EGING PV(SH:600537) Di Yi Cai Jing·2025-12-30 13:27Core Viewpoint - The photovoltaic industry is experiencing a downturn, leading to compliance challenges for previously announced expansion projects, exemplified by Yijing Photovoltaic's difficulties in fulfilling investment agreements and facing potential financial penalties [1][3]. Company Summary - Yijing Photovoltaic, known as the "first stock of photovoltaic modules," has received a hearing notice from the management committee of the Quanjiao Economic Development Zone due to non-fulfillment of investment agreements, potentially facing a recovery of 140 million yuan in project funding [1][3]. - The company’s collaboration with the Quanjiao Economic Development Zone dates back to September 2022, with plans to invest in a project with an annual capacity of 10GW for photovoltaic cells, slices, and modules [3][4]. - The project was initially approved in October 2022 and commenced construction in November 2022, with production expected to start in July 2023 [3][4]. - However, due to a mismatch in industry capacity and a significant drop in photovoltaic module prices, Yijing Photovoltaic has only completed 7.5GW of the planned capacity, with further phases of the project not yet initiated [4][5]. Industry Summary - The photovoltaic industry is transitioning from a high-growth phase to a downturn, with a notable decline in module prices from 1.8-1.9 yuan/W at the beginning of 2023 to below 1 yuan/W by the end of the year, and further dropping below 0.6 yuan/W in 2024 [4][5]. - The industry is witnessing a trend where companies face penalties for non-compliance with investment agreements, as seen with Yijing Photovoltaic and other firms like *ST Mubang and Bangjie Co., which have also faced similar financial recoveries due to halted projects [5][6].