Core Viewpoint - Jinlang Technology is facing challenges with declining net profits and financial conditions, prompting attention from the market regarding its refinancing efforts [1][5]. Financing and Business Strategy - Jinlang Technology, a leading inverter manufacturer, has announced plans to issue convertible bonds to raise up to 1.694 billion yuan, targeting projects in distributed photovoltaic power stations and high-voltage inverters [3][5]. - The company has previously raised approximately 4.546 billion yuan through two private placements and one convertible bond from December 2020 to January 2023 [3]. - The new financing aims to optimize the structure of core products, expand into diversified businesses, and alleviate financial pressure [3][5]. Financial Performance and Challenges - Jinlang Technology's total liabilities have increased from 4.071 billion yuan at the end of 2021 to 13.55 billion yuan by September 2024, primarily due to growth in sales and production [5]. - The company's long-term borrowings have also risen, with non-current liabilities increasing from 30.01% at the end of 2021 to 62.21% by September 2024 [5]. - The liquidity ratios have shown a declining trend, with the current ratio decreasing from 0.96 in 2021 to 0.73 in 2023, although it rebounded to 1.06 by September 2024 [5]. Market Position and Global Expansion - Jinlang Technology's revenue growth has slowed significantly, with a 3.59% increase in 2023 compared to over 70% in 2022, and a 26.46% decline in net profit [8][9]. - The company has been recognized as one of the top three global photovoltaic inverter manufacturers, with significant international sales contributing to its revenue [10][11]. - In 2023, overseas revenue accounted for 39.52% of total revenue, increasing to 42.30% in the first half of 2024, indicating a strong global market presence [11].