天宜新材未履行支付义务 募资专户资金被划扣

Core Viewpoint - Tianyi New Materials (688033.SH) is facing significant financial pressure due to litigation involving a financing lease contract dispute and other legal issues, impacting its cash flow and project progress [2][3][4]. Group 1: Legal Disputes - The company’s wholly-owned subsidiary, Jiangyou Tianli New Ceramic Carbon Material Technology Co., Ltd., is involved in a lawsuit with Bangyin Financial Leasing Co., Ltd. over a financing lease contract, with a disputed amount of approximately 46.21 million yuan [3]. - The court has frozen bank deposits of Tianyi New Materials and its chairman, Wu Peifang, totaling 46.21 million yuan due to the lawsuit [3]. - Additionally, the company is facing other disputes, including a stock transfer issue that led to the judicial seizure of 39.53 million yuan from its fundraising account [4]. Group 2: Financial Performance - In 2024, Tianyi New Materials reported its first annual loss since going public, with total revenue of 763 million yuan, a year-on-year decline of 63.85%, and a net loss attributable to shareholders of 1.495 billion yuan [6]. - The company continued to experience poor performance in 2025, with a revenue decline of 11.69% to 564 million yuan in the first three quarters, and a net loss of 371 million yuan [6]. - Due to the adverse conditions in the photovoltaic industry, two subsidiaries were temporarily shut down in December 2025, which had incurred a combined loss of 626 million yuan in 2024 [6]. Group 3: Restructuring and Future Risks - Tianyi New Materials entered a pre-restructuring phase in November 2025, with potential risks of delisting if the court accepts the restructuring application [7]. - The company is also facing multiple ongoing lawsuits, which could further exacerbate its financial strain if it incurs additional legal fees or penalties [7].