Binding Global Top 9 Photovoltaic Module Manufacturers, Yingfa Ruineng Reverses Course to Restore Gross Margin, Second Attempt to Enter Hong Kong Stock Market | Hong Kong E Voice

Source: Times Business Research Institute
Author: Times Business Research Institute

Image Source: TuChong Creative

Source | Times Business Research Institute
Author | Intern Yang Junwei
Editor | Zheng Lin

On March 19, 2026, Sichuan Yingfa Ruineng Technology Co., Ltd. (hereinafter referred to as “Yingfa Ruineng”) filed a secondary listing application on the Main Board of the Hong Kong Stock Exchange, with CITIC Construction International and Huatai International serving as joint sponsors, aiming to become a core player in the photovoltaic cell segment of the Hong Kong stock market.

According to the prospectus, Yingfa Ruineng was established in 2016. It is a rare specialized manufacturer focusing on the core components of photovoltaic cells in the industry. Unlike the mainstream vertical integration layout, the company concentrates on R&D, production, and sales of solar cells. Its technological layout covers the two main mainstream routes: P-type PERC and N-type TOPCon, while also developing next-generation high-efficiency cell technologies such as xBC and perovskite. In terms of capacity, the company has built four major production bases in Yibin and Mianyang in Sichuan, Tianchang in Anhui, and Indonesia, achieving a coordinated global capacity layout. By the end of 2025, the company’s effective total capacity reached 39.1 GW, with N-type TOPCon capacity accounting for 35.6 GW, over 90%, highlighting scale advantages.

Relying on technological iteration and capacity expansion, Yingfa Ruineng ranks among the industry leaders in the N-type photovoltaic cell segment. According to a report by Frost & Sullivan, based on 2024 shipment volume, the company is the third-largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 13.5%. The prospectus reveals that in terms of customer resources, the company covers nine of the top ten module manufacturers worldwide, with Longi Green Energy serving as both a key customer and strategic investor, ensuring stable orders. Additionally, the company has been recognized as a national “Little Giant” enterprise specializing in niche and innovative sectors and has established a global photovoltaic R&D center in Yibin.

Financial data shows that due to overcapacity in the photovoltaic industry and a sharp decline in P-type cell prices, Yingfa Ruineng’s performance experienced temporary fluctuations. In 2023 and 2024, revenue was approximately 10.494 billion yuan and 4.359 billion yuan, respectively, with a 58.5% year-over-year decline in 2024. Net profit shifted from a profit of 410 million yuan in 2023 to a loss of 864 million yuan in 2024. However, the company’s N-type transformation has achieved significant results, with N-type product revenue accounting for 88.1% in 2025, driving the overall gross profit margin from -7.4% in 2024 to 17.5% in 2025, indicating ongoing optimization of profitability. As of the end of 2025, the net cash flow from operating activities decreased to 52.67 million yuan, and inventory turnover days increased to 69 days, indicating continued pressure on funds and operations.

The prospectus highlights multiple risks faced by Yingfa Ruineng: overcapacity in the photovoltaic industry leading to price wars and sustained pressure on profit margins; technological iterations such as HJT and xBC potentially disrupting the current TOPCon product position; as well as challenges from overseas trade barriers and vertical integration by leading module manufacturers.

According to the prospectus, the funds raised from this IPO will mainly be used for the construction and capacity upgrade of the Indonesia production base, R&D of advanced battery technologies, expansion of domestic and international sales channels, and working capital supplementation. With the global growth in photovoltaic installations and the industry trend of N-type replacing P-type, the company’s profitability recovery, technological implementation, and global expansion are expected to be key market focuses.

Disclaimer: This report is for use by clients of Times Business Research Institute only. The company does not consider recipients of this report as clients solely by receipt. This report is prepared based on information deemed reliable and publicly available, but the company makes no guarantees regarding its accuracy or completeness. The opinions, assessments, and forecasts contained herein reflect the views and judgments as of the date of publication only. The company does not guarantee that the information remains current and may modify it without notice; investors should pay attention to updates or changes. While striving for objectivity and fairness, the opinions, conclusions, and recommendations in this report are for reference only and do not constitute buy or sell prices or solicitations for securities. These opinions and suggestions do not consider individual investors’ specific investment objectives, financial situations, or particular needs and are not personalized investment advice. Investors should fully consider their own circumstances and understand and use this report’s content comprehensively; it should not be the sole basis for investment decisions. The company and authors are not responsible for any consequences arising from reliance on or use of this report. To the best of their knowledge, the company and authors have no legal conflicts of interest with the securities or investment targets mentioned herein. Under legal permissions, the company and its affiliates may hold securities positions in the companies mentioned and engage in related trading or provide investment banking, financial advisory, or financial products services. All trademarks, service marks, and logos used in this report are owned by the company. Unauthorized reproduction, copying, publication, citation, or redistribution in any form is prohibited without written permission from the company. If quoting or publishing with permission, it must be within the permitted scope, citing “Times Business Research Institute” as the source, and any quotes or modifications must not distort the original intent. The company reserves the right to pursue legal responsibility for violations.