TYSJ(SH:688033) Xin Lang Cai Jing·2026-01-21 08:29Core Viewpoint - Tianyi New Materials (688033.SH) is facing severe financial difficulties, including continuous losses and a funding crisis, leading to a management reshuffle with Yang Kailin returning as president to address these challenges [1][11]. Group 1: Management Changes - Yang Kailin, daughter of the controlling shareholder Wu Peifang, has been reappointed as president of Tianyi New Materials, marking her return to the role after a previous resignation in May 2025 [2][12]. - Yang holds a total of 0.1% of the company's shares and has held various positions within the company since 2013 [2][12]. Group 2: Financial Performance - In 2024, Tianyi New Materials reported a revenue of 763 million yuan, a 63.85% decrease year-on-year, and a net loss of 1.495 billion yuan, a drop of 1138.31% [3][14]. - For the first three quarters of 2025, the company’s revenue decreased by 11.69% to 564 million yuan, with a net loss of 371 million yuan, despite a 36.82% year-on-year increase in net profit [4][14]. Group 3: Business Challenges - The company's photovoltaic business has significantly declined due to market fluctuations and intense price competition, resulting in a 79.63% drop in revenue for 2024 [5][15]. - The gross margin for the photovoltaic segment plummeted from 31.52% in 2023 to -85.41% in 2024 due to falling product prices and cost pressures [6][15]. Group 4: Operational Issues - Tianyi New Materials' subsidiaries, Tianqi Yiyang and Xinyi Yang, have been forced to temporarily halt production due to low capacity utilization rates of 14.66% and ongoing losses [7][16]. - The company has a total of 28 quartz crucible production lines, but only 11 million units are currently usable due to ongoing upgrades [6][16]. Group 5: Debt and Legal Issues - The company is experiencing a severe liquidity crisis, with cash reserves of only 187 million yuan against short-term debts of 1.039 billion yuan [8][17]. - As of October 1, 2025, Tianyi New Materials was involved in 22 legal cases with a total claim amount of approximately 226 million yuan, leading to significant restrictions on its bank accounts [8][18]. Group 6: Project Delays - Due to financial constraints and legal issues, two major fundraising projects have been postponed from December 31, 2025, to December 31, 2026 [9][19].