本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 近期，天洋新材（上海）科技股份有限公司（下称"天洋新材"，603330.SH）宣布，根据市场情况及公 司战略规划，拟停止实施公司已有的光伏封装胶膜项目。 公司指出，截至2025年三季度末，光伏行业产能供需关系仍未出现明显好转，光伏胶膜业务持续低价竞 争，加剧了公司光伏胶膜业务的亏损。随着市场竞争加剧，光伏胶膜经营情况可能会持续承压，继续投 资和经营可能无法带来预期回报，乃至进一步影响公司的整体经营业绩。 对于公司是否不再从事胶膜业务，天洋新材公司人员向《华夏时报》记者透露，目前是阶段性停产。 关停4个胶膜项目 截至2025年11月30日，天洋新材在三个光伏胶膜募投项目上一共花了大约4亿元的募集资金。 截至2025年11月30日，昆山天洋光伏材料有限公司（下称"昆山天洋光伏"）新建年产1.5亿平方米光伏 膜项目、南通天洋光伏材料科技有限公司（下称"南通天洋光伏"）太阳能封装胶膜项目、海安天洋新材 料科技有限公司（下称"海安天洋新材料"）新建年产1.5亿平方米光伏膜项目投入募集资金金额分别为 5683.92万元、24,925.13万元和939 ...

截至2025年11月30日，昆山天洋光伏材料有限公司新建年产1.5亿平方米光伏膜项目、南通天洋光伏材料科技有限公司太阳能封装胶膜项目、海安天洋新 材料科技有限公司新建年产1.5亿平方米光伏膜项目投入募集资金金额分别为5683.92万元、2.49亿元、9399.82万元，合计投入募资金额约4亿元。 | | | 截至 2025 年 11 | 截至 2025 年 11 | | | | --- | --- | --- | --- | --- | --- | | | 募集资金承 | 月 30 日累计投 | 月 30 日项目募 | | | | 项目名称 | 诺投资金额 | 入募集资金金额 | 集资金余额(含 | | 备注 | | | (万元) | (万元) | 利息) | | | | | | | (万元) | | | | 昆山天洋光伏材料有限公司 | | | | | 己于2025年 | | 新建年产 1.5 亿平方米光伏 | 9,000.00 | 5,683.92 | | 0.00 | 2 月完成变 | | 膜项目 | | | | | 用 | 断臂求生？天洋新材叫停光伏封装胶膜项目，4亿元募资"打水漂"。 12月22日晚 ...

Core Viewpoint - The company has decided to cease operations related to its photovoltaic encapsulation film project due to ongoing low demand and competitive pressures in the photovoltaic industry, which have led to sustained losses in this segment [1][3]. Group 1: Company Decisions - The company will hold its fifth board meeting on December 22, 2025, to review the proposal for the cessation of its photovoltaic encapsulation film project [1]. - The decision to stop the photovoltaic encapsulation film business is based on a thorough assessment aimed at enhancing shareholder value and improving profit levels [3]. Group 2: Project Details - The company has several projects related to photovoltaic film production, including a new annual production project of 150 million square meters by Kunshan Tianyang and similar projects by Nantong Tianyang and Hai'an Tianyang [2]. - The original investment in the photovoltaic encapsulation film project was made based on market conditions and strategic development, but ongoing low prices for photovoltaic components have resulted in insufficient demand [2][3]. Group 3: Market Conditions - As of the end of Q3 2025, the photovoltaic industry has not shown significant improvement in supply-demand dynamics, with continued low-price competition exacerbating losses in the photovoltaic film business [3]. - The company anticipates that the operating conditions for photovoltaic film may remain under pressure, potentially affecting overall business performance [3].

天洋新材（603330）12月22日晚间公告，公司于当日召开第五届董事会第二次会议，审议通过了《关于 公司光伏封装胶膜项目相关子公司停产的议案》。 天洋新材表示，剩余募集资金，除部分用于永久补充流动资金，其余部分将按照《募集资金管理制度》 在募集资金专户集中进行依规管理。公司将根据市场情况，将剩余募集资金择机投入新项目，并将根据 规定履行审议程序。 谈及上述事项对公司的影响，天洋新材表示，公司在生产运营光伏封装胶膜项目期间，光伏封装胶膜项 目所产生的收入占公司总营收的比例为2024年度的48%、2025年度的30%(未经审计)以下，2024年度， 光伏封装胶膜项目产生的净利润约为-2.4亿元，根据合理判断，光伏封装胶膜项目停产后对公司净利润 负面影响将大幅下降，公司盈利能力也将得到相应改善。 公告显示，截至目前，天洋新材已建立的光伏封装胶膜项目共4个，其中，昆山天洋光伏材料有限公司 新建年产1.5亿平方米光伏膜项目由昆山天洋光伏作为实施主体，南通天洋光伏材料科技有限公司太阳 能封装胶膜项目由南通天洋光伏作为实施主体，海安天洋新材料科技有限公司新建年产1.5亿平方米光 伏膜项目由海安天洋新材料作为实施主体，光伏 ...

Core Viewpoint - The company has decided to cease operations of its photovoltaic encapsulation film project due to persistent low prices in the photovoltaic component market, leading to insufficient demand and ongoing losses in the business [1] Group 1: Company Decision - The company held its fifth board meeting on December 22, 2025, where it approved the proposal to stop the photovoltaic encapsulation film project [1] - The decision was made after careful evaluation of the market conditions and the need to enhance shareholder value and improve profit levels [1] Group 2: Market Conditions - Since the implementation of the photovoltaic encapsulation film project, the prices of photovoltaic components have remained low, resulting in a lack of willingness from manufacturers to operate [1] - As of the end of Q3 2025, the supply-demand relationship in the photovoltaic industry has not shown significant improvement, leading to intensified price competition in the encapsulation film sector [1] Group 3: Future Plans - After the cessation of the encapsulation film project, the factory space will be repurposed for the production of other products, such as hot melt adhesive films, or may be leased or sold [2] - Some of the production equipment will be modified for use in other product lines, while other equipment will be sold based on market demand [2]

Core Viewpoint - Tianyang New Materials (603330) plans to terminate further investments in the "Nantong Photovoltaic Film Project" and "Hai'an Photovoltaic Film Project" due to ongoing low prices in the photovoltaic component market, which has led to insufficient demand in the photovoltaic encapsulation film industry [1] Group 1: Project Termination - The company will redirect approximately 283 million yuan of remaining fundraising for new projects after halting investments in the aforementioned photovoltaic film projects [1] - The Nantong Photovoltaic Film Project has an investment progress of 79.38%, while the Hai'an Photovoltaic Film Project has an investment progress of 31.33% as of the announcement date [1] Group 2: Market Conditions - The decision to halt investments is influenced by the continuous low prices of photovoltaic components and insufficient willingness of manufacturers to operate, resulting in a phase of demand shortage in the photovoltaic encapsulation film sector [1] - As of the end of Q3 2025, the supply-demand relationship in the photovoltaic industry has not shown significant improvement, leading to ongoing low-price competition in the photovoltaic film business, which exacerbates the company's losses [1]

Core Viewpoint - The company is experiencing significant financial decline, prompting major shareholders to reduce their stakes despite recent fundraising efforts. [1][3] Financial Performance - In the first half of 2025, the company reported total revenue of 471 million yuan, a year-on-year decrease of 13.81% [1] - The net profit attributable to shareholders was only 13.18 million yuan, down 81.15% year-on-year [1] - The gross margin fell to 8.13%, a significant drop of 11.73 percentage points compared to the previous year [1] - The net profit margin was 2.8%, down approximately 10 percentage points year-on-year [1] - The company's cash flow from operating activities was negative at -57.06 million yuan, a decrease of 249 million yuan year-on-year [1] Inventory and Receivables - As of mid-2025, the company's inventory value reached 178 million yuan, an increase of 43.09% compared to the end of the previous year [2] - Accounts receivable grew by 25.54% compared to the beginning of the year, significantly outpacing the revenue decline [2] Capital Raising and Expansion Plans - The company completed a record-speed private placement in April 2025, raising 186 million yuan at a price of 29.00 yuan per share [2] - The funds are primarily allocated for the construction of photovoltaic junction box bypass protection modules and energy storage connectors and harness production projects [2] Production and R&D Challenges - The company has a high balance of construction in progress, amounting to 163 million yuan as of Q3 2024, an increase of 280.25% since the beginning of the year [3] - The company acknowledged significant fluctuations in the monthly operating rates of downstream component manufacturers, adversely affecting production and sales [3] - R&D expenses decreased by 40.44% year-on-year in the first half of 2025, raising concerns about the company's long-term competitiveness in the technology-intensive photovoltaic industry [3] Industry Context - The company's struggles reflect broader challenges in the photovoltaic industry, characterized by overcapacity and intensified competition [3]

Core Insights - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, focusing on the future of the photovoltaic industry and sustainable energy solutions [1][3] Group 1: Industry Trends - The photovoltaic industry has experienced 4-5 major cycles of overcapacity since 2005, with technology iterations occurring frequently, leading to shorter-than-expected application technology profit periods of 3-4 years [1] - The Chinese government has issued approximately 40 guiding documents in the past year and a half to provide a macro perspective on the transition of the renewable energy sector [3] Group 2: Strategic Directions - The industry should focus on the complementarity of comprehensive energy, recognizing that traditional energy sources can work alongside new energy sources like electricity [3] - New scenarios for growth, such as international expansion and Building-Integrated Photovoltaics (BIPV), should be explored to enhance the industry's adaptability [3] - The approach should prioritize optimizing electricity usage at the demand side rather than solely focusing on supply-side solutions, aiming to provide cost-effective electricity to meet production needs [3]

Group 1 - Jiangsu Zhongrun Photovoltaic Technology Co., Ltd. has submitted a new IPO application to the Hong Kong Stock Exchange after its previous attempt in March 2023 failed [1] - The company withdrew its A-share listing application in June 2024 due to financial losses and unfavorable market conditions, despite initially receiving approval in December 2023 [2] Group 2 - From 2022 to 2024, Zhongrun's revenue fluctuated significantly, with figures of 12.517 billion, 20.838 billion, and 11.320 billion yuan, respectively, while net profit showed even greater volatility, with 834 million, 1.681 billion, and a loss of 1.363 billion yuan [3] - The gross profit margin also exhibited instability, recorded at 11.8%, 13.6%, and -10.1% during the same period, primarily due to oversupply and price pressure in the photovoltaic industry [3] Group 3 - The company's ownership is highly concentrated, with the controlling shareholders, Long Daqiang and Meng Liye, holding a combined 50.64% of voting rights [4] - Long Daqiang directly holds 35.44% of shares, while Meng Liye holds 6.47%, and they control an additional 8.73% through various entities [4] - Historical disclosures indicate that the couple has previously cashed out over 1.1 billion yuan through equity transfers to repay debts, and Long Daqiang has been involved in the improper use of company funds totaling over 1.8 billion yuan for external investments and salary payments [4]

Core Viewpoint - JinkoSolar's performance has significantly declined in the first half of 2025, with a revenue drop of 32.63% and a net loss of 29.09 billion yuan, attributed to intensified competition and falling prices in the photovoltaic market [3][4][7][8]. Financial Performance - JinkoSolar reported a revenue of 31.831 billion yuan in the first half of 2025, a decrease of 32.63% year-on-year [3][7]. - The company experienced a net loss of 29.09 billion yuan, a decline of 342.38% compared to a profit of 12 billion yuan in the same period last year [3][7]. - The non-recurring net profit was -31.75 billion yuan, a staggering drop of 1560.33% year-on-year [7]. - The net cash flow from operating activities was -3.812 billion yuan, primarily due to reduced sales receipts [9]. Industry Context - The photovoltaic industry is facing severe challenges, with many companies reporting significant losses. In the first quarter of 2025, 31 A-share listed photovoltaic companies collectively lost 12.58 billion yuan, a year-on-year increase of 274.3% in losses [10][11]. - Over 40 companies have announced delistings, bankruptcies, or mergers since the beginning of 2024 [11]. - The industry is experiencing overcapacity, with domestic manufacturers' production capacity exceeding 1100 GW, while the optimistic demand for 2025 is only 600 GW globally [11][12]. Company Strategy - JinkoSolar aims to navigate the industry's downturn by focusing on technological innovation, global market expansion, and efficient management to build a competitive edge [13]. - The company has reduced its R&D expenses to 1.175 billion yuan, a decrease of 56.95% year-on-year, with R&D expenditure accounting for 3.69% of revenue, down from 5.78% [10]. Wealth Impact - The wealth of JinkoSolar's founder, Li Xian De, has significantly decreased, with his family's net worth dropping from 215.1 billion yuan last year to 152 billion yuan this year, a loss of 63.1 billion yuan [5][12].