隆基曾计划海外募资200亿，彼时正值光伏上升周期 筹划三年的200亿境外融资，光伏巨头隆基绿能（601012.SH）突然踩下"急刹车"。 近日，隆基绿能发布公告表示，董事会审议通过《关于终止境外发行全球存托凭证事项的议案》，同意 公司终止境外发行全球存托凭证（Global Depository Receipts,以下简称"GDR"）并在瑞士证券交易所 （SIX Swiss Exchange）挂牌上市的计划。 对于终止的原因，隆基绿能表示，由于外部多方面因素发生变化，且公司关于本次发行上市的相关决议 有效期已经届满，公司根据实际情况与相关中介机构经过深入探讨和谨慎分析后，决定终止本次境外发 行全球存托凭证事项。 隆基绿能方面对南都湾财社记者表示，鉴于公司GDR项目启动较早，目前，原计划的GDR募投项目已 通过自有及自筹资金解决；公司目前尚无海外融资计划。 同时，也基于光伏行业彼时广阔的发展空间。根据中国光伏行业协会和灼识咨询数据统计，全球光伏新 增装机量由2018年的106.0GW增长至2022年的230.0GW，2018年至2022年复合年均增长率达到21.4%； 此外，预计全球光伏新增装机量将持续增长至20 ...

Core Insights - The photovoltaic industry is currently experiencing a phase of pain due to an adjustment cycle, with many companies facing losses. Among the top ten photovoltaic companies by revenue, 70% reported a decline in revenue, and 40% are operating at a loss, with Longi Green Energy facing the largest loss of over 8.6 billion yuan in 2024, marking its first annual loss in a decade [1][2][7]. Industry Overview - The industry is characterized by a temporary oversupply of production capacity, leading to significant losses for major players. Longi Green Energy's revenue fell by 36.23% to 82.58 billion yuan, with a net profit loss of 8.6 billion yuan, a staggering 180.15% decline year-on-year [2][5]. - The overall gross margin for Longi Green Energy dropped to 7.44%, a decrease of over 10 percentage points compared to the previous year. The gross margin for its silicon wafer and rod business was negative at -14.31%, while the module and battery segment also saw a significant decline [5][12]. Company Performance - Longi Green Energy's performance is indicative of broader industry trends, with other companies like Trina Solar and JinkoSolar also reporting substantial losses due to supply-demand imbalances and increased competition [7][8]. - In contrast, companies in the photovoltaic equipment supply sector, referred to as "selling shovels," such as Jiejia Weichuang, reported strong performance, with a revenue increase of over 116% to 18.9 billion yuan and a net profit of 2.76 billion yuan, reflecting a more favorable position in the current market [8][9]. Market Dynamics - The photovoltaic industry is undergoing a deep adjustment phase, with excess capacity and a lack of demand leading to significant financial strain on many companies. The industry is expected to see a clearing of outdated capacities and less competitive firms [7][12]. - Despite the challenges, there is an expectation that companies with core technological capabilities and strong cost control will emerge more resilient and may benefit from recovery opportunities in the future [12].

Core Viewpoint - *ST Muban has faced significant challenges in its transition from a toy manufacturer to a photovoltaic company, resulting in a drastic decline in stock price and financial performance [1][4]. Group 1: Company Background and Transition - *ST Muban, established in 2003, initially focused on educational toys and gained recognition with its "Bangbao" brand, likened to a "Chinese version of LEGO" [5]. - The company sought a "second curve" for growth due to stagnation in its toy business, leading to a controversial acquisition of Haoyuan Energy for 980 million yuan, despite its net assets being only 170 million yuan [6]. Group 2: Financial Performance - In 2024, *ST Muban reported a revenue of 277 million yuan, a staggering decline of 83.24% year-on-year, with a net loss of 1.162 billion yuan, marking a 4208.14% decrease compared to the previous year [8][10]. - The photovoltaic segment was the primary contributor to the financial downturn, with its revenue dropping by 76.73% and a gross margin of -65.98%, a decrease of 74.22 percentage points [10]. Group 3: Recent Developments and Risks - In Q1 2025, the company continued to experience a downward trend, with revenue falling by 59.28% to 6.028 million yuan and a net loss of 99.486 million yuan, alongside a gross margin of -91.14% [11]. - The company is facing liquidity issues, with judicial deductions of funds amounting to 42.545 million yuan due to contractual disputes, totaling 122 million yuan in deductions and 34.881 million yuan frozen [13]. - Due to negative profit and revenue below 300 million yuan, *ST Muban's stock is under delisting risk, with additional warnings due to internal control issues [13].