Shengtai Materials establishes close partnership with BYD and faces operational challenges

Shengtai Materials has established a close cooperative relationship with BYD, and BYD's share of the company's total sales has increased year by year, reaching 64.05% in the first half of 2023. However, this close binding has also brought certain operating pressure to the company. As of the end of the period, the company's accounts receivable balance accounted for 134.22% of the current revenue, and the growth rate was higher than the revenue growth rate. In addition, if there are major adverse changes in the company's cooperation with BYD, it may have an impact on the company's performance.