Analysis of Wanrun New Energy's revenue in 2023

In 2023, Wanrun New Energy's revenue was 12.174 billion yuan, a slight decrease of 1.44% year-on-year. Net profit (excluding non-recurring items) was -1.504 billion yuan, a year-on-year decrease of 256.84%. Net cash flow from operating activities was -1.558 billion yuan, which continued to be negative. This loss was mainly affected by the market price fluctuations of upstream raw material lithium carbonate and the slowdown in market demand caused by downstream customers' destocking. In addition, the company's production line operating rate was unstable and the equipment utilization rate was insufficient, resulting in a lower product gross profit margin and an increase in inventory impairment provisions.