Recently, Sichuan Yingfa Ruineng Technology Co., Ltd. (hereinafter referred to as "Yingfa Ruineng") submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities International and Huatai International serving as joint sponsors.

According to public information, despite being established for less than a decade, Yingfa Ruineng has developed rapidly in the solar cell sector. In 2021, the company astutely seized market opportunities in P-type PERC large-format cells, becoming one of the earliest domestic professional manufacturers to deploy 210mm large-format cell production lines. Since 2022, the company has actively pivoted toward N-type cell technology, achieving trial production of its first-phase 6.0GW N-type xBC cell production line in May 2025. As of August 2025, Yingfa Ruineng has become the world's first professional solar cell manufacturer to achieve commercial mass production of N-type xBC cells.

Prior to listing, Yingfa Ruineng has completed four financing rounds since June 2022, attracting participation from multiple institutions including Yibin High-tech Investment, Yibin Green Energy, National Green Development Fund, Donghe Capital, Jianxin Investment, Jinyumao, Pengying Venture Capital, and Qiancheng Phase II, with cumulative financing of approximately RMB 2.224 billion.

As a segment leader in the solar cell field, Yingfa Ruineng's Hong Kong listing has attracted significant market attention, with its valuation and future development potential becoming focal points for investors.

**Significant Performance Recovery with Notable Margin Improvement**

Public information shows that Yingfa Ruineng is a globally leading professional solar cell manufacturer. Since its establishment in 2016, it has focused on the research, development, production, and sales of solar cells.

The company's recent performance has shown certain volatility. From 2022 to 2024, it achieved operating revenues of approximately RMB 5.643 billion, RMB 10.494 billion, and RMB 4.359 billion respectively, with corresponding net profits of approximately RMB 350 million, RMB 410 million, and negative RMB 864 million.

In 2024, due to the proactive exit from P-type PERC cell business, the company's revenue declined significantly by 58.5% year-over-year. However, with the rapid scaling of N-type TOPCon cell business, the company's performance rebounded significantly in the first four months of 2025, achieving revenue of RMB 2.408 billion, a year-over-year increase of 111.23%, with net profit turning positive to RMB 355 million and gross margin recovering to 23.8%, notably higher than the 11.9% and 8.8% levels in the same periods of 2022 and 2023.

In terms of business structure, N-type TOPCon cells have become the core revenue source, with their revenue contribution rising from 0% in 2022 and 7.1% in 2023 to 81.2% in 2024, and further reaching 95.5% in the first four months of 2025.

Yingfa Ruineng's main customers are solar module manufacturers, with relatively high revenue concentration. In 2022, 2023, 2024, and the first four months of 2025, the top five customers accounted for 49.7%, 56.5%, 54.7%, and 39.6% of revenue respectively, with the largest customer accounting for 19.7%, 24.4%, 20.5%, and 12.2% respectively. The company warns that the loss of major customers or failure to expand new customers could have a significant adverse impact on revenue.

Regarding production capacity, the company has rapidly expanded its capacity scale from 5.7GW annual P-type PERC cell capacity in 2022 to 32.7GW annual N-type TOPCon cell capacity as of April 2025. As of April 30, 2025, all capacity has been converted to mainstream 182mm and larger format cells.

Currently, Yingfa Ruineng operates four major production bases in Tianchang, Yibin, Mianyang, and Indonesia. The first overseas manufacturing base established in Indonesia in 2024 will serve as a strategic hub for the company's future expansion into Southeast Asian, Middle Eastern, and European-American markets. The company plans to build five additional production lines by June 2026, with an expected annual capacity increase of 3GW.

**Global Third-Place Shipment Volume; Industry Recovery Expected to Boost Performance**

Since 2022, N-type cell technology has developed rapidly in the Chinese market. Although P-type wafers once dominated due to relatively simple manufacturing processes and lower costs, N-type wafers are gradually becoming the new industry direction, leveraging longer minority carrier lifetimes and higher cell efficiency potential.

From a technical characteristics perspective, N-type cells possess inherent advantages including high efficiency, low degradation rates, fewer impurities, high purity, long minority carrier lifetimes, no grain boundary defects, and easily controllable resistivity. Additionally, N-type modules feature high bifaciality, low temperature coefficients, and low degradation, not only helping improve power generation efficiency but also enhancing adaptability in different application environments, driving N-type cells to become the new focus of the solar industry.

Yingfa Ruineng accurately grasped the strategic opportunities in N-type cell development and quickly completed business transformation. According to the prospectus, as of April 2025, the company has fully converted its capacity to mainstream 182mm and larger format cells, primarily including 32.7GW annual N-type TOPCon cell capacity.

As of June 30, 2025, the company's N-type TOPCon cells have achieved mass production test photoelectric conversion efficiency exceeding 27.1%. According to Frost & Sullivan, this efficiency level is not only higher than the industry average but also approaches the theoretical limit efficiency of 28.7%, demonstrating the company's outstanding R&D capabilities.

According to Frost & Sullivan statistics, based on 2024 shipment volumes, Yingfa Ruineng has become the world's third-largest professional N-type TOPCon cell manufacturer, with a global market share of 14.7%. InfoLink Consulting data also shows that in the first half of 2025, the company's solar cell shipment volume ranking rose to third globally.

In terms of brand and industry influence, the company has received recognition as "Polaris Cup Annual Influential Solar Cell Brand" and "PVBL2023 Most Growth-Potential Solar Brand," and has participated in formulating multiple Chinese solar industry standards.

From an industry landscape perspective, as P-type wafers gradually exit the mainstream, N-type TOPCon technology is rapidly gaining dominance. TrendForce forecasts that by the end of 2025, global TOPCon cell capacity will reach approximately 967 gigawatts, accounting for 83% of total cell capacity. CITIC Futures data indicates that as of March 2025, TOPCon accounted for 86.9% of China's solar cell production, significantly leading other technology routes.

Currently, the solar industry is showing signs of bottoming out and recovery. In early September 2025, prices across multiple industry segments have stabilized and rebounded: polysilicon prices continue rising, with mainstream rod silicon quotes reaching RMB 55/kg and granular silicon quotes at RMB 49/kg; wafer prices for some sizes have followed suit, with M10L and G12 wafer quotes both increasing by RMB 0.05/piece; cell prices remain generally firm, with some sizes increasing by RMB 0.005/W due to tight supply structures.

On the demand side, the global solar market still presents significant structural opportunities. Overseas markets maintain high prosperity, with China's solar cell export value reaching $1.73 billion in the first half of 2025, up 31.1% year-over-year; export volume reached 44.4GW, up 59.1% year-over-year. Data shows that key export markets in the first half included India, Indonesia, Turkey, Laos, and Singapore, with all countries except Turkey showing significant year-over-year increases in export value.

The domestic market also performed strongly, with 212.21GW of new solar installations in the first half of 2025, up 107% year-over-year. The China Photovoltaic Industry Association predicts that full-year new installation scale could reach 270-300GW, with continued high demand driving further industry profitability recovery.

Currently, industry chain prices show signs of bottoming out and recovery, with domestic and international solar market demand maintaining high prosperity, providing a solid foundation for industry profit recovery. Yingfa Ruineng, leveraging its deep technical expertise and forward-looking strategic transformation, has rapidly grown into a leading global solar cell enterprise. This sprint toward Hong Kong Stock Exchange main board listing marks the company's entry into a new development stage. In the future, as the industry recovers, the company is expected to further accelerate technology iteration and capacity expansion, continuously consolidating its market-leading position.