两家巨亏子公司宣布停产，天宜新材“断臂求生”

Core Viewpoint - The company announced temporary production halts for its subsidiaries due to ongoing inventory destocking and a prolonged downturn in the photovoltaic industry, significantly impacting their operations [1][4]. Group 1: Company Performance - The subsidiaries Tianqi Yiyang and Xinyi Yang, which focus on the research, production, and sales of quartz crucibles for the photovoltaic industry, are facing severe business impacts due to weak demand for single crystal pulling materials [4]. - As of November 30, 2025, the company has 28 quartz crucible production lines with an actual usable capacity of 110,000 units, but the capacity utilization rate is only 14.66% due to ongoing losses [4]. - For the fiscal year 2024, the company reported an audited revenue of 763 million yuan, with Tianqi Yiyang and Xinyi Yang contributing 290 million yuan, accounting for 37.99% of total revenue, while the net profit was -1.508 billion yuan, with the subsidiaries contributing -626 million yuan [4]. Group 2: Financial Results - In the first three quarters of 2025, the company achieved a revenue of 564 million yuan, a year-on-year decrease of 11.7%, with Tianqi Yiyang and Xinyi Yang accounting for 25.23% of total revenue [5]. - The company reported a net profit loss of 371 million yuan, an improvement from a loss of 587 million yuan in the same period last year, while the operating cash flow decreased by 14.8% to 101 million yuan [6]. - As of the end of the third quarter, total assets were 5.837 billion yuan, down 9.6% from the previous year, and the net assets attributable to shareholders were 3.297 billion yuan, down 10.1% [6].