天洋新材项目叫停，4亿元募资“打水漂”

Core Viewpoint - Tianyang New Materials has announced the suspension of its photovoltaic encapsulation film project due to unfavorable market conditions and strategic planning, resulting in approximately 400 million yuan of raised funds being rendered ineffective [1][5]. Group 1: Project Details - The photovoltaic encapsulation film project includes three fundraising projects with investments of 56.83 million yuan, 249 million yuan, and 93.99 million yuan, totaling around 400 million yuan [1][5]. - The company has established a new annual production capacity of 150 million square meters for photovoltaic films at three different locations [1][5]. Group 2: Market Conditions - The photovoltaic encapsulation film industry is experiencing a phase of insufficient demand due to persistently low prices of photovoltaic components and a lack of willingness from manufacturers to operate [2][6]. - As of the end of Q3 2025, the supply-demand relationship in the photovoltaic industry has not shown significant improvement, leading to continued low-price competition and increased losses for the company [2][6]. Group 3: Financial Impact - During the operation of the photovoltaic encapsulation film project, the revenue generated accounted for 48% of the company's total revenue in 2024 and is expected to drop to 30% in 2025 [3][7]. - The project incurred a net loss of approximately 240 million yuan in 2024, and the suspension is expected to significantly reduce the negative impact on the company's net profit, thereby improving profitability [3][7]. Group 4: Future Operations - The facilities used for the suspended project will be repurposed for other business needs, including the production of hot melt adhesive films or potentially leased or sold [4][8]. - The company maintains that the suspension of the photovoltaic encapsulation film project will not affect the operations of its other business segments, which have shown stable revenue and profit growth [3][7].