Core Viewpoint - The photovoltaic industry is experiencing a recovery driven by anti-involution policies, leading to a significant rebound in related stocks and creating a favorable environment for companies like XZ.US to pursue an IPO in the U.S. market [1][6]. Industry Overview - The photovoltaic industry is undergoing a transformation with the exit of outdated capacities, which has resulted in a substantial rebound in stock prices for companies like Yamaton and Tuori New Energy, which saw increases of over 50% in just a few trading days [1]. - The industry is facing challenges such as overcapacity and intensified price wars, with average prices for photovoltaic films expected to drop by 20%-30% year-on-year, and an overcapacity rate exceeding 50% [4][5]. Company Profile - XZ.US specializes in the research, production, and sales of transparent solar photovoltaic module encapsulation films, with a current production capacity of 3GW, representing a market share of 2%-3% [3][7]. - The company has significantly increased its fundraising target for its IPO, aiming to raise up to $22.5 million by issuing 3.75 million shares at a price range of $4-6, reflecting a 150% increase in the number of shares compared to previous plans [1][3]. Financial Performance - XZ.US is projected to report revenues of $25.14 million in 2024, a decline of 23.47% from 2023, with a net loss of $340,000 compared to a profit of $458,600 in 2023 [3][5]. - The decline in revenue is attributed to market contraction and increased competition, leading to a 31.7% drop in product prices and a 6.34% decrease in sales volume [3][4]. Strategic Initiatives - The company is focusing on technological breakthroughs and overseas market expansion as key strategies to enhance its competitive position, particularly in high-margin markets [6][7]. - XZ.US has initiated 17 research projects related to photovoltaic film production technology and has begun to expand into the Vietnamese market, establishing a partnership for EVA films [7].

Group 1 - The company Shanghai HIUV New Materials Co., Ltd. issued convertible bonds totaling RMB 694 million, with a face value of RMB 100 per bond, approved by the board and shareholders in 2021 [2][3]. - The bonds were listed on the Shanghai Stock Exchange on July 21, 2022, under the name "Haiyou Convertible Bonds" with the code "118008" [3]. - The bonds have a six-year term from June 23, 2022, to June 22, 2028, with a tiered interest rate starting at 0.30% in the first year and increasing to 2.70% in the sixth year [3][4]. Group 2 - The initial conversion price for the bonds is set at RMB 217.42 per share, subject to adjustments based on various corporate actions [5][6]. - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period or if the remaining bonds are less than RMB 30 million [8][9]. - The company has a credit rating of AA- for the bonds, which was upgraded to A+ in 2024, indicating a stable outlook [12][13]. Group 3 - The company focuses on the research, production, and sales of special polymer films, primarily serving the photovoltaic industry with products like transparent EVA films and POE films [14]. - In 2024, the company established an automotive division to develop new film materials for automotive applications, responding to market demands [14]. - The company's revenue for 2024 was reported at RMB 259.14 million, a decrease of 46.81% compared to the previous year, with a net loss attributed to increased competition and reduced sales prices [15].