On August 20, Sichuan Yingfa Ruineng Technology Co., Ltd. (Hereinafter referred to as "Yingfa Ruineng") formally submitted its listing application to the main board of the Hong Kong Stock Exchange. The co-sponsors are CITIC Construction Investment International and Huatai International.
4 years! Compared with most photovoltaic enterprises, it is not too late to enter the photovoltaic industry, but in the first few years of photovoltaic industry, the scale of production capacity is very limited and the speed of development is slow . Yingfa Ruineng was once little known in the industry.
According to the incomplete statistics of the Digital New Energy DataBM. Com, in the four years from 2016 to 2019, Yingfa Ruineng has only planned a solar cell project with an annual output of 2G W in Tianchang, Anhui Province ( the original plan is to produce 1 per year after completion.
Among them, the first to third phases of the project were implemented in advance , that is, 22 new solar cell production lines were built with an investment of 1 billion yuan . The specific construction progress of the project is shown in the following table:
First, in March 2022, it cooperated with the Yibin government to build a 20GW photovoltaic cell project; then in May 2023, Yingfa Ruineng launched a 16GW cell + 20GW monocrystalline silicon rod project.
In 2024 , Yingfa Ruineng extended its layout to overseas markets , established an Indonesian base in May of that year, and planned 7 G W N TOPCon battery capacity. The first phase was in full production in November 2024; the second phase was originally scheduled to start production in June 2025, but the latest news shows that it is still under construction.
By November 2024, Yingfa Ruineng was keenly aware that the current mainstream TOPCon technology was facing problems such as imbalance between supply and demand, price war and so on, so it began to bet on new technology routes .
It is reported that in November 2024, Yingfa Ruineng and
In addition, Yingfa Ruineng has also planned 4GW PERC and 6 in Mianyang , Sichuan, both of which have been put into mass production or production in 2025.
By the end of April 2025, the annual production capacity of Yingfa Ruineng N-type TOPCon cells reached 32.
In addition, according to the data of Frost Sullivan, the shipment volume in 2024 (18.1GW), Yingfa Ruineng has become the third largest specialized manufacturer of N-type TOPCon cells in the world, with a global market share
of 14.68%!
Data show that Yingfa Ruineng achieved revenue of 5.643 billion yuan and net profit of 350 million yuan in 2022; In 2023, revenue increased to 10.494 billion yuan , while net profit increased to 4.
However, in 2024, the company's performance showed a "face change at the speed of light" . Not only did revenue (4.359 billion yuan) shrink by more than 50% compared with the previous year , but net profit was even worse
. The main reason is that in 2024, the revenue of P-type batteries dropped from 91.9% to 13.8%, while in the same period, as the mainstream of the market, the production capacity of N-type batteries has not yet fully released profits , and only 3.539 billion yuan of revenue was realized in that year. Much lower than 2023 P-type cell 96.
performance has improved, the gross profit margin of Yingfa Ruineng has also risen synchronously. As of April 30, 2025, its gross profit margin has changed from a gross loss of 7.4% in 2024 to 23.
However, we still need to be vigilant that the debt ratio of Yingfa Ruineng remains high. Although the company has been actively replenishing funds through financing since June 2022, it has completed four rounds of financing of about 22. By the end of 2024, it has reached 68.
Overseas market layout: mixed!
Now , two years later, Yingfa Ruineng has not chosen A-share listing again, but turned to sprint Hong Kong stock IPO. This signal may indicate that Yingfa Ruineng will pay more attention to overseas markets in the future.
It is understood that about 60.6% of the total amount of funds raised will be used to establish and upgrade the Indonesian base . Approx. 15
. 
The gross profit margin in 2025 mentioned above increased . Or benefit from the increasing proportion of overseas market revenue
the prospectus, Yingfa Ruineng has regarded its Indonesian base as an important hub radiating the markets of Southeast Asia, the Middle East, Europe and the United States. Yingfa Ruineng said that this layout can not only reduce logistics costs, but also enhance its ability to cope with global trade uncertainties by being close to the Southeast Asian market.
It is understood that the Indonesian base started construction in 2024, with a planned capacity of 7 GW N-type TOPCon batteries , of which the first phase has been fully produced; The second phase covers an area of about 77702 square meters, with a designed maximum capacity of 3GW, including five additional N-type TOPCon cell production lines, which are still under construction .
But then again, although the overseas construction of Yingfa Ruineng can improve the gross profit margin, there are also many hidden dangers.
Previously, according to Digital New Energy DataBM. (For details, please click:
Especially in the context of overcapacity of high-efficiency battery technology such as TOPCon, integrated manufacturers are more inclined to give priority to technology adaptation and cost control to ensure their own capacity . This will undoubtedly further aggravate the market pressure faced by Yingfa Ruineng.
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