光伏龙头，二次递表港交所！
Shen Zhen Shang Bao·2025-11-10 05:20

Core Viewpoint - Jianbang High-Tech Co., Ltd. has re-submitted its listing application after the previous one expired, indicating ongoing efforts to enter the public market amid declining market share and financial performance [1][3]. Financial Performance - The company reported revenues of 1.759 billion RMB, 2.782 billion RMB, 3.495 billion RMB, and 2.831 billion RMB for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [4][5]. - Net profits for the same periods were 24.2 million RMB, 59.89 million RMB, 79.03 million RMB, and 52.71 million RMB, showing a significant drop in 2025 [4][5]. - The revenue for the first eight months of 2025 decreased by 3.6% year-on-year, primarily due to a decline in silver powder sales, despite some offset from increased prices and other product sales [6]. Market Position - Jianbang High-Tech's market share has been declining, with rankings of first, first, and third among domestic producers for the years ending December 31, 2022, 2023, and 2024, with market shares of 10.1%, 10.0%, and 9.8%, respectively [3]. - The company heavily relies on silver powder, which constituted 98.5%, 99.1%, 97.4%, and 97.3% of total revenue during the reporting periods [8]. Customer Concentration - The company has faced high customer concentration, with the top five customers accounting for 95.4%, 94.8%, and 84.4% of revenue from 2022 to 2024 [10]. - The two largest customers' contributions have significantly decreased, with one customer dropping from 1.449 billion RMB to 423 million RMB in the first eight months of 2025 [10]. Profitability and Cost Structure - The gross profit margins for the reporting periods were 3.4%, 3.9%, 3.3%, 3.8%, and 2.9%, while net profit margins were 1.4%, 2.2%, 2.0%, 2.6%, and 1.9%, indicating a downward trend [7]. - The company has experienced a significant increase in financial leverage, with debt-to-equity ratios rising from 57.8% to 75.2% over the reporting periods [11]. Accounts Receivable - The accounts receivable turnover days increased from 0.6 days to 13.9 days, indicating potential liquidity issues [12].