聚和材料赴港IPO背后：盈利下滑 宣称“全球第一”已名不副实 市场份额被竞争对手超越 现金流量净额持续为负

Core Viewpoint - The company Juhe Materials is initiating an "A+H" dual capital platform strategy by applying for a listing on the Hong Kong Stock Exchange, aiming to raise funds for production facilities, R&D, and general corporate purposes. However, its market share in photovoltaic conductive paste has been surpassed by competitors, raising concerns about its financial health and operational cash flow [1][2][4]. Group 1: Company Overview - Juhe Materials is a research-driven advanced materials company specializing in the synthesis, formulation design, manufacturing processes, and application development of inorganic and organic materials, with a diversified product portfolio [2]. - The company's core business focuses on developing and manufacturing photovoltaic conductive paste products suitable for various solar cell structures, including TOPCon, PERC, and HJT technologies [3]. Group 2: Financial Performance - During the reporting period, Juhe Materials achieved revenues of 10.23 billion, 12.39 billion, and 10.607 billion yuan, with profits of 441 million, 410 million, and 234 million yuan respectively. Despite revenue growth, profits declined by approximately 7% and 44.34% in 2024 and the first three quarters of 2025 [4][5]. - The company has consistently reported negative net cash flow from operating activities, with net outflows exceeding 7 billion yuan during the reporting period [5]. Group 3: Market Position and Competition - Juhe Materials claims to rank first in global sales revenue of photovoltaic conductive paste with a market share of 27%. However, its main competitor, Company A, has merged with Company B, resulting in a combined market share of 33.4%, surpassing Juhe Materials [2][3]. - The company relies heavily on a few major clients for revenue, with the top five clients accounting for 56.2%, 53.9%, and 58.3% of total revenue during the reporting period, indicating a high customer concentration risk [6]. Group 4: Operational Challenges - The gross margin for photovoltaic conductive paste has been declining, with rates of 9.2%, 7.8%, and 6.5% over the reporting period, while the gross margin for other electronic materials dropped from 15.2% to 5.2% [3]. - The company faces significant supply chain risks due to its reliance on a limited number of suppliers for high-quality silver powder, which is critical for its production [6]. Group 5: R&D and Future Outlook - Despite the emphasis on being research-driven, the R&D expense ratio has decreased from 2.9% in 2023 to 1.8% in the first nine months of 2025, raising concerns about the company's commitment to innovation [7]. - Juhe Materials plans to use the funds raised from the Hong Kong listing to support business growth, expansion strategies, and R&D initiatives [7].