Core Viewpoint - The photovoltaic power station assets, once considered "cash cows," are now being sold off in large quantities due to a significant revaluation of their worth, driven by declining electricity prices and reduced profitability [1][6][12]. Group 1: Asset Sales and Market Dynamics - JinkoSolar announced the sale of its photovoltaic power station equipment and 100% equity of its subsidiary for a total price of 287 million yuan, involving a capacity of approximately 76.55 MW [1]. - Since the introduction of the "Document No. 136," which announced the full marketization of new energy grid connection prices, the turnover of photovoltaic power station assets has accelerated, with over 10 photovoltaic listed companies selling assets totaling around 36 GW in 2024 [1][3]. - Major state-owned enterprises, which were previously the main acquirers of photovoltaic power stations, are now also selling off assets, with over 70% of the more than 100 transactions from January 2024 to April 2025 involving state-owned enterprises [1][5]. Group 2: Declining Profitability - The profitability of photovoltaic power stations has decreased significantly, with many projects unable to meet the promised return rates, leading to a situation where new projects are often unprofitable [6][7]. - In 2024, the average trading price for photovoltaic electricity fell to between 0.2 and 0.4 yuan per kWh, with some projects experiencing price drops exceeding 40% [7][8]. - The decline in electricity prices has resulted in widespread losses for photovoltaic power stations, prompting companies to consider asset sales as a strategy to mitigate losses [8][9]. Group 3: New Acquirers - Local state-owned energy companies and investment platforms have emerged as the primary acquirers of photovoltaic power station assets, with significant acquisitions reported in 2024 [9][10]. - These local enterprises are motivated by the need to fulfill local energy transition responsibilities and to create stable income sources through green energy assets [10][12]. - The restructuring of local energy companies has led to the emergence of large provincial energy groups, which are aggressively expanding their renewable energy portfolios [11][12].