Longi(SH:601012) Bei Jing Shang Bao·2025-09-08 16:59Core Viewpoint - Yingfa Ruineng is attempting to go public on the Hong Kong Stock Exchange after previously failing to list on the A-share market, with significant fluctuations in its financial performance in recent years [1][2]. Financial Performance - Yingfa Ruineng's revenue for the years 2022 to 2024 and the first four months of 2025 were approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion respectively, with corresponding net profits of about 350 million, 410 million, -864 million, and 355 million [2]. - The company's gross margin showed a significant recovery in the first four months of 2025, rising from -6.1% to 23.8%, primarily due to increased margins from N-type TOPCon solar cells [3]. Strategic Transition - Yingfa Ruineng is transitioning from P-type PERC solar cells to N-type TOPCon solar cells, with revenue contributions from N-type cells increasing from 0% in 2022 to 95.5% in the first four months of 2025 [2]. - The company's gross margin for the years 2022 to 2024 was 11.9%, 8.8%, and -7.4%, indicating a downward trend until the recent recovery [3]. Debt and Overseas Revenue - The asset-liability ratio for Yingfa Ruineng was approximately 55.1%, 56.21%, 68.37%, and 64.83% for the years 2022 to 2024 and the first four months of 2025 [3]. - The overseas revenue of the company has been increasing, with figures of approximately 183 million, 342 million, 468 million, and 590 million, representing 3.2%, 3.3%, 10.7%, and 24.5% of total revenue respectively [3]. Partnerships and Collaborations - Yingfa Ruineng has established a close partnership with Longi Green Energy, forming a joint venture named Yibin Yingfa Derui Technology Co., Ltd. in February 2023 [1][4]. - A strategic cooperation agreement was signed on November 5, 2024, for a project to produce 16GW of HPBC solar cells, with completion of the first phase of 6GW capacity expected by 2025 [4]. Control and Governance - As of now, the Zhang family controls approximately 49.1% of the voting rights in Yingfa Ruineng [5].