光伏“梦碎”！天洋新材叫停4个胶膜项目，4亿元募资或“打水漂”

Core Viewpoint - Tianyang New Materials (Shanghai) Technology Co., Ltd. has announced the suspension of its photovoltaic encapsulation film project due to ongoing low-price competition and insufficient demand in the photovoltaic industry, which has led to significant losses in this business segment [2][4]. Company Summary - As of November 30, 2025, Tianyang New Materials has invested approximately 400 million yuan in three photovoltaic film projects, with specific investments of 56.84 million yuan, 249.25 million yuan, and 93.99 million yuan in respective projects [3]. - The company has terminated three fundraising projects and completely halted its existing photovoltaic film business, which may result in the loss of the previously invested 400 million yuan [3]. - Financial data indicates that in 2024, apart from one subsidiary that made a profit of 5.73 million yuan, the other three subsidiaries reported losses of 74.73 million yuan, 83.01 million yuan, and 81.62 million yuan respectively [5]. - The company has accumulated losses exceeding 360 million yuan from 2022 to 2024, with net losses of 56.59 million yuan, 94.21 million yuan, and 213 million yuan in those years [6]. - The photovoltaic film business accounted for 48% of the company's total revenue in 2024, but it was unprofitable, leading to a net loss of approximately 240 million yuan from this segment [7]. Industry Summary - The photovoltaic encapsulation film market is characterized by a significant oversupply, with prices dropping from over 10 yuan per square meter to as low as 6 yuan per square meter [8]. - The market is dominated by transparent EVA films, which account for 42.5% of the total market, followed by co-extruded EPE films at 27.8% [8]. - The profitability of the industry is declining, with first-tier companies maintaining profitability while second and third-tier companies are experiencing increasing losses [8][9]. - Foster, a leading company in the photovoltaic film sector, has maintained a market share of around 50% but reported a 26.97% decline in revenue year-on-year [8][10].