Core Viewpoint - Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu) has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor [1][4]. Company Overview - Riyu is a supplier of conductive silver paste and metallization paste solutions based in Wuxi, Jiangsu Province, China, focusing on the manufacturing and supply of conductive photovoltaic silver paste [4]. - The company is recognized as a global leader in conductive photovoltaic silver paste, projected to rank first among the top five photovoltaic silver paste manufacturers by revenue in 2024, and fourth in terms of revenue and sales volume in the global photovoltaic silver paste industry [4]. Product Details - The company specializes in three main types of silver paste: - **TOPCon Silver Paste**: Designed for N-type battery technology, offering high conductivity and excellent contact performance, compatible with LECO technology [5]. - **xBC Silver Paste**: Features high conductivity and low resistivity, tailored to meet the unique requirements of xBC photovoltaic cell structures [5]. - **PERC Silver Paste**: Developed for PERC cells, characterized by low silver paste consumption while maintaining high printing performance and efficiency [5]. Financial Performance - Riyu has experienced rapid growth in revenue and net profit from the fiscal year 2022 to 2024, with compound annual growth rates of 141.3% and 925.6%, respectively [6]. - The company's revenue for the fiscal years 2022, 2023, and 2024 was approximately CNY 393 million, CNY 1.594 billion, and CNY 2.285 billion, respectively, while net profits were CNY 877,000, CNY 59.659 million, and CNY 92.241 million [6][8].