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

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][10]. Company Summary - Sichuan Baita Ceramics, once known as the "King of Southwest Ceramics," has a history of 46 years and has now completely exited the market after 518 days of bankruptcy proceedings [1]. - As of September 30, 2022, the company's total assets were approximately 158 million, while total liabilities had risen to 624 million, resulting in a staggering debt-to-asset ratio of 394.79% [2]. - Prior to entering bankruptcy, Baita Ceramics had already ceased operations, with 139 enforcement cases against it totaling 500 million in claims [5]. Industry Summary - The downfall of Baita Ceramics is indicative of a larger crisis within the building ceramics industry, characterized by shrinking demand, excess capacity, and rising macroeconomic costs [10]. - 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 [11]. - The industry is facing a significant overcapacity issue, with a surplus rate exceeding 30% in 2023, leading to intense price competition among companies lacking brand premium and technological advantages [11][12]. - Environmental regulations and energy efficiency policies have further pressured the industry, acting as a filter that accelerates the exit of financially troubled companies like Baita Ceramics [12].