四川又一港股IPO！出货量全球第三的光伏黑马，张发玉家族掌舵、宜宾国资入股

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its first attempt to go public and highlighting its rapid growth in the photovoltaic industry [1][2]. Company Overview - Established in June 2016, Yingfa Ruineng is a leading manufacturer of photovoltaic cells, focusing on the research, production, and sales of both P-type and N-type cells [4]. - The company is projected to hold a 14.7% global market share in 2024, making it the third-largest specialized manufacturer of N-type TOPCon cells [2][4]. Production Capacity and Expansion - As of April 30, 2025, Yingfa Ruineng's annual production capacity for N-type TOPCon cells is expected to reach 32.7 GW, with plans to add 3 GW of capacity by June 2026 through the establishment of five new production lines [6]. - The company operates four major production bases located in Tianchang, Yibin, Mianyang, and Indonesia [6]. Financial Performance - The company's revenue for the four months ending April 30 in 2022, 2023, 2024, and 2025 was approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion yuan, respectively [6]. - Profit figures for the same periods were approximately 350 million, 410 million, -864 million, and 355 million yuan, indicating fluctuations in profitability [6]. Customer Base - A significant portion of Yingfa Ruineng's revenue comes from its top five customers, which accounted for 49.7%, 56.5%, 54.7%, and 39.6% of total revenue in the respective years [6]. Ownership and Management - The Zhang Fayu family controls approximately 49.1% of the voting rights in Yingfa Ruineng, with state-owned enterprises in Yibin holding 26.51% and the National Green Fund owning 7.86% [11]. - The board consists of nine members, including Zhang Fayu as chairman and his daughter Zhang Min as general manager, who has been instrumental in the company's recent growth [13][15]. Strategic Moves - In May 2023, the company relocated its headquarters from Anhui to Yibin, signaling a strategic shift to focus on its operations in Sichuan [9]. - Yingfa Ruineng has engaged in multiple financing rounds since June 2022, attracting investments from various institutions [7].