Since June, with the continuous release of policies related to anti-involution, the photovoltaic industry has gradually begun to promote the orderly exit of backward production capacity, which has led to a significant rebound in photovoltaic concept stocks in the secondary market. For instance, AMD (002623.SZ) and Tuori New Energy (002218.SZ) have surged over 50% in just a few trading days.
Amidst the vigorous anti-involution efforts in the industry, Xinzico Photovoltaic, based in Hangzhou and specializing in photovoltaic module packaging films, is accelerating its journey to go public in the United States. According to Zhitong Finance APP, Xinzico Photovoltaic submitted its public prospectus (F-1 document) to the SEC for the first time on March 19 and updated the prospectus for the first time on July 1.
According to the prospectus, Xinzico Photovoltaic is applying for a listing on NASDAQ under the code &#34;XZ,&#34; and the company has significantly raised its fundraising amount. It plans to issue 3.75 million shares at a price of $4-6, aiming to raise up to $22.5 million, which is a 150% increase from the previously planned issuance of 1.5 million shares.
The substantial increase in the fundraising amount may reflect the market's recognition of Xinzico Photovoltaic's true value. So, what has Xinzico Photovoltaic done to impress investors? The company's prospectus may provide some insights.
<h2>Maximum Potential Capacity Reaches 15GW</h2>
Traditional solar panels use crystalline silicon (C-Si) technology, which has been developed for many years and is relatively mature and reliable, characterized by high energy conversion efficiency. However, the drawbacks are also evident, including low actual light absorption efficiency, requiring sufficient thickness to improve actual efficiency, and high costs due to material purity and preparation process limitations.
In contrast, photovoltaic films can achieve photoelectric conversion with a thickness of only a few micrometers, making them ideal materials for reducing costs and improving photon recovery rates. Currently, the main types of transparent photovoltaic films include copper indium gallium selenide (CIGS), cadmium telluride (CdTe), and amorphous silicon (a-Si). Among them, CIGS has high conversion efficiency and stability, making it the most mainstream transparent photovoltaic film material.
Photovoltaic films have been widely used in various fields such as electronic components, integrated optics, electronic technology, infrared technology, laser technology, aerospace technology, and optical instruments. They are not only an important means of material surface modification but also a key method for improving process levels.
Xinzico Photovoltaic focuses on the research, production, and sales of transparent solar photovoltaic module packaging films (&#34;photovoltaic films&#34;). The company's current products include transparent EVA films, white EVA films, POE films, and EPE films, among which POE extrusion films account for 45% of the company's production capacity, while white and black films account for 15%, and other transparent films account for approximately 40% of the company's production capacity.
According to the prospectus, Xinzico Photovoltaic currently has a maximum production capacity of 3GW, holding a market share of 2%-3%. The company stated that this is mainly due to cash flow limitations. Once conditions allow for the purchase of more equipment, continuous reduction of defect rates, and optimization of internal processes, the company's maximum potential capacity could reach 15GW.
In terms of performance, Xinzico Photovoltaic's outlook for 2024 is not promising. Data shows that Xinzico Photovoltaic's revenue for 2024 is projected to be $25.1419 million, a decrease of 23.47% compared to 2023, and its net profit has turned from profit to loss, recording a loss of $340,000, compared to a profit of $458,600 in 2023
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250719/1752933134899423.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="xzgd1.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250719/1752933134899423.png"/>
The main reason for the decline in revenue is the contraction of the industry, while the photovoltaic film industry presents an oligopolistic structure. Leading companies are consolidating through price reductions and capacity expansion, resulting in the market share of Xinzi Photovoltaics, as a third-tier company, being eroded. At the same time, the decline in raw material prices has led to a 31.7% decrease in product unit prices and a 6.34% reduction in sales volume, thereby affecting revenue performance.
After the decline in product unit prices, the company's gross profit margin was also slightly impacted, decreasing from 11.17% in 2023 to 10.61%. Coupled with the increase in general and administrative services and credit loss provisions, this further pressured the company's profitability, leading to a loss in 2024, with a net profit margin of -1.35%, compared to a net profit margin of 1.4% in 2023.
Of course, the performance of Xinzi Photovoltaics is relatively normal given the current industrial context. In 2024, the photovoltaic film industry faces dual pressures of intensified price wars and overcapacity, with the average price of films dropping by 20%-30% year-on-year and the overcapacity rate exceeding 50%. The entire industry is caught in low-price competition, with most companies experiencing declines in both revenue and profit. Even the industry leader, First, is expected to see a 15% decline in revenue and nearly a 30% drop in net profit in 2024, while the fourth-ranked HIUV is projected to see its film business revenue drop by over 46% in 2024, with net losses further expanding to 558 million yuan.
<h2>Technological Breakthroughs + Overseas Expansion are Key to Entering the First Tier of the Industry</h2>
Due to overcapacity and price inversion in the photovoltaic industry, the crisis of losses across the industry is imminent. The entire industry has fallen into a vicious cycle of &#34;increased production without increased profits → technological stagnation → intensified homogenization,&#34; and regulatory authorities have recognized this risk and intervened in a timely manner.
At the policy level, the government has rolled out a set of measures since June. By June 2025, the newly revised &#34;Anti-Unfair Competition Law&#34; explicitly prohibits &#34;selling below cost,&#34; and this law will take effect on October 15, setting a legal red line for price wars. On July 1, the Central Financial Committee meeting called for &#34;governing low-price disorderly competition in accordance with the law and promoting the exit of backward production capacity.&#34;
Moreover, on July 3, the Ministry of Industry and Information Technology held a symposium with participation from 14 leading companies. The meeting proposed &#34;comprehensive governance of low-price competition and mandatory exit of inferior production capacity,&#34; and required companies to report their cost prices, with severe penalties for future sales below cost.
Under the supervision of policies, industry self-discipline actions have also accelerated. The top ten photovoltaic glass manufacturers will collectively reduce production by 30% starting July 2025 to alleviate inventory pressure (current inventory reaches 45 days). Additionally, the operating rate of wafer companies dropped to 50%-80% in July, with leading companies planning to cut production by 40%.
Clearly, with the dual approach of policy intervention and industry self-discipline, the banner of anti-involution in the photovoltaic industry has accelerated its unfolding. This may lead to a significant transformation on the supply side of the photovoltaic industry, aiming to break the deadlock of &#34;overcapacity → price wars → industry-wide losses&#34; through &#34;strong policy + industry self-discipline,&#34; and initial results have already been achieved. For example, on July 7, 2025, leading polysilicon manufacturers raised their prices to 37 yuan/kg (previously long below the cash cost price of 30,000 yuan/ton)
A significant rebound for the first time in nearly two years.
It is foreseeable that the anti-involution in the photovoltaic industry will alleviate the survival pressure on enterprises in the short term through &#34;production cuts to maintain prices.&#34; This will have a certain effect on the fundamental repair of enterprises within the industry. However, in the long run, both the entire photovoltaic industry and the photovoltaic film sub-sector need to reconstruct competitive dimensions through technological stratification and global layout.
Especially for mid-tier companies like New Ziyang Photovoltaics, abandoning the competition for production capacity scale and shifting to a dual-track strategy of &#34;technological breakthroughs&#34; + &#34;overseas high-margin markets&#34; may yield better results. By maintaining cash flow through BIPV transparent films and binding core customers to ensure orders for stable development, and leveraging U.S. stock financing to drive perovskite research and development, achieving production capacity by 2026 to impact the leading edge of the sub-sector could be the key for New Ziyang Photovoltaics to move from the third tier to the first tier of the industry.
From the prospectus, New Ziyang Photovoltaics has continuously increased R&amp;D investment and has made arrangements for overseas market expansion. By mid-2024, New Ziyang Photovoltaics has a total of 17 ongoing projects related to photovoltaic film production technology and preparation methods, as well as photovoltaic film equipment and system development, with 5 projects still in progress as of December 31, 2024.
In terms of overseas expansion, New Ziyang Photovoltaics achieved its first export breakthrough in 2022 and began to lay out the Vietnamese market starting in 2024. Currently, New Ziyang Photovoltaics has reached a cooperation agreement with Vietnam Green Energy Commercial Services Co., Ltd. regarding EVA film.
Whether New Ziyang Photovoltaics can rely on its existing achievements and leverage the capital from its listing to break into the first tier of the industry through technological breakthroughs and overseas market expansion will be a core factor determining its future stock price growth potential

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Xingzi Optoelectronics is accelerating its progress towards a U.S. listing, benefiting from the promotion of anti-involution policies in the photovoltaic industry. The company submitted its prospectus to the SEC on March 19, planning to list on NASDAQ, with the number of shares raised from 1.5 million to 3.75 million, expecting to raise $22.5 million. Xingzi Optoelectronics' photovoltaic film technology has advantages of low cost and high efficiency, and the market's recognition of its value is increasing

U.S. Stock IPO Outlook | Industry anti-involution aids fundamental repair, how will New Sub-Optoelectronics break into the first tier of the industry?