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四川又一港股IPO!出货量全球第三的光伏黑马,张发玉家族掌舵、宜宾国资入股
Sou Hu Cai Jing· 2025-08-23 01:14
据悉,这是该公司首次递表港交所。据招股书,英发睿能成立时间不足十年,已是全球领先的专业光伏电池片制造商。2024年公司全球市场份额达14.7%, 为全球第三大N型TOPCon电池片专业化制造商。 微成都报道据港交所披露,8月20日,四川英发睿能科技股份有限公司(简称"英发睿能")向港交所主板提交上市申请书,联席保荐人为中信建投国际和华 泰国际。 ▲截图自港交所官网 成立不足10年的光伏黑马 出货量已跻身全球第三 资料显示,英发睿能成立于2016年6月,注册资本3.87亿,隶属于英发集团,是全球领先的专业光伏电池片制造商。自成立起,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。 根据弗若斯特沙利文,于2024年按出货量计,英发睿能是全球第三大N型TOPCon片专业化制造商,全球市场份额达14.7%;于2025年8月,成为全球首个商 业化N型xBC电池片的光伏电池片专业化制造商。 ▲图源:公司招股书 目前,英发睿能拥有天长、宜宾、绵阳、印尼四大基地。截至2025年4月30日,英发睿能N型TOPCon电池片年产能达32.7GW。公司表示,正在扩大在中国 和海外市场的产能,并计划到2026年6月 ...
N型TOPCon电池片头部厂商英发睿能递表港交所:原材料占销售成本超80%,存货呈增长趋势
Mei Ri Jing Ji Xin Wen· 2025-08-21 12:37
Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for establishing and upgrading its Indonesian base, R&D for advanced photovoltaic cell technologies, and optimizing sales channels [1][2] Group 1: Company Overview - Yingfa Ruineng is the world's third-largest specialized manufacturer of N-type TOPCon solar cells, with a global market share of 14.7% as of 2024 [2] - The company was established in 2016 and focuses on the R&D, production, and sales of photovoltaic cells, offering both P-type and N-type products [1][3] - Yingfa Ruineng has a production capacity of 32.7 GW for N-type TOPCon cells and has strategically located its facilities in Yibin, Sichuan, and other regions [2][3] Group 2: Financial Performance - The company's revenue during the reporting period was approximately 56.43 billion, 104.94 billion, 43.59 billion, and 24.08 billion, with profits of 3.50 billion, 4.1 billion, -8.64 billion, and 3.55 billion respectively [3][4] - In the first four months of this year, Yingfa Ruineng's revenue grew by approximately 111% year-on-year, and it returned to profitability [3][4] - The revenue contribution from N-type TOPCon cells increased significantly, rising from 7.1% in 2023 to 95.5% in the first four months of this year [3] Group 3: Customer Base and Market Expansion - The top five customers of Yingfa Ruineng are primarily Chinese photovoltaic module manufacturers, with significant overseas markets in India and Vietnam [4] - The overseas revenue share increased from 3.2% in 2022 to 24.5% in the first four months of this year [4] Group 4: Raw Material Costs and Inventory Management - Raw material costs accounted for over 80% of total sales costs during the reporting period, with significant fluctuations noted [4][5] - The inventory amount increased significantly, reflecting the need for raw materials to support production at the new Indonesian base [5] - Inventory turnover days increased due to expanded production capacity, intense industry competition, and longer delivery cycles for overseas sales [5]
英发睿能递表港交所 中信建投国际、华泰国际为联席保荐人
Core Viewpoint - Yingfa Ruineng has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International as joint sponsors [1] Company Overview - Yingfa Ruineng is the world's third-largest specialized manufacturer of N-type TOPCon solar cells, with a projected market share of 14.7% in 2024 [1] - The company focuses on the research, production, and sales of photovoltaic cells, covering both P-type and N-type cells [1] - Yingfa Ruineng is recognized as a national-level "little giant" enterprise specializing in innovation and has participated in the formulation of several industry standards in China [1] Production Capacity - The company has rapidly increased its production capacity, with an annual capacity for N-type TOPCon solar cells expected to reach 32.7 GW by April 30, 2025 [1] - Yingfa Ruineng's solar cell products utilize large-size models of 182mm and above, and have received carbon footprint certification from France and certification from TÜV Rheinland in Germany [1] - The company has established advanced production capacity in Yibin, Sichuan, China, and has set up its first overseas manufacturing base in Indonesia [1] Technological Advancements - Yingfa Ruineng has successfully capitalized on market opportunities for P-type PERC large-size solar cells, N-type TOPCon solar cells, and N-type xBC solar cells (N-type HPBC solar cells) [1] - The company's self-developed technology has enabled its N-type TOPCon solar cells to achieve a mass production test photovoltaic conversion efficiency exceeding 27.1%, approaching the theoretical efficiency limit [1]
新股消息 英发睿能递表港交所 为全球第三大N型TOPCon电池片专业化制造商
Jin Rong Jie· 2025-08-20 23:53
Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a leading global manufacturer of photovoltaic (PV) cells, focusing on R&D, production, and sales since its establishment in 2016 [1] Group 1: Company Overview - Yingfa Ruineng is recognized as the third largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 14.7% as of 2024 [1] - The company has been awarded the title of a national-level specialized and innovative small giant enterprise and has received multiple industry accolades [1] - Yingfa Ruineng's products have obtained certifications from France and Germany, enhancing its competitiveness in the global market [1] Group 2: Production Capacity and Strategy - The company experienced rapid and steady capacity growth, with a production capacity of 5.7 GW for P-type PERC cells in 2022 and 32.7 GW for N-type TOPCon cells as of April 30, 2025 [2] - The production capacity has been converted to mainstream large-size cells of 182mm and above, with significant investments in advanced production facilities in Yibin, Sichuan [2] - Yingfa Ruineng has established its first overseas manufacturing base in Indonesia in 2024, aimed at serving Southeast Asia, the Middle East, and European markets, which helps reduce logistics costs and enhances its ability to navigate global trade uncertainties [2] Group 3: Technological Advancements - The company has strategically captured market opportunities in the P-type PERC and N-type TOPCon cell segments, being one of the first to establish production lines for large-size cells [3] - In 2024, a strategic cooperation agreement was signed for N-type HPBC cells, with a production line expected to begin trial production in May 2025 [3] - The company's N-type TOPCon cells have achieved a conversion efficiency exceeding 27.1%, which is above the industry average and close to the theoretical limit of 28.7% [3] Group 4: Financial Performance - The company reported revenues of approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion RMB for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively [3] - The corresponding profits for the same periods were approximately 350 million, 410 million, -864 million, and 355 million RMB [3]
英发睿能递表港交所 为全球第三大N型TOPCon电池片专业化制造商
Zhi Tong Cai Jing· 2025-08-20 23:01
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]
新股消息 | 英发睿能递表港交所 为全球第三大N型TOPCon电池片专业化制造商
智通财经网· 2025-08-20 22:57
智通财经APP获悉,据港交所8月20日披露,四川英发睿能科技股份有限公司(简称:英发睿能)向港交所 主板递交上市申请,中信建投国际、华泰国际为其联席保荐人。 在往绩记录期间内,该公司经历了快速而稳健的产能增长。于2022年,该公司的产能主要包括P型 PERC电池片5.7GW年产能。截至2025年4月30日止四个月,产能主要包括N型TOPCon电池片32.7GW年 产能(基于截至2025年4月30日止四个月的产能10.9GW年化计算)。 据招股书,英发睿能是全球领先的专业光伏电池片制造商。自2016年成立起,即专注于光伏电池片的研 发、生产和销售。该公司以客户需求为导向,销往全球市场的产品覆盖P型和N型电池片。同时,在N型 TOPCon电池片处于行业领先位置的基础上,该公司布局新一代N型xBC电池片技术路线。 根据弗若斯特沙利文,按2024年的出货量计,该公司是全球第三大N型TOPCon电池片专业化制造商, 全球市场份额达14.7%。该公司是国家级专精特新小巨人企业,并入选北极星杯年度影响力光伏电池品 牌、PVBL2023最具成长力光伏品牌,参与编制了中国行业内多项标准。同时,该公司的电池片产品通 过法国碳足迹 ...
光伏,活在产能出清的恐惧中
投中网· 2025-07-05 06:33
Core Viewpoint - The photovoltaic industry is experiencing severe challenges, with many companies facing bankruptcy and an oversupply of production capacity, leading to continuous price declines and financial losses across the sector [4][5][6][8]. Group 1: Industry Status - As of 2024, at least 70 photovoltaic companies have filed for bankruptcy, primarily affecting small and medium-sized enterprises, with 40% of these bankruptcies occurring in the battery and module segments [8]. - The "installation rush" in the first half of the year led to a record high of 198 GW of new installations from January to May, yet prices across the photovoltaic supply chain continue to decline [6][9]. - The industry is in a prolonged "hell" phase, with companies bleeding cash while waiting for a balance between supply and demand [6][12]. Group 2: Financial Performance - In 2024, 40% of the 138 listed photovoltaic companies reported losses, with the top 10 loss-making companies collectively losing over 53 billion yuan [19][21]. - Major companies like Longi Green Energy and JinkoSolar reported significant losses in the first quarter of 2025, with combined losses nearing 8.4 billion yuan [20][21]. Group 3: Capacity and Market Dynamics - As of the end of 2024, the production capacity for key segments in the photovoltaic supply chain is significantly higher than the projected global installation capacity, indicating a severe oversupply [15]. - The expansion of production capacity has not ceased, with numerous projects initiated in 2024, leading to further potential oversupply issues [15][16]. - The presence of state-owned enterprises acquiring struggling companies has hindered the necessary market corrections, allowing many non-competitive firms to remain operational [16][17]. Group 4: Future Outlook and Recommendations - Industry experts suggest that without strong regulatory measures, the current cycle of overcapacity and price wars will continue, potentially leading to the exit of major players [21][22]. - Proposed solutions include market-driven mergers and acquisitions, technological elimination mechanisms, and policy enforcement to manage capacity effectively [22].