WXSJ(SH:603185) Chang Jiang Shang Bao·2025-05-08 23:58Core Viewpoint - The photovoltaic industry is experiencing low prosperity, leading Hongyuan Green Energy to shift from expansion to contraction by divesting its stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan [1][2]. Group 1: Company Actions - Hongyuan Green Energy plans to transfer its 27.0737% stake in Inner Mongolia Xinyuan, which it initially invested 1.02 billion yuan in 2021, to Jiangsu Zhongneng for 1.245 billion yuan [1][2]. - Earlier in the year, the company sold a 49.995% stake in Jiaxing Zhongping Guoyu Equity Investment Partnership for 500 million yuan, having initially invested 555 million yuan [1]. - The company aims to optimize resource allocation, focus on its core business, and reduce investment risks through these divestments [5]. Group 2: Financial Performance - From 2020 to 2022, Hongyuan Green Energy experienced rapid revenue growth, with revenues of 3.011 billion yuan, 10.915 billion yuan, and 21.909 billion yuan, reflecting year-on-year growth rates of 273.48%, 262.51%, and 100.72% respectively [7]. - In 2023, the company reported revenues of 11.859 billion yuan, a decline of 45.87%, and a net profit of 741 million yuan, down 75.58% [8]. - For 2024, the company’s revenue further decreased to 7.302 billion yuan, a drop of 38.42%, resulting in a net loss of 2.697 billion yuan, marking its first annual loss since 2015 [8]. Group 3: Market Conditions - The photovoltaic industry is facing structural overcapacity and declining product prices, leading to significant challenges for companies, including Hongyuan Green Energy [6][8]. - The company’s stock price has seen a maximum decline of approximately 92% since its peak in 2021, with a closing price of 14.5 yuan per share on May 8, 2023, resulting in a market capitalization of about 9.85 billion yuan [8].