Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International as joint sponsors [1] Company Overview - Yingfa Ruineng is a leading global manufacturer of photovoltaic (PV) cells, focusing on R&D, production, and sales since its establishment in 2016 [3] - The company offers both P-type and N-type cells, with a leading position in N-type TOPCon technology and is developing the next-generation N-type xBC cell technology [3] - According to Frost & Sullivan, Yingfa Ruineng ranks as the third-largest specialized manufacturer of N-type TOPCon cells globally, holding a market share of 14.7% as of 2024 [3] Production Capacity - As of April 30, 2025, the company's production capacity includes 32.7 GW of N-type TOPCon cells, based on an annualized capacity of 10.9 GW for the four months ending April 30, 2025 [3][4] - The company has transitioned its production to mainstream large-size cells of 182mm and above, leveraging the advantages of the photovoltaic cluster in Yibin, Sichuan [4] Strategic Expansion - Yingfa Ruineng has established a significant overseas manufacturing base in Indonesia in 2024, aimed at serving Southeast Asia, the Middle East, and European and American markets [4] - This strategic move is expected to reduce logistics costs and enhance the company's ability to navigate global trade uncertainties [4] Technological Advancements - The company has built technological barriers and successfully transformed economic results by capturing market opportunities in P-type PERC and N-type TOPCon cells [6] - As of June 30, 2025, the company's N-type TOPCon cells have achieved a conversion efficiency exceeding 27.1%, which is above the industry average and close to the theoretical limit of 28.7% [6] Financial Performance - The company reported revenues of approximately RMB 56.43 billion, RMB 104.94 billion, RMB 43.59 billion, and RMB 24.08 billion for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively [7][8] - The net profits (or losses) for the same periods were approximately RMB 3.50 billion, RMB 4.10 billion, -RMB 8.64 billion, and RMB 3.55 billion [7][8]

Core Viewpoint - The joint performance briefing by major solar companies highlighted the impact of US-China tariff policies on the photovoltaic industry and the outlook for future development in the sector [1][3]. Group 1: Impact of US-China Tariff Policies - The easing of US-China tariff policies is expected to provide a more stable overseas trade environment for solar and energy storage products [3]. - Companies like JinkoSolar and Canadian Solar have indicated that their exports to the US are minimally affected due to previous tariffs, with a focus on Southeast Asia and local US production [3][4]. - Trina Solar has sufficient inventory of battery components in the US, which will mitigate the impact of any new tariffs [4]. - Companies are actively negotiating with clients to manage the impact of tariff changes on existing contracts [3][5]. Group 2: Future Outlook for the Photovoltaic Industry - The global demand for photovoltaic installations is projected to grow by over 10% year-on-year by 2025, driven by emerging markets in the Middle East and Asia-Pacific [6]. - The industry is expected to transition from a phase of losses to a balance point and eventually profitability, despite current adjustments [7]. - The market is witnessing a gradual price stabilization, with a slight increase in upstream prices anticipated in early 2025 [7]. - The industry is undergoing a cleansing process where outdated capacities are being eliminated, leading to a healthier market environment [7][8]. Group 3: Technological Developments and Financing - TOPCon technology is currently the mainstream in the industry, with expectations to remain dominant in the next three to five years [8]. - Companies are focusing on optimizing their financing structures, with a positive outlook on bank financing conditions, indicating a trend of monetary and fiscal easing [9]. - Financial institutions are prioritizing support for leading companies in the photovoltaic sector, particularly those with rapid technological advancements and strong market positions [9].