英发睿能已向香港交易所提交上市申请，中信建投（601066）国际、华泰国际为其联席保荐人。 英发睿能是国家级专精特新"小巨人"企业，并参与了多项中国行业标准的编制。公司产能增长迅速，截 至2025年4月30日，N型TOPCon电池片年产能达到32.7GW。英发睿能的电池片产品均采用182mm及以 上大尺寸型号，并已通过法国碳足迹认证和德国南德认证。公司在中国四川宜宾设有先进电池片产能， 并已在印度尼西亚设立首个海外制造基地。 在技术方面，英发睿能先后抓住了P型PERC大尺寸电池片、N型TOPCon电池片以及N型xBC电池片(N型 HPBC电池片)的市场机遇。公司自主研发的技术使其N型TOPCon电池片量产测试光电转换效率超过 27.1%，接近理论极限效率。 英发睿能是全球第三大N型TOPCon电池片专业化制造商，2024年市场份额为14.7%。公司专注于光伏电 池片的研发、生产和销售，产品覆盖P型和N型电池片。 ...

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International as joint sponsors [1] Company Overview - Yingfa Ruineng is a leading global manufacturer of photovoltaic (PV) cells, focusing on the research, production, and sales of PV cells since its establishment in 2016 [3] - The company offers both P-type and N-type cells, with a leading position in N-type TOPCon cells and is developing the next-generation N-type xBC cell technology [3][4] - According to Frost & Sullivan, Yingfa Ruineng is the third-largest specialized manufacturer of N-type TOPCon cells globally, holding a market share of 14.7% as of 2024 [3] Production Capacity - As of April 30, 2025, the company's production capacity includes 32.7 GW of N-type TOPCon cells, with a previous capacity of 5.7 GW for P-type PERC cells in 2022 [3][4] - The company has transitioned its production to mainstream large-size cells of 182mm and above, leveraging the advantages of its location in Yibin, Sichuan [4] Strategic Initiatives - Yingfa Ruineng has established its first overseas manufacturing base in Indonesia in 2024, aimed at serving Southeast Asia, the Middle East, and European and American markets [4] - This strategic move is expected to reduce logistics costs and enhance the company's ability to navigate global trade uncertainties [4] Technological Advancements - The company has built technological barriers and successfully transformed economic results by capturing market opportunities in P-type PERC and N-type TOPCon cells [6] - As of June 30, 2025, the company's N-type TOPCon cells have achieved a light conversion efficiency exceeding 27.1%, which is above the industry average and close to the theoretical limit of 28.7% [6] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the four months ending April 30, 2025, were approximately RMB 56.43 billion, RMB 104.94 billion, RMB 43.59 billion, and RMB 24.08 billion, respectively [7] - The net profit/loss for the same periods were approximately RMB 3.50 billion, RMB 4.10 billion, -RMB 8.64 billion, and RMB 3.55 billion, respectively [7][8]