Where Is the Future of the "First Share of Photovoltaic" That Has Been Coerced by Its Own Glory?

On July 20, the Shanghai Stock Exchange terminated the review of shares issued by Changzhou Yijing Optoelectronics Technology Co., Ltd. (Hereinafter referred to as Yijing Optoelectronics) to specific targets in accordance with relevant rules .

On January 12, Yijing Optoelectronics announced that the board of directors had passed the Bill on Extending the Validity Period of the Resolution of the Shareholders'Meeting of Non-public Issuance of Stocks and the Validity Period of the Authorization of the Shareholders' Meeting to the Board of Directors, in order to ensure the smooth progress of the non-public issuance of stocks. The company intends to extend the validity period of relevant matters for 12 months from the date of expiration of the original validity period (that is, to February 7, 2024).

According to the previously disclosed fixed increase announcement, Yijing Optoelectronics intends to issue no more than 352,000,000 shares to Qinchengda, the issuing target, and raise no more than 1.302 billion yuan . Will be fully used for the following items after deducting the issuance expenses:

: the good wind takes advantage of the force to rise to the top of the clouds It was the best time

when Yijing Optoelectronics was founded in 2003. World , went smoothly to 2011 and achieved" backdoor "listing in that year.

At a good time, Xun Jianhua , the actual controller of Yijing Optoelectronics, like other "backdoor" listed companies at that time, signed a "gambling agreement" with great ambition, stipulating that in 2010-2013, the company will be listed on the stock market. Yijing Optoelectronics will achieve 304 million yuan, 349 million yuan, 367 million yuan and 3.

According to the financial report of Yijing Optoelectronics in 2009, Xun Jianhua was not a boast at that time. In 2009, Yijing Optoelectronics realized business income of 1.927 billion yuan and net profit of 2.

In 2010 , Yijing Optoelectronics gave 7

. Yijing Optoelectronics, which relies on the good wind in the industry, never expected that the wind would stop so fast and fall so badly.

, survived, but once returned to the pre-liberation period.".

From 2011 to 2013, Yijing Optoelectronics realized a net profit of 106 million, -688 million and 0.

In 2013, Xun Jianhua, who was "listed and went bankrupt", began to "lose money" and sought to find someone to "take over".

Until December 2016, Shenzhen real estate company Qinchengda transferred 20% of the shares of listed companies held by Xun Jianhua at a price of 3 billion yuan, becoming the new largest shareholder.

After changing the big boss, Yijing Optoelectronics did not usher in the expected turning point, but was dragged into a deeper predicament.

First, the former boss Xun Jianhua's 3 billion equity transaction was not disclosed in time, and Yijing Optoelectronics was dragged into the litigation risk with shareholders, and then Yijing Energy , a wholly-owned subsidiary of Yijing Optoelectronics, fell into a high

4.2016-2017. The company has accumulated three arbitration matters, one of which has a single amount exceeding 10% of the company's audited amount in 15 years. It was not until June 24,

2019, when the delivery meeting of controlling rights of Yijing Optoelectronics was held in Jintan, Changzhou, that Xun Jianhua was completely eliminated and Qinchengda was officially promoted, that the "farce" finally came to an end. In the four years from

2016 to 2019, Coerced Yijing Optoelectronics Does Not Have a Newly Built Second Coercion: Far Away Heroes Are Not Free" Where

is the road? From 2019 to 2021, Yijing Optoelectronics, with a new boss, lost money for three consecutive years, with losses of 303 million, 652 million and 603 million respectively. Accumulated losses 15.

After looking through the financial reports of Yijing Optoelectronics from 2019 to 2021, Digital New Energy DNE noticed that under the surface of losses, the former hero was not willing to degenerate, but had accumulated disadvantages for many years, and it was rare to be "free" for the time being.

In 2019, Yijing Optoelectronics mentioned in the financial report of that year that the gross profit margin of the company decreased significantly due to the rapid decline in module prices caused by the advent of the era of photovoltaic grid parity; at the same time, due to the impact of equipment upgrading, the company made a provision for impairment of fixed assets.

In 2019, Yijing Optoelectronics missed the best dividend in the component industry in the current upward cycle because the overseas market revenue accounted for only 30% , including the big market. Then in 2020, the industry profits began to gradually move to the upstream silicon materials and silicon wafers.

In 2020, Yijing Optoelectronics handed in a worse answer when the photovoltaic industry was better. In the second half of 2020, the gross profit of component enterprises continued to decline. In order to maintain their performance, Yijing Optoelectronics was forced to adopt a low-price bidding method, resulting in a revenue of 4.098 billion yuan and a net profit loss of 6.

Due to the elimination and upgrading of production lines, the impairment of fixed assets of Yijing Optoelectronics has reached 6.

At this time, Yijing Optoelectronics urgently needs a victory to reverse the haze for many years. After

2020, the company successively sold Changzhou Yijing, which was suspended before May 2021.

In September 2022, Yijing Optoelectronics announced that it would invest 10.3 billion yuan to build a photovoltaic manufacturing project in Chuzhou, Anhui Province. The first phase is 10GW high-efficiency N-type TOPCon photovoltaic cell project, with an estimated investment of 5 billion yuan; the second and third phases are 10GW photovoltaic slice and 10GW photovoltaic module projects with an annual output respectively, with a total investment of about 5.3 billion yuan preliminarily estimated. In

2022 , the company finally ended three consecutive years of losses , achieving revenue of 10.023 billion yuan and net profit of 127 million yuan in that year; Subsequently, in the first quarter of 2023, it was announced again that the operating income was 2.117 billion yuan, an increase of 55.54% over the same period last year. On July 11, it was announced again that the estimated net profit in the first half of 2023 increased by 1086% to 1255% to 256 million yuan.

According to the previous plan, by June 2023, the company will form a " 15GW battery + 10GW module" production capacity, and achieve more than 10GW module shipments this year. At this point in the

story, it seems that everything is going well, but if the second boss does not face the danger of losing control of the listed company.

On July 10, Yijing Optoelectronics announced that it had recently received the Notice of Assistance in Execution from the Shenzhen Intermediate People's Court of Guangdong Province and the Notice of Assistance in Execution from the Xiamen Intermediate People's Court of Fujian Province from the controlling shareholder Weizhi Energy ( a subsidiary of Qinchengda). 2. If the corresponding shares held by Weizhi Energy are subsequently disposed of at a variable price, it may lead to the change of control rights of the company, which will have a significant impact on the company's ownership structure, production and operation, and corporate governance.

On December 12, the company again announced the termination of the issuance of shares to Weizhi Energy in 2022 and the withdrawal of the application documents.

On the 20th, the Shanghai Stock Exchange formally terminated the audit in accordance with relevant regulations.