亏损之际，天宜新材陷债务司法漩涡

Core Viewpoint - Tianyi New Materials (688033) is facing a lawsuit from Bangyin Financial Leasing Co., Ltd. regarding a financing lease contract dispute, which has led to the freezing of significant bank deposits and poses risks to the company's financial stability [1][5][6]. Group 1: Legal Proceedings - Bangyin Financial filed a lawsuit against Tianyi New Materials and its wholly-owned subsidiary Tianli New Ceramics for breach of a financing lease contract, claiming unpaid rent and other fees totaling approximately RMB 46 million [5][6]. - The court has frozen bank deposits amounting to RMB 46,218,407.07 belonging to the company and its chairman, Wu Peifang, as part of the pre-litigation asset preservation [1][5]. - The company is currently in a pre-restructuring phase, with uncertainty regarding whether it will enter formal restructuring proceedings, which could lead to delisting risks if not managed properly [7]. Group 2: Financial Condition - The company reported a significant decline in revenue, with 2024 revenues at RMB 763 million, a 63.85% decrease year-on-year, and a net loss of RMB 1.495 billion, marking its first annual loss since going public [9]. - For the first three quarters of 2025, the company generated total revenue of RMB 564 million, down 11.69% year-on-year, with a net loss of RMB 371 million [9][10]. - The company's cash flow is severely impacted, with multiple bank accounts frozen due to legal disputes, affecting its operational capabilities and project funding [8][9]. Group 3: Business Operations - The company's photovoltaic new energy business is experiencing a downturn due to industry cyclicality, contributing to the overall revenue decline [10]. - Factors such as low product prices, high depreciation and amortization costs, and elevated financing costs have led to reduced gross margins and continued net losses [10].