Earlier, on February 12, Deli, a photovoltaic glass company, announced that it would raise additional funds
from Liaoning Yiyuan Aviation Technology Co., Ltd. On March 9, Deli disclosed its reply announcement, responding to core issues such as the acquisition ability of the issuing target, the necessity of the transaction, the performance commitment and the compliance of information disclosure.
In fact, this operation has already triggered a heated discussion in the market. As a new company established in December 2025, Wing yuan Airlines has not only no intersection with the photovoltaic industry before, but also its financial strength has been questioned by the outside world.
And Deli's own situation is equally worrying: it has been chasing light for five years across the border, but it is expected to lose more than five consecutive years. Previously, in July 2025, it even sold subsidiaries to ease the financial pressure on local state-owned assets.
On the one hand, the "aviation department" new company with doubtful financial strength, on the other hand, the cross-border photovoltaic players who have been losing money for years and are extremely short of money, why should Chairman Shi Weidong "abdicate" Deli shares to this new company? Ccement. Com/news/2603/richtext/IMG/69b28caf078165250801. It is reported that after the official announcement of the cooperation, Deli's share price has risen by more than 10% in a single day.
Market speculation, Shi Weidong or want to rub the current hot concept of space photovoltaic, to turn over. Can "aviation department" without photovoltaic genes really take over the "mess" and help it out of the loss quagmire? In 2002, Shi Weidong moved the company to Fengyang, Anhui Province, relying on the abundant local quartzite resources, Deli shares rose rapidly in the field of glassware manufacturing.
In 2011, Deli successfully landed on the Shenzhen Stock Exchange, becoming the first A-share listed company in the domestic glassware industry, which became famous for a while and was nicknamed "the first share of the cup" by the outside world. Shi Weidong, the helmsman, ranked on the Hurun Rich List in 2014 with a net worth of 2.1 billion yuan, becoming the "richest man in Chuzhou" .
Unfortunately, the good times did not last long. Since 2015, the performance of Deli shares has declined sharply, with a cumulative loss of more than 100 million yuan in two years. By 2017, the company was labeled with the warning label of "* ST" and stood on the edge of delisting .
Just when Shi Weidong was at a loss what to do The proposal of the "double carbon" target in 2020 has unexpectedly ignited the long-silent photovoltaic industry. Since then, the explosive growth of the industry has restored his hope of saving the company. In September of
the same year, Deli decisively announced that it would lay out the photovoltaic glass track across the border while sticking to its main business.
Without further ado. In November 2020, Deli shares set up Deli Solar Energy to invest 19.
By April 2021, Deli shares were regarded by the market as "holding the thighs of photovoltaic grass" . Signed a five-year purchase agreement with 10 subsidiaries of Longji Green Energy, promising to purchase no less than 250 million square meters of photovoltaic glass, with a total amount of 55
according to the market price at that time. The walk was smooth and smooth.
Photovoltaic dream broken!Bengbu photovoltaic production line, which was originally planned to be put into operation in 2022, was not officially ignited until April 2024 due to the delay of land supply, approval and construction cycle.
At that time, the photovoltaic industry has begun to enter the downward cycle, and the price of the industrial chain has fallen below the cost line all the way. Industry leaders are still struggling, and cross-border players like Deli shares are naturally losing a lot.
Originally expected to turn over by photovoltaic, Deli shares lost money when the photovoltaic glass production line was put into operation in 2024. Up to three years of capacity climbing, Deli shares are not waiting for a turning point in performance, but the darkest moment . In January
2025, the glass production line of Deli Solar Energy was forced to shut down completely for production , and nearly 1 billion yuan of investment in the early stage was basically wasted; The photovoltaic glass project in Beihai, Guangxi, which was planned in the same period, was terminated in July 2025 because it had not yet been substantially constructed . So far, photovoltaic has become the most loss-making sector of Deli shares. After the
termination of the photovoltaic glass project, in order to maintain the normal operation of the company, Deli shares announced that it intends to use 1.
But Shi Weidong clearly realized that this method of "dismantling the east to make up the west" is not a long-term solution. In addition, the company could not see the possibility of turning losses into profits in the short term, so Shi Weidong began to plan to leave.
Rub space photovoltaic!
In October 2025, Deli shares threw out the news of heavy cooperation: it planned to issue no more than 52000 shares of 11758 to Xinjiang Bingxin, raising 7.
At that time, Deli shares, which were deeply in the quagmire of losses, could introduce investors with state-owned background. It was once regarded as "stable" by the market. But this seemingly safe "marriage" lasted only two months and then came to an abrupt end . After the withdrawal of
state-owned assets, Shi Weidong resolutely decided to hand over the shares of Deli, which suffered serious losses, to a https://www.databm. It is worth mentioning that Liaoning Huatian Aviation Technology Company, which is actually controlled by the core of the controller, has long been a "veteran" in the field of R & D and production of aerospace precision parts. It is also a state-level specialized, special and new "Little Giant" enterprise .
Coinciding with the explosion of the concept of space photovoltaic, the transaction directly ignited the company's share price. But behind the excitement, can not be ignored is: an aviation company that has nothing to do with photovoltaic after taking over, can really let its "salted fish turn over" ? 8 billion 500 million yuan, of which up to 6. Although Yiyuan Airlines said in its reply that shareholders have the ability to invest in the performance of the contract, the risk is obvious for a company with insufficient funds to insist on acquiring Deli shares that continue to lose money.
At the same time, perhaps because of the continuous loss of the original business, Shi Weidong of Deli shares "abdicated" by giving up all voting rights and signed a performance betting agreement with a higher shareholding ratio.
Shi Weidong promises that in 2026-2028, the annual operating cash flow of the company's original business (including the photovoltaic glass sector) shall not be negative, the cumulative net profit of the core business of daily glass in three years shall not be less than 40 million yuan, and the financial indicators of the original business shall not touch the delisting risk warning standard.
In the short run, the capital injection of Wing yuan Airlines can help it tide over the difficulties, but in the long run, if Deli shares want to really "live and live well", they must find new profit growth points and enhance their hematopoietic capacity-after all, the current space photovoltaic. It is still in the conceptual planning stage, far from being able to support performance.
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