光伏导电浆料全球第一「聚和材料」首次递表港交所，冲刺A+H上市

Core Viewpoint - The company, Changzhou Fusion New Material Co., Ltd. (聚和材料), has submitted its prospectus for an initial public offering (IPO) on the Hong Kong Stock Exchange, aiming to leverage its position as a leader in the photovoltaic conductive paste market and expand into semiconductor materials through strategic acquisitions [1][2]. Financial Performance - The company reported a revenue of approximately RMB 123.90 billion for 2024, representing a year-on-year growth of 20%, with a net profit of RMB 4.10 billion and a gross margin of 7.83% [1][4]. - For the first nine months of 2025, the revenue was RMB 106.07 billion, with a net profit of RMB 2.34 billion, showing a decline of 40% year-on-year, and a gross margin of 6.51% [1][4]. - The revenue from photovoltaic conductive paste accounted for 99.7% and 99.4% of total revenue in 2023 and 2024, respectively, with a significant increase in the share of TOPCon technology paste to 76.1% in 2024 [7][8]. Market Position - The company is the global leader in the photovoltaic conductive paste market, holding a market share of 27.0% as of September 30, 2025, with the top five manufacturers collectively accounting for 74.9% of the market [2][3]. - The total market for conductive paste reached RMB 38.99 billion, with the company generating RMB 10.54 billion in revenue [3]. Product Offerings - The company's product categories include photovoltaic conductive paste and other electronic materials, with a focus on developing and manufacturing a comprehensive range of conductive pastes suitable for various photovoltaic cell structures [1][5]. - The company plans to acquire SKE's blank mask business to further penetrate the semiconductor materials sector, aligning with national strategies for semiconductor self-sufficiency [1]. Corporate Governance - The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, with Liu Haidong being the largest shareholder [9]. Awards and Recognition - The company has received multiple national and provincial honors, including "National Manufacturing Single Champion Enterprise" and "National Specialized and New 'Little Giant'" [2].