On May 1, Aerospace Mechatronics announced that it was affected by the overcapacity of the photovoltaic industry and the "involution" price competition. The company's Lianyungang Shenzhou New Energy Co., Ltd. (Hereinafter referred to as "Lianyungang New Energy") has insufficient competitiveness and intends to transfer its Lianyungang New Energy 81.
The registered 30579 is RMB 0.08 million, and the main business is solar photovoltaic " In terms of financial data, by the end of the first quarter of 2026, the total assets of Lianyungang New Energy are RMB 0.2 million 38266. The total liabilities are 15590 of 0.6 million yuan, and the owner's equity is 22675.
its power plant operation business by liquidating its subsidiaries and transferring its equity interest.
However, the gradual "clearance" of photovoltaic business by aerospace electromechanical enterprises is not an example.
According to incomplete statistics from the Digital New Energy DataBM. Com, since April 2026 alone, the equity and creditor's rights of seven new energy enterprises, such as Shandong Yingda Photovoltaic Technology Co., Ltd. and Xichu New Energy (Luoyang) Co., Ltd., have been publicly listed and transferred. Transferors involved State Grid Corporation of China, Dongfang Electric Corporation, China National Nuclear Corporation and other central state-owned enterprises, and the total transfer base price exceeded 1. The "clearance tide" of photovoltaic assets of central state-owned enterprises continued.
From the perspective of transfer enterprises, the State Grid Corporation of China ranks first by transferring three enterprises at one go, followed by China West Power Group, China Cinda Group, China Nuclear Group and Dongfang Electric Corporation, each transferring one enterprise. The details are as follows:
On April 3, the official website of Beijing Equity Exchange posted the information of equity transfer of three photovoltaic new energy subsidiaries under the State Grid Group, with a total transfer base price of nearly 80 million yuan .
Among them, 100% equity and related creditor's rights of State Grid E-commerce (Shanxi) New Energy Technology Co., Ltd. are transferred at a base price of 29.02 million yuan , and the transferor is State Grid E-commerce Technology Co., Ltd., which is a wholly-owned subsidiary of State Grid.
State Grid Zhilian (Jilin) New Energy Co., Ltd. has 100% equity and related creditor's rights, with a transfer base price of 18 million yuan , and a transaction margin of 5.4 million yuan within three working days after the confirmation of the qualification of the intended transferee. The base price of 100% equity transfer of
Shandong Yingda Photovoltaic Technology Co., Ltd. is 32.3 million yuan . The intended transferee shall pay a transaction margin of 9.69 million yuan within three working days after the confirmation of the transferee's qualification. (Related reading: data shows that the target enterprise was established in Hefei, Anhui in October 2023.". As of December 31, 2025, the total assets of the target enterprise are 35013 of 0.34 million yuan, and the total liabilities are 25681.
Data show that the target enterprise was established in June 2021 in Zhangjiakou City, Hebei Province. As of February 28, 2026, the total assets of the target enterprise are 62175.
China XD Group
on April 24, China XD Group's enterprises released a new energy subsidiary equity transfer information. The 100% equity of Xichu New Energy (Luoyang) Co., Ltd. was transferred publicly at a base price of 13.9 million yuan . According to
the data, the target enterprise was established in Luoyang, Henan Province in March 2024. As of December 31, 2025, the total assets and liabilities of the transfer target enterprise are 620000 yuan. On April 29,
China Nuclear
Group's enterprises publicly listed and transferred 60% of Zhangjiakou Huisheng Energy Co., Ltd. on the Beijing Property Exchange, and the transfer base price has not yet been disclosed . According to
the data, the target enterprise was established in August 2023 in Zhangjiakou City, Hebei Province, with a registered capital of 1 million yuan. As of March 31, 2026, the owner's equity attributable to the Company was 0.
With the implementation of the industry new regulation No.136, the photovoltaic industry officially bid farewell to the era of "quantity and price guaranteed", and the project income will be completely determined by market supply and demand.
Affected by this, the electricity price of photovoltaic projects in many places has dropped significantly. For example, the electricity price of photovoltaic mechanism in Shandong market has been as low as 0.225 yuan/kWh in 2025. Although it has rebounded in 2026, it is only 0.
Secondly, the consumption problem and utilization rate have been declining.
In recent years, the scale of photovoltaic installation has increased rapidly, but the absorptive capacity of the power grid is relatively limited. The rate of light curtailment in some provinces has increased year by year, and the rate of light curtailment in many regions has exceeded 10%. At the same time, the average utilization hours of photovoltaic equipment decreased year on year, and the actual " of the project was finally due to the guidance and promotion at the policy level. In recent years, the state-owned assets supervision department requires the central state-owned enterprises to "focus on the main business" and strip off the non-main business and inefficient assets , while the non-core operating assets such as photovoltaic power plants have naturally become the priority disposal objects of the central state-owned enterprises such as equipment manufacturing, power grid and finance.
For state-owned enterprises, small and medium-sized, decentralized stock photovoltaic projects often face the problems of high operation and maintenance costs, declining yields and unstable cash flow , so they are more inclined to concentrate resources on large bases and high-yield tracks. Such as the integration of wind, solar, water and storage in large bases, smart grid and so on.
With the accelerated reshuffle of the photovoltaic industry, more inefficient assets may be listed for transfer in the future.
But behind the crisis and challenges, there are often opportunities. Although the basic quality of these cleared photovoltaic assets is not high, they are not without potential. For professional operators, through technological transformation, operation and maintenance optimization, access to large bases and other ways, inefficient assets can be revitalized to achieve value restoration.
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