More than 100 photovoltaic companies have been subject to court compulsory enforcement. The total enforced amount covering enterprises from Runyang to Bangjie has exceeded 1 billion yuan, and the debt arising from the overcapacity involution in the industry is due for repayment.
Over 100 photovoltaic enterprises have been put on the list of persons subject to enforcement, and the industry's overcapacity involution is accelerating the reshuffle.
Energy Vision notes that recently, an industry media sorted out and released the list of "persons subject to enforcement" of photovoltaic enterprises. According to incomplete statistics, including enterprises under the same actual controller, a total of 104 photovoltaic enterprises have been listed as "persons subject to enforcement" by the court. This figure has increased significantly compared with 2024.
There are many familiar names on the list — Risen Energy, a time-honored leading enterprise that has been ranked among the top 5 in global cell shipments for 5 consecutive years; Bangjie Co., Ltd., which dabbled in the photovoltaic industry across sectors but ended up in bankruptcy reorganization; Shijing Technology, the TOPCon dark horse with the largest number of enforcement records; Jingyuntong, the veteran wafer enterprise whose 234 million yuan of deposits were frozen and deducted by the court; Yidao New Energy, the unicorn that was just acquired by TCL Zhonghuan for 1.258 billion yuan.
This is not an ordinary list of judicial documents. The 104 enforced enterprises are like 104 diagnostic reports, telling the industry the same fact — the debt brought by overcapacity involution is due.
The more reckless the capacity expansion was, the more embarrassed the situation becomes when the enterprise is subject to enforcement
Yangzhou Bangjie is the photovoltaic enterprise with the highest enforcement amount in March 2026, involving nearly 93 million yuan in the case. The company invested in the construction of a 10GW annual output high-efficiency photovoltaic cell project in 2022, and suspended production in March 2025. On January 30, 2026, the court ruled to accept the reorganization application for Yangzhou Bangjie. By the end of 2025, the attributable net assets of Bangjie Co., Ltd. had dropped to -721 million yuan. 31 creditors declared 2.15 billion yuan of claims. A cross-sector player spent less than four years from entering the market to exiting.
Risen Energy is another typical case. This time-honored leading cell enterprise has been listed as a person subject to enforcement for 6 times in total, with a total amount of up to 199 million yuan. The largest single enforcement target is 175 million yuan, which was filed by Yinchuan Intermediate People's Court in February 2026. Ningxia Jingze Silicon Material, a holding subsidiary of Risen Energy, has 53 records of dishonest persons subject to enforcement. Another subsidiary, Inner Mongolia Yuexin Silicon Material, has applied for bankruptcy reorganization. Once among the top three in global shipments, it is now deep in the debt vortex, and its chairman Tao Longzhong has also been restricted from high consumption by the court.
Shijing Technology is the enterprise with the largest number of enforcement records, with more than 30 records in 2026, and the total enforced amount exceeds 137 million yuan; the total amount of litigation involving the company and its subsidiaries is about 542 million yuan, and pending litigation accounts for nearly 50% of its net assets. Due to the negative net assets at the end of 2025 and the "unable to express an opinion" opinion issued on its financial report, the company's stocks have been subject to delisting risk warning since May 6, 2026.
In May 2026, Jingyuntong failed to fulfill the payment obligations determined by the effective legal documents, and the court ruled to freeze and deduct about 234 million yuan of the company's bank deposits, and the interest of the frozen funds occupied is about 60.5 million yuan, totaling about 294 million yuan; the company's accumulated attributable net loss from 2024 to 2025 is 3.841 billion yuan.
The list is still getting longer. The Suntech system, Seraphim system, Zhongqing system, Guosheng system... have appeared on the enforcement documents one after another. In April 2026, a total of 13 domestic photovoltaic related enterprises were listed as persons subject to enforcement, with the total enforcement target amount up to 476 million yuan. In June 2026, the total enforcement target amount of 11 photovoltaic industry chain related enterprises reached 696 million yuan.
Facing overcapacity involution, leading enterprises, dark horses and cross-sector players are all in the same situation
The expansion of the enforcement list is rooted in overcapacity involution.
Data from Shanghai Nonferrous Metals Network shows that in 2026, global photovoltaic module demand is about 536GW, while the production capacity is as high as 1100GW. The production capacity of silicon material, wafer, cell and module links has exceeded 1000GW one after another. The demand is only half of the production capacity.
In the first half of 2026, the output of the main photovoltaic industry chain declined in an all-round way. The output of polysilicon was 538,000 tons, down 9.8% year on year; the output of wafers was 293GW, down 7.3% year on year; the output of cells was 260.7GW, down 21.9% year on year; the output of modules was 201.3GW, down 35.1% year on year.
The output dropped, and the price was even worse. The average price of dense polysilicon material fell from 52 yuan/kg at the beginning of the year to 32.5 yuan/kg in early July, with a drop of 42.3%. The module bidding price once fell below 0.7 yuan/W. The price of some links fell below the cash cost.
The demand side is also not optimistic. In the first half of 2026, China's new photovoltaic installed capacity was only 72.07GW, down about 66% year on year. Wang Bohua, former Secretary-General of China Photovoltaic Industry Association, said bluntly at the seminar in July that "most enterprises in the photovoltaic industry chain are still under operating pressure, and their profitability is still at the bottom".
Prices are falling, demand is shrinking, output is declining, but overcapacity involution is still severe. This kind of internal friction of "the more you produce, the more you lose, the more you lose, the more you produce" pushes batches of enterprises to the enforcement list. Since 2025, more than 50 photovoltaic enterprises have applied for bankruptcy or liquidation, and this figure has exceeded 150 since 2024. Since 2026 alone, dozens of photovoltaic related enterprises have "collapsed" one after another, covering all links of the whole industry chain.
Some are cutting their losses to survive, some are bottom-fishing at the low point, and the industry is undergoing reshuffle
When the industry is at its coldest, it is also the time for some players to take action.
On July 2, 2026, TCL Zhonghuan completed the controlling acquisition of Yidao New Energy in Quzhou, Zhejiang, and spent 1.258 billion yuan to get 66% of the equity. Compared with the valuation of about 8 billion yuan when Yidao New Energy previously tried to go public, this price is much lower. After the acquisition, the company announced to invest 2.6 billion yuan to upgrade part of the total 20GW cell and 50GW module capacity to the BC technology route. TCL Zhonghuan previously only had about 24GW self-built capacity in the module link, and after acquiring Yidao New Energy, it directly added a 40GW capacity platform.
The policy side is also accelerating the clearance of backward capacity. On July 27, 2026, the General Rules for Cost Accounting Model of Photovoltaic Industry was officially implemented. This is the first association standard in the photovoltaic industry, which unifies the cost calculation scope, calculation coefficient and calculation model of the whole industry chain of "polysilicon - wafer - cell - module". Yan Dazhou, director of the National Engineering Research Center for Silicon-based Material Preparation Technology, commented that this standard puts an end to the industry chaos of "everyone has their own statement on cost". On July 31, the State Administration for Market Regulation carried out price compliance guidance for the photovoltaic industry in Yancheng, Jiangsu. Gao Jifan, chairman of Trina Solar, believes that this cost standard has set a clear "ruler" and "traffic light" for the photovoltaic industry.
The national standard for energy consumption and efficiency has also been issued, which is expected to eliminate about 30% of the total photovoltaic production capacity. The logic of industry competition is changing — in the past, the competition was about who expanded capacity faster and who had lower prices; now the competition is about who has more standardized cost accounting, who can meet the energy consumption standards, and who has excellent product quality.
The 104 enforced enterprises are a section of the two-year in-depth adjustment of the photovoltaic industry. Behind this figure is the retreat of cross-sector players, the struggle of time-honored leading enterprises, and the fall of dark horse enterprises.
Being subject to enforcement does not mean bankruptcy. Just like the electricity bill payment notice, as long as the money is paid within the specified time, the power supply will not be cut off. However, continuous debt disputes and enforcement records will directly affect the enterprise's commercial credit, financing capacity and the stability of cooperation with upstream and downstream partners.
This reshuffle is far from over. Whether the enforcement list will get longer depends on when the industry's supply and demand return to balance, and also depends on whether those enterprises on the list can pay the "electricity bill" within the specified time.