跨界多年后，无缝服装行业知名企业棒杰股份（002634）(002634.SZ)逐渐收缩光伏业务。 公司：继续实施将带来更大损失 此次终止的扬州组件项目始于2023年7月。当月，棒杰股份披露称，其与扬州经开区管委会签署《高效光伏组件及研发中心项目投资协 议》，投资新建年产10GW高效光伏组件及研发中心项目。 据之前合同约定，对应项目固定资产投资约10亿元，其中一期建设4GW高效光伏组件项目，后续产能及研发中心项目择机启动。 8月21日晚间，棒杰股份公告称，经与扬州经济技术开发区管理委员会(以下简称扬州经开区管委会)友好协商，公司拟终止年产10GW 高效光伏组件及研发中心项目(以下简称组件项目)。目前，组件项目终止的相关议案已通过上市公司董事会审议，需等待后续股东大 会审议。 就在一个月前，棒杰股份还曾公告终止江山高效光伏电池片及大尺寸硅片切片项目。 从高薪挖人到被迫停产，再到终止项目棒杰股份在扬州的光伏项目经历了一个高开低走的过程。 8月22日，棒杰股份涨0.82%，股价报收4.92元，年内已涨超30%。不过，距离2022年12月项目官宣时的12.67元高点已跌超60%。 当时公告中，棒杰股份曾表示，上述项目顺 ...

Overview - Zhejiang Bangjie Holdings Group Co., Ltd. has established a joint venture named Jiangshan Bangjie New Energy Technology Co., Ltd. to implement a 16GW N-type high-efficiency battery cell and a 16GW large-size photovoltaic silicon wafer cutting project [1][12] - The joint venture agreement was signed between Bangjie New Energy Technology Co., Ltd. and Chuzhou Xinlian New Energy Equity Investment Partnership (Limited Partnership) with a registered capital of RMB 1.62 billion [1][12] Investment and Financial Structure - The joint venture's registered capital is RMB 1.62 billion, with Bangjie New Energy contributing RMB 820 million (50.62%) and Xinlian Fund contributing RMB 800 million (49.38%) [1][12] - The first phase of the capital contribution is RMB 162 million, with subsequent contributions based on project progress [1] Share Transfer and Reduction - Due to unfavorable market conditions, the joint venture will repurchase all shares held by Xinlian Fund through a directed capital reduction, with a total exit price of RMB 85.8739726 million [3][12] - The repurchase will be executed following the approval of the board and shareholders, with independent directors confirming the fairness of the transaction [4][12] Financial Performance - The joint venture has reported significant losses, with a total profit of -RMB 15.298 million for the year ending March 31, 2025 [7] - The total assets of the joint venture were approximately RMB 141.98 million as of December 31, 2024, with total liabilities of RMB 6.23 million [6][7] Regulatory Compliance - The transaction is classified as a related party transaction and does not constitute a major asset restructuring, thus not requiring approval from regulatory authorities [5][12] - The company will follow legal procedures for the capital reduction and ensure compliance with relevant regulations [12][14] Strategic Decision - The decision to terminate the Jiangshan high-efficiency photovoltaic battery cell and large-size silicon wafer cutting project was made based on changes in the photovoltaic market environment, allowing the company to focus resources on its core business [12][14] - The company aims to optimize resource allocation and enhance long-term development interests through this strategic move [12][14]

Core Viewpoint - The photovoltaic industry is facing significant challenges, with financial institutions tightening credit policies, leading to difficulties in loan renewals and increased debt pressure for companies like Bangjie Co., Ltd [1][4]. Group 1: Company Situation - Bangjie Co., Ltd announced that its photovoltaic subsidiary is experiencing substantial short-term debt pressure due to external operating environment constraints and tightened credit policies, resulting in some loans not being renewed and demands for early repayment [1][4]. - As of June 17, 2025, the total overdue or early-maturing loans for the photovoltaic subsidiary amounted to approximately 872 million yuan, which is 290.73% of the company's audited net assets for 2024 [4]. - The company reported a net loss of 672 million yuan in 2024, indicating the financial strain following its transition from the seamless clothing industry to the photovoltaic sector [6]. Group 2: Industry Feedback - A middle-level employee from a Jiangsu photovoltaic company indicated that the tightening of credit is a widespread issue, with many companies having credit limits but not being able to withdraw funds [6]. - In contrast, a representative from a leading company, Trina Solar, stated that they have not encountered issues with credit, suggesting that the treatment by banks varies based on the repayment capabilities of different companies [6]. - The China Photovoltaic Industry Association projected that the new photovoltaic power generation capacity in China will decline in 2025 compared to 2024, indicating a slowdown in industry growth [7].