(hereinafter referred to as "Yidao Xinneng") signed a listing guidance agreement with Guojin Securities on July 7, 2023, formally launching the A-share IPO process. As one of the earliest photovoltaic enterprises in the industry to lay out N-type technology, Yidao Xinneng,
founded in 2018, now has two core products, N-type components and lightweight components. Three series of full-scene photovoltaic system solutions, including ecological photovoltaic, urban photovoltaic and offshore photovoltaic, have been sold to more than 60 countries and regions around the world.
Among them, Yidao Xinneng took the lead in building the first domestic production line of 1.2G W high-efficiency TOPCon batteries in 2019. So far, a new N-type double-sided TOPCon technology has developed from 1.0 to 3.0 plus era-based on TOPCon 3.0 plus battery, the laboratory efficiency of a new energy is 26.24% (the highest efficiency of mass production exceeds 25.8%). The open-circuit voltage of 730mv is the highest in the world. At present, a new energy is promoting TOPCon 4.0 mass production technology, promoting TOPcon battery mass production efficiency of more than 26%.
In 2022, the output value of Yidao Xinneng was 11.05 billion yuan, which was nearly 100 times larger than that in 2019. The shipment of N-type components ranked third in the world, and the shipment of components ranked eighth in the world.
In addition, Yidao Xinneng plans to build 30GW high-efficiency battery and 30GW high-efficiency module capacity in 2023. Since
its establishment, Yiyi Xinneng has acquired Three Gorges Group, China Merchants Venture Capital, Yongfu Stock, Linyang Energy, Qianhai Mother Fund, Longma Peak Venture Capital, Puhua Capital, Zhejiang University Lianchuang, Huaxing New Economic Fund, China Power Zhongjin Fund, Jinyu Maowu, Houji Capital, Lihan Investment, Haoersai, Boshi Innovation, etc. Investment from well-known institutions and industries such as Great Wall Securities .
It is noteworthy that, in addition to a new energy, another "new photovoltaic force" Gaojing Solar Energy has formally submitted its prospectus on June 1, 2023, to be listed on the GEM, with CICC as the sponsor.
Founded in 2019, Gaojing Solar, as a professional photovoltaic wafer enterprise, is mainly engaged in the research and development, production and sales of photovoltaic monocrystalline silicon rods and wafers, including 182mm, 210mm and other large-size monocrystalline silicon rods and wafers.
In the strategic direction, Gaojing Solar Energy anchors the direction of large-size silicon wafers, cuts into the pain points of the silicon wafer industry of "large-size, thin, N-type and high-efficiency", and forms a product sequence with a size of more than 182 mm, which is divided into P-type and N-type according to the conductive type. It has realized the mass production and sales of silicon wafers with thickness of 150μm and 130μm, and has the mass production and cutting capacity of silicon wafers with thickness of 90μm. At the same time, it can adjust the raw material type, chamfer shape and electrochemical performance parameters of monocrystalline silicon rods and silicon wafers to meet the customization needs of customers.
As of the signing date of the prospectus, Gaojing Solar Energy has signed long-term supply agreements with leading solar cell manufacturers in the industry, including Tongwei Stock, Runyang Stock, Zhongrun Solar Energy, Junda Stock, Yidao New Energy and Zhengtai Group . From January 2023 to December 2025, a total of 25.904 billion silicon wafers have been sold, which have been signed and are being implemented .
On the production side, Gaojing Solar has three production bases , namely, Zhuhai Jinwan Monocrystalline Silicon Wafer, Qinghai Xining Monocrystalline Silicon Rod, Sichuan Yibin Monocrystalline Silicon Rod and Monocrystalline Silicon Wafer. By the end of 2022, Gaojing Solar has successfully achieved full production capacity of 30GW in Zhuhai Phase I and Phase II, and 30GW in Qinghai Phase I and Phase II. At the same time, Zhuhai Phase III and Yibin Phase I projects have been put into operation smoothly.
Financial data. From 2020 to 2022, the revenue of Gaojing Solar will be RMB 89,100, RMB 2.491 billion and RMB 17.570 billion respectively, with a compound annual growth rate of over 100%; the net profit will be RMB -1.13 million, RMB 108 million and RMB 1.821 billion respectively. Since
its establishment, Gaojing Solar Energy has obtained Zhuhai Huafa Group, IDG Capital, China Life Kechuang Fund, Jianxin, Guangdong Finance Fund, Shenzhen Investment Control Capital, Aixu Stock, Midea Capital, CICC Capital, Xinte Energy, CITIC Jinshi, Haitong Kaiyuan, Guangdong Yueke, Walden International, Huamin Investment, Jinpu Intelligence, etc. Investment in well-known VC/PE and industrial capital, such as Tixin Capital .
By the time it completed its final round of financing before the IPO, Gaojing Solar was valued at more than 20 billion yuan.
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