Core Viewpoint - Hainan Junda New Energy Technology Co., Ltd. (Junda) has submitted its listing application to the Hong Kong Stock Exchange and is undergoing the approval process, while facing significant financial challenges in 2024, including a substantial drop in revenue and a net loss [1][3][6]. Company Overview - Junda is a photovoltaic battery manufacturer focused on the research, production, and sales of high-efficiency photovoltaic cells, which are integrated into solar power systems for various applications [3][5]. - The company was established in April 2003, originally as Hainan Junda Automotive Accessories Co., Ltd., and currently has a registered capital of approximately 229 million RMB [3]. Product Offerings - Junda primarily offers three types of products: 210-N N-type TOPCon monocrystalline batteries, 182/183-N N-type TOPCon monocrystalline batteries, and 182-P P-type PERC monocrystalline batteries, with the P-type PERC being the core product [5]. Market Position - According to Frost & Sullivan, Junda holds a global market share of approximately 24.7% in N-type TOPCon batteries, ranking first among specialized manufacturers, and a 17.9% share in photovoltaic batteries overall, ranking second [5]. Financial Performance - Junda's annual production capacity for photovoltaic batteries reached approximately 44.4 GW as of December 31, 2024, all of which are N-type TOPCon batteries [5]. - The company's sales volume increased from 10.7 GW in 2022 to 30.0 GW in 2023, and further to 33.7 GW in 2024 [5]. - Revenue for 2022 and 2023 was 11.085 billion RMB and 18.611 billion RMB, respectively, with a year-on-year growth of 67.9% in 2023. However, in 2024, revenue dropped to 9.924 billion RMB, a decrease of 46.7% [6][7]. - Junda reported a net profit of approximately 821 million RMB in 2022, which slightly decreased to 816 million RMB in 2023, but turned into a net loss of 591 million RMB in 2024 [6][8]. Profitability Metrics - The gross profit margin for Junda fell from 11.0% in 2022 to 9.1% in 2023, and further declined to -0.9% in 2024, indicating significant challenges in maintaining profitability [9][10]. - The company's asset-liability ratio was 76.4% as of the end of 2024, compared to 88.1% in 2022 and 73.7% in 2023, reflecting a shift in financial stability [9][12]. Production Capacity and Utilization - Junda's production capacity utilization rate decreased from 95.7% in Q1 2024 to 70.5% in Q4 2024, primarily due to declining average selling prices of N-type TOPCon batteries [10][11]. - The company plans to raise funds to establish an overseas photovoltaic battery production base with an annual capacity of approximately 5 GW, expected to commence commercial production in 2026 [12].