全球第三大光伏电池龙头计划赴港上市

Core Viewpoint - Yingfa Ruineng, a rising leader in the photovoltaic battery sector, has submitted its IPO application to the Hong Kong Stock Exchange, marking its first detailed disclosure of business data [2][4]. Company Overview - Yingfa Ruineng was established in 2016, focusing on the research, production, and sales of photovoltaic battery cells, covering both P-type and N-type cells [2]. - The company has advanced to become the third-largest global manufacturer of N-type TOPCon battery cells, with a market share of 14.7% as of 2024 [4][6]. Financial Performance - The company's revenue for 2022 and 2023 was 56.43 billion RMB and 104.94 billion RMB, respectively, with profits of 3.5 billion RMB and 4.1 billion RMB [4]. - In 2024, revenue is projected to decline nearly 60% to 43.59 billion RMB, with a net loss of 8.64 billion RMB [4]. - For the first four months of 2024, Yingfa Ruineng reported revenue of 24.08 billion RMB and a net profit of 3.55 billion RMB, achieving a gross margin of 23.8% [4][5]. Production Capacity and Technology - As of April 2023, Yingfa Ruineng has a production capacity of 32.7 GW for N-type TOPCon battery cells, having ceased production of traditional P-type PERC cells [6]. - The company has achieved a light conversion efficiency exceeding 27.1% for N-type TOPCon cells as of June 2025 [6]. Market Expansion and Strategy - Yingfa Ruineng has established its first overseas manufacturing base in Indonesia to serve Southeast Asia, the Middle East, and European markets, aiming to reduce logistics costs and enhance trade resilience [7]. - The company has also focused on the N-type xBC battery segment, becoming the first specialized manufacturer to commercialize this technology [7]. Shareholding Structure - The controlling shareholders of Yingfa Ruineng include the Zhang family, holding approximately 49.1% of voting rights, with Nanjing Yingfa as the largest shareholder [12][13]. - The company has received significant investment from local state-owned enterprises in Yibin, which collectively hold 26.51% of the shares [17]. Recent Developments - Yingfa Ruineng previously sought to list on the A-share market but withdrew its application in June 2023 due to strategic considerations [19].