Zhangze Electric Power faces significant accumulated losses

Zhangze Electric Power (SZSE:000767) announced that its accumulated unrecovered losses have surpassed one-third of its total paid-in capital. According to the audit conducted by Zhong Shen Ya Tai Certified Public Accountants (Special General Partnership), as of December 31, 2024, the company's audited consolidated financial statements show unappropriated profits of -CNY 1,575,821,841.44 against a paid-in capital of CNY 3,076,942,219.00. This situation necessitates submission to the company's shareholders' meeting for deliberation, in accordance with the "Company Law" and the "Articles of Association." The company attributes the losses primarily to high coal prices and declining electricity prices in Shanxi Province, which have impacted its revenue. Zhangze Electric Power outlines measures including enhanced safety management, aggressive pursuit of electricity sales, and stringent cost control to improve its financial performance.