更新港股上市申请，中润光能IPO冲刺

Core Viewpoint - In 2025, amidst a generally cold IPO market in the photovoltaic industry, the battery giant Zhongrun Solar is accelerating its efforts to list on the Hong Kong Stock Exchange, having resubmitted its application after an initial attempt in March 2023 [2]. Group 1: IPO Progress - Zhongrun Solar has refiled its listing application with the Hong Kong Stock Exchange on September 15, 2025, following an initial submission on March 13, 2023, which was halted after its A-share plans were shelved [2]. - The company aims to leverage its overseas revenue growth and high-margin strategies to attract interest in the Hong Kong market, addressing its previous challenges in the IPO process [5]. Group 2: Fundraising Purpose - The funds raised from the IPO will primarily be allocated to three areas: establishing a new research and development center (including construction and equipment procurement), repaying existing bank loans, and supplementing operational funds [4]. Group 3: Business Performance - Zhongrun Solar has seen a significant increase in its overseas business revenue, which rose from 11.5% in 2022 to 13.4% in 2023, and is projected to reach 32.9% in 2024. By the first half of 2025, this figure surged to 63.8% [5][6]. - The company secured over 5.10 GW of new procurement orders for photovoltaic cells in July and August 2025, with domestic and international clients each accounting for 2.55 GW [6]. Group 4: Market Focus and Profitability - Zhongrun Solar is focusing on high-margin markets, with the average selling prices of N-type photovoltaic components and cells in the U.S. significantly higher than in China [7]. - The gross margin for N-type cells sold outside mainland China has shown a stable increase, rising from 14.4% in Q1 2024 to 51.9% and 47.5% in the first and second quarters of 2025, respectively [7]. Group 5: Historical IPO Challenges - The company's IPO journey has been fraught with challenges, including an initial submission to the Shenzhen Stock Exchange in May 2023, which was approved in December 2023 but ultimately failed to complete due to market conditions and performance volatility [9][11]. - After the A-share listing plan was halted in June 2024, Zhongrun Solar pivoted to the Hong Kong market in March 2025, with CITIC Securities acting as a joint sponsor [11].