Henan Anci Gaoke Co., Ltd. (Anci Gaoke) recently sold a batch of precious metal rhenium powder worth 114 million yuan. Prior to this, Anci Gaoke had also planned to sell off non-core assets as a means of self-rescue, indicating that enterprises are beginning to divest assets in response to the downturn in the photovoltaic industry.
In a recent announcement titled “Progress on the Sale of Precious Metal Assets,” Anci Gaoke’s board of directors decided to “sell precious metal rhenium powder through public listings.” The announcement stated that the company had signed a “physical asset transaction contract” with the buyer, Yongxing Pengkun, and that the sale of the precious metal rhenium powder, including taxes, amounted to 113.729 million yuan. The company had received the full payment for the rhenium powder and completed the transfer process.
The announcement explained that the purpose of this transaction was to “optimize the company’s assets, further enhance the quality of asset operation, and promote the development of core business.”
Huaxia Energy Network also revealed that Anci Gaoke is planning to sell float glass, medicinal glass, and other non-core assets to its controlling shareholder, Henan Investment Group, or a designated third party.
Huaxia Energy Network believes that Anci Gaoke’s actions are influenced by the downturn in the photovoltaic industry. In the first half of 2026, among the 12 photovoltaic glass enterprises in mainland China, only the leading enterprise, Xinyi Solar, maintained a slight profit, while the rest incurred losses. Against this backdrop, asset “trimming” has become an inevitable choice for many photovoltaic glass enterprises as the downturn in the industry has forced related companies into a dilemma of “cutting losses to survive.”
According to Huaxia Energy Network’s analysis, the main reason for this situation is the imbalance between supply and demand. Due to rapid expansion of production capacity in the early stages, there is an overcapacity issue in the photovoltaic glass industry, with inventory days reaching a historical high of 53.4 days. At the same time, market demand has been insufficient. In May 2026, Deli Group canceled a 5.5 billion yuan contract for photovoltaic glass with Longi Green Energy signed in 2021, citing the overall cycle of the photovoltaic industry and structural contradictions in supply and demand as reasons for the cancellation. This move indicates a shrinkage in demand for the photovoltaic industry.
The shrinkage in demand, coupled with oversupply, has further led to a decline in photovoltaic glass prices to a low of 8-8.5 yuan per square meter in the first half of this year, falling below the cash cost line for most companies. With prices below cost, companies are in a net cash consumption situation with gross profit margins generally turning negative or significantly squeezed. Companies like Kaisheng New Energy and Anci Gaoke have seen their operating profit margins fall to -48.6% and -14.98%, respectively.
Huaxia Energy Network believes that the more companies incur losses, the less capable they are of maintaining production, leading to asset liquidation as a means of “self-rescue.” Companies operating at a negative gross profit or suffering continuous cash outflows are forced to sell assets, with those at the end of the business chain being the most vulnerable. When the residual value of assets is insufficient to cover debts, they may face bankruptcy liquidation.
Public records show that Henan Anci Gaoke Co., Ltd. was established on September 21, 1998, and went public on the Shanghai Stock Exchange in 1999. The company mainly engages in the research and manufacturing of photovoltaic glass, natural gas storage and transportation, and medicinal glass, with Henan Investment Group holding a controlling stake.