四年前收购的一家公司，如今要上市了！

Core Viewpoint - Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu Photovoltaic) has submitted an application for listing on the Hong Kong Stock Exchange, following significant growth in revenue and profit since its acquisition by actual controller Guo Peng four years ago [1][4]. Company Overview - Established in September 2015, Riyu Photovoltaic specializes in the manufacturing and supply of conductive silver paste for photovoltaic cells, including TOPCon, xBC, and PERC batteries [4]. - The company plays a crucial role in the photovoltaic industry chain, as its conductive silver paste is essential for the metallization process of solar cells, directly impacting their efficiency and output power [4]. Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 141.3% in revenue and 925.6% in net profit over the past three years [4][6]. - Revenue figures for the years 2022 to 2024 are projected to be 393 million yuan, 1.594 billion yuan, and 2.285 billion yuan, respectively, with net profits of 877,000 yuan, 59.659 million yuan, and 92.24 million yuan [6]. - Gross profit margins for the same period were 9.5%, 11.2%, and 9.3%, indicating a stable profitability trend [6]. Client Concentration - The company has a high client concentration, with its top five customers contributing approximately 99.8%, 96.7%, and 74.8% of total revenue in the respective years of 2022 to 2024 [6]. Investment and Valuation - Following Guo Peng's acquisition, the company underwent rapid development, completing three rounds of financing within a year, raising a total of 459.3 million yuan and achieving a valuation increase of 229% [7]. - The company completed an A round financing of 183 million yuan in August 2023, leading to a post-investment valuation of approximately 783 million yuan [7]. - In August 2024, a B round financing of 120 million yuan was completed, resulting in a post-investment valuation of about 1.97 billion yuan [8]. - A subsequent B+ round financing of 156.3 million yuan in December 2024 further increased the valuation to 2.456 billion yuan [9]. Ownership Structure - As of the IPO application, Guo Peng controls approximately 57.4% of the company's shares, making him the actual controller [10].