1元买座光伏电站，珈伟新能子公司“债主”变“业主”

Core Viewpoint - The acquisition of 100% equity in Wuxian Lufeng New Energy Technology Co., Ltd. by Shanghai Jiawei for 1 yuan appears attractive but is burdened by a significant debt of 194 million yuan, raising questions about its potential to revitalize assets or become a liability for Jiawei New Energy [1][2]. Group 1: Acquisition Details - Shanghai Jiawei plans to acquire Wuxian Lufeng for 1 yuan, which holds a 100 MW solar power project in Hebei Province [1]. - The acquisition is intended to address a 194 million yuan overdue payment owed by Wuxian Lufeng to Jiawei Green Energy, a subsidiary of Jiawei New Energy [2]. - The assessed value of Wuxian Lufeng's equity is approximately 4.36 million yuan, leading to the decision to transfer ownership for 1 yuan [2]. Group 2: Financial Implications - Wuxian Lufeng reported a loss of 16.66 million yuan in the first half of 2025, primarily due to a one-time land occupation tax of 22.53 million yuan [3]. - Jiawei New Energy's net profit for 2024 was a loss of 277 million yuan, with a 42.61% year-on-year decline in revenue [3]. - The acquisition could potentially stabilize cash flow and improve the company's asset structure by reducing accounts receivable and increasing long-term equity investments [4]. Group 3: Industry Context - The acquisition reflects a trend in the solar industry where EPC companies are taking over projects from financially distressed developers [3]. - The solar power sector faces challenges such as fluctuating grid prices and compliance costs, which could impact profitability [3]. - The integration of Wuxian Lufeng's assets into Jiawei New Energy's portfolio is expected to enhance operational efficiency and profitability if managed effectively [4].