昔日“西南陶瓷王”正式落幕！资产负债率近400%，破产前经营已停摆，法院公告：已无财产可供执行

Core Viewpoint - The bankruptcy of Sichuan Baita New Lianxing Ceramics Group Co., Ltd. marks a significant event in the Chinese ceramics industry, reflecting broader structural challenges faced by the sector amid a declining real estate cycle and internal imbalances [1][8]. Company Summary - Baita Ceramics, once a dominant player known as the "King of Southwest Ceramics," has officially concluded its bankruptcy proceedings after 518 days, highlighting a long decline over more than a decade [1][5]. - As of September 30, 2022, Baita Ceramics reported total assets of approximately 158 million yuan and total liabilities of 624 million yuan, resulting in a staggering debt-to-asset ratio of 394.79% [2]. - The company's core assets were fully mortgaged prior to bankruptcy, with machinery and production equipment pledged to a rural commercial bank and land and office buildings mortgaged to another bank [4][8]. - Baita Ceramics faced 139 enforcement cases with a total claim amount of approximately 500 million yuan, indicating a complete debt default [4][8]. Industry Summary - The ceramics industry is experiencing a significant downturn, characterized by shrinking demand, excess capacity, and rising macroeconomic costs, which collectively contribute to a major industry reshuffle [8][9]. - Since 2018, the production of ceramic tiles has been on a downward trend, with a reported decline of over 34% from the peak production of 67.3 billion square meters in 2016 [9]. - The industry is grappling with a surplus capacity exceeding 30%, leading to intense price competition among companies lacking brand premium and technological advantages [9][11]. - Environmental regulations are increasing operational challenges, acting as a filter that accelerates the exit of financially troubled companies like Baita Ceramics from the market [11].