2026.01.08 本文字数：909，阅读时长大约1.5分钟 作者 |第一财经 陆如意 公司表示，由于光伏行业近几年的阶段性结构型产能错配及行情疲软，全行业产能开工率持续下滑等原 因，亿晶光电的滁州项目只完成一期光伏电池项目中7.5GW产能的落地，电池剩余产能及二、三期光伏 切片和光伏组件项目未有建设。 目前亿晶光电的各个基地已陆续停产。2024年10月开始，公司滁州基地陆续停产。此外，公司常州基地 5GW PERC电池产能和滁州基地7.5GW TOPCon电池产能已停产。 微信编辑| 七三 受此消息影响，亿晶光电今日开盘大跌，截至发稿下跌8.35%，总市值47亿元。 预亏公告提示，公司2025年末净资产可能为负。据交易所相关规定，若后续的年报审计正式确认其2025 年末的净资产为负值，将触及上交所《股票上市规则》中"最近一个会计年度经审计的期末净资产为负 值"的财务类强制退市指标，公司股票将按规定被实施退市风险警示（*ST）。 按交易所相关规定，2026年对亿晶光电来说是自救的唯一窗口期。公司必须在2026年年度报告中同时满 足净资产转正、避免"净利润为负且营收低于1亿"、获得"标准无保留意见"的审计报告 ...

2026.01. 08 对于被追债的影响，亿晶光电彼时表示："听证及最终行政决定结果尚不确定，听证对公司本期利润 或期后利润产生的影响尚不确定。" 本文字数：909，阅读时长大约1.5分钟 作者 | 第一财经 陆如意 有着"光伏组件第一股"之称的亿晶光电（600537.SH）8日发布业绩预亏公告称，预计2025年度归属 于上市公司股东的净利润为负值，2025年度经营业绩将出现亏损，且亏损金额预计将会超过上一年 度经审计的净资产，公司2025年度期末净资产可能为负值。 受此消息影响，亿晶光电今日开盘大跌，截至发稿下跌8.35%，总市值47亿元。 预亏公告提示，公司2025年末净资产可能为负。据交易所相关规定，若后续的年报审计正式确认其 2025年末的净资产为负值，将触及上交所《股票上市规则》中"最近一个会计年度经审计的期末净资 产为负值"的财务类强制退市指标，公司股票将按规定被实施退市风险警示（*ST）。 按交易所相关规定，2026年对亿晶光电来说是自救的唯一窗口期。公司必须在2026年年度报告中同 时满足净资产转正、避免"净利润为负且营收低于1亿"、获得"标准无保留意见"的审计报告。若2026 年年报仍不达标 ...

2026年对亿晶光电来说是自救的唯一窗口期。 有着"光伏组件第一股"之称的亿晶光电（600537.SH）8日发布业绩预亏公告称，预计2025年度归属于上 市公司股东的净利润为负值，2025年度经营业绩将出现亏损，且亏损金额预计将会超过上一年度经审计 的净资产，公司2025年度期末净资产可能为负值。 受此消息影响，亿晶光电今日开盘大跌，截至发稿下跌8.35%，总市值47亿元。 对于被追债的影响，亿晶光电彼时表示："听证及最终行政决定结果尚不确定，听证对公司本期利润或 期后利润产生的影响尚不确定。" 公司表示，由于光伏行业近几年的阶段性结构型产能错配及行情疲软，全行业产能开工率持续下滑等原 因，亿晶光电的滁州项目只完成一期光伏电池项目中7.5GW产能的落地，电池剩余产能及二、三期光伏 切片和光伏组件项目未有建设。 目前亿晶光电的各个基地已陆续停产。2024年10月开始，公司滁州基地陆续停产。此外，公司常州基地 5GW PERC电池产能和滁州基地7.5GW TOPCon电池产能已停产。 责任编辑：宋雅芳 预亏公告提示，公司2025年末净资产可能为负。据交易所相关规定，若后续的年报审计正式确认其2025 年末的净资产 ...

预亏公告提示，公司2025年末净资产可能为负。据交易所相关规定，若后续的年报审计正式确认其2025 年末的净资产为负值，将触及上交所《股票上市规则》中"最近一个会计年度经审计的期末净资产为负 值"的财务类强制退市指标，公司股票将按规定被实施退市风险警示（*ST）。 对于被追债的影响，亿晶光电彼时表示："听证及最终行政决定结果尚不确定，听证对公司本期利润或 期后利润产生的影响尚不确定。" 2026年对亿晶光电来说是自救的唯一窗口期。 公司表示，由于光伏行业近几年的阶段性结构型产能错配及行情疲软，全行业产能开工率持续下滑等原 因，亿晶光电的滁州项目只完成一期光伏电池项目中7.5GW产能的落地，电池剩余产能及二、三期光伏 切片和光伏组件项目未有建设。 有着"光伏组件第一股"之称的亿晶光电（600537.SH）8日发布业绩预亏公告称，预计2025年度归属于上 市公司股东的净利润为负值，2025年度经营业绩将出现亏损，且亏损金额预计将会超过上一年度经审计 的净资产，公司2025年度期末净资产可能为负值。 受此消息影响，亿晶光电今日开盘大跌，截至发稿下跌8.35%，总市值47亿元。 按交易所相关规定，2026年对亿晶光电 ...

Core Viewpoint - The consequences of blind expansion in the solar industry are becoming evident, as Yijing Photovoltaic faces potential recovery of 140 million yuan due to failure to fulfill investment agreements for its Chuzhou solar project [1][3]. Group 1: Company Situation - Yijing Photovoltaic has received a hearing notice from the management committee of the Quanjiao Economic Development Zone, indicating that the company did not fully comply with prior agreements, leading to project delays and potential recovery of investment funds [3]. - The company initially planned to invest in a project with an annual capacity of 10GW for solar cells, 10GW for solar wafers, and 10GW for solar modules, which was approved in October 2022 and began construction in November 2022 [3][4]. - Due to industry challenges, including a significant drop in solar component prices from 1.8-1.9 yuan/W at the beginning of 2023 to below 1 yuan/W by the end of the year, Yijing Photovoltaic has only completed 7.5GW of the planned capacity for its solar cell project [4][5]. Group 2: Industry Context - The solar industry is experiencing a downturn, with a structural mismatch in capacity and declining operational rates, leading to widespread losses among solar component manufacturers [5]. - The trend of local governments pursuing repayment from companies for unfulfilled investment agreements is becoming more common, as seen with other companies like *ST Mubang and Bangjie Co., which faced similar situations due to project delays [5][6].

Core Viewpoint - The consequences of blind expansion in the photovoltaic industry are becoming evident, as Yijing Photovoltaic faces potential recovery of 140 million yuan due to failure to fulfill investment agreements [2][4]. Company Summary - Yijing Photovoltaic announced that it received a hearing notice from the management committee of the Quanjiao Economic Development Zone, indicating a potential recovery of 140 million yuan in project investment due to non-fulfillment of agreements [2][4]. - The cooperation between Yijing Photovoltaic and Quanjiao County dates back to September 2022, with plans to invest in a project with an annual capacity of 10GW for photovoltaic cells, slices, and modules [4][5]. - The project was approved in October 2022 and construction began in November 2022, with production starting in July 2023 [4][5]. - The project faced delays and challenges due to a mismatch in industry capacity and a downturn in the photovoltaic market, leading to only 7.5GW of the planned capacity being realized [5][6]. Industry Summary - The photovoltaic industry is experiencing a significant downturn, with prices for photovoltaic components dropping from 1.8-1.9 yuan/W at the beginning of 2023 to below 1 yuan/W by the end of the year, and further declining to below 0.6 yuan/W in 2024 [5][6]. - The industry is witnessing a trend where local governments are pursuing recovery of funds from companies that fail to meet project commitments, as seen in cases like *ST Mubang and Bangjie Co., which faced similar financial penalties for project delays [6][7].

Core Viewpoint - The article discusses the ongoing repercussions of blind capacity expansion in the photovoltaic (PV) industry, highlighting the case of Yijing Photovoltaic (600537.SH) facing administrative actions due to failure to fulfill investment agreements, potentially leading to the recovery of 140 million yuan in project funding [1][5]. Group 1: Company-Specific Issues - Yijing Photovoltaic has received a hearing notice from the management committee of the Quanjiao Economic Development Zone, indicating that the company failed to fully comply with prior agreements, resulting in the potential recovery of 140 million yuan in project funding [5]. - The collaboration between Yijing Photovoltaic and the Quanjiao Economic Development Zone dates back to September 2022, with plans to invest in a project with an annual capacity of 10GW for solar cells, slices, and modules [6]. - The project faced delays and challenges, with only 7.5GW of the planned capacity being realized by 2023, while the remaining phases have not commenced due to industry-wide issues [7]. Group 2: Industry Trends - The photovoltaic industry is experiencing a significant downturn, with component prices dropping dramatically from 1.8-1.9 yuan/W at the beginning of 2023 to below 1 yuan/W by the end of the year, and further declining to below 0.6 yuan/W in 2024 [7]. - The industry is witnessing a shift from high growth to a phase of clearing out excess capacity, with multiple companies facing similar challenges regarding project fulfillment and financial liabilities [8]. - Other companies, such as *ST Mubang and Bangjie Co., have also faced repercussions for halted projects, indicating a trend of local governments pursuing financial recoveries from companies that fail to meet investment commitments [8].

亿晶光电表示，公司滁州项目于2022年11月开工建设，2023年7月开始陆续投产。由于光伏行业近几年 出现阶段性结构型产能错配，行情疲软，全行业产能开工率持续下滑，公司滁州项目只完成一期光伏电 池项目中7.5GW产能的落地，电池剩余产能及二、三期光伏切片和光伏组件项目未有建设。同时，受行 业和市场影响，公司于2024年10月开始，将滁州基地陆续停产。 鉴于以上，全椒县经济开发区管理会认为公司未能全面履行前期相关协议的约定，导致项目无法按期推 进，前期协议无法履行，因而向公司发出听证通知，拟解除投资协议及补充协议、追回1.4亿元出资 款、不再履行后期出资义务，并追究公司偿还代建费用、租金及资金占用成本等违约责任。公司目前已 提出听证申请，公司将积极应对，依法行使陈述、申辩权利，目前听证程序尚未开展，公司将密切关注 事项进展，及时履行信息披露义务。 交易行情显示，12月26日，亿晶光电涨停收盘，收于涨停价4.33元/股，总市值51.25亿元。 北京商报讯（记者 马换换 王蔓蕾）12月28日晚间，亿晶光电（600537）披露公告称，公司于近日收到 全椒经济开发区管理委员会拟对公司及下属子公司常州亿晶光电科技有限公司 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - For industrial silicon, supply-side production scheduling has decreased, demand recovery is at a low level, cost support has increased, and it is expected to fluctuate in the range of 9055 - 9235. The inventory is bearish, the main position is net short with an increase in short positions, the basis is bullish, and the disk is bullish [6]. - For polycrystalline silicon, supply-side production scheduling continues to decrease, demand-side production of silicon wafers, battery cells, and components continues to decline, overall demand shows a continuous recession, cost support is stable, and it is expected to fluctuate in the range of 53405 - 54985. The fundamentals are bearish, the basis is bearish, the inventory is neutral, the disk is bullish, and the main position is net short with a decrease in short positions [8]. - The main bullish factors are cost increase support and manufacturers' plans to stop or reduce production; the main bearish factors are the slow recovery of post - holiday demand and the strong supply and weak demand of downstream polycrystalline silicon. The main logic is that the supply - demand mismatch leads to strong supply and weak demand, and the downward trend is difficult to change [10][11]. 3. Summary According to the Directory 3.1 Daily Views 3.1.1 Industrial Silicon - Supply: Last week, the supply of industrial silicon was 91,000 tons, a month - on - month decrease of 900%. - Demand: Last week, the demand for industrial silicon was 82,000 tons, a month - on - month decrease of 5.74%, and the demand continued to be sluggish. - Inventory: The polysilicon inventory was 259,000 tons, at a low level; the silicone inventory was 56,300 tons, at a low level; the alloy ingot inventory was 728,000 tons, at a high level. The social inventory was 552,000 tons, a month - on - month decrease of 1; the sample enterprise inventory was 172,000 tons, a month - on - month increase of 2.32%; the main port inventory was 127,000 tons, a month - on - month increase of 2.42% [6]. - Cost: In the Xinjiang region, the production loss of sample oxygen - passing 553 was 2,874 yuan/ton, and the cost support during the dry season increased [6]. 3.1.2 Polycrystalline Silicon - Supply: Last week, the polycrystalline silicon output was 27,000 tons, a month - on - month decrease of 4.25%. The planned production in November was 120,100 tons, a month - on - month decrease of 10.37% compared with the previous month [8]. - Demand: Last week, the silicon wafer output was 13.45GW, a month - on - month decrease of 5.54%, and the inventory was 175,200 tons, a month - on - month decrease of 7.44%. Currently, silicon wafer production is in a loss state. The planned production in November was 57.66GW, a month - on - month decrease of 4.92% compared with the previous month. In October, the battery cell output was 59.27GW, a month - on - month decrease of 2.78%. Last week, the inventory of battery cell external sales factories was 5.81GW, a month - on - month increase of 50.90%. Currently, production is in a loss state. The planned production in November was 58.68GW, a month - on - month decrease of 0.99%. In October, the component output was 48.1GW, a month - on - month decrease of 3.60%. The estimated component output in November was 46.92GW, a month - on - month decrease of 2.45%. The domestic monthly inventory was 24.76GW, a month - on - month decrease of 51.73%, and the European monthly inventory was 35.4GW, a month - on - month increase of 5.

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply - demand situation of lithium carbonate is complex. The production and import volume of lithium carbonate in the future have different trends, and the demand is expected to strengthen, with potential inventory reduction. The price of lithium carbonate 2601 is expected to fluctuate in the range of 85320 - 87760. The overall market shows a pattern of supply exceeding demand due to capacity mismatch, and the downward trend is difficult to change [8][9][13] 3. Summary by Relevant Catalogs 3.1 Daily Views - Supply side: Last week, the lithium carbonate production was 21,534 tons, a 2.15% week - on - week increase, higher than the historical average. In October 2025, the production was 92,260 tons, and the predicted production for next month is 92,080 tons, a 0.19% month - on - month decrease. The import volume in October was 22,000 tons, and the predicted import volume for next month is 27,000 tons, a 22.73% month - on - month increase [8][9] - Demand side: Last week, the inventory of sample enterprises of lithium iron phosphate and ternary materials increased. It is expected that the demand will strengthen next month, and the inventory may be reduced [8][9] - Cost side: The CIF price of 6% concentrate increased day - on - day, lower than the historical average. The cost of purchased lithium spodumene concentrate and lithium mica increased, with production losses. The cash production cost of the salt lake end is significantly lower than that of the ore end, with sufficient profit margins [9][10] - Price range: Lithium carbonate 2601 is expected to fluctuate in the range of 85320 - 87760 [9] - Influencing factors: Positive factors include manufacturers' production suspension and reduction plans, a month - on - month decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of lithium spodumene. Negative factors include continuous high supply at the ore/salt lake end with limited decline, and insufficient willingness of the power battery end to receive goods [11][12] 3.2 Fundamental/Position Data - Fundamental: Neutral [10] - Basis: On November 11, the spot price of battery - grade lithium carbonate was 82,300 yuan/ton, and the basis of the 01 contract was - 4240 yuan/ton, with the spot at a discount to the futures, showing a bearish signal [10] - Inventory: The overall inventory decreased by 2.67% week - on - week, higher than the historical average. The inventory of smelters decreased by 4.16%, lower than the historical average; the downstream inventory decreased by 2.40%, higher than the historical average; other inventories decreased by 1.88%, lower than the historical average [10] - Disk: The MA20 is upward, and the futures price of the 01 contract closed above the MA20, showing a bullish signal [10] - Main position: The main position is net short, and the short position increased, showing a bearish signal [10] 3.3 Price and Supply - Demand Data - **Lithium ore price**: The price of 6% lithium spodumene increased by 0.93% to 975 US dollars/ton, and the price of lithium mica concentrate (2% - 2.5%) increased by 1.83% to 2220 yuan/ton [14] - **Supply - side data**: The weekly and monthly operating rates of lithium carbonate increased. The monthly production of lithium carbonate from various sources increased, and the monthly import volume of lithium concentrate also increased [18] - **Demand - side data**: The monthly production and export volume of lithium iron phosphate increased. The monthly production and inventory of ternary precursors increased. The monthly production and loading volume of power batteries increased [18]