曾经"风光无限"的光伏行业，近两年的日子并不好过。 全球光伏三巨头之一的隆基绿能甚至在2024年报中写到："全行业大面积亏损，部分中小企业经营难以为继。" 作者：七佰 据不完全统计，仅2024年，就有超100家光伏企业破产；2025年上半年，又有超50家企业走向清算。在5月25日至6月25日短短30天内，就有18家企业宣告离 场。 从"风光无限"到"破产风潮"，这个曾被誉为"新能源之王"的行业，正在经历新一轮残酷清洗。 而对于周期的洗礼，无锡尚德无疑是最具代表性的企业。这家"初代光伏王"目前正面临着第三次破产重组。 7月9日，光伏行业"小隆基"弘元绿能发布公告称，已与顺风光电签署了《合作经营协议》，将与后者下属的无锡尚德合作开展生产经营管理。 根据公告，弘元绿能扮演的角色为"托管"或"接管"，只负责经营管理，实控人仍是中国东方资产。同时，顺风光电与厦门建发新兴能源有限公司前期签订的 《合作经营协议》同步终止。 从2023年12月算起，在不到2年时间里，无锡尚德已经先后经历了晶优光伏、建发新兴能源、弘元绿能3个"托管人"。在此期间，无锡尚德更经历经历了数次 高层变动，董事长、法定代表人多次更迭。其中，"建发系" ...

Core Viewpoint - The company has decided to terminate part of its fundraising projects and redirect the remaining funds to new projects, specifically focusing on the development of PDCLC dimming film products for the automotive sector, in response to changing market conditions and strategic priorities [4][5][17]. Fundraising Overview - The company was approved to issue 6.94 million convertible bonds at a face value of 100 RMB each, raising a total of 694 million RMB, with a net amount of 691.3972 million RMB after deducting issuance costs [1][2]. - The funds were initially intended for various projects, including a photovoltaic encapsulation film project with a total investment of 949.07137 million RMB [3]. Fund Usage Status - As of July 11, 2025, the company has invested 99.9127 million RMB into the photovoltaic encapsulation film project, with a remaining balance of 226.0278 million RMB [3][4]. Reasons for Project Termination - The decision to terminate the photovoltaic encapsulation film project is attributed to a slowdown in industry demand and the need for time to absorb previously expanded capacities, as well as increased competition in the photovoltaic sector [4][5]. - The company aims to concentrate resources on the PDCLC dimming film business, which has shown significant potential for growth and profitability [5][6]. New Project Details - The company plans to invest the remaining 226.0278 million RMB into a new project for the production of 2 million square meters of PDCLC dimming film, with a total investment of 250 million RMB [6][7]. - The PDCLC dimming film is positioned to meet the growing demand in the automotive sector, particularly for smart roof systems in electric vehicles [7][8]. Market Trends and Strategic Focus - The automotive industry is experiencing rapid growth, particularly in the new energy vehicle segment, with a projected sales increase of 35.5% in 2024 [7][8]. - The company is focusing on technological innovation and product development to enhance its competitive edge in the automotive materials market [11][12]. Implementation Feasibility - The company has established a strong foundation in polymer materials and has accumulated significant intellectual property, with 170 patents, including 33 invention patents [12][14]. - The strategic shift towards PDCLC technology is expected to enhance the company's market presence and profitability, addressing the declining margins in its photovoltaic film business [9][10].