Core Viewpoint - The company Juhe Materials is initiating an "A+H" dual capital platform strategy by applying for a listing on the Hong Kong Stock Exchange, despite facing competitive challenges and declining profit margins in its core business of photovoltaic conductive paste [1][2]. Group 1: Company Overview - Juhe Materials is a research-driven advanced materials company specializing in the synthesis, formulation design, manufacturing processes, analysis, and application development of inorganic and organic materials [2]. - The company claims to have the highest sales revenue in the global photovoltaic conductive paste market, with a market share of 27% [2][3]. - However, its main competitor, Company A, has surpassed Juhe Materials' market share after acquiring Company B, leading to a combined market share of 33.4% for the competitors [2][4]. Group 2: Financial Performance - Juhe Materials reported revenues of RMB 10.23 billion, RMB 12.39 billion, and RMB 10.61 billion for the years 2023, 2024, and the first three quarters of 2025, respectively [10][11]. - Despite revenue growth, profits declined significantly, with a drop of approximately 7% in 2024 and over 44% in the first three quarters of 2025 [10][11]. - The gross profit margin for photovoltaic conductive paste decreased from 9.2% in 2023 to 6.5% in the first three quarters of 2025 [6][7]. Group 3: Cash Flow and Debt - The company has experienced negative cash flow from operating activities, with net outflows of RMB 2.67 billion, RMB 899 million, and RMB 3.46 billion for the respective periods [12][13]. - The capital liability ratio increased from 34.4% in 2023 to 58.5% in the first three quarters of 2025, indicating rising debt levels [12][13]. Group 4: Market Dynamics and Risks - Juhe Materials relies heavily on a few major clients, with revenue from the top five clients accounting for 56.2% to 58.3% during the reporting period, posing a risk if any major client were to leave [15]. - The company also faces supply chain risks due to high dependency on a limited number of suppliers for raw materials, which could impact production [15]. - The research and development expenditure as a percentage of revenue has been declining, from 2.9% in 2023 to 1.8% in the first nine months of 2025, raising concerns about the company's commitment to innovation [17][18].

Group 1 - The photovoltaic equipment sector saw a slight increase of 0.03% on January 15, with Aotwei leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Notable gainers in the photovoltaic equipment sector included Aotwei, which rose by 8.15% to a closing price of 59.88, and Jinheng Materials, which increased by 7.54% to 79.46 [1] Group 2 - The photovoltaic equipment sector experienced a net outflow of 460 million yuan from institutional investors, while retail investors saw a net inflow of 506 million yuan [3][4] - Key stocks with significant net inflows from retail investors included Aerospace Electromechanical, which had a net inflow of 10.12 million yuan, and Saiwu Technology, with a net inflow of 1.16 million yuan [4] - Conversely, major stocks like Yijing Photovoltaic and Ban Sheng Technology faced declines of 9.88% and 4.74%, respectively [3]

Core Viewpoint - Juhe Materials has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and Jefferies acting as joint sponsors. The company is a research-driven advanced materials firm based in China, focusing on photovoltaic conductive pastes and has ranked first in global sales of photovoltaic conductive pastes among all manufacturers as of September 30, 2025 [1]. Group 1: Company Overview - Juhe Materials specializes in the development and manufacturing of photovoltaic conductive pastes suitable for various solar cell structures, including TOPCon, PERC, HJT, and X-BC [1]. - The company's product offerings are divided into two main categories: photovoltaic conductive pastes and other electronic materials [1]. - Juhe Materials is actively researching next-generation technologies, such as conductive pastes for perovskite solar cells, and is providing low-silver and silver-free solutions, including silver-coated copper and copper conductive pastes [1]. Group 2: Market Insights - The global conductive paste market is driven by the growth of photovoltaics, increasing from 28.2 billion in 2020 to 72.2 billion in 2024, with photovoltaic applications accounting for 69.8% of the market [1]. - The market is expected to reach 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [1]. - The global photovoltaic conductive paste market is projected to grow from 14.7 billion in 2020 to 50.4 billion in 2024, and is expected to reach 114.5 billion by 2029, with a CAGR of 16.2% from 2025 to 2029 [1]. Group 3: Silver Paste Market - Silver paste continues to dominate the photovoltaic conductive paste market, with a projected market size of 49.6 billion in 2024, accounting for 98.4% of the market [2]. - The silver paste market is expected to grow to 108.4 billion by 2029, while new types of pastes, such as silver-coated copper, are seen as cost-reduction solutions, with an anticipated market size of 6 billion by 2029, representing 5.3% of the market [2]. - The CAGR for the silver-coated copper market from 2025 to 2029 is projected to be 43.5% [2].

来源：新浪港股-好仓工作室 主营业务：光伏浆料占比超99% 技术路线高度集中 常州聚和新材料作为全球光伏导电浆料领域的领军企业，根据灼识咨询数据，截至2025年9月30日止九 个月，其光伏导电浆料销售收入全球排名第一，市场份额达27%。公司核心产品覆盖TOPCon、PERC、 HJT及X-BC等多代光伏电池技术，但业务结构呈现高度集中特征。 2023年、2024年及2025年前九月，光伏导电浆料收入占总营收比例分别高达99.7%、99.4%和99.4%，几 乎完全依赖单一产品线。值得注意的是，公司产品结构正经历剧烈转型，TOPCon电池浆料收入占比从 2023年的20.5%飙升至2025年前九月的91.5%，而PERC产品占比则从77.5%骤降至6.5%，技术路线集中 度风险显著。 商业模式方面，公司采用"以销定产+成本加成"定价机制，原材料采购与客户订单紧密挂钩。但银粉作 为核心原材料，占生产成本的94%-96%，导致公司盈利高度依赖白银价格波动。 营收增长：21.1%增速背后销量下滑8.32% 公司近年营收保持增长态势，由2023年的102.3亿元增长至2024年的123.9亿元，同比增长21.1%；20 ...

Company Overview - The company, Jiangsu Juhua New Materials Co., Ltd. (688503.SH), is a research-driven advanced materials company established in 2015, focusing on photovoltaic conductive pastes [4] - It is a global leader in the photovoltaic conductive paste market, with sales revenue ranking first among all manufacturers as of September 30, 2025 [4] - The company has a diversified product portfolio, including conductive pastes for various photovoltaic cell structures such as TOPCon, PERC, HJT, and X-BC [4] - The company is strategically expanding into adjacent growth markets, including communication, consumer electronics, and automotive electronics, and plans to acquire SKE's blank mask business to penetrate the semiconductor materials sector [4][6] Financial Performance - The company's revenue for the fiscal years ending September 30 are approximately CNY 10.23 billion for 2023, CNY 12.39 billion for 2024, and CNY 10.61 billion for 2025 [7] - The net profit for the same periods is approximately CNY 441 million for 2023, CNY 410 million for 2024, and CNY 234 million for 2025 [8] - The gross profit margins are 9.2% for 2023, 7.8% for 2024, and 6.5% for 2025, indicating a declining trend [9] Industry Overview - The global conductive paste market has rapidly grown from CNY 28.2 billion in 2020 to an expected CNY 72.2 billion by 2024, with photovoltaic applications accounting for 69.8% of this market [11] - The photovoltaic conductive paste market is projected to grow from CNY 14.7 billion in 2020 to CNY 50.4 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% from 2025 to 2029 [13] - China is the largest producer and consumer of photovoltaic conductive pastes, with sales expected to reach CNY 46.5 billion in 2024, representing 92.3% of the global market [15] Product Portfolio - The company's main product categories include photovoltaic conductive pastes and other electronic materials, with specific products for TOPCon, PERC, HJT, and X-BC cells [6] - The company is also developing low-silver and silver-free conductive paste solutions to enhance efficiency and reduce costs in the photovoltaic industry [5] Strategic Initiatives - The company is aligning its R&D direction with emerging industry demands to maintain its competitive edge and accelerate the commercialization of high-performance solutions [5] - The planned acquisition of SKE's blank mask business is aimed at enhancing the company's capabilities in the semiconductor industry, supporting local innovation and production in China [6]

Company Overview - The company, Jiangsu Juhe New Materials Co., Ltd. (stock code: 688503.SH), is a research-driven advanced materials company established in 2015, focusing on photovoltaic conductive pastes [4] - It is a global leader in the photovoltaic conductive paste market, with sales revenue ranking first among all manufacturers as of September 30, 2025 [4] - The company has a diversified product portfolio, including conductive pastes for various photovoltaic cell structures such as TOPCon, PERC, HJT, and X-BC [4] - The company is strategically expanding into adjacent growth markets, including communication, consumer electronics, and automotive electronics, and plans to acquire SKE's blank mask business to penetrate the semiconductor materials sector [4][6] Financial Performance - The company's revenue for the fiscal years ending September 30 is projected to be approximately RMB 10.23 billion for 2023, RMB 12.39 billion for 2024, and RMB 10.61 billion for 2025 [7][9] - The net profit for the same periods is estimated to be around RMB 441 million for 2023, RMB 410 million for 2024, and RMB 234 million for 2025 [7][9] - The gross profit margins are expected to decline from 9.2% in 2023 to 6.5% in 2025 [8][9] Industry Overview - The global conductive paste market has rapidly grown from RMB 28.2 billion in 2020 to an expected RMB 72.2 billion by 2024, driven by the photovoltaic sector, which is projected to account for 69.8% of the market [10] - The market is anticipated to reach RMB 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [10] - The photovoltaic conductive paste market is expected to grow from RMB 14.7 billion in 2020 to RMB 50.4 billion in 2024, with a projected CAGR of 16.2% from 2025 to 2029 [12] - China is the largest producer and consumer of photovoltaic conductive pastes, with sales expected to reach RMB 46.5 billion in 2024, accounting for 92.3% of the global market [14]

Core Viewpoint - Changzhou Juhe New Materials Co., Ltd. (Juhe Materials) has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and Jefferies as joint sponsors. The company ranks first in global sales revenue of photovoltaic conductive pastes among all manufacturers as of the nine months ending September 30, 2025 [1][4]. Group 1: Company Overview - Juhe Materials is a research-driven advanced materials company based in China, established in 2015. The company has continuously invested in R&D to enhance its expertise in advanced materials, particularly in photovoltaic conductive pastes [4]. - The company's capabilities include the synthesis of inorganic and organic materials, formulation design, manufacturing processes, analysis, and application development, resulting in a diversified product portfolio [4]. Group 2: Product and Market Position - The core business of Juhe Materials involves the development and manufacturing of a comprehensive range of photovoltaic conductive paste products suitable for various photovoltaic cell structures, including TOPCon, PERC, HJT, and X-BC [1].

Core Viewpoint - The company, 聚和材料 (Juhua Materials), has submitted an application for the overseas public offering of H-shares and listing on the Hong Kong Stock Exchange on January 14, 2026 [1] Group 1 - The application materials for the issuance and listing were published on the Hong Kong Stock Exchange website on the same day [1]

据港交所1月14日披露，常州聚和新材料股份有限公司(下称：聚和材料，688503.SH)向港交所主板提交 上市申请，华泰国际、杰富瑞为其联席保荐人。根据灼识咨询的资料，截至2025年9月30日止九个月， 该公司的光伏导电浆料销售收入在全球所有光伏导电浆料制造商中排名第一。该公司的核心业务是开发 及制造适用于不同光伏电池结构的完善光伏导电浆料产品组合，包括TOPCon、PERC、HJT及X-BC。 据招股书，该公司是一家位于中国的由研发驱动的先进材料公司。自2015年成立以来，该公司持续投入 研发，以深化在先进材料领域(尤其是光伏导电浆料)的专业能力。该公司的能力涵盖无机与有机材料的 合成、配方设计、制造工艺、分析以及应用开发，并形成多元化的产品布局。 ...

智通财经APP讯，聚和材料(688503.SH)公告，公司于2026年1月14日向中国香港联交所递交了境外公开 发行股票(H股)并在联交所主板上市的申请，并于同日在联交所网站刊登了本次发行上市的申请材料。 ...