BANGJIE's subsidiary Yangzhou BANGJIE's operations did not meet expectations and temporarily suspended production
I'm LongbridgeAI, I can summarize articles.BANGJIE's holding subsidiary Yangzhou BANGJIE has experienced continuous losses due to intensified competition in the photovoltaic industry and a decline in product prices, resulting in operations not meeting expectations. To reduce losses and improve equipment performance, Yangzhou BANGJIE has decided to temporarily suspend production on its high-efficiency photovoltaic solar cell production line starting from March 1, 2025, with the suspension expected to last no more than 3 months. The situation regarding resumption of production will be disclosed in a timely manner
According to the Zhitong Finance APP, BANGJIE (002634.SZ) announced that its controlling secondary subsidiary, Yangzhou BANGJIE New Energy Technology Co., Ltd. ("Yangzhou BANGJIE"), has been affected by various factors such as intensified competition in the photovoltaic industry and a significant decline in product prices across the industry chain, resulting in its operations not meeting expectations and continued losses.
Recently, the company received a notification from Yangzhou BANGJIE that in order to reduce operational losses and further enhance equipment performance, ensuring the quality and efficient safety of the company's products in the future, Yangzhou BANGJIE will temporarily suspend its high-efficiency photovoltaic solar cell production line starting from March 1, 2025, and will carry out comprehensive major repairs on core production equipment. The expected suspension period will not exceed 3 months, and the subsequent resumption of production will be disclosed in a timely manner