Zheng Quan Shi Bao Wang·2025-08-21 00:25Core Viewpoint - Yingfa Ruineng has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International as joint sponsors [1] Company Overview - Yingfa Ruineng is the world's third-largest specialized manufacturer of N-type TOPCon solar cells, with a projected market share of 14.7% in 2024 [1] - The company focuses on the research, production, and sales of photovoltaic cells, covering both P-type and N-type cells [1] - Yingfa Ruineng is recognized as a national-level "little giant" enterprise specializing in innovation and has participated in the formulation of several industry standards in China [1] Production Capacity - The company has rapidly increased its production capacity, with an annual capacity for N-type TOPCon solar cells expected to reach 32.7 GW by April 30, 2025 [1] - Yingfa Ruineng's solar cell products utilize large-size models of 182mm and above, and have received carbon footprint certification from France and certification from TÜV Rheinland in Germany [1] - The company has established advanced production capacity in Yibin, Sichuan, China, and has set up its first overseas manufacturing base in Indonesia [1] Technological Advancements - Yingfa Ruineng has successfully capitalized on market opportunities for P-type PERC large-size solar cells, N-type TOPCon solar cells, and N-type xBC solar cells (N-type HPBC solar cells) [1] - The company's self-developed technology has enabled its N-type TOPCon solar cells to achieve a mass production test photovoltaic conversion efficiency exceeding 27.1%, approaching the theoretical efficiency limit [1]