Xin Lang Cai Jing·2026-01-18 06:45Core Viewpoint - TCL Zhonghuan, a leading company in the photovoltaic industry, announced its intention to invest in Yida New Energy Technology Co., Ltd. to enhance its integration strategy and leverage technological and operational advantages [1][9]. Investment Details - TCL Zhonghuan will invest in Yida New Energy through share acquisition, voting rights delegation, and capital increase, with specific terms to be determined later [3][11]. - The investment aims to align with TCL Zhonghuan's long-term strategic requirements and optimize its photovoltaic cell and module production capacity, thereby enhancing its competitive edge [3][11]. Yida New Energy's Capacity - Yida New Energy has established a production capacity of 30GW for high-efficiency batteries and modules in 2023, with plans to increase this to 40GW by the end of 2025, significantly surpassing TCL Zhonghuan's current capacity of 24GW [4][12]. - Yida New Energy has rapidly ascended to the global top ten in photovoltaic module shipments, ranking seventh alongside Canadian Solar in the first half of 2025 [4][12]. Market Context - The investment is seen as a market-driven response to the current downturn in the photovoltaic industry, with industry leaders advocating for market consolidation as a means to reduce excess capacity [5][13]. - Local governments are also promoting industry consolidation, with Yunnan Province's plan to support leading companies in integrating and restructuring the photovoltaic supply chain [14]. Shareholding Structure - The main shareholders of Yida New Energy include Qizhou Zhida Enterprise Management Partnership and its founder Liu Yong, holding approximately 30% of the shares, which are subject to transfer in the investment agreement [6][14]. - TCL Zhonghuan's potential acquisition of all shares would result in it taking control of Yida New Energy [6][14]. Financial Outlook - TCL Zhonghuan has projected a loss of between 8.2 billion to 9.6 billion yuan for the fiscal year 2025, although this represents an improvement compared to 2024 [7][15]. - The investment is expected to enhance both companies' technological capabilities and support advancements in new technologies such as BC cells [7][15]. Stock Performance - As of January 16, TCL Zhonghuan's stock price was 8.84 yuan per share, with a market capitalization of 35.7 billion yuan [10][17].