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

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 11,904,511 $ 9,324,393
Restricted cash 20,905,411 11,213,640
Accounts receivable, net 56,313,941 46,280,769
Amount due from Yipeng 0 7,517,250
Notes receivable 6,805,932 1,093,730
Prepayments and other receivables 16,175,372 6,899,872
Inventories 35,216,303 22,207,333
Total Current Assets 147,321,470 104,536,987
Property, plant and equipment, net 49,789,095 43,504,991
Land use right, net 3,718,804 3,622,435
Other assets 462,500 500,000
Deferred tax assets 1,386,829 1,477,761
Long-term investment 1,765,499 9,689,576
TOTAL ASSETS 204,444,197 163,331,750
Current Liabilities:    
Accounts payable 59,937,145 49,463,901
Deferred income 807,792 761,491
Short-term loans 10,609,112 18,776,080
Non-financial institution borrowings 10,527,424 3,741,115
Notes payable 46,124,404 30,658,000
Foreign currency derivatives liabilities 169,958 0
Amount due to Yipeng 0 1,522,313
Other payables and accrued liabilities 13,061,886 11,148,556
Income taxes payable 2,212,145 1,963,298
Total Current Liabilities 143,449,866 118,034,754
Warrant Liability 0 259
TOTAL LIABILITIES 143,449,866 118,035,013
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, 15,476,000 shares issued and outstanding at September 30, 2017 and 15,114,991 shares issued and outstanding at December 31, 2016) 1,547 1,511
Additional paid-in capital 12,307,205 11,580,934
Statutory and other reserves 4,992,463 4,992,463
Retained earnings 41,197,147 29,266,068
Accumulated other comprehensive income (loss) 1,848,819 (873,582)
Total equity attributable to the stockholders of Highpower International Inc. 60,347,181 44,967,394
Non-controlling interest 647,150 329,343
TOTAL EQUITY 60,994,331 45,296,737
TOTAL LIABILITIES AND EQUITY $ 204,444,197 $ 163,331,750
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net sales $ 71,405,560 $ 54,142,916 $ 164,972,338 $ 119,972,281
Cost of sales (57,845,224) (40,475,820) (129,405,402) (92,784,475)
Gross profit 13,560,336 13,667,096 35,566,936 27,187,806
Research and development expenses (2,433,928) (3,029,628) (6,385,144) (6,688,397)
Selling and distribution expenses (1,859,762) (1,881,277) (5,220,985) (4,955,708)
General and administrative expenses (3,959,731) (5,935,907) (10,034,694) (12,254,520)
Foreign currency transaction (loss) gain (816,593) 126,732 (1,645,095) 636,609
Loss on derivative instruments (146,481) 0 (146,481) 0
Total operating expenses (9,216,495) (10,720,080) (23,432,399) (23,262,016)
Income from operations 4,343,841 2,947,016 12,134,537 3,925,790
Changes in fair value of warrant liability 0 (11,150) 259 115,396
Other income 94,775 505,928 949,233 1,717,803
Equity in earnings of investee 1,087 218,903 106,412 218,903
Gain on dilution in equity method investee 5,071 0 496,396 0
Gain on sales of long-term investment 1,664,377 0 1,664,377 0
Interest income (expenses) 57,663 (341,520) (926,185) (1,051,914)
Income before taxes 6,166,814 3,319,177 14,425,029 4,925,978
Income taxes expenses (1,013,919) (769,065) (2,197,392) (978,882)
Net income 5,152,895 2,550,112 12,227,637 3,947,096
Less: net income (loss) attributable to non-controlling interest 128,702 (101,194) 296,558 (413,384)
Net income attributable to the Company 5,024,193 2,651,306 11,931,079 4,360,480
Comprehensive income        
Net income 5,152,895 2,550,112 12,227,637 3,947,096
Foreign currency translation gain (loss) 1,258,937 171,574 2,743,650 (1,542,704)
Comprehensive income 6,411,832 2,721,686 14,971,287 2,404,392
Less: comprehensive income (loss) attributable to non-controlling interest 139,461 (103,831) 317,807 (429,713)
Comprehensive income attributable to the Company $ 6,272,371 $ 2,825,517 $ 14,653,480 $ 2,834,105
Earnings per share of common stock attributable to the Company        
- Basic $ 0.33 $ 0.18 $ 0.78 $ 0.29
- Diluted $ 0.32 $ 0.18 $ 0.77 $ 0.29
Weighted average number of common stock outstanding        
- Basic 15,369,674 15,103,007 15,270,898 15,102,121
- Diluted 15,518,764 15,115,409 15,563,012 15,104,914
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 12,227,637 $ 3,947,096
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,792,178 3,735,353
Allowance for doubtful accounts 48,866 1,661,968
Loss on disposal of property, plant and equipment 57,277 197,848
Deferred income tax 153,625 (63,934)
Loss on derivative instruments 166,387 0
Equity in earnings of investee (106,412) (218,903)
Gain on dilution in equity method investee (496,396) 0
Gain on sales of long-term investment (1,664,377) 0
Share based compensation 86,921 244,142
Changes in fair value of warrant liability (259) (115,396)
Changes in operating assets and liabilities:    
Accounts receivable (8,517,071) (13,619,029)
Notes receivable (5,543,798) (59,905)
Prepayments and other receivables (8,775,985) (230,595)
Amount due from Yipeng 7,691,900 (3,004,025)
Amount due to Yipeng (1,557,682) 1,560,360
Inventories (11,753,127) (2,457,733)
Accounts payable 7,049,819 11,817,867
Deferred income 11,637 (82,697)
Other payables and accrued liabilities 1,394,691 3,745,023
Income taxes payable 156,744 119,859
Net cash flows (used in) provided by operating activities (5,577,425) 7,177,299
Cash flows from investing activities    
Acquisitions of property, plant and equipment (7,297,901) (8,474,440)
Acquisition of investment 0 (3,039,006)
Proceeds from sale of long-term investment 10,453,475 0
Net cash flows provided by (used in) investing activities 3,155,574 (11,513,446)
Cash flows from financing activities    
Proceeds from short-term loans 8,797,727 18,158,059
Repayments of short-term loans (17,594,229) (10,650,400)
Repayments of long-term loans 0 (1,823,403)
Proceeds from non-financial institution borrowings 10,306,243 4,558,509
Repayments of non-financial institution borrowings (3,828,033) 0
Proceeds from notes payable 62,193,463 41,908,812
Repayments of notes payable (48,408,417) (39,518,955)
Proceeds from exercise of employee options 635,484 19,304
Change in restricted cash (8,992,019) 601,759
Net cash flows provided by financing activities 3,110,219 13,253,685
Effect of foreign currency translation on cash 1,891,750 (1,290,306)
Net increase in cash 2,580,118 7,627,232
Cash - beginning of period 9,324,393 5,849,967
Cash - end of period 11,904,511 13,477,199
Cash paid for:    
Income taxes 1,464,592 922,957
Interest expenses 1,402,447 1,051,914
Non-cash investing and financing activity    
Offset of deferred income related to government grant and property, plant and equipment $ 171,403 $ 33,019