光伏最大收购案余震：润阳16亿债转股求生，债主排队“变”股东

Core Viewpoint - The ongoing financial struggles of Runyang Co., a key player in the photovoltaic industry, have led to significant debt-to-equity conversions as creditors seek to mitigate losses amid a challenging market environment [2][3][4]. Group 1: Financial Situation - Runyang Co. has undergone seven rounds of debt-to-equity conversions since the onset of its financial crisis in 2024, with a total of over 1.606 billion yuan converted into equity [2]. - The company reported a net loss of nearly 900 million yuan for the year, with total liabilities reaching approximately 28.996 billion yuan and a debt-to-asset ratio of 79.62% [4]. - As of the end of 2024, Runyang's net assets stood at 7.4 billion yuan, indicating a precarious financial position [4]. Group 2: Debt-to-Equity Conversions - Recent announcements indicate that Xizhuang Co. plans to convert approximately 25.69 million yuan of debt into equity in Runyang, contributing to a total expected investment of around 296 million yuan [2]. - Other equipment companies are also in discussions regarding debt-to-equity conversions with Runyang, suggesting a broader trend among creditors to become shareholders [2][5]. Group 3: IPO Challenges - Runyang's IPO ambitions have faced significant setbacks, with the company failing to complete its planned listing despite receiving approval in June 2023 [6]. - The initial plan aimed to raise 4 billion yuan, but high valuation expectations and market conditions contributed to the failure of the IPO [6][7]. - The company has experienced layoffs in its R&D department, further complicating its path to a successful IPO [6]. Group 4: Industry Context - The photovoltaic industry is currently undergoing a deep adjustment, with 40% of listed companies reporting losses, and the top ten loss-making firms collectively losing over 53 billion yuan [7]. - Runyang's previous position as a top player in battery shipments has deteriorated, with significant asset devaluation and ongoing legal challenges related to patent infringements [6][7]. - The industry faces an oversupply situation, leading to sustained price pressures and reduced profitability across the sector [7][8].