HNHD(SZ:002163) Zheng Quan Shi Bao Wang·2025-10-08 09:36Core Viewpoint - Hainan Development's decision to apply for bankruptcy liquidation of its subsidiary Haikong Sanxin is a rational response to the fluctuations in the photovoltaic glass market and a proactive strategy to optimize its asset structure in light of the upcoming free trade port policies [1][2]. Industry Context - The photovoltaic glass industry is undergoing a cyclical adjustment, with Haikong Sanxin having already reduced production by shutting down a 550-ton furnace and five deep processing production lines, retaining only two lines to maintain key customer relationships [2]. - The current market conditions show no signs of recovery, with high costs for raw materials and quality issues leading to continued losses, prompting the decision to cease operations entirely by the end of September 2025 [2]. Strategic Focus - The asset optimization aligns with the strategic foresight of Hainan Development as the free trade port approaches its official launch on December 18, 2025, with significant tax reductions on imports [3]. - The company aims to concentrate resources on key industries such as high-end manufacturing, cross-border trade, and green energy, which are central to the free trade port's development strategy [3]. Financial Implications - The bankruptcy liquidation is expected to improve Hainan Development's balance sheet, as Haikong Sanxin's ongoing losses have negatively impacted the company's profits [3]. - By eliminating the underperforming asset, the company can redirect saved funds and management resources towards core business areas, enhancing asset quality and preparing for future growth [3]. Risk Management - Hainan Development has established a comprehensive risk management mechanism, applying for bankruptcy to protect asset rights while ensuring compliance and transparency in the process [4]. - The timely divestment of loss-making assets is seen as a foundational step for the company to focus on strategic priorities before the implementation of free trade port policies [4]. Policy Benefits - As the free trade port's operational framework solidifies, policy benefits are expected to accelerate, enhancing operational efficiency for Hainan enterprises [5]. - Hainan Development's strategic adjustments are in line with the regional development direction, aiming to leverage policy advantages and explore new business directions that align with national strategic goals [5].