明冠新材：终止明冠合肥背板、胶膜及功能性膜项目

Core Viewpoint - The photovoltaic industry is experiencing signs of overcapacity and intensified price competition, leading to an industry adjustment cycle with expected widespread losses in 2024 and 2025. The company has decided to terminate the Mingguan Hefei project due to declining profitability and rising operational costs associated with ongoing industry competition [1]. Group 1: Industry Overview - The photovoltaic industry is entering a period of overcapacity, with increased price competition among products [1]. - The industry is expected to face widespread losses in 2024 and 2025 due to intensified competition and cyclical adjustments [1]. Group 2: Company Actions - The company has reached an agreement with the Hefei Dong government to terminate the Mingguan Hefei project, which includes the production of solar backplanes and functional films [1]. - The decision to terminate the project was made after careful analysis of market changes and the potential for increased operational costs if the project continued [1]. Group 3: Project Details - The Mingguan Hefei project was initially approved with a total investment of 5 billion yuan, planned to be implemented in two phases, with the first phase aimed at producing 300 million square meters of solar backplanes and 200 million square meters of functional films [2]. - As of now, the project has not commenced equipment installation, and the company has incurred costs related to preliminary project activities totaling approximately 1.63 million yuan [3].