EGING PV(SH:600537) 3 6 Ke·2025-10-13 03:11Core Viewpoint - Yichin Photovoltaic has entered a "no owner" status following the judicial transfer of shares from its controlling shareholder, Weizhi Energy, marking a significant change in its corporate governance structure [2][3]. Share Transfer and Ownership Changes - Weizhi Energy's shares, approximately 150 million unrestricted circulating shares, were publicly auctioned by the Futian Court on JD.com from August 26 to August 27, 2023, and were divided into three batches [3]. - The transfer resulted in Weizhi Energy's shareholding decreasing from 12.67% to 8.45%, with the remaining 100 million shares fully transferred by early September [3][4]. - The shares were acquired by three individuals at prices around 3.05 to 3.08 yuan per share, totaling approximately 1.5 billion yuan for each batch [4]. Financial Performance and Challenges - Yichin Photovoltaic experienced significant financial difficulties, with a reported revenue of 9.876 billion yuan in 2022, but a decline in both revenue and net profit in 2023, with net profit dropping by 46.92% [7]. - The company faced a dramatic revenue drop of 57.07% in 2024, resulting in a loss of approximately 2.09 billion yuan, with no profitable quarters throughout the year [8][10]. - By the first half of 2025, revenue further decreased by 46.05%, with a net loss of about 153 million yuan, and a high debt ratio of 94.47% [10]. Governance and Control Issues - With the exit of Weizhi Energy, Yichin Photovoltaic is now without a controlling shareholder, leading to a highly fragmented ownership structure where no single shareholder holds more than 5% [11]. - The lack of a controlling entity raises concerns about governance efficiency, as major decisions will require consensus among a diverse board of directors [11][13]. - The company is under scrutiny from the Shanghai Stock Exchange regarding the potential risks associated with its new ownership structure and the verification of the buyers' financial backgrounds [12][13]. Industry Context and Future Outlook - The photovoltaic industry is currently facing significant challenges, with many companies experiencing operational difficulties due to a harsh market environment [14]. - The refinancing situation for photovoltaic companies has worsened, with a dramatic decline in successful refinancing efforts, further exacerbating financial pressures [15]. - The departure of Weizhi Energy could be seen as a turning point for Yichin Photovoltaic, providing an opportunity to shed historical burdens, but the company must improve its financial performance to stabilize its governance and attract investor confidence [15].