明冠新材终止投建肥东县太阳能背板及功能性膜生产基地项目

Core Viewpoint - The company has decided to terminate the investment in the solar backsheet and functional film production base project due to emerging overcapacity and intensified price competition in the photovoltaic industry, leading to a forecast of widespread losses in 2024 and 2025 [1][2] Group 1: Project Termination - The company's board has approved the termination of the solar backsheet and functional film production base project, which had an estimated total investment of 5 billion yuan [1] - A wholly-owned subsidiary was established for the project with a registered capital of 100 million yuan [1] - The decision to terminate the project will be submitted for approval at the company's shareholders' meeting [1] Group 2: Industry Context - The photovoltaic industry has shown signs of overcapacity since the fourth quarter of 2023, leading to increased competition and declining profitability for packaging materials [1] - The management's analysis indicates that the industry is in a cyclical adjustment phase, with expected losses in 2024 and 2025 due to intensified competition [1] - The company has reached an agreement with the local government to terminate the project without any claims or liabilities from either party [2]