曾被视为明日之星的中国光伏产业如今已濒临破产的边缘。美国投资机构MaximGroup最新统计数据显示，中国最大的10家光伏企业的债务累计已高达175亿美元（约1110亿元人民币），其中江西赛维和尚德电力破产的可能性最大。

Once considered a future star of Chinese pv industry now already on the verge of bankruptcy。The United States investment agency MaximGroup the latest statistics show，China's top 10 photovoltaic enterprise debt had accumulated as much as $17.5 billion（About 111 billion yuan RMB），Among them the jiangxi peacekeeping suntech power the possibility of bankruptcy is the largest。

　　中国可再生能源学会副理事长孟宪淦表示，“二○一○年光伏行业的毛利率在30%左右，而二○一一年连10%都不到，今年的情况更糟糕。”他指出，只有当毛利率维持在10%甚至更高一些时，企业才可能有盈利，否则净利润将是亏损的。

The Chinese renewable energy to vice President MengXianGan said，“一○ ○ 2 years of photovoltaic industry profit margins at around 30%，But two ○ in less than one even 10%，This year the situation worse。”He pointed out that，Only when maintain at 10% or higher gross margin slightly，Enterprise just may have profit，Otherwise the net profit will be the loss。

　　赛维负债额为产权7倍

"D FuZhaiE for property rights 7 times

　　从已披露今年上半年业绩预告的光伏行业A股上市公司也可看出，业绩预减者占比近八成，而在国外上市的十大光伏巨头仅今年一季度就亏损了6.12亿美元。其中，江西赛维日前公布的财报显示，公司上半年净利润亏损10.8亿元，负债总额266.76亿元，负债率为88%左右。MaximGroup认为，江西赛维的负债与产权比率达到7.4，这意味着按欧美的公司会计准则，江西赛维已资不抵债，目前接近破产，或需重组。对此，江西赛维LDK董事长兼首席执行官彭小峰回应：“最近一会儿传这家破产、一会儿传那家破产，这个行业里面什么耸人听闻大家就去炒作什么。这样去炒作一个战略新兴行业的困难，放大所谓风险与危机非常不负责。”

From the first half performance forecast this year has revealed the photovoltaic industry a-share listed companies can also be seen，The performance of the reduction than nearly eighty percent，And in foreign countries listed 10 big photovoltaic giant first quarter of this year is only a loss of $612 million m。Among them，LDK released earnings display，In the first half of the 1.08 billion yuan net profit losses，Debt of 26.676 billion yuan RMB，Leverage at around 88%。MaximGroup think，LDK's debts and property ratio reaches 7.4，This means that the company accounting standards in Europe and America，LDK already insolvency，Now close to bankruptcy，Or need to restructuring。this，LDK LDK chairman and chief executive officer PengXiaoFeng response：“Recently the for a while the bankruptcy、For a while the the bankruptcy，The industry what you will go to in sensational hype??????。Such a strategy to hype the difficulty of new industry，Enlarge so-called risk and crisis is not responsible。”

　　尚德电力的经营状况亦不容乐观，在其第一季度财报发布时已承认，“债务负担使公司破产的可能性”已成为投资者应持续关注的风险。财报显示，尚德电力第一季度毛利率仅为0.6%，而总债务却达到35.8亿美元。

Suntech power state of operation is not optimistic，In its first quarter earnings release has admitted，“The debt burden that the possibility of bankruptcy”Has become a concern of investors should be the risk。Results show，Suntech power the first quarter gross margin is only 0.6%，And the total debt but to us $3.58 billion。

　　令人担忧的是，处于资金链危局的光伏企业并不止于上述两家，孟宪淦指出，今年一季度十大光伏巨头毛利率均在10%以下，其中阿特斯在7.7%的较高毛利率情况下，还产生了大概2000万美元的亏损。

The worry is that，In the capital chain of the crisis of photovoltaic enterprise and more than the above two，MengXianGan points out that，In the first quarter this year ten big photovoltaic giants are under 10% gross margin，Among them, 7.7% of the higher gross margin in Liverpool，We have about $20 million in losses。

　　对于光伏业的走向崩溃的原因，孟宪淦认为，“近几年中国光伏产品产量一直在增加，但欧洲债务危机、美国『双反』使得光伏市场急剧萎缩，价格一路下跌，利润空间被压缩得很厉害。”

Photovoltaic industry for the cause of the collapse of the direction of the，MengXianGan think，“In recent years China has been increasing yield photovoltaic products，But the European debt crisis、The United States "double reverse" makes the photovoltaic market shrink dramatically，Prices fall all the way，The profit space be compressed badly。”

　　欧美双反调查雪上加霜

Europe and America to double inverse survey

　　自二○一一年十一月九日，美国商务部发布公告，宣布将对中国输美太阳能电池（板）展开反倾销和反补贴“双反”调查后，光伏行业形势便急转直下。随后雪上加霜的是，消息称欧盟25家企业已“组团”对中国光伏产品提出反倾销申诉。中国太阳能光伏产业的产能、产量均居世界第一，但90%以上产品依靠出口。

One from the 2 ○ in November 9,，The us department of commerce by way of a public announcement，Announced that China lost beauty solar cells（board）On anti-dumping and countervailing“Double the”After investigation，Photovoltaic industry situation and a sudden turn。And then on top of that，News that the eu 25 companies already“group”Photovoltaic products to China on anti-dumping appeal。Chinese solar photovoltaic industry production capacity、Output ranked first in the world，But more than 90% of products rely on exports。

　　中国光伏产业联盟提供的数据显示，今年一至六月，多晶硅价格已从每公斤30.5美元下降至每公斤23.6美元，降幅达22.6%，各光伏企业毛利率急速下滑。

China pv industry alliance to provide the data show，A this year to June，Polycrystalline silicon prices from $30.5 per kg has dropped to $23.6 per kg，Drop of 22.6%，The pv enterprise profit margins slowed sharply。

　　“因美国双反调查，光伏企业还需拨备一部分资金做计提准备，这使得其可用现金进一步减少。”投中集团分析师李玲认为，当前光伏行业面临着两头在外的产业结构、缺乏领先优势的技术、宏观经济低迷等诸多风险，前景确实不容乐观。

“For the United States against double investigation，Photovoltaic enterprise still need to dial do you make a provision for a part of the capital，This makes its available cash further reduce。”Hit group analysts who think，The current photovoltaic industry faces two head out of the industrial structure、The lack of the lead technology、Macro economic downturn, and many other risk，Prospects do not optimistic。

　　不过，江苏光伏行业协会会长许瑞林表示，光伏行业是朝阳产业，前景是光明的，困难时暂时的。目前整个行业处在一个低谷，主要缘于国际大环境的影响，再次是内地的产业经济都陷入困境。政府应采取积极的手段稳定良好的经济发展趋势，规划好产业的发展。 

but，Jiangsu photovoltaic industry association XuRuiLin said，Photovoltaic industry is the rising sun industry，Prospects are bright，Difficulties for the time being。At present the whole industry in a downturn，Due to the influence of the main international environment，Once again, is the mainland industrial economy are in trouble。The government should take active means stability good economic development trend，Planning the development of the industry。