On June 14, Laplace announced that it planned to raise about 2.2 billion yuan for photovoltaic and semiconductor high-end equipment research and development projects, Wuxi photovoltaic high-end equipment base phase II construction projects, digital and intelligent upgrading projects and supplementary liquidity. The details are shown in the following figure:
From the perspective of capital investment, the company said that the purpose of this is to increase the research and development of high-efficiency photovoltaic cell equipment, continue to expand product and technological advantages, and seize the opportunity of domestic substitution of semiconductor equipment to create the second curve of performance growth.
In addition to core R & D investment, improving cash flow is also the focus of this fund-raising. About 6.2 billion of the 2.2 billion was raised. (Click for details: that the company urgently needs to reverse. According to
the financial report, the company's revenue in 2025 was 5 billion 462 million yuan, down 4.64% year on year; Net profit of 622.9 million yuan, down 14. To the first quarter of this year, operating pressure further enlarged, total revenue of 967.5 million yuan, down 33.31% year-on-year; Net profit was 120.4 million yuan, down 52 from the same period last year.
In fact, it's not just Laplace. In the cold winter, the equipment manufacturers who once relied on the high prosperity of the photovoltaic industry to make steady profits are now generally in trouble, and their profitability has declined sharply.
According to the performance data of 20 photovoltaic equipment enterprises in the past three years from the statistics of Digital New Energy DataBM. Com, the total revenue of these 20 enterprises shows a roller coaster trend of large fluctuations, with a maximum of 127.163 billion yuan and a minimum of 113.427 billion yuan; Compared with the total revenue, the decline in corporate profits was even more tragic, with the industry's total profits plummeting from 18.825 billion yuan in 2023 to 95 in 2025.
of sub-enterprises, the total profit of Jinbo shares declined most seriously: from a profit of 226 million yuan in 2023 to a loss of 1.275 billion yuan in 2025.
In addition, the total profits of Tiantong Stock, Gaoshi Stock and Robotco also dropped by more than 100% in the past three years.
In addition to the double decline in revenue and profit, the gross profit rate of 20 enterprises in the past three years has generally declined. Among them, the largest decline in gross margin was Jinbo shares , with a decline of 29.48% ; Secondly, the gross profit rate of high measurement shares declined from 42.49% in 2023 to 14.35%. The decrease was 28.
Secondly, the accounts receivable of equipment enterprises remained high , and the problem of payment collection became increasingly prominent.
Statistics show that the total accounts receivable of 20 photovoltaic equipment enterprises reached 46.932 billion yuan in 2025, a slight decrease of 0.
Nine of the 20 enterprises have accounted for more than 50% of their total revenue . Among them, the proportion of Liancheng CNC is as high as 91.96% , and that of Robotkoda is 70.
Not only accounts receivable, but also the inventory scale of equipment enterprises is at a high level.At the end of 2025, the total inventory of 20 photovoltaic equipment enterprises exceeded 63.5 billion yuan, of which 4 enterprises accounted for more than 30% of the total assets . It is worth noting that the scale of the leading intelligent inventory has reached 149.
However, we need to be vigilant that the huge amount of inventory not only occupies funds, but also faces the risk of substantial impairment.
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Even among the 15 enterprises with positive cash flow, the annual operating cash flow of 10 enterprises is less than 500 million yuan. The meager cash reserves, weak profitability and heavy asset pressure have made many photovoltaic equipment enterprises difficult in the cold winter of the industry, and the pressure of survival has increased sharply. Why can
't Photovoltaic "Shovel Sellers" Carry It? The fundamental reason is that the industry has excess capacity, and downstream enterprises have reduced production and compressed orders.
From 2021 to 2023, the photovoltaic industry in a high degree of prosperity set off a "production expansion tide", and the production capacity of all links in the whole industry chain expanded crazily, resulting in the industry falling into serious overcapacity since the end of 2023. Affected by this, downstream enterprises have reduced production and orders , which directly led to a sharp decline in the order volume of upstream equipment enterprises.
Secondly, the special settlement mode of photovoltaic equipment industry further enlarges the risk of repayment.
It is understood that the photovoltaic equipment industry generally adopts the settlement method of "30% advance payment + 30% payment for goods + 30% acceptance payment + 10% quality guarantee", and the normal performance period is 12-18 months. However, as the industry enters the downward cycle, the funds of downstream enterprises are generally tight, and the equipment acceptance cycle is also greatly extended . "In the past, customers usually completed the acceptance within 6 to 9 months, but now it is generally delayed to 11 to 12 months, and some customers even accept it after 12 months," said Zhou Yongxiu, Secretary of Otway on
May 18.
Acceptance progress slows down, which directly leads to the lag of repayment rhythm. As far as equipment manufacturers are concerned, no matter how bright their orders and book performance are, only when the funds actually arrive at the account can they be considered safe. What is more alarming is that once the capital chain of downstream customers is broken, large amounts of accounts receivable can easily turn into bad debts, causing substantial losses to enterprises.
Thirdly, the rapid iteration of industry technology has led to a substantial impairment of equipment. with TOPCon, HJT, etc.".Among them, in 2023, Longji Green Energy made an impairment of more than 2 billion yuan for related assets; JinkoSolar, " In addition, according to the 2025 annual report data, a number of equipment manufacturers have also made substantial provision for inventory depreciation . Among them, the inventory depreciation loss of Jingsheng Mechatronics exceeded 800 million yuan , while that of Ottway and Pioneer Intelligence exceeded 300 million yuan .
First, strictly control customer risks and optimize account management. At present , many photovoltaic equipment enterprises, such as Jiejia Weichuang, Jingsheng Mechatronics and Dier Laser , have implemented a more stringent customer classification management system.
Among them, Jiejia Weichuang clearly classifies customers when signing contracts, focusing on high-quality customers and reducing orders from small, medium and high-risk customers. During the performance stage, it also follows up the customer status in real time and dynamically adjusts the cooperation mode.
Jingsheng implemented a differentiated credit cooperation model, established a dynamic customer financial tracking mechanism, and strengthened the collection of accounts to ensure the timely return of funds. Dier Laser insisted on receiving advance payment before scheduling production and delivery, continuously tracked the performance and credit status of customers, formulated targeted collection policies, and strictly controlled the risk of bad debts.
Second, enterprises began to jump out of the profit model of single equipment sales, transform to "life cycle service" and tap new profit space. For example , Maiwei said that it can provide customized equipment solutions according to the process upgrading needs of downstream photovoltaic enterprises, and provide comprehensive technical support and after-sales service to accurately solve the pain points of customers in equipment installation, debugging, operation and maintenance.
In addition, some photovoltaic equipment companies also tap new performance increments by expanding new businesses such as semiconductors.
For example , Maiwei Stock and Jingsheng Mechatronics started with photovoltaic equipment and extended to semiconductor equipment; On the basis of deep cultivation of photovoltaic industry , Dier Laser develops consumer electronics, new display, integrated circuits and other fields; Through talent introduction, merger and acquisition integration , Jiejia Weichuang complements the capabilities of semiconductor wet method, furnace tube, lithium battery and pan-semiconductor equipment to achieve diversified business layout.
However, no matter what development strategy is adopted, for all equipment enterprises at present, the first priority is to "survive " first . Previously, according to Trina Solar, Longji Green Energy and other industry leaders have predicted that the second half of 2026 may become the turning point of this cycle. (For more information, click be prepared to tighten their belts < span style = "color: rgba (0,0,0,0.".
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