聚和材料递表港交所 华泰国际和杰富瑞担任联席保荐人

Core Viewpoint - Juhe Materials has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and Jefferies acting as joint sponsors. The company is a research-driven advanced materials firm based in China, focusing on photovoltaic conductive pastes and has ranked first in global sales of photovoltaic conductive pastes among all manufacturers as of September 30, 2025 [1]. Group 1: Company Overview - Juhe Materials specializes in the development and manufacturing of photovoltaic conductive pastes suitable for various solar cell structures, including TOPCon, PERC, HJT, and X-BC [1]. - The company's product offerings are divided into two main categories: photovoltaic conductive pastes and other electronic materials [1]. - Juhe Materials is actively researching next-generation technologies, such as conductive pastes for perovskite solar cells, and is providing low-silver and silver-free solutions, including silver-coated copper and copper conductive pastes [1]. Group 2: Market Insights - The global conductive paste market is driven by the growth of photovoltaics, increasing from 28.2 billion in 2020 to 72.2 billion in 2024, with photovoltaic applications accounting for 69.8% of the market [1]. - The market is expected to reach 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [1]. - The global photovoltaic conductive paste market is projected to grow from 14.7 billion in 2020 to 50.4 billion in 2024, and is expected to reach 114.5 billion by 2029, with a CAGR of 16.2% from 2025 to 2029 [1]. Group 3: Silver Paste Market - Silver paste continues to dominate the photovoltaic conductive paste market, with a projected market size of 49.6 billion in 2024, accounting for 98.4% of the market [2]. - The silver paste market is expected to grow to 108.4 billion by 2029, while new types of pastes, such as silver-coated copper, are seen as cost-reduction solutions, with an anticipated market size of 6 billion by 2029, representing 5.3% of the market [2]. - The CAGR for the silver-coated copper market from 2025 to 2029 is projected to be 43.5% [2].