Complete shutdown and production! Companies under well-known photovoltaic manufacturers officially went bankrupt

A few days ago, an announcement document about "Ningxia Yinxing Energy Photovoltaic equipment Manufacturing Co., Ltd., a subsidiary of Ningxia Yinxing Energy Co., Ltd., a well-known listed photovoltaic enterprise in China, was ruled bankrupt by the court" was spread on the Internet platform, causing widespread concern from the outside world. It is generally believed that as the price of photovoltaic products continues to decline, the situation of the photovoltaic industry may be more severe.

According to sources, Ningxia Yinxing Energy Co., Ltd., a listed photovoltaic company, issued an announcement saying that its subsidiary Ningxia Yinxing Energy Photovoltaic equipment Manufacturing Co., Ltd. (hereinafter referred to as "Yinxing Energy") has been officially ruled bankrupt. In the "Civil order" issued by the court, Ningxia Yinxing Energy Photovoltaic equipment Manufacturing Co., Ltd. has been in a de facto insolvent state, and obviously does not have the ability to pay debts, and meets the conditions for bankruptcy liquidation, so it has been declared bankrupt. In addition, in view of the fact that part of the liquidation work of Ningxia Yinxing Energy Photovoltaic equipment Manufacturing Co., Ltd. has not yet been completed, the court approved to retain the qualification of asset manager and continue to perform its responsibilities to assist in the follow-up legacy work. Since then, this established photovoltaic factory, which has been operating for 15 years, has officially gone bankrupt, which is really sad.

According to public information, Ningxia Silver Star Energy Photovoltaic equipment Manufacturing Co., Ltd. was registered in 2009 and is a subsidiary of Ningxia Silver Star Energy Co., Ltd. As the largest photovoltaic module production base in the northwest, Silver Star Energy's main business focuses on the R & D, manufacturing and sales of solar cell panels, battery modules, photovoltaic power generation systems, wind power generation systems and outdoor photovoltaic building integrated equipment. In 2010, Silver Star Energy was responsible for the construction of the first batch of photovoltaic projects, which attracted wide attention from the outside world; in 2021, the 400MW photovoltaic module project in charge of Silver Star Energy officially landed, announcing that Silver Star Energy has become the largest photovoltaic module production base in the northwest.

However, as the photovoltaic industry continues to evolve, the sizeable photovoltaic company has begun to decline sharply. In 2021, the 400MW photovoltaic module project in charge of Silver Star Energy officially landed. In 2022, Silver Star Energy was filed for bankruptcy liquidation for the first time by creditors, and it took only more than a year to peak to trough.

Some market watchers said that Silver Star Energy was well known because it was quoted at the tender site at a price much lower than the industry price, and this offer also greatly lowered the industry floor price. Shortly after that, the three photovoltaic module projects cooperated with Silver Star Energy were also terminated due to many factors, and the situation of Silver Star Energy deteriorated rapidly.

Some data show that by the end of June 2022, Silver Star Energy has unaudited net assets of-60.4055 million yuan, which is insolvent. In September 2022, Silver Star Energy creditors formally submitted to the court an application for bankruptcy liquidation of Ningxia Yinxing Energy Photovoltaic equipment Manufacturing Co., Ltd., and Silver Star Energy officially entered the bankruptcy countdown.

Some people in the industry said that the situation of Silver Star Energy is not an isolated case, but a general situation in the industry. Industry insiders believe that affected by the continued sluggish demand in the photovoltaic industry, the prices of photovoltaic products and key components continue to decline, and corporate profits change from positive to negative, which is bound to be difficult to sustain in the long run. less competitive photovoltaic and module factories will be the first to be eliminated.