Lingda Group(SZ:300125) Zheng Quan Ri Bao Wang·2025-10-17 13:14Core Viewpoint - *ST Lingda is facing a severe debt crisis and operational difficulties, with significant losses and negative equity reported in its recent financial disclosures [1][2]. Financial Performance - In the first three quarters of 2023, *ST Lingda achieved a revenue of 89.09 million yuan, representing a year-on-year increase of 83.47%, but reported a net loss attributable to shareholders of 128 million yuan [1]. - As of the end of Q3 2023, the company's equity attributable to shareholders was -665 million yuan, indicating a serious insolvency issue [1]. - The total assets of *ST Lingda were 917 million yuan, down 8.44% from the beginning of the year [2]. Business Operations - The company's main business revolves around the photovoltaic industry, including the manufacturing of solar cells and operating solar power plants [2]. - Over 90% of *ST Lingda's revenue comes from its subsidiary, Jinzhai Jiayue New Energy Technology Co., Ltd., which specializes in high-efficiency crystalline silicon solar cells [2]. - The first phase of the solar cell project has been shut down since March 2024 and has not resumed production, while the second phase has been terminated [2]. Governance Issues - *ST Lingda has faced multiple regulatory issues, including insider trading and inadequate information disclosure, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) [3][4]. - The company has been under scrutiny for failing to disclose related party transactions and non-operating fund occupation [3]. Restructuring Efforts - A creditor applied for *ST Lingda's restructuring in July 2024, and the court initiated a pre-restructuring process, but the formal restructuring application has not yet been accepted [5][6]. - The company signed a restructuring investment agreement with relevant investors in March 2025, but the approval of the restructuring plan remains uncertain due to governance and operational deficiencies [6][7]. - If the restructuring is successful, it could improve the company's financial structure and operational capacity; however, failure could lead to bankruptcy and delisting risks [7].