曾经的光伏组件行业“第一股”陷生存危机

Core Viewpoint - The article discusses the significant financial difficulties faced by Yijing Photovoltaic (亿晶光电), a leading company in the solar module industry, which is expected to report a net loss of at least 450 million yuan for 2025, marking a critical point in its operational viability and potential delisting risk due to negative net assets [3][5][8]. Group 1: Financial Performance - Yijing Photovoltaic anticipates a net loss of 450 million to 600 million yuan for 2025, with a non-recurring net profit loss estimated between 447 million to 597 million yuan [5][6]. - The company's production capacity utilization rate for 2025 is projected to be only 35%, significantly below the industry average, indicating operational inefficiencies [6]. - The fourth quarter of 2025 is expected to see a substantial increase in losses, with estimates ranging from 236 million to 386 million yuan, following a loss of 214 million yuan in the first three quarters [5][6]. Group 2: Industry Context - The photovoltaic industry is experiencing a downward cycle, characterized by overcapacity and declining prices for solar products, which has led to a weakened overall profitability across the sector [5][10]. - The company is facing external pressures from the industry downturn, compounded by internal challenges such as high debt levels and governance issues [9][10]. Group 3: Debt and Governance Issues - Yijing Photovoltaic's debt ratio has surged to 95.23% as of the end of Q3 2025, the highest in the photovoltaic sector, indicating severe short-term repayment pressures and liquidity risks [9]. - The company is embroiled in multiple legal disputes, with 58 ongoing cases totaling approximately 228 million yuan, which could further strain its financial situation [9]. - The absence of a controlling shareholder due to the judicial auction of the former major shareholder's stake has led to governance instability, negatively impacting the company's creditworthiness and financing capabilities [9]. Group 4: Future Outlook - Despite the challenging environment, Yijing Photovoltaic aims to improve its operational quality and enhance asset efficiency through cost reduction and efficiency improvement initiatives in 2026 [9][10].