四年前收购的一家公司，如今要上市了！

Core Viewpoint - Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu Photovoltaic) has submitted an application for listing on the Hong Kong Stock Exchange, following significant growth in revenue and profit since its acquisition by actual controller Guo Peng four years ago, with compound annual growth rates of 141.3% in revenue and 925.6% in net profit [1][2][6]. Company Overview - Established in September 2015, Riyu Photovoltaic, formerly known as Shanghai Riyu New Materials Technology Co., Ltd., specializes in the manufacturing and supply of conductive silver paste and metallization paste for photovoltaic cells [3][4]. - The company produces conductive silver paste for various types of photovoltaic cells, including TOPCon, xBC, and PERC batteries, which are critical materials for enhancing efficiency and reducing costs in the photovoltaic industry [3][6]. Financial Performance - The company reported revenues of 393 million yuan, 1.594 billion yuan, and 2.285 billion yuan for the years 2022 to 2024, with net profits of 877,000 yuan, 59.659 million yuan, and 92.24 million yuan, respectively, indicating rapid growth [6][7]. - Gross profits for the same period were 37.46 million yuan, 179 million yuan, and 212 million yuan, with gross margins of 9.5%, 11.2%, and 9.3% [6]. Customer Concentration - The company's top five customers contributed revenues of 392 million yuan, 1.541 billion yuan, and 1.708 billion yuan, accounting for approximately 99.8%, 96.7%, and 74.8% of total revenue, indicating a significant customer concentration risk [7]. Investment and Valuation - Since Guo Peng took control, the company has undergone rapid development, completing three rounds of financing within a year, raising a total of 459.3 million yuan, and achieving a valuation increase of 229% [9]. - The company completed a Series A financing round of 183 million yuan in August 2023, leading to a post-investment valuation of approximately 783 million yuan [9]. - In August 2024, a Series B financing round raised 120 million yuan, resulting in a post-investment valuation of about 1.97 billion yuan [10]. - A subsequent Series B+ round in December 2024 raised 156.3 million yuan, with a post-investment valuation of 2.456 billion yuan [11]. Market Position - Riyu Photovoltaic is positioned as a leading global supplier of conductive silver paste, projected to rank first among the top five photovoltaic silver paste manufacturers by revenue growth from 2022 to 2024, and fourth in terms of revenue and sales volume in the global market [6].