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
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 9,324,393 $ 5,849,967
Restricted cash 11,213,640 11,656,204
Accounts receivable, net 46,280,769 36,139,866
Amount due from Yipeng 7,517,250 0
Notes receivable 1,093,730 1,757,709
Prepayments and other receivables 6,899,872 6,060,904
Inventories 22,207,333 19,218,331
Total Current Assets 104,536,987 80,682,981
Property, plant and equipment, net 43,504,991 47,464,186
Land use right, net 3,622,435 3,963,003
Other assets 500,000 550,000
Deferred tax assets 1,477,761 1,544,314
Long-term investment 9,689,576 0
TOTAL ASSETS 163,331,750 134,204,484
Current Liabilities:    
Accounts payable 49,463,901 36,077,396
Deferred income 761,491 879,944
Short-term loan 18,776,080 13,839,341
Non-financial institution borrowings 3,741,115 0
Notes payable 30,658,000 30,490,166
Amount due to Yipeng 1,522,313 0
Other payables and accrued liabilities 11,148,556 6,292,492
Income taxes payable 1,963,298 1,783,013
Current portion of long-term loan 0 1,845,245
Total Current Liabilities 118,034,754 91,207,597
Warrant Liability 259 140,549
TOTAL LIABILITIES 118,035,013 91,348,146
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, 15,114,991 shares issued and outstanding at December 31, 2016 and 15,101,679 shares issued and outstanding at December 31, 2015) 1,511 1,510
Additional paid-in capital 11,580,934 11,227,979
Statutory and other reserves 4,992,463 4,042,429
Retained earnings 29,266,068 24,098,175
Accumulated other comprehensive income (873,582) 2,632,762
Total equity attributable to the stockholders of Highpower International Inc. 44,967,394 42,002,855
Non-controlling interest 329,343 853,483
TOTAL EQUITY 45,296,737 42,856,338
TOTAL LIABILITIES AND EQUITY $ 163,331,750 $ 134,204,484
v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net sales $ 173,851,113 $ 146,181,011
Cost of sales (135,768,642) (118,234,935)
Gross profit 38,082,471 27,946,076
Research and development expenses (9,243,750) (7,631,181)
Selling and distribution expenses (6,888,052) (6,728,692)
General and administrative expenses (18,186,362) (12,895,649)
Foreign currency transaction gain 1,959,036 2,474,154
Total operating expenses (32,359,128) (24,781,368)
Income from operations 5,723,343 3,164,708
Gain on change of fair value of warrant liability 140,290 927,125
Other income 2,271,528 1,189,324
Equity in earnings of investee 351,755 0
Interest expenses (1,419,962) (1,002,151)
Income before taxes 7,066,954 4,279,006
Income taxes expenses (1,439,177) (818,736)
Net income 5,627,777 3,460,270
Less: net loss attributable to non-controlling interest (490,150) (393,812)
Net income attributable to the Company 6,117,927 3,854,082
Comprehensive income    
Net income 5,627,777 3,460,270
Foreign currency translation loss (3,540,334) (3,055,839)
Comprehensive income 2,087,443 404,431
Less: comprehensive loss attributable to non-controlling interest (524,140) (453,756)
Comprehensive income attributable to the Company $ 2,611,583 $ 858,187
Earnings per share of common stock attributable to the Company    
- Basic $ 0.41 $ 0.26
- Diluted $ 0.4 $ 0.25
Weighted average number of common stock outstanding    
- Basic 15,105,235 15,096,166
- Diluted 15,113,914 15,286,196
v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities    
Net income $ 5,627,777 $ 3,460,270
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,937,688 4,939,882
Allowance for doubtful accounts 1,651,546 949
Impairment of machinery and equipment 530,914 0
Loss on disposal of property, plant and equipment 609,842 233,296
Deferred income tax (benefit) expense (32,756) 9,107
Equity in earnings of investee (351,755) 0
Share based compensation 317,946 653,017
Gain on change of fair value of warrant liability (140,290) (927,125)
Changes in operating assets and liabilities:    
Accounts receivable (13,809,278) (5,446,752)
Notes receivable 575,514 (1,222,793)
Prepayments and other receivables (1,755,589) (2,435,316)
Amount due from Yipeng (7,457,338) 0
Amount due to Yipeng 1,589,963 0
Inventories (4,410,429) 1,831,737
Accounts payable 11,196,709 (3,322,054)
Deferred income (64,658) 1,890,332
Other payables and accrued liabilities 5,471,022 755,757
Income taxes payable 307,984 (74,111)
Net cash flows provided by operating activities 4,794,812 346,196
Cash flows from investing activities    
Acquisition of plant and equipment (8,487,473) (11,256,553)
Long-term investment (3,005,666) 0
Net cash flows used in investing activities (11,493,139) (11,256,553)
Cash flows from financing activities    
Proceeds from short-term bank loans 19,611,969 14,430,014
Repayment of short-term bank loans (13,526,998) (13,438,449)
Proceeds from non-financial institution borrowings 4,508,499 0
Repayment of non-financial institution borrowings (601,133) 0
Repayment of long-term bank loans (1,803,399) (1,924,002)
Proceeds from notes payable 59,952,794 63,544,496
Repayment of notes payable (57,731,108) (61,118,292)
Proceeds from exercise of employee options 35,010 44,534
Change in restricted cash (320,093) 2,966,205
Net cash flows provided by financing activities 10,125,541 4,504,506
Effect of foreign currency translation on cash 47,212 (2,356,074)
Net increase (decrease) in cash 3,474,426 (8,761,925)
Cash - beginning of year 5,849,967 14,611,892
Cash - end of year 9,324,393 5,849,967
Cash paid for:    
Income taxes 1,163,950 883,740
Interest expenses 1,229,173 1,002,151
Non-cash transactions    
Offset of deferred income related to government grant and property, plant and equipment 229,951 2,547,545
Transfer of equipment to Yipeng $ 7,156,717 $ 0