, then chairman and general manager of Zhongbei Communications, and Lu Nianqing, then secretary of the board of directors. On March 29, due to the fact of violating the law of failing to fulfill the obligation of disclosure in accordance with the regulations, the Hubei Securities Regulatory Bureau decided to take administrative supervision measures against Li Liubing and Lu Nianqing by issuing warning letters, and recorded them in the integrity file of the securities and futures market.

On April 12, due to the disclosure of computing power business, Zhongbei Communication received a regulatory work letter issued by the Shanghai Stock Exchange.

According to the statistics of Oriental Fortune Choice, from July 1, 2023 to April 12, 2024, the share price of Zhongbei Communication has risen by about 70%, with a turnover of 248 billion yuan and a turnover rate of 2360.89%. Among them, the stock price has rushed to a high of around 50 yuan per share around November 20, 2023.

[Depth] 900 million yuan of computing power was "cracked down", and the belief of Zhongbei communication superstition was revealed

Transition to new energy business: The valuation of M&A companies has dropped sharply

In addition to the sprint computing power business, Zhongbei Communication has also transformed to new energy business.

In November 2022, Zhongbei Telecom changed its business scope and amended the Articles of Association to add new business scopes such as solar power generation technical services, contract energy management, energy storage technical services and electric vehicle charging infrastructure operations. Accordingly, while consolidating the new 5G infrastructure, the company will vigorously expand the new energy business.

In January 2023, the company announced that it intends to acquire no less than 35% of the equity of Zhejiang Energy Storage through equity transfer and capital increase. According to the "Capital Increase and Equity Transfer Agreement" signed on March 7, 2023, Zhongbei Communication acquired 35% equity of Zhejiang Energy Storage through a capital increase of 228 million yuan, and at the same time acquired 8% equity of Zhejiang Energy Storage at a price of 52.093 million yuan;

According to the assessment, the market value of all the equity of Zhejiang Energy Storage shareholders at that time was 37.3505 million yuan, and the premium rate of the equity transfer price was 1033.20%, and the pricing basis of the capital increase price was consistent with the equity transfer part. The counterparty promised that the net profit attributable to the parent company and the non-net profit deducted from 2023 to 2025 will not be less than 40 million yuan, 70 million yuan and 100 million yuan respectively, with a total of 210 million yuan in three years, and the operating income from 2023 to 2025 will not be less than 1 billion yuan, 1.5 billion yuan and 3 billion yuan respectively.

Subsequently, on May 16, June 14, and July 5, 2023, Zhongbei Communication successively disclosed that it had signed a framework agreement on the procurement and supply guarantee of energy storage battery systems with Luoyang Storage and Transformation System, People's Travel, Hangzhou Qiji, Guangdong Xiaobin Network, Zhejiang Quxuan, Guangdong Gongsheng Network, and Yunnan Confectionery Network.

On February 6, 2024, Zhongbei Communications announced that the company plans to invest no more than 800 million yuan in the project with an annual output of 5GWh power battery and energy storage system, which is an important part of the East China base.

It seems to be lively, but the income of the new energy subsidiary acquired by Zhongbei Communication is not ideal.

According to reports, the target company Zhejiang Energy Storage Co., Ltd. signed a "Joint Venture Framework Agreement" with Anhui Jianghuai Automobile Group, Fodi Battery, and Ankai Automobile on September 6, 2022, and determined to jointly establish a joint venture company to build a new energy power battery production plant and carry out a new energy power battery production project, and plans to invest in the establishment of a power battery system factory, which will have a production capacity of 10GWh lithium-ion battery system after the completion of the project.

However, as of the date of the announcement, the agreed power battery production project has not been officially launched, and there is uncertainty, the agreed lithium-ion battery PACK and energy storage production line are in the process of adjusting the investment plan, and the company and the Management Committee of Hefei Shushan Economic Development Zone have agreed to invest in the power battery and energy storage system project on their own. The investment plan of the above-mentioned projects has undergone significant changes from the original agreement, which has seriously affected the performance of the target company, and the construction of these projects has a significant impact on the implementation of the Capital Increase and Equity Transfer Agreement and the determination of the transaction price.

In view of this, on April 2, Zhongbei Communication suddenly announced that the company signed a supplementary agreement with the shareholders of Zhejiang Energy Storage, and decided to adjust the above-mentioned transaction plan, the company still holds 43% of the shares, and the price of capital increase and transfer of shares was 60 million yuan and 26 million yuan respectively, and the post-investment valuation of Zhejiang Energy was adjusted from 651 million yuan to 200 million yuan. The performance promised by Zhejiang Energy Storage shareholders will be that from 2024 to 2026, the net profit attributable to the parent company and the non-net profit deducted from 2026 will not be less than 20 million yuan, 40 million yuan and 60 million yuan respectively, with a total of 120 million yuan in three years.

Zhongbei Communication still said that the company is optimistic about the future development of Zhejiang Energy Storage. "At present, the energy storage situation in Zhejiang should improve. Zhongbei communication related people told Jian News that in the future, the company will definitely take the new energy business as a key part of the company's subsequent development.

It cannot be ignored that with the radical layout of computing power, new energy and other businesses at the same time, the financial pressure of Zhongbei Communication has increased sharply in recent years. In 2021, 2022 and the first nine months of 2023, the company's total liabilities were 2.348 billion yuan, 2.768 billion yuan and 3.376 billion yuan respectively, of which the current liabilities were 2.203 billion yuan, 2.649 billion yuan and 3.332 billion yuan respectively, while the company's monetary funds in the same period were 771 million yuan, 882 million yuan and 308 million yuan respectively.

At the close of trading on April 12, the share price of Zhongbei Communication fell by more than 4%.

Read on