EGING PV(SH:600537) Xin Lang Cai Jing·2026-01-04 01:18Core Viewpoint - The recent disputes surrounding the 10.3 billion yuan photovoltaic project by Yijing Photovoltaic, which has stalled, reflect the concentrated outbreak of cyclical contradictions in the industry as the year ends [1][10]. Group 1: Project Overview - Yijing Photovoltaic announced plans in September 2022 to invest in a large-scale project in Quanjiao County, Anhui, with a total investment of 10.3 billion yuan, including a 5 billion yuan investment for the first phase of a 10GW high-efficiency N-type TOPCon photovoltaic battery project [4][12]. - The project was initiated in November 2022, with initial progress meeting expectations, but it faced significant setbacks due to a downturn in the photovoltaic industry, leading to only 7.5GW of the planned capacity being realized [5][13]. Group 2: Financial Challenges - As of the third quarter of 2025, Yijing Photovoltaic reported total assets of 5.317 billion yuan and liabilities of 5.063 billion yuan, resulting in a debt-to-asset ratio of 95.24%, significantly higher than the industry average [6][14]. - The company experienced a substantial decline in revenue, with total operating income of 1.556 billion yuan, a year-on-year decrease of 42.58%, and a net loss of 214 million yuan [6][14]. Group 3: Legal and Governance Issues - Yijing Photovoltaic is currently facing multiple legal challenges, with 23 ongoing lawsuits and arbitration cases amounting to 71.163 million yuan, which represents 14.3% of the company's audited net assets for 2024 [6][14]. - The company entered a state of having no actual controlling shareholder in September 2025, following the exit of its former major shareholder, which raises concerns about its governance and operational stability [7][15]. Group 4: Industry Context - The disputes involving Yijing Photovoltaic are not isolated; there has been a rise in conflicts between photovoltaic companies and local state-owned enterprises, reflecting deeper issues within the industry during this adjustment period [8][16]. - Experts suggest that these disputes stem from a combination of cyclical fluctuations in the photovoltaic industry, reckless expansion by companies, and inadequate risk assessment by local governments during investment attraction [8][16].