Kennedy's net profit loss 3.68 billion yuan in 2017

In the evening of April 26, Kennedy issued its annual report for 2017. During the reporting period, the company achieved revenue of 965,961,300 yuan, an increase of 152.9 yuan over the same period last year; The net profit attributable to the parent company owner was 368,413,54.4 million yuan, compared with 42,545,772 yuan in the same period of the previous year, a decrease of 966.8 yuan from the same period of the previous year.

The company stated that the reasons for the large losses in performance were: due to the adjustment of the National new energy industry policy subsidies, the rapid growth of subsidiary Wotema's business expansion, the slow return of accounts receivable, and the tight capital chain. As a result, the net profit realized by the subsidiary Wotema in 2017 did not reach the profit forecast value, and there will be considerable differences between the subsequent future profit estimates and expectations. There are significant signs of impairment of goodwill generated by the acquisition of Wotema, based on the principle of prudence. In order to more truly and accurately reflect the company's assets and financial status as of December 31, 2017, the company has made a full impairment of the goodwill account formed when it acquired Wotema Battery Co., Ltd..

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