硅料资产布局再收缩 弘元绿能拟转让内蒙古鑫元股权

Core Viewpoint - The photovoltaic industry is undergoing price adjustments, prompting companies like Hongyuan Green Energy to optimize their business layouts by divesting from non-core assets [2][4]. Company Summary - Hongyuan Green Energy announced the sale of its 27.0737% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan, which corresponds to an investment of 1.02 billion yuan [2]. - The company aims to focus on its core business and reduce investment risks, as it has established its own silicon material production capacity and the market supply is sufficient [2][4]. - This is the second time in 2023 that Hongyuan Green Energy has divested from silicon material assets, having previously sold a stake in Jiaxing Zhongping Guoyu Investment Partnership [3]. Financial Performance - Inner Mongolia Xinyuan is projected to generate 4.792 billion yuan in revenue for 2024, but it is also expected to incur a net loss of 477 million yuan [3]. - Hongyuan Green Energy's revenue for 2024 is expected to be 7.302 billion yuan, a year-on-year decrease of 38.42%, with a net loss of 2.697 billion yuan [6]. - In the first quarter of 2025, the company reported revenue of 1.657 billion yuan, down 24.37% year-on-year, and a net loss of approximately 61.88 million yuan [6]. Industry Context - The silicon material prices are currently at a low point, with N-type dense material priced around 38,000 yuan per ton, leading to significant pressure on profitability for many companies in the sector [3][4]. - The photovoltaic industry is facing supply-demand imbalances, with some inefficient capacities needing to be eliminated [6]. - Analysts predict that the prices across the photovoltaic industry chain may see a rebound in 2026 as supply-demand dynamics improve [6].