Financial Performance - The company's total revenue for the first half of 2025 was approximately 3.304 billion CNY, with a net profit attributable to shareholders of about -169 million CNY [2] - Revenue breakdown: - Photovoltaic auxiliary materials: 423 million CNY - Module business: 796 million CNY - Photovoltaic application business: 1.829 billion CNY [2] Product Advantages - The "Yufeng" module features a single-glass structure with "full tempered glass + grid backplane," offering ultra-low carbon, ultra-high efficiency, and ultra-lightweight characteristics, along with "three lows and four resistances" [3] - The steel frame used in the modules has a cost approximately half that of aluminum frames, providing a cost-effective solution [3] Strategic Planning - The company plans to advance its distributed energy business in response to the "136 document" on market-oriented pricing reforms, focusing on intelligent and digital operation and maintenance [3] - Future development will include collaboration with universities and laboratories for photovoltaic operation and maintenance model research [3] Technology Development - The company is transitioning from TOPCon technology to BC technology, having initiated research on low-cost, high-efficiency BC batteries since 2019 [4] - The company plans to upgrade part of its existing 16GW TOPCon battery production line to BC production lines based on market conditions [5] Production Capacity - The company has a module production capacity of 4GW and sold 1.18GW in the first half of 2025 (excluding internal sales) [7] - The second phase of the 16GW TOPCon battery factory in Shanxi has been completed but has not yet been officially put into operation [6]

Core Viewpoint - The photovoltaic industry is experiencing rapid growth driven by global "dual carbon" goals, with the junction box sector also benefiting from technological upgrades and domestic substitution, positioning ZERUN New Energy as a leader in this field [1][2][8]. Company Overview - ZERUN New Energy specializes in integrated solutions for photovoltaic module junction boxes, recognized as a high-tech enterprise and a national-level "specialized and innovative" small giant [2][8]. - The company has established strong partnerships with both international and domestic photovoltaic manufacturers, enhancing its market presence [4][8]. Technological Innovation - ZERUN New Energy emphasizes technological innovation, holding 101 domestic patents (including 27 invention patents) and 4 overseas invention patents, and has set national standards for photovoltaic module junction boxes [3][8]. - The company has developed several industry-first products, including the Z8C junction box, which features a two-component structure and the least electrical connection points for crystalline silicon components [3]. Market Growth and Financial Performance - The global distributed photovoltaic installation accounted for approximately 43% of new installations in 2023, making it a key growth driver for the industry [4]. - ZERUN New Energy's revenue is projected to grow from 521.93 million yuan in 2022 to 875.95 million yuan in 2024, with a compound annual growth rate (CAGR) of 29.55% [4][6]. - The net profit attributable to the parent company is expected to increase from 86.40 million yuan in 2022 to 131.32 million yuan in 2024, with a CAGR of 23.28% [4][6]. Financial Data Summary - Total assets are projected to reach 1.069 billion yuan by the end of 2024, up from 609.39 million yuan in 2022 [6]. - The company's equity attributable to shareholders is expected to grow from 317.18 million yuan in 2022 to 588.47 million yuan in 2024 [6]. - The company's operating income and net profit figures reflect a strong upward trend, indicating robust financial health [4][6]. Future Prospects - ZERUN New Energy is diversifying its business into emerging areas such as perovskite battery technology and electric vehicle connection and protection components, which are expected to become new growth drivers [7][8]. - The company is actively exploring partnerships for the development of junction boxes compatible with next-generation perovskite solar cells, which may disrupt the current market dominated by crystalline silicon technology [7]. - The upcoming IPO is anticipated to provide capital support for R&D, production capacity, and market expansion, solidifying the company's leading position in the industry [8].

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) is positioned as a leading player in the global photovoltaic (PV) junction box industry, leveraging its technological strength and forward-looking strategies to maintain robust performance amidst competitive pressures in the PV sector [1][2]. Group 1: Company Overview - Zerun New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, recognized as a national "specialized and innovative" small giant enterprise [1]. - The company's core product, the PV junction box, is essential for solar PV systems, and it has maintained a leading position in the industry since its establishment in 2009 [2][3]. - Zerun New Energy has achieved significant revenue growth, with projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 29.55% [2]. Group 2: Market Position and Strategy - The company has a balanced revenue structure from domestic and international sales, with domestic sales accounting for 53.60% to 63.31% of total revenue from 2022 to 2024 [3]. - Zerun New Energy has established a strong R&D focus, emphasizing technological innovation and quality control, which has led to successful collaborations with major PV companies [3][8]. - The company is actively expanding into next-generation thin-film technology and the electric vehicle (EV) sector, aiming to create new profit growth points [5][6]. Group 3: Product Development and Innovation - Zerun New Energy has developed various models of junction boxes, including the Z8C and Z8X, which are recognized for their advanced technology and patent protection [6][8]. - The company is exploring new applications for its products, such as the development of junction boxes compatible with perovskite solar cells, which are seen as the next generation of PV technology [7][10]. - R&D expenditures have been increasing, with amounts of 19.08 million yuan, 31.73 million yuan, and 32.83 million yuan from 2022 to 2024, representing 3.66% to 3.75% of revenue [8]. Group 4: Future Growth and Funding - Zerun New Energy plans to raise 720 million yuan through its IPO to fund expansion projects in PV junction boxes and EV auxiliary power battery boxes, as well as to enhance its R&D capabilities [9][10]. - The company has already established partnerships with major automotive manufacturers, positioning itself to supply critical components for EVs, which could become a significant growth area [10][11]. - The strategic focus on intelligent junction boxes aligns with market trends towards increased automation and safety in distributed PV systems, indicating a promising market outlook [9].