New stock news | Zhongrun Optoelectronics once again submitted an application to the Hong Kong Stock Exchange. In 2024, the external shipment volume of photovoltaic cells ranked second among global photovoltaic cell manufacturers.

According to the disclosure on September 15 of the Hong Kong Stock Exchange, Jiangsu Zhongrun Solar Technology Co., Ltd. (referred to as Zhongrun Solar) submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International and CITIC SEC as joint sponsors. The company had previously submitted an application to the Hong Kong Stock Exchange on March 13, 2025. The prospectus shows that Zhongrun Solar is a global specialist manufacturer of photovoltaic cell wafers, with its main business being the production and sales of N-type and P-type photovoltaic cell wafers. While continuing to focus on the photovoltaic cell wafer industry, the company has vertically expanded into the photovoltaic module industry for manufacturing and selling photovoltaic modules. During the historical period, the company's business spanned over 32 countries and regions, serving more than 1,000 customers. According to data from Frost & Sullivan, based on external shipments of photovoltaic cells, in the fiscal year 2024, the company ranked second among global photovoltaic cell manufacturers with a market share of 14.6%. According to the same source, the company's market share among global specialist manufacturers of photovoltaic cell wafers is 18.3%. In addition to China, the company's products are exported to the United States, Europe, the Middle East, Southeast Asia, and South Asia. The company has production bases in China and Southeast Asia, and is currently expanding its global footprint, including establishing new production bases overseas. The target customers of the domestic production base mainly come from China and India, while the target customers of the overseas production base mainly come from international markets. Since the establishment of the photovoltaic cell and module production base in Southeast Asia, it has become an important driver of the company's business growth. During the historical period, the photovoltaic cell and module production base in Southeast Asia mainly sold photovoltaic cell wafers to markets such as Vietnam, the United States, Thailand, and Singapore, which have relatively high gross profit margins compared to the domestic market. In 2023, 2024, and the six months ended June 30, 2025, the production volumes of photovoltaic cell wafers from the Southeast Asia production base were 0.8GW, 4.5GW, and 7.0GW, accounting for 2.0%, 12.3%, and 35.7% of the total photovoltaic cell wafer production of the company during the same period. As of the latest practicable date, the company has operating service centers in Frankfurt, Germany, California, the United States, and Shanghai, China. The company's logistics infrastructure includes overseas logistics hubs in Rotterdam, the Netherlands, Los Angeles, and Chicago, as well as warehouses at each production base. According to Frost & Sullivan data, in 2024, the company's customers include major photovoltaic module manufacturers, including nine of the top ten global photovoltaic module manufacturers (based on shipments). In 2022, 2023, 2024, and the six months ended June 30, 2025, the sales volumes of photovoltaic cell wafers were 13.2GW, 34.9GW, 34.5GW, 18.3GW, and 19.4GW respectively. The revenues generated from the photovoltaic cell wafer business in 2022, 2023, 2024, up to June 30, 2025, amounted to approximately RMB 115.78 billion, RMB 189.67 billion, RMB 91.79 billion, RMB 47.99 billion, and RMB 63.11 billion, representing 92.5%, 91.0%, 81.1%, 81.3%, and 84.6% of the total revenues for the respective years/periods. Financially, in 2022, 2023, 2024, up to June 30, 2025, Zhongrun Solar achieved revenues of approximately RMB 125.17 billion, RMB 208.38 billion, RMB 113.20 billion, RMB 59.03 billion, and RMB 74.65 billion, respectively; while net profits for the same period were approximately RMB 8.34 billion, RMB 16.81 billion, -RMB 13.63 billion, -RMB 7.45 billion, and RMB 12.04 billion.