Core Viewpoint - The article discusses the evolution of the photovoltaic (PV) industry in China, focusing on the establishment and challenges faced by Yida New Energy, co-founded by Liu Yong, amidst a competitive landscape and changing market dynamics [1][3]. Company Overview - Liu Yong, a veteran in the PV industry, co-founded Yida New Energy in August 2018 with an investment of approximately 133 million yuan [1][2]. - Yida New Energy underwent a shareholding reform in 2023, achieving a valuation of about 7.7 billion yuan [3]. - The company aimed for an IPO in 2024 but withdrew its application due to adverse market conditions [3]. Industry Context - The PV industry in China is experiencing intense competition, particularly highlighted by the "531 PV policy" which reshaped the industry's survival logic [1]. - Yida New Energy's challenges reflect broader trends in the industry, where many companies are seeking support from local state-owned enterprises amid financial difficulties [4][12]. Financial Performance - Yida New Energy's revenue surged from 1.894 billion yuan in 2021 to 22.724 billion yuan in 2023, marking an increase of nearly 12 times [11]. - The company's asset-liability ratio remained high, recorded at 87.71%, 86.54%, and 86.89% from 2021 to 2023, indicating financial strain compared to peers [11]. Strategic Partnerships - Yida New Energy has received backing from significant players, including Three Gorges Capital, which became its largest shareholder with approximately 19.46% of the shares [7][10]. - The company has engaged in various collaborations, particularly in technology development, enhancing its competitive edge in the market [10]. Recent Developments - In April 2025, Yida New Energy's shares were partially acquired by the local state-owned enterprise, Quzhou Industrial Holding Group, which will hold at least 34.05% of the voting rights [3][12]. - The acquisition reflects a trend where local governments are stepping in to support struggling PV companies, indicating a shift in the industry's landscape [4][12].