Sou Hu Cai Jing·2025-06-01 15:31Core Viewpoint - Infolink's recent report highlights that Baijia Niandai has emerged as a "dark horse" in the global photovoltaic (PV) film industry, ranking third with a year-on-year shipment increase of 27% [1][3]. Company Overview - Baijia Niandai, established in 2007 and headquartered in Changzhou, Jiangsu, specializes in the research, production, and sales of functional film materials, including PV encapsulation films and energy storage insulation materials [4][5]. - The company has five production bases in China and Vietnam, with a planned global encapsulation film capacity exceeding 130 GW, and has established long-term strategic partnerships with leading PV companies [5]. Financial Performance - From 2019 to mid-2022, Baijia Niandai's revenue grew from 1 billion to 2 billion yuan, with net profits increasing from 40 million to 190 million yuan, reflecting a strong growth trajectory [5][7]. - In 2024, the company's PV film production is projected to reach approximately 3.8 million square meters [8]. Market Position and Strategy - Previously, the top three positions in the PV film industry were held by Foster, Swick, and Haiyou New Materials, with Baijia Niandai considered a "third-tier" player [3]. - The company is backed by the wealthy Ru family, who control Baixing Group, which spans multiple sectors including industrial manufacturing and real estate [3][9]. - Despite a failed IPO attempt in 2023, Baijia Niandai has accelerated investments in other film companies, recently acquiring a stake in Tianyang New Materials [3][12]. Industry Challenges - The PV film industry is currently facing intense competition, with several leading companies experiencing project delays and cancellations [15]. - Baijia Niandai's rapid growth may be challenged by industry overcapacity and the need for effective integration of acquired assets [15].