TZE(SZ:002129) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-19 23:05Core Viewpoint - TCL Zhonghuan announced a significant equity acquisition of Yida New Energy Technology Co., Ltd. to enhance its integration strategy and competitive edge in the photovoltaic industry [2][4] Group 1: Investment Details - TCL Zhonghuan plans to invest in Yida New Energy through share transfer, voting rights delegation, and capital increase, with specific terms to be agreed upon later [2] - The investment aims to optimize the production capacity of photovoltaic battery components and diversify product and customer structures [2][6] Group 2: Yida New Energy's Capacity - Yida New Energy has established a production capacity of 30GW for high-efficiency batteries and components, projected to increase to 40GW by the end of 2025 [3] - In contrast, TCL Zhonghuan's production capacity for components is only 24GW as of mid-2025, indicating a significant gap [3] Group 3: Market Context - The investment is seen as a market-driven response to the current downturn in the photovoltaic industry, with industry leaders advocating for mergers and acquisitions as a means to reduce excess capacity [4] - Previous attempts at similar investments, such as Tongwei's planned acquisition of Runyang, highlight the challenges in the current market environment [4][5] Group 4: Shareholding Structure - Yida New Energy's major shareholders include Qizhou Zhida Enterprise Management Partnership and founder Liu Yong, holding approximately 30% of the company [5] - The investment framework is currently a non-binding agreement, with TCL Zhonghuan's potential to gain control of Yida New Energy depending on the final terms [5][6] Group 5: Financial Outlook - TCL Zhonghuan anticipates a loss of between 8.2 billion to 9.6 billion yuan for the fiscal year 2025, although this represents an improvement from 2024 [6] - The investment is expected to enhance both companies' technological capabilities and support advancements in new technologies like BC batteries [6][7]