Group 1 - The core viewpoint of the report is that Zhongyou Securities maintains an "overweight" rating for Junda Co., Ltd. (02865), while adjusting revenue forecasts due to intense industry competition [1] - The revenue forecasts for Junda Co., Ltd. for 2025, 2026, and 2027 are projected to be 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively [1] - The net profit attributable to the parent company is expected to be -5 million yuan for the forecast period [1] Group 2 - The company is experiencing a rapid increase in its overseas sales proportion, which is expected to rise from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is reported to be 4.5%, reflecting a year-on-year increase of 2.8 percentage points, while the domestic gross margin is at -0.8% [1] - Junda Co., Ltd. is continuously promoting N-type technology to reduce costs and improve efficiency, focusing on the next generation of battery technology [1] Group 3 - The company is implementing various technologies such as half-cell edge passivation, wave backfield, and ultra-fine grid to achieve cost reduction and efficiency improvement [1] - The pilot test xBC battery's conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency [1]

Core Viewpoint - 中邮证券 maintains an "overweight" rating for JunDa Co., predicting a decline in revenue forecasts due to intense industry competition, with projected revenues for 2025-2027 at 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively, and net profits of -510 million, 620 million, and 1.05 billion yuan respectively [1] Group 1: Financial Performance - In Q1-Q3 2025, the company achieved revenue of 5.68 billion yuan, a year-on-year decrease of 30.7%, with a net profit of -420 million yuan, a slight year-on-year decrease of 0.5% [1] - The company's gross margin and net margin were 1.5% and -7.4% respectively, with year-on-year changes of +1.2% and -2.3% [1] - The company's non-recurring net profit was -720 million yuan, showing a year-on-year increase of 2.7% [1] Group 2: International Expansion - The company's overseas sales proportion is expected to increase significantly from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is 4.5%, with a year-on-year increase of 2.8 percentage points, while the domestic gross margin is -0.8%, a year-on-year decrease of 1.7 percentage points [1] - The company has signed a strategic cooperation agreement with local component customers in Turkey to jointly build a high-efficiency battery project, addressing structural capacity gaps in the region [1] Group 3: Technological Advancements - The company is continuously promoting N-type technology to reduce costs and improve efficiency, utilizing techniques such as half-cell edge passivation and ultra-fine grid [2] - The lab efficiency of the perovskite tandem battery developed in collaboration with external institutions has reached 32.08% [2] - The company's pilot xBC battery conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency, maintaining alignment with industry leaders [2]

Core Driving Areas: High Growth and Strong Demand Support - The technology and digital economy sector is experiencing deep integration of AI and hard technology, with a surge in demand for AI applications in various industries such as healthcare, finance, and manufacturing [2][3] - The biotechnology and innovative medical sector is transitioning from R&D-driven to commercialized applications, with many biotech companies expected to enter the III phase of clinical trials or commercialization by 2025 [3][4] - The new energy and green economy sector is witnessing a shift from scale expansion to technological upgrades, driven by China's carbon neutrality goals and global energy transition [3][4] Policy Support Directions: Key Areas of National Strategy and Regional Development - The Chinese government's "14th Five-Year Plan" emphasizes the transformation of traditional manufacturing towards intelligent and high-end production, with a focus on "specialized, refined, characteristic, and novel" enterprises [5] - The "Digital China" strategy is promoting the integration of the digital economy with the real economy, accelerating domestic substitution in hard technology sectors such as semiconductors and robotics [3][5] Potential Risks: Variables to Watch - The global liquidity environment may face pressure if the Federal Reserve's interest rate cuts do not meet expectations, potentially leading to foreign capital outflows from the Hong Kong market [5] - Geopolitical tensions, particularly in US-China technology competition and the Taiwan Strait situation, could impact the financing environment for technology and high-end manufacturing companies [5] - Regulatory policies in various industries, such as antitrust measures in the internet sector and drug pricing negotiations, may impose constraints on profitability for certain companies [5] Conclusion: The Golden Tracks for Hong Kong IPOs in 2025 - The primary opportunities for Hong Kong IPOs in 2025 will be concentrated in three major directions: technology (AI and hard technology), biotechnology (innovative drugs and devices), and new energy (energy storage and electric vehicle supply chains) [4] - High-end manufacturing and consumer recovery also present structural opportunities, with companies needing to possess a combination of technological barriers, commercialization capabilities, and alignment with policy directions to achieve high valuations and investor recognition [4]

Core Viewpoint - The Chinese photovoltaic industry has achieved high-quality development, ranking as the world's top 5A country in this sector, with significant advancements in technology and market presence [1][3]. Industry Overview - The Chinese photovoltaic industry has built the most competitive supply chain globally, maintaining the highest production and installation capacity for over a decade [3]. - In the first half of 2025, China added 212.21 GW of new photovoltaic installations, a 107% year-on-year increase, contributing over 45% to the global total expected to reach 570-630 GW [3]. - As of May 2025, the cumulative installed capacity of photovoltaic power generation in China surpassed 1 billion kW, equivalent to 48 Three Gorges power stations [3]. Market Dynamics - The industry faces structural contradictions, with production capacity exceeding global demand significantly, leading to price volatility and squeezed profit margins [4]. - Component prices have dropped below 0.6 yuan per watt due to supply exceeding demand, resulting in a challenging profit environment across the industry [4]. Technological Innovations - N-type batteries have become mainstream, with TOPCon technology accounting for over 75% of production capacity, while advanced technologies like HJT and BC are accelerating commercialization [4]. - Longi Green Energy's HIBC technology has achieved a laboratory conversion efficiency of 27.81%, with HPBC 2.0 components reaching 24.8% efficiency and HIBC components exceeding 25.9% efficiency [4][5]. Policy and Regulatory Environment - The Chinese government is implementing measures to regulate the photovoltaic industry, including curbing low-price competition and ensuring product quality [5][6]. - Recent international policy changes from the U.S. and EU pose new challenges for Chinese photovoltaic companies, including anti-dumping investigations and local manufacturing requirements [6][7]. Global Market Expansion - Chinese photovoltaic companies are diversifying their market presence to counter global trade barriers, actively participating in large projects in the Middle East and Southeast Asia [7]. - Investments in Latin America and Africa are increasing, with significant projects underway in Brazil, Mexico, and Ethiopia [7]. Future Challenges - The industry must align with international standards, including stricter ESG requirements and carbon footprint labeling, to enhance export competitiveness [8]. - Future policies will likely create a multi-dimensional regulatory framework encompassing market rules, environmental protection, and safety production [8].

Core Insights - Chengdu High-tech Comprehensive Bonded Zone (including Shuangliu Park) ranked first among 154 evaluated bonded zones nationwide in the 2024 performance assessment by the General Administration of Customs [1][2] Group 1: Performance Rankings - Chengdu High-tech Comprehensive Bonded Zone ranked 1st, followed by Shanghai Waigaoqiao Bonded Zone (2nd) and Shenzhen Qianhai Comprehensive Bonded Zone (3rd) [2] - The top 10 ranked bonded zones are all classified as Category A [2] Group 2: Economic Indicators - Chengdu High-tech Comprehensive Bonded Zone Shuangliu Park achieved an industrial output value of 92.6 billion yuan, a year-on-year increase of 7.1% [8] - The total foreign trade import and export volume reached 66.6 billion yuan, with a year-on-year growth of 14.6% [8] - Fixed asset investment amounted to 12.4 billion yuan, showing a significant year-on-year increase of 343% [8] - Cross-border e-commerce volume reached 2.0711 million transactions, valued at 1.507 billion yuan, with a year-on-year growth of 101.5% [8] Group 3: Strategic Importance - Chengdu High-tech Comprehensive Bonded Zone continues to play a crucial role as the "ballast stone" and "main engine" of foreign trade in Sichuan province, accounting for 52.0% of the province's total foreign trade import and export volume in the first seven months of the year [8]

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, while making strides in overseas market expansion and battery technology improvements [1][2][3] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.663 billion yuan, a year-on-year decrease of 42.53%, and a net profit attributable to shareholders of -264 million yuan, with losses widening compared to the previous year [1] - In Q2 2025, revenue was 1.788 billion yuan, down 32.76% year-on-year, with a net profit of -158 million yuan, indicating a further increase in losses compared to the previous quarter [1] - Domestic sales revenue fell by 67.91% to 1.763 billion yuan, with a gross margin decrease of 1.70 percentage points to -0.78% [1] Group 2: Overseas Market Expansion - The company significantly increased its overseas sales, with revenue growing by 116.15% year-on-year to 1.900 billion yuan, accounting for 51.87% of total revenue, up from 23.85% in 2024 [1] - The gross margin for overseas sales improved by 2.83 percentage points to 4.50%, demonstrating better profitability despite ongoing price pressures in the industry [1] Group 3: Battery Technology Development - The company is actively enhancing N-type battery technology, achieving an average production conversion efficiency increase of over 0.2% in H1 2025, and reducing non-silicon costs by approximately 20% [2] - The company is collaborating with external institutions to develop perovskite tandem batteries, achieving a laboratory efficiency of 32.08%, which is leading in the industry [2] Group 4: International Capacity Diversification - The company is pursuing a diversified approach to overseas capacity through technology cooperation and investment, signing a strategic cooperation agreement with a local Turkish client to build a high-efficiency battery project [3] - However, the progress of the planned 5GW high-efficiency battery production base in Oman has been affected by changes in international trade conditions and tariff policies, leading to a cautious approach in advancing this project [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a significant decline in revenue and increased losses in the first half of 2025, with total revenue of 3.663 billion yuan, down 42.53% year-on-year, and a net profit attributable to shareholders of -264 million yuan, indicating an expanded loss [1]. - Despite domestic market challenges, the company achieved a remarkable 116.15% year-on-year growth in overseas sales, reaching 1.9 billion yuan, which now constitutes 51.87% of total revenue [2]. - The company is actively enhancing its N-type battery technology, achieving over 0.2% improvement in average production conversion efficiency and a 20% reduction in non-silicon costs [3]. - The company is diversifying its overseas production capacity, having signed a strategic cooperation agreement for a high-efficiency battery project in Turkey, although the progress of the Oman 5GW project has been affected by international trade conditions [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 3.663 billion yuan, a decrease of 42.53% year-on-year, and a net profit of -264 million yuan, worsening from the previous year [1]. - The Q2 2025 revenue was 1.788 billion yuan, down 32.76% year-on-year, with a net profit of -158 million yuan, indicating a sequential increase in losses [1]. Overseas Market Expansion - The overseas sales revenue grew by 116.15% to 1.9 billion yuan in H1 2025, increasing its share of total revenue from 23.85% in 2024 to 51.87% [2]. - The gross margin for overseas sales improved by 2.83 percentage points to 4.50%, while domestic sales faced a 67.91% decline to 1.763 billion yuan, with a gross margin of -0.78% [2]. Technology Development - The company is focused on improving N-type battery efficiency and reducing costs, with a 0.2% increase in average production conversion efficiency and a 20% decrease in non-silicon costs [3]. - The TBC battery's conversion efficiency is projected to exceed mainstream N-type battery efficiency by 1-1.5 percentage points, with laboratory efficiency for perovskite tandem batteries reaching 32.08% [3]. Strategic Initiatives - The company is pursuing a diversified approach to overseas production capacity, including a strategic partnership in Turkey to address regional battery capacity gaps [4]. - The construction of the Oman 5GW project is being approached cautiously due to fluctuations in international trade and tariff policies [4].

Core Viewpoint - Junda Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a drop in domestic sales, while international sales showed substantial growth, indicating a shift in market strategy towards overseas expansion [1][2][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1]. - The net profit attributable to shareholders was -264 million yuan, with losses widening compared to the previous year [2]. - Government subsidies accounted for 214 million yuan of the reported profit, highlighting reliance on external support [2]. Market Dynamics - Despite a decline in domestic revenue, international sales surged, with the overseas revenue share increasing from 23.85% in 2024 to 51.87% in 2025, and revenue from international markets growing by 116.15% [1][4]. - The company’s main product, photovoltaic cells, saw a significant drop in sales price and volume, leading to a 42.48% decrease in revenue from this segment [1][2]. Industry Trends - The global photovoltaic industry is experiencing a supply-demand mismatch, with a shift towards a de-capacity cycle starting in the second half of 2023 [3]. - N-type TOPCon cells are projected to dominate the market, with an expected market share of approximately 71.1% in 2024 [3]. - The industry is anticipated to focus on inventory reduction and capacity cuts through 2025, while maintaining market share remains a priority [3]. Strategic Initiatives - Junda Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and production capacity development [4]. - The company is actively building a global sales network and enhancing customer service capabilities across various regions, including Asia, Europe, North America, and Latin America [4]. - The company is exploring diverse strategies for overseas market development, including technology cooperation and investment partnerships [4].

Core Viewpoint - JunDa Co., Ltd. reported a significant decline in revenue and an increase in net loss for the first half of 2025, despite a notable growth in overseas sales of photovoltaic products [1][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1][4]. - The net profit attributable to shareholders was a loss of 264 million yuan, compared to a loss of 166 million yuan in the same period last year, indicating an expanded loss [1][4]. - The majority of revenue came from the sale of photovoltaic cells, which saw a decline of 42.48% due to falling sales prices and volumes [4]. - Government subsidies accounted for 214 million yuan of the reported non-recurring gains, while the adjusted net profit loss was 465 million yuan [4]. Market Dynamics - JunDa Co., Ltd. is a leading player in the photovoltaic cell industry, with a significant increase in overseas sales, which rose from 878 million yuan to 1.9 billion yuan, representing a growth of 116.15% [1][6]. - The company’s overseas sales now account for 51.87% of total revenue, up from 23.85% in 2024 [1][6]. - The gross margin for overseas business reached 4.50%, an increase of 2.83 percentage points year-on-year, contributing to an overall gross margin of 1.75% for photovoltaic cells [6]. Industry Trends - The photovoltaic industry is experiencing a phase of supply-demand mismatch, leading to a capacity reduction cycle starting in the second half of 2023 [5]. - The market share of TOPCon (Tunnel Oxide Passivated Contact) cells is expected to stabilize, while the market share of BC (Back Contact) cells is anticipated to grow rapidly [6]. - The N-type TOPCon cell market share is projected to be approximately 71.1% in 2024 [5]. Strategic Initiatives - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and capacity building [2][6]. - The company is actively exploring diverse strategies for overseas market development, including technology cooperation and capacity construction [7]. - A strategic cooperation agreement was signed with a local component customer in Turkey, indicating a focus on local partnerships [7].

Core Viewpoint - The company, Junda Co., Ltd., reported a revenue of 3.663 billion yuan for the first half of 2025, marking a 2.38% increase compared to the second half of 2024, while narrowing its net loss to 264 million yuan, a 38% improvement from the previous period. The company is well-positioned to benefit from the recovery in the photovoltaic industry due to increasing global demand and a significant rise in overseas sales, which surpassed 50% of total sales [1][3]. Group 1: Company Performance - In the first half of 2025, Junda Co., Ltd. achieved a revenue of 3.663 billion yuan, reflecting a 2.38% growth from the second half of 2024 [1]. - The company reported a net loss of 264 million yuan, which is a 38% reduction compared to the previous period [1]. - The overseas revenue reached 1.9 billion yuan, showing a substantial increase of 116.15% year-on-year, with overseas sales accounting for 51.87% of total sales [3]. Group 2: Industry Trends - The global photovoltaic industry is experiencing a shift towards localizing component production, with countries like the U.S., India, and Europe ramping up their domestic manufacturing capabilities [2]. - In the first half of 2025, China's photovoltaic component exports decreased by 5.37% year-on-year, while battery product exports increased by 43.13%, indicating a strategic opportunity for specialized battery manufacturers [2]. Group 3: Technological Advancements - Junda Co., Ltd. continues to lead in core technology, focusing on N-type battery efficiency improvements, achieving an average production efficiency increase of over 0.2% and a 20% reduction in non-silicon costs [4]. - The company has established production bases in Chuzhou and Huai'an with a combined capacity exceeding 40 GW, positioning itself as a key supplier for global component manufacturers [4]. Group 4: Market Environment - The photovoltaic industry is witnessing a recovery due to improved supply-demand dynamics and supportive policies aimed at eliminating low-price competition and promoting the exit of outdated capacities [5][6]. - Recent policy changes and market adjustments are expected to enhance the profitability of leading companies like Junda Co., Ltd., which is poised to benefit from rising material prices and increased global demand [6]. Group 5: Capital Strategy - Junda Co., Ltd. became the first company in the photovoltaic sector to achieve dual listing on both the A-share and H-share markets, enhancing its capital capabilities for global expansion [7]. - The funds raised from the H-share listing will be allocated to overseas production capacity, market expansion, and the establishment of global R&D centers, further supporting the company's international growth strategy [7].