Yijing Optoelectronics (600537) Delisting Risk and Fundamental Analysis Report

Based on the comprehensive data I have collected, I now provide you with an in-depth analysis report on Yijing Optoelectronics’ delisting risk and fundamentals.

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According to the performance pre-loss prompt announcement disclosed by Yijing Optoelectronics on

, the company expects its 2025 net profit attributable to shareholders of listed companies to be negative, and the expected loss amount will . As of the end of 2024, the company’s audited net assets were [1][2].

This means:

• The net profit loss attributable to shareholders in 2025 may reach over RMB 500 million
• The end-of-period net assets in 2025 may be negative
• In accordance with Paragraph 2 of Article 9.3.2 of the Shanghai Stock Exchange Stock Listing Rules which stipulates “the audited end-of-period net assets in the most recent fiscal year are negative”, the company
  may be subject to delisting risk warning (*ST)
  [1][2]

Risk Trigger Condition	Specific Situation	Risk Level
Negative Net Assets	Expected to be negative by the end of 2025	High Risk
Negative Net Profit	Continuous losses with expanding deficit	High Risk
Revenue Decline	42.58% year-on-year decline in revenue in the first three quarters	Medium-High Risk

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Based on the latest financial data, Yijing Optoelectronics’ fundamentals show a trend of

[0]:

Financial Indicator	Value	Industry Normal Level	Assessment
ROE (Return on Equity)	-520.26%	5%-15%	Severely Deteriorated
Net Profit Margin	-74.51%	3%-8%	Severe Loss
Operating Profit Margin	-85.69%	5%-10%	Severe Loss
Current Ratio	0.88	1.5-2.0	Tight Liquidity
Quick Ratio	0.75	1.0-1.5	Short-Term Debt Repayment Pressure

• The company’s P/E ratio is
  -2.95x
  , indicating market expectations of continuous losses
• The P/B ratio is as high as
  22.69x
  , reflecting possible severe erosion of net assets
• Current ratio is below 1, indicating
  current assets are insufficient to cover current liabilities

Reporting Period	Revenue (RMB 100 million)	Year-on-Year Change	Net Profit (RMB 100 million)	EPS (RMB)
Q3 2025	3.75	-	-0.05	-0.05
Q2 2025	5.73	-	-0.07	-0.07
Q1 2025	6.08	-	-0.04	-0.04
Q4 2024	7.69	-	-1.21	-1.21

In the

, the company achieved revenue of , a significant year-on-year decline of , and a net profit loss attributable to shareholders of [1][2]. The company clearly stated that the performance decline is mainly due to .

[0]

As of December 26, 2025, the company and its consolidated subsidiaries have accumulated

[1]:

• As plaintiff/applicant: 10 cases, involving an amount of
  RMB 26.3416 million
• As defendant/respondent: 13 cases, involving an amount of
  RMB 44.8215 million

On December 28, 2025, the company disclosed that the invested in Quanjiao County, Chuzhou City, Anhui Province failed to proceed as scheduled. The local management committee intends to terminate the investment agreement, recover , and pursue liability for breach of contract[1].

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The difficulties faced by Yijing Optoelectronics are not an isolated case, but a typical example against the backdrop of

. Data from the China Photovoltaic Industry Association shows[3][4][5]:

Time Period	Loss Amount of Main Photovoltaic Industry Chain Enterprises
First three quarters of 2025	RMB 31.039 billion
Of which: Q3	RMB 6.422 billion (narrowed by 46.7% compared to Q2)

Based on the projection of 2025 full-year photovoltaic installed capacity by the China Photovoltaic Industry Association[1]:

• Domestic module market demand in the second half of 2025:
  57.8GW~87.8GW
• Photovoltaic module output in the same period can reach:
  337.5GW
• The supply-demand imbalance remains severe

In 2025, “anti-involution” has become the core consensus of the photovoltaic industry[3][4]:

• Starting from July, prices of main industrial chain products such as silicon materials have bottomed out and rebounded (spot price of silicon materials rebounded from RMB 35,400/ton to RMB 53,600/ton)
• Leading enterprises such as Daqo New Energy and GCL Technology turned profitable in Q3 ahead of others
• The industry has shifted from
  comprehensive losses to structural profits
  , showing a periodic inflection point

However,

, which depend on[3][4]:

1. The implementation strength of industry self-discipline
2. The breakthrough speed of technological innovation
3. The improvement of policies and market mechanisms

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Period	Change
1 Day	+0.70%
5 Days	+4.61%
1 Month	+6.95%
3 Months	+8.29%
6 Months	+31.40%
1 Year	+46.10%
3 Years	-30.48%

Despite the deterioration of fundamentals, the stock price

, which may reflect:

• Market expectations of an industry reversal
• Speculation by hot money on delisting concept stocks
• Demand for technical rebound

Based on technical analysis results[0]:

Indicator	Value/Status	Signal Interpretation
Current Price	RMB 4.31	Close to resistance level
20-Day Moving Average	RMB 4.06	Short-term support
50-Day Moving Average	RMB 4.16	Mid-term trend
Trend Judgment	Sideways/No Obvious Trend	No clear buy/sell signal
Beta Coefficient	0.43	Low correlation with the market

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Risk Item	Current Status	Risk Level
Negative Net Assets	Almost Certain	🔴 Extremely High
*ST Risk	High Probability of Triggering	🔴 Extremely High
Delisting Risk	Negative net assets will trigger *ST; subsequent outcome depends on whether net assets can turn positive	🟠 High

1. Loss of Profitability
   : ROE of -520% and operating profit margin of -85.69% indicate that the company can no longer create value through normal operations
2. Cash Flow Exhaustion
   : Free cash flow is negative and continues to outflow
3. Liquidity Crisis
   : Current ratio <1, with significant financial pressure
4. Deteriorating Asset Quality
   : Failed project investments and frequent legal disputes
5. Cliff-Like Revenue Drop
   : 42.58% year-on-year decline in revenue in the first three quarters of 2025

Yijing Optoelectronics has proposed the following response strategies[1]:

• Accelerate financial accounting work and disclose the 2025 annual report as soon as possible
• Continuously track cutting-edge industry technology trends and focus on technological iteration
• Accelerate the introduction of new materials and technologies with leading carbon values
• Promote green energy innovation business
• Continue to carry out cost reduction and efficiency improvement work, revitalize and enhance asset value
• Enhance capital liquidity

Risk Type	Description
Delisting Risk	Negative net assets will trigger *ST, which may lead to further delisting
Liquidity Risk	Current ratio <1, with enormous financial pressure
Industry Risk	Persistent overcapacity in the photovoltaic industry, with uncertainty from price wars
Execution Risk	Significant uncertainty regarding the effectiveness of the company’s response measures

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[1] Sina Finance - “Former Photovoltaic Leader Yijing Optoelectronics’ End-of-2025 Net Assets May Be Negative, May Face *ST Status” (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfpfxi7235742.shtml)

[2] Sina Finance - “Yijing Optoelectronics: Expects 2025 Annual Net Profit to Be Negative” (https://finance.sina.com.cn/7x24/2026-01-07/doc-inhfnvim4568655.shtml)

[3] Securities Times - “2025 Photovoltaic Industry Battle: From Price Slaughter to Value Reconstruction” (https://www.stcn.com/article/detail/3550235.html)

[4] Sina Finance - “2025 Photovoltaic Industry Battle: From Price Slaughter to Value Reconstruction” (https://finance.sina.com.cn/money/bond/2025-12-22/doc-inhcrpzq9384274.shtml)

[5] Guanyan Tianxia - “2025 China Photovoltaic Industry Bids Farewell to Price Wars, Moves Towards a New Stage of Value Competition” (https://m.chinabaogao.com/detail/774163.html)

[0] Jinling API Data