Sieyuan Electric boosts reserves, writes off assets in strategic move

Sieyuan Electric (SZSE:002028) will bolster its reserves by CNY 274.16 million after a comprehensive audit of 2024 financial statements, which led to CNY 107.48 million being allocated to reduce the value of existing assets, and to increase reserves by CNY 151.84 million. The company also announced a CNY 4,580,733 addition for FY 2024 to government subsidies, and a proposal to distribute CNY 389.08 million in cash dividends, with the net effect being to put about CNY 191 million on reserve. At the end of 2024, the book value of accounts receivables are CNY 4.67 billion. The company cites risk factors and future strategic goals as determining these policies. These moves, approved by the board, include adjusting equity values in its strategic alliances.