On July 31, Beijing Express announced that the first phase of its photovoltaic project in Leshan, Sichuan, had been put into operation for five years . The Company negotiated with Leshan Hi-Tech Investment Development (Group) Co., Ltd. (Hereinafter referred to as "Leshan Hi-Tech Investment") designated by Leshan Municipal People's Government to repurchase the equity of Leshan Jingyuntong New Material Technology Co., Ltd. (Hereinafter referred to as the "Project Company").
, Beijing Express announced that it had signed an investment agreement with the Leshan Municipal People's Government and the Wutongqiao District People's Government of Leshan City. It is planned to invest 7 billion yuan in the construction of 24 GW single crystal rod drawing and cutting projects and related supporting facilities in Wutongqiao District.
The project is divided into two phases: the first phase will invest about 4 billion yuan to construct the 12GW rod drawing and square cutting project; the second phase of the 12GW rod drawing and square cutting project will be put into operation within two years after the first phase of the project reaches the production capacity.
According to the agreement between both parties, at any time within five years from the formal operation of the first phase of the project company, Beijing Express has the right to formally notify Leshan Hi-tech Investment in writing three months in advance to repurchase the equity of the project company held by Leshan Hi-tech Investment; If Beijing Express does not issue a formal written notice during the above period, the day after the formal production of five years will be the repurchase time , and Beijing Express or its designated third party will transfer the equity of the project company held by Leshan Hi-Tech Investment in full at the above repurchase time by means permitted by laws and regulations. On June 23,
2021, Beijing Express announced that the first phase of the 12 GW crystal pulling project was officially ignited and put into operation.
, Beijing Express announced that The second phase of rod pulling and square cutting project was upgraded from 12 GW to 22 GW, with a total investment of 5.5 billion yuan. On August 11,
2022, Beijing Express announced that the 209,007.10GW
High Efficiency Single Crystal Silicon Rod Project, which was originally planned to be invested in the "Wuhai 10GW High Efficiency Single Crystal Silicon Rod Project", will be located in Haibowan Industrial Park, Wuhai City, Inner Mongolia Autonomous Region. It was changed to a new industrial base in Wutongqiao District, Leshan City, Sichuan Province. Four months after
the change, in January 2023, Leshan Phase II 22GW Rod Pulling and Square Cutting Project began construction. On April 30, 2023, Beijing Express announced the ignition and trial production of the project.
2023, Beijing Express announced that it would postpone the expected commissioning time of Leshan Phase II 22 GW photovoltaic project to December 2024.
By December 31, 2024, Beijing Express said that the construction of the main framework of Leshan Phase II project had been completed, and the core production equipment had been installed, debugged and ready for use . In the future, the company will make a comprehensive assessment according to market changes and industry changes, and rationally arrange the follow-up supporting construction work.
According to the annual report of Beijing Express in 2025, the production capacity of Leshan Phase I and Phase II projects can be used to produce N-type large-size silicon wafers , covering the mainstream specifications of G12, G12R, M10 and other markets. It can be used for production loses 13 years of profits
in half a year. Now, it has been five years since the first phase of the project was officially ignited and put into operation, formally ushering in the window period of equity repurchase.". However, for this repurchase, the market is more concerned about whether Beijing Express has "money in hand"? In the first half of this year, the company lost 328-475 million yuan in net profit and 337-4 yuan in non-net profit.
The profit of the silicon wafer sector involved in the company's new material business is still negative, which has a negative impact on the company's overall profitability.
More cruelly, according to the Digital New Energy DataBM. Com, as of the first half of 2026, Beijing Express has lost two and a half years. The accumulated loss is about 41.69-43. The total net profit of the company during the 13 years from 2011 to 2023 is 42. It can be seen that in only two and a half years, the company has basically lost the profits earned in the previous 13 years.
According to the company's quarterly report data, there are 134 million yuan of monetary funds on the account of Beijing Express, and 7 million yuan of non-current assets due within one year; In the same period, the company 's short-term borrowing has reached 6. The company 's non-current liabilities due within one year amounted to 18.
From the company's book, the monetary capital of Beijing Express could not cover the short-term debt due at that time, and there was obvious pressure on the company's liquidity in a short period of time.
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