IPO雷达｜中润光能再度递表港交所，去年毛利率、净利率曾转负，存大客户依赖且有大量债务

Core Viewpoint - Jiangsu Zhongrun Photovoltaic Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to expand its operations in the photovoltaic industry, particularly in the manufacturing and sales of N-type and P-type solar cells [1] Group 1: Company Overview - Established in 2011, Zhongrun Photovoltaic is a specialized manufacturer of photovoltaic cells, with a focus on both N-type and P-type solar cells [1] - The company has expanded vertically into the photovoltaic module industry and operates in over 32 countries with more than 1,000 customers [1] - According to Frost & Sullivan, the company ranks second globally in photovoltaic cell manufacturing with a market share of 14.6% in 2024 and holds an 18.3% market share among specialized manufacturers [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 12.517 billion, 20.838 billion, and 11.32 billion RMB, respectively, with gross profits of 1.472 billion, 2.842 billion, and -1.141 billion RMB, indicating a negative gross margin and net profit in 2024 [2] - In the first half of 2025, the company reported a revenue of 7.465 billion RMB, a 26.5% year-on-year increase, with a gross profit of 1.42 billion RMB and a net profit of 1.2 billion RMB, marking a return to profitability [2] - The sales volume of photovoltaic cells for the years 2022 to 2025 (up to June 30) was 13.2 GW, 34.9 GW, 34.5 GW, and 19.4 GW, respectively, with significant revenue contributions from this segment [2] Group 3: Market Expansion - The company's products are exported to markets in the United States, Europe, the Middle East, Southeast Asia, and South Asia, with production bases in mainland China and Southeast Asia [3] - The Southeast Asia production base has become a key driver of business growth, with production volumes increasing significantly from 0.8 GW in 2022 to 7.0 GW in the first half of 2025 [3] - The company has established operational service centers in Frankfurt, California, and Shanghai, along with logistics hubs in Rotterdam, Los Angeles, and Chicago [3] Group 4: Customer and Supplier Dependency - The company has a high dependency on major customers, with the top five customers accounting for 49.8%, 52.9%, 37.2%, and 59.2% of total revenue in the years 2022 to 2025 (up to June 30) [4] - The company sources materials from multiple suppliers, with the top five suppliers representing 64.5%, 48.2%, 29.8%, and 29.3% of total procurement in the same periods [5] - The company faces liquidity risks due to significant current liabilities, which were recorded at 3.07 billion, 2.758 billion, 2.774 billion, and 1.54 billion RMB for the years 2022 to 2025 (up to June 30) [5] Group 5: Debt Situation - The company has substantial debt, with accounts payable and bank borrowings totaling 12.74 billion, 24.96 billion, and 19.18 billion RMB as of June 30, 2025 [6] - The potential for increased debt costs may adversely affect the company's operations and financial performance [6]