“光伏组件第一股”盘中大跌

Core Viewpoint - Yichin Photovoltaic (600537.SH), known as the "first stock in photovoltaic modules," announced a profit warning, expecting a negative net profit for the fiscal year 2025, which may exceed the audited net assets of the previous year, potentially leading to negative net assets by the end of 2025 [2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders will be negative for the fiscal year 2025, indicating a significant operational loss [2] - The total market value of Yichin Photovoltaic dropped by 8.35% following the announcement, bringing it to 4.7 billion yuan [2] - If the audited net assets are confirmed to be negative at the end of 2025, the company will face delisting risk under the Shanghai Stock Exchange's regulations [2] Group 2: Operational Challenges - Recently, the company received a notice from the Quanjiao Economic Development Zone regarding a potential recovery of 140 million yuan in project funding due to failure to fulfill prior investment agreements [3] - The company stated that the impact of the hearing and final administrative decision on current or future profits remains uncertain [3] - The photovoltaic industry has faced structural capacity mismatches and a downturn, leading to a decline in operational rates across the sector, with Yichin Photovoltaic's projects only partially completed [3] Group 3: Production Status - Various production bases of Yichin Photovoltaic have begun to cease operations, with the Chuzhou base starting to shut down in October 2024 [4] - The 5GW PERC battery capacity at the Changzhou base and the 7.5GW TOPCon battery capacity at the Chuzhou base have already been halted [4]