房二代“跨界”玩坏“光伏第一股”，2亿股股权将被司法拍卖

Core Viewpoint - Yichin Photovoltaic (SH: 600537) is undergoing a significant change in ownership as its controlling shareholder, Shenzhen Weizhi Energy Co., Ltd., is set to auction off 200 million unrestricted circulating shares due to a judicial auction stemming from a contract dispute, which will result in a change of control for the company [1][2]. Group 1: Company Background - Yichin Photovoltaic, known as the "first stock in photovoltaics," was established in 2003 and listed in 2011, but has faced continuous operational challenges since its IPO [2]. - The company was taken over by the real estate firm Qinchengda Group in 2019, with Gu Hanning, a "second-generation" real estate heir, becoming the actual controller [2][3]. - Despite ambitious expansion plans and investments totaling 30 billion yuan, the company has struggled to improve its financial performance, leading to significant losses [5][6]. Group 2: Financial Performance - Yichin Photovoltaic reported a staggering loss of 20.9 billion yuan in 2024, with an additional loss of 531.4 million yuan in the first quarter of 2025 [6][8]. - The company's asset-liability ratio has escalated from 48% in 2019 to approximately 93% by the end of the first quarter of 2025, indicating severe financial distress [8]. - Cash reserves have dwindled from 1.1 billion yuan at the beginning of 2019 to just 81.42 million yuan currently [8]. Group 3: Ownership and Control Changes - The judicial auction of 200 million shares represents 16.90% of Yichin Photovoltaic's total share capital, marking a critical point in the company's ownership structure [1][9]. - There are ongoing rumors regarding potential state-owned enterprise involvement in acquiring Yichin Photovoltaic, particularly with the nomination of candidates with ties to Hohhot's state-owned assets for board positions [11]. - The recent appointment of Chen Jiangming, who has a background with Weizhi Energy, as chairman adds uncertainty to the company's future direction [12].