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Leidi Network, Lei Jianping, March 22
Sichuan Yingfa Ruineng Technology Co., Ltd. (referred to as &#34;Yingfa Ruineng&#34;) recently updated its prospectus and is preparing to list on the Hong Kong Stock Exchange.
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Yingfa Ruineng completed a financing of 1.053 billion yuan on July 29, 2025, with a post-investment valuation of 8.594 billion yuan and a per-share cost of 22.18 yuan. Yingfa Ruineng also completed a financing of 1.038 billion yuan in December 2022, with the same per-share cost of 22.18 yuan and a post-investment valuation of 7.54 billion yuan.
Annual revenue of 8.7 billion, profit of 860 million
Yingfa Ruineng is a professional photovoltaic cell manufacturer, focusing on the research, production, and sales of photovoltaic cells since its establishment in 2016, with products covering P-type and N-type cells.
The prospectus shows that Yingfa Ruineng's revenue for 2023, 2024, and 2025 is expected to be 10.494 billion yuan, 4.359 billion yuan, and 8.713 billion yuan, respectively; gross profit is expected to be 920 million yuan, -322 million yuan, and 1.522 billion yuan, respectively; and gross profit margins are expected to be 8.8%, -7.4%, and 17.5%, respectively.
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In 2025, Yingfa Ruineng's revenue from N-type TOPCon cells is expected to be 7.676 billion yuan, accounting for 88.1%; revenue from P-type PERC cells is expected to be 310 million yuan, accounting for 3.6%; and revenue from N-type xBC cells is expected to be 278 million yuan, accounting for 3.2%.
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Yingfa Ruineng's profits for 2023, 2024, and 2025 are expected to be 410 million, -864 million, and 857 million yuan, respectively; profit margins are expected to be 3.9%, -19.8%, and 9.8%, respectively
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As of December 31, 2025, Yingfa Ruineng holds cash and cash equivalents of 655 million yuan.
The Zhang Fayu family controls 49.1% of the equity.
The executive directors of Yingfa Ruineng are Zhang Fayu, Ms. Zhang Min, Zhang Jie, and Shi Yansong; the non-executive directors are Wu Qingbao and Bu Xiong; the independent non-executive directors are Li Liangchen, Dr. Yuan Shuai, and Dr. Xu Linwen.
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Before the IPO, Nanjing Yingfa held a 45.63% stake in Yingfa Ruineng. Nanjing Yingfa is 36% owned by Zhang Fayu, 24% by Ms. Luo Baoying, 20% by Ms. Zhang Min, and 20% by Zhang Jie; Yingfa Qinhao holds approximately 2.62% equity, with Zhang Fayu as the general partner; and Zhang Fayu holds approximately 0.85% equity. Zhang Fayu and Ms. Luo Baoying are spouses and the parents of Ms. Zhang Min and Zhang Jie (collectively referred to as the &#34;Zhang Fayu family&#34;), which controls 49.1% of the company's equity.
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In addition, Yibin Gaotou holds 15.43%, Yibin Ruineng Investment holds 5.24%, Yibin Lüneng holds 1.16%, and Yibin Gaotou Industry holds 4.68%. Yibin Gaotou, Yibin Ruineng Investment, Yibin Lüneng, and Yibin Gaotou Industry are all funds under the Yibin State-owned Assets Supervision and Administration Commission, which controls a total of 26.51% of the equity.
Sichuan Yibin has provided significant financial support to Yingfa Ruineng, which is also the core reason for Yingfa Ruineng's relocation of its headquarters to Sichuan Yibin in 2025.
The National Green Fund holds 7.86%, Donghe Venture Capital holds 3.93%, Jianxin Investment holds 2.33%, Jinyu Maowu holds 2.18%, Pengying Venture Capital holds 1.22%, Qiancheng Phase II holds 1.08%, China Energy Conservation Hubei holds 0.87%, and Yuna Capital holds 0.87%;
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Tianfu Huasheng holds 0.58%, Dicer Venture holds 0.58%, Tiantang Silicon Valley, Guofu Huaqing, and Anhua Innovation hold 0.52% respectively, Naxin Holdings holds 0.37%, Hengneng Enterprise Management holds 0.35%, Guoruiyuan Fund holds 0.24%, Shi Chunmao holds 0.28%, and Chen Zhaohua holds 0.1%.
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四川英发睿能科技股份有限公司

Yingfa Ruineng Technology Co., Ltd. (abbreviated as Yingfa Ruineng) updated its prospectus and plans to list on the Hong Kong Stock Exchange. It is expected to generate revenue of 8.7 billion in 2025, with a profit of 860 million and a valuation of 8.6 billion. The company focuses on the research and production of photovoltaic cells, with revenues of 10.494 billion, 4.359 billion, and 8.713 billion from 2023 to 2025, respectively. In 2025, the revenue from N-type TOPCon cells is expected to account for 88.1%. The Zhang Fayu family controls 49.1% of the shares, while Nanjing Yingfa holds 45.63% of the equity

Yingfa Ruineng rushes to the Hong Kong stock market: 2025 revenue of 8.7 billion, profit of 860 million, valuation of 8.6 billion