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].

Core Viewpoint - Hainan Drinda New Energy Technology Co., Ltd. (referred to as "the company") is planning to list on the Hong Kong Stock Exchange on April 21, 2025, after passing the hearing, with the aim of raising funds for overseas photovoltaic cell production bases, technology research and development, and overseas sales [1][4]. Company Overview - The company was established in 2003 and is a leading manufacturer of photovoltaic cells, focusing on the research, production, and sales of high-efficiency photovoltaic cells, including N-type TOPCon and P-type PERC cells [1][4]. - The company was listed on the A-share market in September 2017 and transitioned to the photovoltaic industry after acquiring Jietai Technology in September 2021 [2][4]. Financial Performance - In 2024, the company's revenue was approximately RMB 9.924 billion, a year-on-year decline of 46.7%, with a net loss of RMB 166 million, marking a shift from profit to loss [1][4]. - The company's gross profit for 2024 was approximately RMB -85 million, with a gross margin of -0.86% [2][4]. - The average selling price of N-type TOPCon cells dropped from RMB 1.14 per watt in 2022 to RMB 0.31 per watt in 2024, reflecting significant price declines in the photovoltaic market [4]. Market Position - According to Frost & Sullivan, the company held a global market share of approximately 24.7% in N-type TOPCon cells as of 2024, ranking first among specialized manufacturers [2][4]. - The company's overall market share in photovoltaic cells was approximately 17.9%, also ranking first among specialized manufacturers [2][4]. - In 2023, the company ranked eighth among global photovoltaic cell manufacturers with a market share of about 5.5% [6][8]. Industry Outlook - The global photovoltaic cell market size reached 605.4 GW in 2024, driven by steady growth in demand for renewable energy, particularly solar energy [4][6]. - The global photovoltaic cell shipment volume for specialized manufacturers was 234.3 GW in 2023 and is projected to be 188.0 GW in 2024 [8].

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 ...