Introduction: The script designed by Tang Jun did not succeed in performing on Runyang.

01 There is no new location

On Valentine's Day, it was rumored in the industry that Tang Jun, general manager of Runyang Co., Ltd., had resigned.

Runyang shares said that this is a normal personnel change.

In fact, Tang Jun's resignation was expected in the industry.

In September 2024, the "white knight" Jiangsu Yueda Group Co., Ltd. (hereinafter referred to as Yueda) increased its capital by 1 billion yuan to Runyang Co., Ltd. and became the new actual controller of the latter.

The controlling stake changed hands, and the management of Runyang shares also underwent adjustments.

Tao Longzhong, the former chairman of the board, was changed to general manager. The new chairman of Runyang Co., Ltd. is concurrently served by Zhang Naiwen, chairman of Yueda.

The chairman of the board of directors was "demoted" to the general manager, and Tang Jun, who originally played the role of general manager, naturally needed a new place to go.

Now it seems that Tang Jun has failed to find a place in the management structure after Yueda became the owner.

At this time, rumors of "resignation" were exposed, and it was less than a year since Tang Jun joined Runyang.

According to the author's understanding, the lack of hope for Runyang's listing, the difficulty of major improvements in the company's operating conditions in the short term, and the fact that I have long been interested in going to the company are the main reasons for Tang Jun's resignation.

Previously, there was news that Tang Jun would join Jietai New Energy. Tang Jun himself said that he is currently resting.

The author learned from PV insiders that Tang Jun's "next stop" is a small module recycling company, not the rumored Jietai.

02 Start work because "the leader is coming".

After experiencing all kinds of turbulent waves in Runyang shares for a year, Tang Jun really needs to take a good rest.

A year ago, in March 2024, Tang Jun had just resigned from EGing Optoelectronics (600537. SH) general manager and director, gearing up, joined Runyang Co., Ltd., which is preparing for IPO, as president.

Tang Jun was once jokingly called the "rescuer" invited by Tao Longzhong.

Tang Jun has a wide network in the photovoltaic circle. This may be one of the main reasons why Tao Longzhong, the chairman at that time, took a fancy to him and hired him as the president.

According to a person close to Runyang shares, after Tang Jun joined Runyang, he replaced a group of suppliers who had cooperated with Runyang for many years but refused to accept advances. The new supplier introduced by Tang Jun promised to give Runyang a relatively loose account period. This has alleviated Runyang's tight capital to a certain extent.

However, only 3 months after Tang Jun joined the company, waves of huge waves came to him.

First, in June, the IPO approval expired, and Runyang's listing road was terminated. Subsequently, due to the continued tension of the capital chain and the uncertainty of overseas policies, the Yancheng and Thailand bases in Runyang were successively suspended for holidays.

In addition, Trina Solar (688599. SH) has twice filed lawsuits in the United States against Runyang and related parties, alleging infringement of two of its TOPCon technology patents.

After another two months, Runyang's capital chain is still worrying. It is reported in the industry that Runyang shares, which are at the center of the "triangular debt storm", have outstanding supplier payments of more than 15 billion yuan, and there is a risk of "run".

At that time, many bases in Runyang frequently stopped work and started work. According to the aforementioned people close to Runyang, too few orders are the main reason.

In other words, the shutdown is the norm, and the start of work is because "the leader is coming" and it is necessary to maintain "face".

When he was full of worries, it was rumored in the industry that Tang Jun's son worked in a competitor's company of Runyang Co., Ltd. There is even a saying that Tang Jun has already had the idea of going and is paving the way for the next job.

The company is in trouble, and as the president, Tang Jun naturally can't escape the blame. But even a photovoltaic veteran who can fight well cannot turn the tide in a short time.

At the critical moment, Yancheng City took the lead to find a way to relieve Runyang. Yueda, a subsidiary of Yancheng State-owned Assets Supervision and Administration Commission, stepped forward and not only gave money, but also orders.

According to industry insiders, the 1 billion yuan mentioned above is considered to be used to pay employee wages and maintain Runyang's normal operating expenses.

03 What is the way out?

Runyang used to be one of the top 5 cell OEMs. Although it has not been kicked out of the "circle" of suppliers at present, in the ranking of the world's top five cell suppliers in 2024, except for Tongwei, which ranks first, the second to fifth places have all undergone significant changes, and Runyang is no longer among them.

If it weren't for the local government to move in to "rescue" due to various interests, even a photovoltaic company such as Runyang, which is the size and industry status, may collapse in this round of downward cycle.

At present, Runyang's biggest dilemma is that there are too few orders and it is not sustainable.

Relying on the help of Yueda's module business and the small order of the Southeast Asian factory is not enough for Runyang to leave the "ICU".

When the production capacity of each company expands rapidly, the supply and demand are further imbalanced. The price war continues to escalate, and the butterfly effect caused by it further aggravates the dilemma of Runyang.

Cell overcapacity is a common phenomenon, and customers can find cell manufacturers with better cost performance. Runyang's old customers such as LONGi (601012. SH), Jinko (688223. SH) has long been holding hands with newcomers.

Moreover, even if Runyang has sufficient production capacity, it is difficult for large manufacturers to trust Runyang orders to avoid problems in order production and delivery.

Under the domestic and foreign difficulties, on January 8 this year, Tang Jun, then president of Runyang Co., Ltd., put forward two ideas for the mismatch between supply and demand

On the one hand, Tang Jun believes that we should uphold the heart of fairness and comprehensively consider the differences between the head and second- and third-tier enterprises, domestic and foreign policy changes and other factors.

On the other hand, Tang Jun suggested that regulators should encourage enterprises with larger production capacity to reasonably compensate for the limited production capacity with advanced technology through mergers and acquisitions, so as to ensure that its value is continued.

In and out of the words, there are all hints at Runyang's way out.

But the script designed by Tang Jun did not succeed in performing on Runyang.

On February 14 this year, Tongwei Co., Ltd. decided to terminate the intentional capital increase to Runyang Co., Ltd. The previous sensational mergers and acquisitions in the industry ended with the "breakup" of Tongwei and Runyang.

However, no matter how "poor" Runyang is, it is also a key photovoltaic company with a high-efficiency cell production capacity of 63GW, a module production capacity of 13GW, and a silicon material production capacity of more than 100,000 tons.

Looking at the photovoltaic industry, there is no giant that has enough cash flow or dares to leverage to eat this volume of Runyang.

Nowadays, only local state-owned assets are willing to reach out and find a way to resolve Runyang's debt risk in a longer time.

The author believes that with a development model like Runyang, which uses high leverage and spreads the whole industry chain, it is very easy to move towards the "collapse of the middle way".

Whether Runyang can get out of "intensive care", the key is to shrink the front first and seize the opportunity of technology iteration. For example, you can first get to the "thigh" of a large factory, find an order, regroup and then figure it out.

Otherwise, there will be no end to the "cash flow loss", and even the powerful state-owned assets cannot afford to consume it. (Source: Alpha Workshop Green).

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