Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. plans to utilize part of its idle raised funds and self-owned funds for cash management, not exceeding RMB 650 million, to enhance fund efficiency while ensuring that it does not affect the construction of investment projects and normal operations [1][2][8] Fundraising Overview - The company successfully raised a total of RMB 527.87 million through its initial public offering, with a net amount of RMB 462.17 million after deducting issuance costs [1] - The raised funds will be allocated to projects including photovoltaic component expansion and new energy vehicle auxiliary power battery box construction, with a total investment of RMB 727.68 million [2] Cash Management Plan - The cash management aims to improve the efficiency of idle funds, with a total investment limit of RMB 650 million, including up to RMB 350 million from idle raised funds and RMB 300 million from self-owned funds [4][5] - The investment period for these funds is valid for 12 months from the date of approval by the shareholders' meeting, allowing for rolling use within this limit [4] Investment Products - The company will invest in low-risk, highly liquid financial products such as structured deposits, time deposits, and treasury reverse repurchase agreements, ensuring that the investment products do not exceed a 12-month term [4][5] - The investment will not include high-risk products as defined by relevant regulations [5] Decision-Making Process - The board of directors and the supervisory board have approved the cash management plan, which will be submitted for approval at the upcoming annual shareholders' meeting [7][8] - The company will maintain strict compliance with regulations regarding the management and use of raised funds, ensuring transparency and accountability [6][8]

Core Viewpoint - The article discusses the recent performance of newly listed stocks, particularly focusing on Zairun New Energy, which experienced a significant initial surge followed by a rapid decline, highlighting the volatility and risks associated with new stock listings [3][10]. Company Overview - Zairun New Energy was initially priced at 33.06 yuan per share and raised a total of 5.28 billion yuan, falling short of its target by 2 billion yuan [6]. - The company planned to use the raised funds for various projects, including the expansion of photovoltaic components and the construction of battery boxes for electric vehicles [6]. Initial Performance - On its first trading day, Zairun New Energy opened at 65.5 yuan, nearly doubling its issue price, and reached a peak of 74.18 yuan, resulting in a 99.52% increase by the end of the day [8][12]. - Despite the initial excitement, the stock closed at 65.96 yuan, indicating a potential risk for investors who bought at the peak [8]. Subsequent Decline - The day after its debut, Zairun New Energy experienced a sharp drop, opening significantly lower and hitting a low of 57.61 yuan, marking a decline of over 12% [10]. - By May 20, the stock price further decreased to 57.7 yuan, reflecting a total drop from its peak of 74.18 yuan within just three trading days [12]. Market Sentiment - The article emphasizes the importance of caution for investors in newly listed stocks, as many tend to reach their highest prices on the first day, making it challenging for investors to recover losses if they buy at inflated prices [12].

Group 1 - The core viewpoint of the articles highlights the successful IPO of Zairun New Energy Technology Co., Ltd., which reflects the capital market's recognition of the new energy sector amid the ongoing "dual carbon" goals in China [1][5][7] - Zairun New Energy's stock price surged by 98% on its first trading day, indicating strong market vitality and investor confidence in the company's future development [3][5] - The company specializes in the research and manufacturing of photovoltaic junction boxes and new energy electrical connection protection systems, achieving steady market share growth since its establishment in 2017 [3][5] Group 2 - The IPO proceeds will be primarily allocated to expanding production capacity for general and intelligent junction boxes for photovoltaic components and constructing auxiliary power battery boxes for new energy vehicles [5][7] - The listing is seen as a significant milestone for the new energy industry, signaling a trend towards more specialized and refined development within the industry [7] - Zairun New Energy plans to leverage its public company status to enhance its competitiveness through technological innovation and capacity expansion, while also exploring international markets [7]

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (stock code: 301636) has officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on the photovoltaic junction box sector and expanding into the electric vehicle and energy storage markets. The company raised 528 million yuan through its IPO to enhance production capacity and innovation, aiming to capitalize on carbon neutrality opportunities and initiate a second growth curve [1]. Group 1: Company Overview and Market Position - Zerun New Energy, established in 2009, transitioned to the photovoltaic junction box sector in 2011, seizing global solar industry opportunities. The company emphasizes technological innovation, launching products like the Victor and Z7 junction boxes, solidifying its industry position [2]. - The Z8X junction box features a unique design that optimizes diode heat dissipation, achieving a rated current of 30A, with an upgraded version reaching 35A, becoming the first in the industry to receive TUV Rheinland certification for 35A [2]. - The Z8C junction box innovatively reduces components from three to two, enhancing performance while cutting electrical connection points by over 30%. This product has won multiple awards and established a strong patent portfolio [3]. Group 2: Financial Performance and Growth Metrics - From 2022 to 2024, Zerun's junction box sales surged from 29.77 million units to 60.77 million units, with a compound annual growth rate (CAGR) of 42.87%. Revenue increased from 522 million yuan to 876 million yuan, averaging a growth rate of 29.55%, maintaining a global market share above 7% [3]. - The company's gross margin remained between 23.78% and 26.50% from 2022 to 2024, consistently outperforming the industry average. Net profit attributable to shareholders grew from 86.40 million yuan to 131.32 million yuan, reflecting a CAGR of 23.28% [4]. Group 3: Industry Trends and Opportunities - The global photovoltaic installation is expected to reach 530 GW in 2024, a 35.90% increase year-on-year, with China leading at 277.57 GW, accounting for 52% of the global share. Emerging markets in the Middle East and North Africa are also rapidly developing [5][6]. - The distributed photovoltaic market is becoming a significant growth area, with global distributed installations reaching 43% of total installations in 2023. China's distributed market is particularly strong, with a CAGR of 57.95% from 2019 to 2024 [6]. Group 4: Technological Innovations and Future Prospects - Zerun is a pioneer in smart junction box development, integrating intelligent chips for precise control of photovoltaic components, enhancing efficiency and safety. The ZS and Z8S series have received TUV Rheinland certifications, establishing a technological barrier [7]. - The company plans to expand production capacity for both general and smart junction boxes, addressing increasing demand and optimizing product structure. The new projects aim to add 35 million units of general junction boxes and 1 million units of smart junction boxes annually [8]. - Zerun is also diversifying into the electric vehicle sector, leveraging its expertise in junction box technology to develop auxiliary power supply products. Collaborations with major automotive companies are underway, positioning the company for growth in the electric vehicle market [9].

Core Viewpoint - The photovoltaic industry is experiencing rapid growth, driven by global energy transformation and the "dual carbon" narrative, with Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) emerging as a key player in the photovoltaic component junction box market [2][3]. Industry Overview - The global solar photovoltaic installed capacity has been increasing annually since 2019, with an expected addition of 553 GW in 2024 [2]. - The photovoltaic junction box, a critical component of solar power systems, is witnessing strong demand alongside the growth of the photovoltaic industry [2][3]. - China has developed a complete and competitive photovoltaic industry over the past two decades, achieving multiple "global firsts" in materials, technology, and market presence [3]. Company Performance - Zerun New Energy has achieved a compound annual growth rate (CAGR) of 68.70% in revenue from 2021 to 2023 [2]. - The company reported revenues of 297 million yuan, 522 million yuan, 844 million yuan, and 876 million yuan for the years 2021 to 2024, with year-on-year growth rates of 98.53%, 75.92%, 61.77%, and 3.75% respectively [4]. - The net profit attributable to shareholders for the same period was 37.78 million yuan, 86.40 million yuan, 120.15 million yuan, and 131.32 million yuan, with growth rates of 405.39%, 128.67%, 39.06%, and 9.30% respectively [4]. Market Position - Zerun New Energy's market share in the photovoltaic junction box sector is projected to be 7.12%, 7.63%, and 7.40% for the years 2022, 2023, and 2024 respectively, indicating an overall increasing trend [7][8]. - The company has established long-term partnerships with major photovoltaic component manufacturers, securing a procurement share of 40%-80% from key clients [11]. Technological Innovation - Zerun New Energy has consistently focused on research and development, with R&D expenditures increasing from 11.19 million yuan in 2021 to 32.83 million yuan in 2024, representing a CAGR of 43.16% [13]. - The company has introduced several innovative products, including the first TUV Rheinland certified smart junction box in mainland China and the first junction box designed for high-power photovoltaic components [10][11]. Future Growth Strategy - Zerun New Energy plans to raise 720 million yuan through its IPO to enhance production capacity, R&D, and develop auxiliary power battery boxes for electric vehicles [14][16]. - The company aims to expand its production capacity for junction boxes to 35 million units annually and 1 million units for smart junction boxes, significantly increasing its manufacturing scale [15][16]. - The strategic partnership with Camel Group for electric vehicle battery boxes is expected to become a new growth driver for the company [11][16].

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) officially listed on the ChiNext board, marking a new chapter in its capital market journey, focusing on photovoltaic component junction boxes and related technologies [1] Company Overview - Zerun New Energy, a national-level specialized and innovative "little giant" enterprise, specializes in providing integrated solutions for photovoltaic component junction boxes [1][2] - The company has over 100 patents, showcasing its strong technical capabilities and competitive edge in the market [1] Financial Performance - In 2024, Zerun New Energy achieved a revenue of 876 million yuan and a net profit of 131 million yuan, reflecting significant growth [1] - The company’s revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 29.55%, with net profit increasing from 86 million yuan to 131 million yuan during the same period [4] Market Demand and Growth - The global photovoltaic junction box market is projected to reach a sales volume of 1.391 billion USD in 2024, with a compound annual growth rate of 7% from 2025 to 2031 [3] - The demand for photovoltaic junction boxes is expected to rise significantly due to the increasing installation of distributed photovoltaic systems and the growing need for intelligent solutions [2][3] Product and Innovation - Zerun New Energy's photovoltaic junction boxes are critical components that ensure the safe operation of photovoltaic systems, with features like intelligent optimization and monitoring capabilities [2] - The company has invested significantly in R&D, with expenses growing from 19.08 million yuan in 2022 to 32.83 million yuan in 2024, achieving a CAGR of 31.19% [8] Production Capacity and Utilization - The production capacity for photovoltaic junction boxes increased from 29.46 million units in 2022 to 66.59 million units in 2024, with utilization rates remaining high [12][13] - The company’s production and sales rates indicate a strong market demand, with production rates exceeding capacity utilization in previous years [12] Strategic Expansion - Zerun New Energy plans to raise 720 million yuan through its IPO to expand its production capacity for photovoltaic junction boxes and develop auxiliary power battery boxes for electric vehicles [11][16] - The company aims to enhance its market share in the electric vehicle sector by supplying high-quality battery boxes to major automotive manufacturers [15][16] Industry Context - The photovoltaic industry is experiencing unprecedented growth, with global installations projected to reach 530 GW in 2024, driven by a global consensus on renewable energy development [3][11] - China's commitment to increasing the share of non-fossil energy in its power system provides a favorable policy environment for the long-term growth of the photovoltaic sector [11]

江苏泽润新能科技股份有限公司 上市公告书 股票简称：泽润新能 股票代码：301636 江苏泽润新能科技股份有限公司 Zerun Co., Ltd （常州市金坛区直溪镇亚溪路 16 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 二〇二五年五月 江苏泽润新能科技股份有限公司 上市公告书 特别提示 江苏泽润新能科技股份有限公司（以下简称"发行人"、"公司"、"本公 司"或"泽润新能"）股票将于 2025 年 5 月 16 日在深圳证券交易所（以下简称 "深交所"）创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《江苏泽润新能科技 股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招 ...

Core Viewpoint - The successful IPO of ZERUN New Energy, a leading photovoltaic junction box company, brings a positive signal to the currently cooling photovoltaic IPO market [1] Financial Performance - ZERUN New Energy expects to achieve a revenue of approximately 876 million yuan in 2024, representing a year-on-year growth of 3.75% [2] - The company anticipates a net profit attributable to shareholders of 131 million yuan in 2024, reflecting a year-on-year increase of 9.30% [2] - The growth is attributed to deepening cooperation with existing clients and the development of new customers [2] Customer Base and Concentration - ZERUN's major customers include well-known photovoltaic module manufacturers, with the top five customers accounting for 58.72% of total sales in 2024 [3] - Customer A alone contributes 29.80% of sales, but the company has a lower customer concentration compared to industry peers [3] - ZERUN expresses confidence in the stability of its relationship with Customer A, having signed a framework agreement for future collaboration [3] Product Development and Market Strategy - The company plans to enhance the development of both general and smart junction boxes, focusing on new materials and technologies [4] - ZERUN has made progress in developing auxiliary power battery boxes for electric vehicles, with products already in mass production for certain models [5] - The company aims to capture opportunities in energy storage and hydrogen energy sectors, expanding its product line [5] R&D and Global Expansion - ZERUN maintains an R&D investment ratio of over 3.5% of revenue annually, focusing on self-developed products [6] - The company is expanding its production capacity for junction boxes and plans to establish global manufacturing bases to align with the production layouts of downstream clients [6] - As of 2024, ZERUN's overseas revenue accounted for 36.69% of its main business income, with a focus on Asia and North America [6]

Core Viewpoint - The global photovoltaic industry is entering a golden development period driven by the "dual carbon" goals, with Jiangsu Zerun New Energy Technology Co., Ltd. (referred to as "Zerun New Energy") poised to benefit significantly as it approaches the GEM market [1][2]. Industry Trends - The photovoltaic industry is experiencing substantial growth, with the International Energy Agency noting that nearly half of global carbon emissions come from the power sector, necessitating a shift towards renewable energy sources [2]. - The European Photovoltaic Industry Association predicts that global photovoltaic installations will reach 876 GW by 2028, with China's solar power capacity exceeding 890 million kW by the end of 2024, marking a 45.2% year-on-year increase [2]. Company Positioning - Zerun New Energy specializes in photovoltaic module junction boxes, which are critical for connecting and protecting solar systems, and has established long-term partnerships with major companies like TCL Zhonghuan and JinkoSolar [1][4]. - The company has seen rapid revenue growth, with projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively, alongside net profits of approximately 86.4 million yuan, 120 million yuan, and 130 million yuan [3]. Competitive Advantages - The junction box market has high entry barriers, making it difficult for new entrants to compete with established players like Zerun New Energy, which has built a strong reputation and long-term relationships with clients [4][5]. - Zerun New Energy has received multiple accolades, including being recognized as a high-tech enterprise and a "little giant" in specialized fields, and has developed a significant number of patents, enhancing its competitive edge [6][7]. Technological Development - The company is adapting to trends in the photovoltaic industry, such as the shift towards larger silicon wafers and the increasing demand for intelligent junction boxes, which are expected to drive future growth [8][9]. - Zerun New Energy is also exploring the development of junction boxes for emerging technologies like cadmium telluride and perovskite solar cells, positioning itself for future market opportunities [11]. Expansion Plans - The company plans to use raised funds for expanding production capacity of both general and intelligent junction boxes, as well as for developing auxiliary power battery boxes for electric vehicles, tapping into new growth areas [12][13]. - Strategic partnerships, such as with Camel Group, will enable Zerun New Energy to supply battery boxes for major automotive brands, further diversifying its product offerings and market reach [13].

Core Viewpoint - Zairun New Energy Technology Co., Ltd. is set to launch its IPO on the ChiNext board, focusing on the production of photovoltaic module junction boxes, which are essential components in photovoltaic systems [1][2]. Financial Performance - The company reported projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for the years 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 29.55% [1]. - Net profits attributable to the parent company are expected to be 86.4 million yuan, 120 million yuan, and 131 million yuan for the same period, with a CAGR of 23.28% [1]. Technological Innovation - Zairun New Energy has emphasized continuous technological innovation, holding 101 domestic patents, including 27 invention patents and 4 overseas invention patents as of December 2024 [1]. Market Expansion - The company is expanding its product line to include components for electric vehicles, leveraging its expertise in photovoltaic junction boxes [2]. - The IPO aims to raise 720 million yuan to fund projects including the expansion of photovoltaic junction box production, development of auxiliary power battery boxes for electric vehicles, and the establishment of a research and development center [2]. Future Growth Strategy - The company plans to increase production capacity for Z8C and Z8X junction boxes in response to the rapid growth of the photovoltaic industry [2]. - There is an anticipated increase in demand for smart junction boxes due to higher safety requirements in distributed photovoltaic systems, prompting the company to expand its production capacity in this area [2].