漩涡的源头，系11月28日起，浙金中心平台上，由俞发祥与 祥源控股提供连带责任担保的多款金融资产收益权产品，陆续 出现到期无法兑付的情况。据不完全统计，兑付资金规模达百 亿元。 作者：蔡越坤 封图：图虫创意 在"百亿兑付危机"爆发一个月后，身家145亿元的浙江富豪俞发祥被采取刑事强制措施。 2025年12月22日晚间，祥源控股集团有限责任公司（下称"祥源控股"）旗下两家A股上市公司祥 源文旅（600576.SH）与交建股份（603815.SH）公告称，公司实际控制人俞发祥因涉嫌犯罪被 绍兴市公安局采取刑事强制措施，案件正在调查过程中。 俞发祥曾表示，文旅事业是其毕生的志业，希望带领祥源为中国文旅行业贡献力量。《2021中国 房地产TOP500测评成果》发布，祥源控股获颁"2021中国房地产开发企业综合实力TOP100"荣 誉。 2023年3月16日，《2023中国房地产百强企业研究成果》发布，祥源控股获颁"2023中国文旅地 产十强企业"奖项，这是祥源第三次上榜，排名提升至第四。 在兑付危机爆发前夜，祥源控股还在资本市场大举扩张。2025年6月2日，港交所发布公告称，祥 源控股以22.95亿港元战略投资海昌海 ...

Core Viewpoint - New An Co., Ltd. is facing severe challenges due to industry overcapacity and declining prices in the silicon-based new materials sector, leading to significant financial losses and a negative net profit for the first time since its listing [1][14]. Group 1: Financial Performance - In the first half of 2025, New An reported total revenue of 8.058 billion yuan, a year-on-year decrease of 5.07%, and a net profit attributable to shareholders of 69.0734 million yuan, down 47.71% [1]. - The company's non-recurring net profit was -23.9177 million yuan, a dramatic decline of 197.73%, indicating that its core business is in a loss-making state [1]. - The reliance on government subsidies (64.39 million yuan) and non-current asset disposals (51.77 million yuan) to support profits raises concerns about the sustainability of its earnings [1]. Group 2: Industry Context - The silicon-based new materials sector, particularly organic silicon, has seen a significant increase in production capacity, with total domestic organic silicon capacity reaching 3.2 million tons by the end of 2024 [3][12]. - Despite a compound annual growth rate of 10.7% in apparent consumption from 2017 to 2024, the rapid expansion of capacity has led to a supply-demand imbalance [3][12]. - The price of industrial silicon has plummeted, with a decline of 23% from the end of 2023 to the end of 2024, and further dropping to 9,350 yuan per ton by mid-2025, resulting in a significant impact on profitability [3][5]. Group 3: Asset and Cash Flow Management - New An has recognized asset impairment risks, with a total impairment provision of 83.93 million yuan in the first half of 2025, including a 68.54 million yuan provision for inventory [5][6]. - The company's accounts receivable reached 2.157 billion yuan, a year-on-year increase of 7.68%, with a staggering ratio of accounts receivable to net profit at 4,195.51% [6]. - Continuous negative cash flow from operating and investing activities, amounting to -1.72 billion yuan in the first half of 2025, indicates a weak ability to generate cash from core operations [7]. Group 4: Strategic Challenges - New An's major project, the organic silicon synthesis project, has been delayed from September 2025 to March 2026 due to changing market conditions and increased competition [13]. - The company is still pursuing upstream industrial silicon capacity expansion despite the declining prices, raising questions about the viability of this strategy [14]. - The overall situation reflects a structural issue within the organic silicon industry, where overcapacity and price wars are severely compressing profit margins [14].