evening of April 27th, the sale of US assets by Bowei alloy ushered in a key development.
Bowei Alloy announced that the company intends to sell 100% of Boviet Solar Technology (North Carolina) LLC (hereinafter referred to as "Bowelt (North Carolina)") to INOX SOLAR AMERICAS LLC. The total transaction price is not more than 254 million US dollars (about 17
yuan). The INOX SOLAR AMERICAS LLC of the asset purchaser belongs to INOXGFL, a large Indian multinational group. The group has assets of 18 billion US dollars, and has a deep industrial accumulation and diversified business layout in the field of chemical and renewable energy. The core target of
this transaction, Bovelt (North Carolina), was established in January 2024. Its core asset is the annual 3GW solar energy completed and put into operation by the company in the second half of 2025
It also launched the sale of the unfinished 2GW cell project in the United States in February 2026. (For details, please click:
First of all, it is due to the major adjustment of American domestic policy.
Since July 2025, the Great America Act of the United States has been formally implemented. The bill imposes strict restrictions on investment, mergers and acquisitions and industrial participation in the United States by foreign concerned entities, including China.
It explicitly requires that from January 1, 2026, the shareholding ratio of foreign concerned entities in new energy enterprises in the United States should not exceed 25%, otherwise they will be completely disqualified from federal subsidies. The American subsidiary of Bowei Alloy was completely excluded because of its 100% shareholding , and some of the contract orders in hand continued to lose money. Affected
by this, Bowei Alloy suffered its first loss in the fourth quarter of 2025.
In the fourth quarter, the company's single-quarter revenue was 5.279 billion yuan, up 29.83% year-on-year, while the net profit of the parent company was 756 million yuan , down 395.22% year-on-year;
By the first quarter of 2026, Bowei Alloy continued to lose 91.3598 million yuan . Year-on-year drop of 128.
Looking back, in 2021, Bowei Alloy first upgraded the original photovoltaic production line in Vietnam base; By 2024, Bowei Alloy will increase its investment again, with a total investment of about 10.
However, the weather is unpredictable.
In April 2025, the US Ministry of Commerce announced the final ruling on photovoltaic products in four Southeast Asian countries. Among them, it was decided to levy 307 on the photovoltaic products exported from Vietnam.
Affected by this, the overall deployment of Bowei Alloy was completely disrupted. After the trial production of its 3GW battery production line in Vietnam was completed in 2025, the operation of the production line soon came to a standstill because it could not enter the US market.
Finally, the financial "red light" of the underlying assets continued to shine, which accelerated the process of asset divestiture. By the end of September 2025, the net assets of Bovelt (North Carolina) had fallen to -3211.
Specifically, Bovelt (North Carolina) had not yet generated revenue in 2024, and its net profit had lost 160 million yuan; After entering 2025, with the production of the factory, the company achieved a revenue of 272 million yuan in the first nine months of 2025, but the profitability did not improve, and the net profit in the same period was still 1491.
The continuous "blood loss" of the underlying assets was quickly transmitted to the parent company Bowei Alloy.
In 2025, Bowei Alloy will achieve an operating income of 20.753 billion yuan, an increase of 11.25% over the previous year, but the net profit attributable to parent company will only be 125 million yuan, a sharp decrease of 90.77% over the previous year; What is more alarming is that the company's operating cash flow in 2025 will be -8.
Postscript
It is noteworthy that Bowei Alloy is not the first company to actively shrink the layout of photovoltaic capacity in the United States.
According to the incomplete statistics of the digital new energy DataBM. Com, There have been that Trina Solar and Jingao Technology have chosen to completely divest their US manufacturing assets in November 2024 and April 2025, respectively." Announced the sale of their respective overseas bases: Trina Solar completed the sale of the 5GW module factory in the United States, while Jingao Technology sold its 2G W module production capacity in the United States.
Unlike the complete withdrawal of the two, TCL Zhonghuan and Atlas adopt relatively stable ideas to optimize their overall business layout in the United States by sorting out their business structure and shrinking their investment scale .
Faced with the contraction and adjustment of the US market layout, these enterprises are looking for new ways to develop.
One is to open up overseas emerging markets with high prosperity and low trade barriers. For example , after the divestiture of photovoltaic assets in the United States, Jingao Technology has accelerated its production capacity layout in the Middle East and invested 39.
The other is to focus on the development of core industries. For example , Bowei Alloy said in its annual report in 2025 that it would adjust to the strategy of "new materials as the core, new energy contraction", focusing on promoting digital research and development of new materials products.
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