New stock news | Enphase Energy submits application to Hong Kong Stock Exchange to become the world's third largest specialized manufacturer of N-type TOPCon solar panels.

According to the disclosure by the Hong Kong Stock Exchange on August 20th, Sichuan Yingfa Fujian Raynen Technology Co., Ltd. (referred to as Yingfa Raynen) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International and Huatai International as its joint sponsors. According to the prospectus, Yingfa Raynen is a leading professional manufacturer of photovoltaic cells globally. Since its establishment in 2016, it has focused on the research and development, production, and sales of photovoltaic cells. The company is customer-oriented and its products sold to global markets cover P-type and N-type cells. In addition, building on its leading position in the industry with N-type TOPCon cells, the company is also laying out a new generation N-type xBC cell technology route. According to Frost & Sullivan, based on the shipment volume in 2024, the company is the third largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 14.7%. The company is a national-level specialized and new giant enterprise, and has been selected as the annual influential photovoltaic cell brand for the Polar Star Cup, the most growth-oriented photovoltaic brand for PVBL 2023, and has participated in the formulation of multiple standards within the Chinese industry. Additionally, the company's cell products have passed the French carbon footprint certification and the German South German certification, demonstrating its competitiveness in the global market. During the performance record period, the company experienced rapid and stable capacity growth. By 2022, the company's capacity mainly included 5.7GW annual capacity of P-type PERC cells. As of the four months ended on April 30, 2025, the capacity mainly includes 32.7GW annual capacity of N-type TOPCon cells (based on an annualized calculation of 10.9GW capacity as of the four months ended on April 30, 2025). By April 30, 2025, the company's capacity has all been converted to the mainstream 182mm size and above large-size cells. The company is rooted in China and has prospectively laid out a large-scale advanced cell capacity in the new photovoltaic city of Yibin, Sichuan, taking full advantage of the photovoltaic cluster bonus and premium regional resources in Yibin, and deeply collaborating with upstream and downstream manufacturers in the industrial chain that also operate in Yibin. At the same time, the company has formulated an overseas strategy to seize the opportunities brought by global energy transition. In 2024, the company established its first overseas manufacturing base in Indonesia, serving as an important hub for radiating the Southeast Asia, Middle East, and European and American markets. This layout not only reduces logistics costs, but also enhances the company's ability to respond to global trade uncertainty by approaching emerging markets in Southeast Asia. The company has accurately grasped the industry's cutting-edge development trends, built up technological barriers, and successfully translated economic results. Specifically: P-type PERC large-size cells. In 2021, the company keenly seized the market opportunity for P-type PERC large-size cells, being one of the first photovoltaic cell manufacturers to layout production lines for 210mm large-size cells. N-type TOPCon cells. In 2022, when the wave of N-type cell began, the company again accurately grasped the market opportunity brought by industrial iteration. In 2022, it accelerated the development of N-type TOPCon cell technology and constructed production bases. N-type xBC cells. In 2024, the company signed a strategic cooperation agreement with a major customer for N-type HPBC cells (a type of N-type xBC cell). The first phase of the 6.0GW production line for N-type xBC cells started trial production in May 2025. According to Frost & Sullivan, in August 2025, the company became the first global commercial manufacturer of N-type xBC cells for photovoltaic cells. Conversion efficiency is an important indicator to measure the performance of photovoltaic cells. The company's independently developed core technologies have promoted the improvement of cell conversion efficiency. As of June 30, 2025, the company's N-type TOPCon cells in mass production testing achieved a light-to-electric conversion efficiency of over 27.1%, which, according to Frost & Sullivan, is higher than the industry average and close to the theoretical limit efficiency of 28.7%. In terms of finances, for the years 2022, 2023, 2024, and the four months ended on April 30, 2025, the company achieved revenues of approximately RMB 5.643 billion, RMB 10.494 billion, RMB 4.359 billion, and RMB 2.408 billion respectively; during the same periods, the annual/net profits were approximately RMB 350 million, RMB 410 million, -RMB 864 million, and RMB 355 million respectively.