Core Viewpoint - Jiangsong Technology's IPO process has been confusing, with significant delays despite the favorable market conditions in the photovoltaic industry during its preparation phase [3][4][5]. Group 1: Company Overview - Jiangsong Technology, established in 2007, specializes in the research, production, and sales of automated equipment for photovoltaic cells, claiming to be a leading player in this sector [6][7]. - The company holds a concentrated ownership structure, with the founder controlling 71.28% of the shares [6][9]. Group 2: Financial Performance - In 2024, Jiangsong Technology reported total revenue of 20.19 billion, significantly lower than its peers, with comparable companies achieving revenues of 188.87 billion, 57.28 billion, and 98.30 billion respectively [9][10]. - The company experienced rapid growth from 2022 to 2024, with total revenue increasing from 8.07 billion to 20.19 billion, and net profit rising from 0.88 billion to 1.87 billion [18][19]. Group 3: Market Position and Competition - Despite claiming to be a market leader, Jiangsong Technology's revenue is only 1/9 of its largest competitor, raising questions about its market position [10][12]. - The company emphasizes its technological advantages, claiming to cover all major processes in photovoltaic cell production, yet its gross margin of 25.11% is lower than that of its competitors [15][16]. Group 4: Industry Trends - The photovoltaic industry is currently facing overcapacity, with the average utilization rate of the top ten domestic photovoltaic cell companies at 65.7% [22]. - The transition to the TOPCon technology route has led to a significant increase in market share, but this growth may be nearing its peak, with future penetration expected to stabilize [22][25]. Group 5: Future Outlook - Jiangsong Technology's contract liabilities decreased from 21.19 billion to 16.26 billion, indicating a reduction in future orders [27]. - The company has acknowledged potential fluctuations in its operating performance due to the current supply-demand imbalance in the photovoltaic industry [31][32]. - Despite the challenges, Jiangsong Technology plans to raise 10.53 billion through its IPO, which is significantly higher than its net assets of 6.69 billion at the end of 2024 [38][40].