Investor Relations

Financial Releases
Highpower International Inc. was founded in 2001 as a clean energy group dedicated to R&D, production and sales of rechargeable Ni-MH / Lithium batteries, power source and energy storage systems. In June 2008, Highpower listed in NASDAQ.

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 19,325,657 $ 9,324,393
Restricted cash 15,918,318 11,213,640
Accounts receivable, net 42,737,207 46,280,769
Amount due from Yipeng 2,465,325 7,517,250
Notes receivable 2,192,197 1,093,730
Prepayments and other receivables 10,922,029 6,899,872
Inventories 32,488,267 22,207,333
Total Current Assets 126,049,000 104,536,987
Property, plant and equipment, net 46,167,556 43,504,991
Land use right, net 3,670,645 3,622,435
Other assets 475,000 500,000
Deferred tax assets 1,248,226 1,477,761
Long-term investment 10,540,473 9,689,576
TOTAL ASSETS 188,150,900 163,331,750
Current Liabilities:    
Accounts payable 49,132,387 49,463,901
Deferred income 892,154 761,491
Short-term loans 19,329,517 18,776,080
Non-financial institution borrowings 11,804,285 3,741,115
Notes payable 41,373,724 30,658,000
Amount due to Yipeng 62,204 1,522,313
Other payables and accrued liabilities 9,249,029 11,148,556
Income taxes payable 1,782,786 1,963,298
Total Current Liabilities 133,626,086 118,034,754
Warrant Liability 0 259
TOTAL LIABILITIES 133,626,086 118,035,013
COMMITMENTS AND CONTINGENCIES
Stockholders' equity    
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) 0 0
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,356,560 shares issued and outstanding at June 30, 2017 and 15,114,991 shares issued and outstanding at December 31, 2016) 1,536 1,511
Additional paid-in capital 12,249,531 11,580,934
Statutory and other reserves 4,992,463 4,992,463
Retained earnings 36,172,954 29,266,068
Accumulated other comprehensive income (loss) 600,641 (873,582)
Total equity attributable to the stockholders of Highpower International Inc. 54,017,125 44,967,394
Non-controlling interest 507,689 329,343
TOTAL EQUITY 54,524,814 45,296,737
TOTAL LIABILITIES AND EQUITY $ 188,150,900 $ 163,331,750
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net sales $ 51,699,930 $ 36,732,310 $ 93,566,778 $ 65,829,365
Cost of sales (39,628,164) (29,088,639) (71,560,178) (52,308,655)
Gross profit 12,071,766 7,643,671 22,006,600 13,520,710
Research and development expenses (2,137,286) (2,035,886) (3,951,216) (3,658,769)
Selling and distribution expenses (1,722,910) (1,539,395) (3,361,223) (3,074,431)
General and administrative expenses (3,016,401) (3,248,899) (6,074,963) (6,318,613)
Foreign currency transaction (loss) gain (514,624) 600,313 (828,502) 509,877
Total operating expenses (7,391,221) (6,223,867) (14,215,904) (12,541,936)
Income from operations 4,680,545 1,419,804 7,790,696 978,774
Changes in fair value of warrant liability 31,811 7,077 259 126,546
Other income 276,365 1,055,947 854,458 1,211,875
Equity in (loss) earnings of investee (41,607) 0 105,325 0
Gain on dilution in equity method investee 491,325 0 491,325 0
Interest expenses (380,531) (435,402) (983,848) (710,394)
Income before taxes 5,057,908 2,047,426 8,258,215 1,606,801
Income taxes expenses (595,708) (174,313) (1,183,473) (209,817)
Net income 4,462,200 1,873,113 7,074,742 1,396,984
Less: net income (loss) attributable to non-controlling interest 90,963 (178,669) 167,856 (312,190)
Net income attributable to the Company 4,371,237 2,051,782 6,906,886 1,709,174
Comprehensive income (loss)        
Net income 4,462,200 1,873,113 7,074,742 1,396,984
Foreign currency translation gain (loss) 1,508,714 (1,964,424) 1,484,713 (1,714,278)
Comprehensive income (loss) 5,970,914 (91,311) 8,559,455 (317,294)
Less: comprehensive income (loss) attributable to non-controlling interest 98,795 (197,060) 178,346 (325,882)
Comprehensive income attributable to the Company $ 5,872,119 $ 105,749 $ 8,381,109 $ 8,588
Earnings per share of common stock attributable to the Company        
- Basic $ 0.29 $ 0.14 $ 0.45 $ 0.11
- Diluted $ 0.28 $ 0.14 $ 0.45 $ 0.11
Weighted average number of common stock outstanding        
- Basic 15,317,101 15,101,679 15,218,820 15,101,679
- Diluted 15,479,357 15,102,877 15,304,773 15,103,886
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 7,074,742 $ 1,396,984
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,429,982 2,486,196
Allowance for doubtful accounts 17,994 4,837
Loss on disposal of property, plant and equipment 25,218 95,368
Deferred income tax 263,673 (64,671)
Equity in earnings of investee (105,325) 0
Gain on dilution in equity method investee (491,325) 0
Share based compensation 44,815 205,969
Changes in fair value of warrant liability (259) (126,546)
Changes in operating assets and liabilities:    
Accounts receivable 4,390,991 3,216,097
Notes receivable (1,057,366) 1,051,486
Prepayments and other receivables (3,799,960) (770,029)
Amount due from Yipeng 5,178,499 (2,187,784)
Amount due to Yipeng (1,480,335) 774,545
Inventories (9,595,161) (1,735,486)
Accounts payable (494,812) (2,843,233)
Deferred income 109,892 (75,912)
Other payables and accrued liabilities (2,145,295) 349,026
Income taxes payable (227,668) (499,161)
Net cash flows provided by operating activities 138,300 1,277,686
Cash flows from investing activities    
Acquisitions of plant and equipment (5,199,130) (4,415,690)
Proceeds from investment 0 (764,409)
Net cash flows used in investing activities (5,199,130) (5,180,099)
Cash flows from financing activities    
Proceeds from short-term loans 2,916,017 1,452,377
Repayment of short-term loans (2,841,696) 0
Repayment of long-term loans 0 (917,291)
Proceeds from non-financial institution borrowings 10,200,959 4,586,455
Repayment of non-financial institution borrowings (2,331,648) 0
Proceeds from notes payable 40,861,835 29,485,540
Repayment of notes payable (31,049,819) (30,313,965)
Proceeds from exercise of employee options 623,806 0
Change in restricted cash (4,364,417) 1,531,837
Net cash flows provided by financing activities 14,015,037 5,824,953
Effect of foreign currency translation on cash 1,047,057 (973,532)
Net increase in cash 10,001,264 949,008
Cash - beginning of period 9,324,393 5,849,967
Cash - end of period 19,325,657 6,798,975
Cash paid for:    
Income taxes 1,147,467 773,650
Interest expenses 948,831 710,394
Non-cash transactions    
Offset of deferred income related to government grant and property, plant and equipment $ 85,571 $ 26,988