领湃科技1.25亿储能大单告吹 负债率超92%行业悄然变化

Core Viewpoint - Lingpai Technology's subsidiary terminated a significant energy storage project contract due to land approval issues and a sharp decline in market prices, highlighting the company's challenges in a volatile energy storage market [1][4] Company Summary - The terminated contract was valued at approximately 125 million yuan [1] - Lingpai Technology has been facing ongoing financial difficulties since entering the new energy battery sector in 2020, with a net loss of 394 million yuan in 2024, an increase of 88.78% year-on-year [2] - As of Q3 2025, the company's equity was 53.56 million yuan, down 67.10% from the end of 2024, with a debt ratio of 92.68% and a return on equity of -211.89% [2] - The company has also seen a significant increase in inventory, which reached 225 million yuan, a rise of 58.68% from the end of 2024, indicating slow turnover and low operational efficiency [2][3] Industry Context - The energy storage industry is undergoing a significant transformation, moving from government-mandated projects to market-driven demand, as evidenced by the cancellation of several large-scale storage projects in Ningxia [4] - Lingpai Technology's struggles reflect broader industry challenges, as companies face increased pressure to adapt to changing policies and market conditions [4] - The termination of the contract and the company's financial struggles are part of a larger trend of project cancellations and order terminations within the energy storage sector [5]