日御光伏：三年经营性现金净流出近80亿元，资金链紧张问题凸显｜IPO观察

Core Viewpoint - Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu Photovoltaic) has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, showcasing explosive growth in revenue and net profit driven by its core product, TOPCon silver paste [2][3]. Financial Performance - During the fiscal years 2022 to 2024, Riyu Photovoltaic achieved revenues of RMB 393 million, RMB 1.594 billion, and RMB 2.285 billion, with net profits of RMB 877,000, RMB 59.659 million, and RMB 92.241 million, reflecting compound annual growth rates of 141.3% in revenue and 925.6% in net profit [3][4]. - The company ranked first among the top five global photovoltaic silver paste manufacturers by revenue in 2024, and fourth in terms of both revenue and sales volume in the global photovoltaic silver paste market [3]. Customer Concentration - Riyu Photovoltaic's sales are highly concentrated, with over 70% of its revenue coming from its top five customers during the reporting period. Customer A alone accounted for more than 45% of the revenue [5][6]. Cash Flow and Financial Health - Despite rapid revenue growth, the company has faced significant cash flow issues, with cumulative net cash outflows from operating activities amounting to RMB 7.931 billion over three years [10][12]. - The increase in trade and other receivables, which grew at a compound annual growth rate of 149.22%, has raised concerns about the company's credit policies and cash flow management [13]. - As of March 2025, the company's cash and cash equivalents stood at RMB 119.13 million, while interest-bearing liabilities reached RMB 302.48 million, indicating a cash shortfall to cover debts [14]. Production Capacity Utilization - The company's production capacity utilization rates have remained low, at 26.6%, 50.3%, and 56.6% over the reporting period, indicating underutilization of resources [8][9].