Core Viewpoint - Juhe Materials has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and Jefferies acting as joint sponsors. The company is a research-driven advanced materials firm based in China, focusing on photovoltaic conductive pastes and has ranked first in global sales of photovoltaic conductive pastes among all manufacturers as of September 30, 2025 [1]. Group 1: Company Overview - Juhe Materials specializes in the development and manufacturing of photovoltaic conductive pastes suitable for various solar cell structures, including TOPCon, PERC, HJT, and X-BC [1]. - The company's product offerings are divided into two main categories: photovoltaic conductive pastes and other electronic materials [1]. - Juhe Materials is actively researching next-generation technologies, such as conductive pastes for perovskite solar cells, and is providing low-silver and silver-free solutions, including silver-coated copper and copper conductive pastes [1]. Group 2: Market Insights - The global conductive paste market is driven by the growth of photovoltaics, increasing from 28.2 billion in 2020 to 72.2 billion in 2024, with photovoltaic applications accounting for 69.8% of the market [1]. - The market is expected to reach 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [1]. - The global photovoltaic conductive paste market is projected to grow from 14.7 billion in 2020 to 50.4 billion in 2024, and is expected to reach 114.5 billion by 2029, with a CAGR of 16.2% from 2025 to 2029 [1]. Group 3: Silver Paste Market - Silver paste continues to dominate the photovoltaic conductive paste market, with a projected market size of 49.6 billion in 2024, accounting for 98.4% of the market [2]. - The silver paste market is expected to grow to 108.4 billion by 2029, while new types of pastes, such as silver-coated copper, are seen as cost-reduction solutions, with an anticipated market size of 6 billion by 2029, representing 5.3% of the market [2]. - The CAGR for the silver-coated copper market from 2025 to 2029 is projected to be 43.5% [2].

Company Overview - The company, Jiangsu Juhe New Materials Co., Ltd. (stock code: 688503.SH), is a research-driven advanced materials company established in 2015, focusing on photovoltaic conductive pastes [4] - It is a global leader in the photovoltaic conductive paste market, with sales revenue ranking first among all manufacturers as of September 30, 2025 [4] - The company has a diversified product portfolio, including conductive pastes for various photovoltaic cell structures such as TOPCon, PERC, HJT, and X-BC [4] - The company is strategically expanding into adjacent growth markets, including communication, consumer electronics, and automotive electronics, and plans to acquire SKE's blank mask business to penetrate the semiconductor materials sector [4][6] Financial Performance - The company's revenue for the fiscal years ending September 30 is projected to be approximately RMB 10.23 billion for 2023, RMB 12.39 billion for 2024, and RMB 10.61 billion for 2025 [7][9] - The net profit for the same periods is estimated to be around RMB 441 million for 2023, RMB 410 million for 2024, and RMB 234 million for 2025 [7][9] - The gross profit margins are expected to decline from 9.2% in 2023 to 6.5% in 2025 [8][9] Industry Overview - The global conductive paste market has rapidly grown from RMB 28.2 billion in 2020 to an expected RMB 72.2 billion by 2024, driven by the photovoltaic sector, which is projected to account for 69.8% of the market [10] - The market is anticipated to reach RMB 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [10] - The photovoltaic conductive paste market is expected to grow from RMB 14.7 billion in 2020 to RMB 50.4 billion in 2024, with a projected CAGR of 16.2% from 2025 to 2029 [12] - China is the largest producer and consumer of photovoltaic conductive pastes, with sales expected to reach RMB 46.5 billion in 2024, accounting for 92.3% of the global market [14]