A photovoltaic industry insider told First Financial Daily reporters: "Currently, Runyang's Thai component factory is in a state of producing only when there are orders from the U.S. market, and not producing when there are none. Runyang's U.S. component factory is in a 'turn on and off' state, having partially produced in some months, but currently, due to a lack of orders, it has not been operating much."

Runyang Co., Ltd., a photovoltaic company that Tongwei Co., Ltd. (.) "values" due to its competitive capacity layout in overseas markets and plans to acquire for no more than a billion yuan, has recently been rumored to have halted operations at its Thai module and cell factories, with multiple overseas projects facing shutdowns. On the evening of the first day of the month, First Financial Daily reporters sought verification from multiple internal personnel of Runyang Co., Ltd., but did not receive a clear response. A former senior executive of the company told the reporter, "I have indeed heard of some situations, but since I have left the company, I am not in a position to provide a clear response on the matter (of the Thai factory's shutdown)."

However, several insiders in the photovoltaic industry have confirmed to the First Financial Daily that Runyang's Thai factory has halted operations. According to the reporter's investigation, Runyang's total Thai module capacity is currently, with its Thai module factory (Phase I, II, III) having ceased operations. The Thai module factory (Phase I, II, III) had a monthly output of multiple megawatts, mainly sold to the U.S. market. Runyang's Thai battery factory is partially halted, with occasional capacity of around / able to be activated, and the monthly Thai battery cell production is approximately megawatts.

Runyang Energy's official public account news for the month shows that recently, its solar module manufacturing plant in Huntsville, Alabama, USA, has officially commenced production. The plant is expected to successfully deliver its first batch of customer orders in the month, with an annual production capacity estimated at . At that time, the head of Runyang New Energy's US factory stated that with the increasing demand for solar energy in the US, Runyang's Alabama plant will effectively shorten delivery cycles and reduce reliance on suppliers from other regions.

Regarding the potential impact of Runyang's overseas factory shutdown on Tongwei's acquisition, a person close to Tongwei Co., Ltd. recently responded to First Financial Daily reporters that Tongwei currently has no equity relationship with Runyang, and whether Runyang ceases production is a decision made by the company's management. It is worth noting that on a certain date, Tongwei Co., Ltd. issued a public announcement stating that it would acquire 100% of the shares of Runyang Co., Ltd., a top five global supplier of photovoltaic batteries, through capital increase and agreement acquisition, with a total transaction value not exceeding 10 billion yuan. After the transaction, Runyang Co., Ltd. will become a subsidiary controlled by Tongwei Co., Ltd. At that time, the market interpreted it as the "first shot" in the merger and reorganization of the photovoltaic industry had been fired.

Nearly a month has passed since Tongwei Co., Ltd. announced its merger and acquisition plan. At the Tongwei Co., Ltd. Third Quarter 2023 Performance Briefing held on the 1st, Yan Ke, the Board Secretary of Tongwei Co., Ltd., updated the project progress. In response to investor questions regarding "the progress of the company's acquisition of Runyang and its intention to acquire other photovoltaic companies," Yan Ke stated that the company is currently continuously advancing the related work of auditing, evaluation, and business due diligence with third-party intermediaries, and maintaining close communication with all relevant parties. If there are important developments or significant changes in relevant matters, the company will disclose them in a timely manner in accordance with regulatory rules. Additionally, the company currently has no other acquisition plans.

In addition to "valuing" Runyang's global advantages, this merger and reorganization, defined by the industry as the largest in the history of the photovoltaic sector, is centered on the integration of the photovoltaic cell business. In the former era, Tongwei ranked first in the photovoltaic cell segment, with Runyang ranking third. By the end of the year, Runyang's cumulative solar cell shipments had surpassed. According to industry statistics, in the global ranking of photovoltaic cell shipments for the year, Runyang ranked fifth, with Tongwei ranking first.

In fact, influenced by fluctuating external environments and low-price competition within the industry, most photovoltaic module companies have chosen to maintain or reduce their operating rates to "weather the winter." Industry analysts in the photovoltaic sector told First Financial Daily that starting from the third quarter of this year, Chinese photovoltaic companies with factories in Southeast Asia have become more cautious in their production planning. On one hand, they may be concerned about the potential reduction of subsidies affecting order profits if Trump takes office, and on the other hand, they worry about the traceability issues of exported photovoltaic products.

According to statistics from Shanghai Metals Market ( China's enterprise module operating rate was % for the month, while the operating rate for photovoltaic modules within China was .%. The main reduction for the month came from the production scheduling of overseas bases of Chinese enterprises, with the expected production within China remaining flat month-on-month. In her latest research report, photovoltaic analyst Wang Wenqi analyzed that at the end of the month, the photovoltaic module market called for production cuts and price increases, but the production and shipment strategies of various enterprises at the end of the year were difficult to unify. Some enterprises chose to significantly increase production to achieve a final shipment sprint, while others, due to poor sales and the inability to bear the pressure of losses, continued to lower their operating rates. "Given the actual delivery prices of photovoltaic modules in centralized projects at . yuan/W to . yuan/W, the loss per watt of modules is between . yuan/W and . yuan/W."

As of the close on the specified date, Tongwei Co., Ltd. saw its stock price rise by 1.5% to 37.85 yuan per share, with the company's total market capitalization reaching 168.3 billion yuan, ranking behind Sungrow Power Supply Co., Ltd. (300274, with a total market capitalization of 173.1 billion yuan) and LONGi Green Energy Technology Co., Ltd. (601012, with a total market capitalization of 200.3 billion yuan).