香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Janbon High Tech Co., Ltd. 建 邦 高 科 有 限 公 司 （「本公司」） （於開曼群島註冊成立的有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。您閱覽本文件，即代表您知 悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據呈交香港公司註冊處註冊的本 公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文 件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司、其 ...

Core Viewpoint - The recent trend of photovoltaic companies listing on the Hong Kong Stock Exchange continues, with Jiangsu Riyu Photovoltaic New Materials Co., Ltd. applying for an IPO, aiming to leverage its position as a leading supplier of conductive silver paste for solar cells [1][2]. Company Overview - Jiangsu Riyu was established in September 2015 and specializes in producing conductive silver paste for various types of solar cells, including TOPCon, xBC, and PERC cells [2]. - The company is projected to rank first among the top five global manufacturers of conductive silver paste by revenue in 2024, capturing approximately 4.8% of the global market share in both revenue and sales volume [1][3]. Financial Performance - The company's revenue has shown rapid growth, with figures of 393 million RMB in 2022, 1.594 billion RMB in 2023, and 2.285 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 141.3% [3][4]. - Gross profit for the same period was 37.46 million RMB, 179.27 million RMB, and 211.80 million RMB, with gross margins of 9.5%, 11.2%, and 9.3% respectively [4]. - Net profit increased significantly from 877,000 RMB in 2022 to 9.224 million RMB in 2024, achieving a CAGR of 925.6% [3][4]. Product Dynamics - The company's product mix has shifted in response to industry trends, with TOPCon silver paste becoming a major revenue contributor, while PERC silver paste has seen a decline in sales [7][8]. - The sales volume of TOPCon silver paste surged from 0.03 tons in 2022 to 241.70 tons in 2024, with average prices increasing from 5,667 RMB/kg to 6,624 RMB/kg [4][5]. Market Trends - The photovoltaic silver paste market is expected to grow from 46.8 billion RMB in 2024 to 116 billion RMB by 2029, with a CAGR of 19.9% [11]. - The shift from PERC technology to N-type technologies like TOPCon and xBC is driving demand for high-performance silver paste, with N-type battery shipments projected to reach 1,166.9 GW by 2029, accounting for 95.4% of global shipments [6][11]. Competitive Landscape - The global silver paste market is highly concentrated, with the top five manufacturers holding approximately 73% of the market share [13]. - Jiangsu Riyu ranks fourth among global silver paste manufacturers, but still lags behind the top three companies, which have significantly higher revenues [13][16]. Challenges - The company faces high raw material costs, which accounted for over 97% of total sales costs in recent years, and a high customer concentration risk, with its top five customers generating nearly 75% of total revenue in 2024 [8][9]. - The company's operating cash flow has been negative, indicating a reliance on external financing to meet cash demands [10][12].

Investment Rating - The report indicates a shift in the photovoltaic industry with a focus on N-type technology, particularly the TOPCon route, which is expected to dominate the market [1][10]. Core Insights - The photovoltaic manufacturing industry is experiencing intensified competition, leading to stagnation in growth for major players like Longi Green Energy and Tongwei Co., while equipment manufacturers continue to thrive [2][4]. - The report highlights a significant market share increase for TOPCon technology, which rose from 23% to 71% in 2024, indicating a major shift in production technology [11][15]. - Companies like Jiejia Weichuang have emerged as new leaders in the industry, achieving substantial revenue and profit growth, while others like Jing Sheng Machinery face declining performance [6][22]. Summary by Sections Company Performance - Jiejia Weichuang reported a revenue of 188.87 billion with a growth of 116.3% and a net profit of 27.64 billion, marking a 69.2% increase, establishing itself as the new leader in photovoltaic equipment [5][6]. - Jing Sheng Machinery's revenue fell to 175.77 billion, a decrease of 23%, with a net profit of 25.10 billion, down 44.9%, indicating severe performance issues [22][23]. - Maiwei Co. achieved a revenue of 98.30 billion, a growth of 21.5%, with a net profit of 9.26 billion, reflecting a modest increase of 13% [43][44]. Market Trends - The report notes a structural opportunity in the market as TOPCon technology replaces PERC, benefiting companies aligned with this trend [60]. - The overall industry is facing a decline in contract liabilities, indicating a shrinking order book across the sector, which poses challenges for future growth [19][61]. - The report emphasizes the importance of maintaining growth in a low-demand environment, as companies navigate the challenges of reduced order volumes [60].