Group 1: Company Overview - JunDa Co., Ltd. is conducting an IPO for H-shares in Hong Kong, with a global offering of 63.43 million shares priced between HKD 20.40 and HKD 28.60, expected to list on May 8, 2025 [1] - The company is recognized as the "first A+H stock in photovoltaic" and has key cornerstone investors including Zhuhai Highview and Modern Direct Investment [1] Group 2: Industry Context - The global push for carbon neutrality is driving the growth of renewable energy installations, with photovoltaic (PV) power expected to account for 76.1% of new renewable energy capacity in 2024 [2] - The cumulative installed capacity of PV is projected to grow from 2,557 GW in 2025 to 6,437 GW by 2030, with a compound annual growth rate of 20.3% [2] Group 3: Technological Leadership - JunDa has maintained a leading position in PV technology, achieving over 26% average mass production conversion efficiency in 2023 and introducing the MoNo2 series N-type TOPCon battery in 2024, improving efficiency by 0.5% [8][9] - The company has a global market share of approximately 17.9% in PV batteries, ranking second, and leads the N-type TOPCon battery market with a 24.7% share [10] Group 4: Global Strategy and Financial Performance - JunDa's overseas market revenue accounted for 58% in Q1 2024, a significant increase of 34.15 percentage points compared to the entire year of 2024, leading to a net profit increase of 39.23% [12] - The company plans to use 75% of the funds raised from the IPO to build a 5 GW PV battery production base in Oman, expected to increase production capacity by 11.3% [13] Group 5: Market Dynamics and Competitive Strategy - The company is addressing the challenges of irrational competition and price wars in the PV industry by focusing on global expansion and technological innovation [11] - JunDa has strategically reduced its reliance on outdated P-type production, achieving a 100% N-type TOPCon production structure, which positions it favorably for profit recovery as market conditions improve [18] Group 6: Conclusion - JunDa's IPO and global strategy reflect a deeper logic of transformation in China's renewable energy sector, aiming to establish a competitive advantage through technological differentiation and capital market integration [20]

Group 1 - The core point of the article is that Hainan Junda New Energy Technology Co., Ltd. has officially launched its H-share global offering, aiming to issue 63.43 million H-shares with a price range of HKD 20.40 to 28.60 per share [2][3] - The global offering is expected to raise approximately HKD 1.554 billion, with a net amount of HKD 1.434 billion primarily allocated for overseas market expansion, including 75% for a new 5GW solar cell production base [2] - The company has secured cornerstone investors, including Zhuhai Gaojing New Energy and Modern Direct Investment New Energy Technology, who have collectively subscribed for about HKD 493 million worth of shares, representing 31.5% of the global offering [2] Group 2 - Junda New Energy is a leading global manufacturer of photovoltaic cells, holding a 24.7% market share in N-type TOPCon cell shipments among professional manufacturers, ranking first globally [3] - The company's financial performance shows net profits of HKD 717 million, HKD 816 million, and a loss of HKD 591 million for the years 2022 to 2024, with the 2024 loss attributed to cyclical industry fluctuations [3] - The H-share issuance marks Junda as the first company in the photovoltaic cell industry to achieve "A+H" listing status, aiming to leverage the Hong Kong platform to accelerate its global strategy in response to market opportunities from global energy structure adjustments [3]

Group 1 - Company JunDa Co., Ltd. has submitted its H-share listing application and disclosed its prospectus on April 28, marking the official start of its Hong Kong IPO process [1] - The global offering consists of 63,432,300 shares, with 6,343,300 shares allocated for public offering in Hong Kong (approximately 10% of the total) and 57,089,000 shares for international offering (approximately 90% of the total) [1] - The price range for the H-share issuance is set between HKD 20.40 and HKD 28.60, with the expected listing date on May 8, 2025 [1] Group 2 - JunDa Co., Ltd. has become a significant holding for the National Social Security Fund, with a reported ownership of 4.48%, indicating recognition of the company's long-term value [2] - The investment from the social security fund suggests that JunDa Co., Ltd. may have opportunities for valuation enhancement, as the fund typically invests in companies at historical valuation lows [2]

1）4月22日，德镁医药有限公司递表港交所主板，华泰国际为独家保荐人。 招股书显示，德镁医药是一家专业聚焦皮肤健康的创新型医药企业。根据灼识咨询报告，在中国创新药企业中，公司产品覆盖的皮肤疾病适应症数量排名首 位，2024年公司皮肤处方药产生的收入亦排名首位。 财务方面，于2022年度、2023年度、2024年度，德镁医药收入分别约为3.84亿元、4.73亿元、6.18亿元人民币；同期，年内亏损分别为5517.1万元、470.3万 元、约1.06亿元人民币。 2）4月22日，中伟新材料股份有限公司在港交所递交招股书，摩根士丹利、华泰国际为其联席保荐人。 据招股书，中伟股份，成立于2014年，作为一家以创新为核心的新能源材料公司，专注于新能源电池材料和新能源金属产品的研究和开发、生产和销售。截 至目前，公司已向所有2024年全球出货量排名前十的电动汽车电池制造商供货。 财务方面，于2022年、2023年、2024年，中伟股份的营业收入分别人民币303.44亿、342.73亿和402.23亿元，相应的净利润分别为人民币15.39亿、21.00亿和 17.88亿元。 3）4月23日，和辉光电(688538.SH)递 ...

导 语：2024年至今，钧达股份连续四个季度出现单季亏损。 从财务数据来看，公司的业绩呈现出一定的波动。其收入从 2022 年的人民币 11,085.7 百万元增长 至 2023 年的人民币 186.11 亿元，然而到 2024 年又下降至人民币 99.24 亿元。 净利润方面，2022 年为人民币 6. 17 亿元，2023 年增长至人民币 8.16 亿元，但 2024 年却产生净亏 损人民币 5.91 亿元。 这种业绩波动主要归因于光伏电池市场价格的波动，特别是 2023 年第四季度至 2024 年第四季度全 行业光伏电池价格的持续下跌，对公司的利润产生了较大的负面影响。 公司此次赴港 IPO 具有一定的投资价值。在行业层面，全球对可再生能源的需求持续增长，光伏产 业作为重要的新能源领域，市场前景广阔。 海南钧达新能源科技股份有限公司在港交所递交的招股书，联席保荐人为华泰金融控股（香港）有 限公司、招银国际融资有限公司及德意志证券亚洲有限公司。若成功上市，这将是公司发展历程中 的重要里程碑，为其在光伏领域的进一步拓展提供强大的资金支持。 海南钧达新能源主要专注于高效光伏电池的研发、生产和销售，处于光伏产业 ...

钧达股份（002865.SZ）2024 年年报点评 N 型出货提升显著，海外业务持续扩张 2025 年 03 月 18 日 ➢ 事件 2025 年 3 月 17 日，公司发布 2024 年年报。根据公司公告，24 年全年公司实 现收入 99.52 亿元，同比-44.66%，归母净利润-5.91 亿元，同比转亏，实现扣 非归母净利润-11.18 亿元，同比转亏。 分季度来看，公司 24Q4 实现收入 17.50 亿元，同比-59.08%，环比-4.26%，实 现归母净利润-1.74 亿元，实现扣非归母净利润-3.83 亿元。受制于行业处于去 产能周期，产业链价格下行，公司业绩承压。 ➢ N 型出货同比高增，海外业务加速推进 24 年公司持续推进 TOPCon 技术降本增效，与 23 年相比电池平均量产效率持 续提升，单瓦非硅成本降低 30%，年内发布全新一代 N 型电池"MoNo 2"系 列产品，该产品创新性叠加 J-HEP 半片边缘钝化及 J-WBSF 波浪背场技术，实 现电池片钝化性能及双面率等多项指标的全方位升级。此外，公司 TBC 中试线 上转化效率较主流 N 型电池效率可提升 1-1.5Pcts，与外 ...