New stock news | Yingfa Ruien second listing on the Hong Kong Stock Exchange as a leading professional manufacturer of photovoltaic cell.

According to the disclosure by the Hong Kong Stock Exchange on March 19th, Sichuan Yingfa Fujian Raynen Technology Co., Ltd. (referred to as Yingfa Ruineng) submitted an application for listing on the main board of the Hong Kong Stock Exchange. China Securities Co., Ltd. International and Huatai International are its joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange. Company Overview According to the prospectus, the company is a leading professional manufacturer of photovoltaic cells. The company is customer-oriented, with products covering P-type and N-type cells sold in the market. In addition to its position in N-type TOPCon cells, the company is also developing N-type xBC cell technology. According to Frost Sullivan, based on shipment volume in 2024, the company is the world's third-largest specialized manufacturer of N-type TOPCon cells, with a market share of 13.5%. The company has been recognized as one of the 2025 GEI China Unicorn Companies and the fastest-growing enterprise in the photovoltaic energy storage field, participating in the formulation of multiple industry standards in China. Additionally, the company's cell products have obtained certifications from the French carbon footprint and German TUV NORD. According to Frost Sullivan, in August 2025, the company became the world's first commercialized manufacturer of N-type xBC photovoltaic cells. The company plans to continue focusing on the research, development, production, and sales of N-type TOPCon cells and N-type xBC cells. As of the end of the previous reporting period and as of the latest practical date (March 10, 2026), the company has established three major production bases in China and overseas, including (i) Yibin Base, (ii) Indonesia Base, and (iii) Mianyang Base. The company operates in the competitive photovoltaic cell industry, where there is growing global demand for advanced high-performance photovoltaic cells with significant technological barriers, such as research and development capabilities and improved conversion efficiency. Financial Data Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 10.494 billion, RMB 4.359 billion, and RMB 8.713 billion, respectively. Profit In 2023, 2024, and 2025, the company's annual profits were approximately RMB 410 million, -RMB 864 million, and RMB 857 million, respectively. Gross Margin In 2023, 2024, and 2025, the company's gross margins were 8.8%, -7.4%, and 17.5%, respectively. Industry Overview Continued economic activity, population growth, and the rapid expansion of energy-intensive industries such as artificial intelligence and electric vehicles are driving unprecedented global growth in electricity consumption. The global cumulative installed capacity of electricity has increased from 8,186.0GW in 2021 to 10,943.8GW in 2025, with a CAGR of 7.5% during this period. This growth is reshaping the global electricity infrastructure demand pattern, with the global cumulative installed capacity expected to further increase to 17,697.6GW by 2031, with a CAGR of 8.3% from 2026 to 2031. CECEP Solar Energy has become a core pillar of clean energy transformation, not only achieving grid parity but also leading the growth of other renewable energies. Driven by technological advancements and strong policy frameworks, CECEP Solar Energy's installed capacity is rapidly expanding, meeting the increasing demand for electricity while promoting the low-carbon transformation of the power system. The global cumulative installed capacity of CECEP Solar Energy has increased from 855.2GW in 2021 to 2,561.9GW in 2025, with a CAGR of 31.6%, and is expected to reach 7,548.5GW by 2031, with a CAGR of 18.6% from 2026 to 2031. Photovoltaic power generation is the most mature and widely used form of power generation within CECEP Solar Energy. To meet the increasing demand for electricity brought about by industrialization, urbanization, and digital transformation, the China Power industry is maintaining strong expansion. The continued rapid development of the national economy is driving the increasing demand for electricity in many economic sectors, with China's cumulative installed capacity of electricity increasing from 2,376.9GW in 2021 to 3,891.3GW in 2025, with a CAGR of 13.1%. It is expected to further increase to 7,134.6GW by 2031, with a CAGR of 10.1% from 2026 to 2031. With leading manufacturing capabilities and strong policy support, CECEP Solar Energy is increasingly becoming a core pillar of China's sustainable development and energy security strategy. From 2020 to 2024, China's CECEP Solar Energy installed capacity increased from 306.6GW in 2021 to 1,201.7GW in 2025, with a CAGR of 40.7%. It is expected to reach 3,609.3GW by 2031, with a CAGR of 18.6% from 2026 to 2031. Driven by increased electricity demand in areas such as data centers, artificial intelligence, and electric vehicles, as well as technological advancements, global shipments of photovoltaic cells are rapidly increasing. Global shipments of photovoltaic cells have grown from 208.2GW in 2021 to 694.8GW in 2025, and are expected to reach 1,352.5GW by 2031, with a CAGR of 11.3% from 2026 to 2031. Prior to 2024, benefiting from mature technology and lower production costs, P-type PERC cells held a significant market share in the photovoltaic cell market. However, as the efficiency of P-type PERC cells approaches their theoretical limit, there is increasing demand in the market for other types of photovoltaic cells with better performance and lower costs. Compared to P-type cells, N-type cells offer advantages such as higher efficiency and better temperature coefficients, leading the industry's transition from P-type cells to N-type cells (including TOPCon, xBC, and HJT cells). Therefore, global shipments of N-type TOPCon cells are expected to reach 961.0GW by 2031, with a CAGR of 8.1% from 2026 to 2031. In China, driven by the continuous growth in electricity demand, the cost-effectiveness of photovoltaic power generation, and technological advancements, shipments of photovoltaic cells have significantly increased in recent years, from 180.3GW in 2021 to 647.1GW in 2025. It is expected to reach 1,188.2GW by 2031, with a CAGR of 10.3% from 2026 to 2031. As Chinese photovoltaic companies continue to ramp up production of N-type cells (including N-type TOPCon and xBC cells), N-type cells are experiencing rapid growth in China, positioning the country at the forefront of the next generation of CECEP Solar Energy technology development. It is expected that shipments of N-type TOPCon cells in China will reach 844.2GW by 2031, with a CAGR of 6.8% from 2026 to 2031. Board of Directors Information The company's board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. Ownership Structure As of the latest practical date, the company is owned by (i) Nanjing Yingfa holding approximately 45.63% equity. Nanjing Yingfa is owned by Mr. Zhang Fayu holding 36%, Ms. Luo Baoying holding 24%, Ms. Zhang Min holding 20%, and Mr. Zhang Jie holding 20%; (ii) Yingfa Qingle holding approximately 2.62% equity, with Mr. Zhang Fayu as the general partner; and (iii) Mr. Zhang Fayu holding approximately 0.85% equity. Mr. Zhang Fayu and Ms. Luo Baoying are spouses, and parents of Ms. Zhang Min and Mr. Zhang Jie (referred to as the Zhang Fayu family). As of the latest practical date, the Zhang Fayu family collectively controls approximately 49.10% of the voting rights at the company's shareholders' meeting. Advisory Team Joint Sponsors: China Securities Co., Ltd. (International) Finance Co., Ltd., Huatai Financial Holdings (Hong Kong) Co., Ltd.; Legal Advisors: Puhe Law Firm (Hong Kong) LLP, Guohao Law Firm (Nanjing); Joint Sponsors and Legal Advisors for Compilation: JunHe Law Office, Beijing Tongshang Law Office; Auditors and Reporting Accountants: Ernst & Young LLP; Industry Consultant: Frost Sullivan.