“光伏组件第一股”预告25年或资不抵债，盘中大跌超8%

Core Viewpoint - Yichin Photovoltaic (600537.SH), known as the "first stock of photovoltaic modules," is facing significant financial challenges, with a projected net loss for 2025 that may exceed its audited net assets from the previous year, potentially leading to negative net assets by year-end 2025 [1][2]. Group 1: Financial Performance - The company announced a pre-loss forecast for 2025, expecting a net profit attributable to shareholders to be negative, indicating a loss for the year [1]. - The total market value of Yichin Photovoltaic dropped by 8.35% following the announcement, bringing it down to 4.7 billion yuan [1]. - If the audited financial report confirms negative net assets by the end of 2025, the company will face delisting risk under the Shanghai Stock Exchange's regulations [1]. Group 2: Operational Challenges - Yichin Photovoltaic is currently in a difficult situation due to the inability to fulfill obligations from previous investment projects, facing a potential recovery of 140 million yuan from the Quanjiao Economic Development Zone [2]. - The company has indicated that the impact of the hearing and final administrative decision on current and future profits remains uncertain [2]. - Due to structural mismatches in capacity and a sluggish market in the photovoltaic industry, the company has only completed 7.5 GW of capacity in its Chuzhou project, with further phases and additional projects not yet constructed [2]. - Various production bases of Yichin Photovoltaic have begun to cease operations, with the Chuzhou base starting to shut down in October 2024, and both the Changzhou base and Chuzhou base's production capacities have been halted [2].