亿晶光电预亏：百亿项目停摆 净资产可能转负有“披星戴帽”风险

Core Viewpoint - Yichin Photovoltaic, the first A-share photovoltaic module company, announced a warning of expected losses for the year 2025, with net profit projected to be negative and potentially exceeding the audited net assets from the previous year, indicating a possible negative net asset position by the end of 2025 [1][5] Financial Performance - Yichin Photovoltaic has faced financial difficulties for several years, with losses exceeding 600 million yuan in both 2020 and 2021. In 2022 and 2023, despite industry recovery, the company only achieved minimal profits of 12.7 million yuan and 6.8 million yuan, respectively [6][7] - In 2024, the company reported a significant decline in revenue, with total revenue of 3.478 billion yuan, a year-on-year decrease of 57.07%, and a net profit loss of 2.09 billion yuan, marking the worst performance since its listing [7] - For the first three quarters of 2025, revenue was 1.556 billion yuan, down 42.58% year-on-year, with a net profit loss of 214 million yuan. The net assets at the end of 2024 were 498 million yuan, suggesting a potential loss of 500 million yuan for the entire year of 2025 [7][8] Regulatory Implications - According to the Shanghai Stock Exchange listing rules, if Yichin Photovoltaic confirms negative net assets by the end of 2025, it will trigger a mandatory delisting warning, and the company's stock will be subject to risk warnings [2][7] Operational Challenges - The company’s ambitious photovoltaic project in Chuzhou, Anhui, with a total investment of 10.3 billion yuan, has faced significant setbacks, completing only the first phase of 7.5 GW of photovoltaic battery capacity due to industry capacity mismatches and weak market conditions [3][8] - By October 2024, the Chuzhou base began to cease operations, and the 5 GW PERC battery capacity at the Changzhou base has also been halted, raising concerns about the company's ability to recover and avoid delisting in 2026 [4][9] Industry Context - Although the photovoltaic industry has shown signs of recovery, the supply-demand relationship has not fully stabilized, leaving the future of this established photovoltaic company uncertain [4][9]