安徽大爷做光伏电池片：年入43.59亿，全球第三，港股上市

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the photovoltaic cell manufacturing industry, with a significant market share in N-type TOPCon cells [1][3]. Company Overview - Yingfa Ruineng was established in 2016 and is headquartered in Yibin, Sichuan, with production bases in Yibin, Tianchang, Mianyang, and Indonesia [1]. - The company specializes in the production of photovoltaic cells, which convert sunlight into electricity, and offers both N-type and P-type cells [1][3]. - Yingfa Ruineng is the third-largest specialized manufacturer of N-type TOPCon cells globally, holding a market share of 14.7% as of 2024 [1]. Founder Background - The founder, Zhang Fayü, has a diverse background, starting from a military career to establishing a successful electronics company before venturing into the photovoltaic sector [2]. - Zhang founded Yingfa Ruineng in response to the "13th Five-Year Plan," which set ambitious solar installation targets [2]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion RMB, respectively [3]. - Profit figures for the same periods were approximately 350 million, 410 million, -864 million, and 355 million RMB, indicating fluctuations in profitability [3]. Product Focus - Yingfa Ruineng focuses exclusively on photovoltaic cells and does not manufacture solar modules, with its primary customers being solar module manufacturers [3]. - The average conversion efficiency of Yingfa Ruineng's N-type TOPCon cells is certified at 27.02% by the Chinese Academy of Sciences [3].