On July 14, Jinan Jianbang Metal Materials Co., Ltd. (Hereinafter referred to as "Jianbang Metal"), the leader of photovoltaic silver powder, submitted an application for listing to the Hong Kong Stock Exchange, with CITIC Construction Investment International as the sole sponsor.
It is worth noting that this is the third time that the company has hit the IPO of Hong Kong stocks. As early as May and November 2025, Jianbang Metal has submitted two forms, both of which are automatically invalid due to the expiration of the prospectus for six months.
Now, eight months later, Jianbang Metal has once again knocked on the door of the Hong Kong Stock Exchange. As disclosed in the
prospectus, the IPO is planned to focus on four major investments: increasing research and development of silver powder and alternative conductive materials, expanding overseas production bases in the Middle East, building R & D centers in East Asia, supplementing funds for daily operation and market expansion, and relying on overseas factories to open up incremental space for international photovoltaic customers.
It is understood that Shandong Jianbang Group is mainly engaged in traditional heavy asset businesses such as infrastructure and real estate. Due to the peak growth of the original main business, in order to seek the second growth curve, in 2012, Jianbang Metal formally entered the photovoltaic silver powder track, becoming the first batch of domestic enterprises to lay out photovoltaic silver powder.
By 2014, Jianbang Metal has built a silver powder production line and formally produced photovoltaic silver powder on a large scale. By 2025, the company's actual annual output of silver powder has reached 614.
According to the prospectus, the company's silver powder is mainly used in PERC, TOPCon, HJT, XBC and other new photovoltaic cells . A small number of products are used in high-end electronic fields such as semiconductor packaging and PCB printing.
Benefiting from the continuous rise in silver market prices and the steady increase in sales of superimposed products, Jianbang Metal achieved leapfrog growth from 2023 to 2025 . Data show that the company's revenue rose from 2.7817 billion yuan in 2023 to 5.0665 billion yuan in 2025, a cumulative increase of 82.14%; Net profit increased from 59.9 million yuan to 168.5 million yuan, with a cumulative increase of 181.
! Ccement. Com/news/2607/richtext/IMG/dgxww0affmi1784627025535. The company ranks first in the country .
So far, or based on the brilliant development performance, Jianbang Metal has the idea of planning to hit the IPO of Hong Kong stocks again, which is less than a year from the expiration of the last submission. This can not help but make people think deeply, Jianbang Metal is so "non-stop" to fight Hong Kong stocks, what are the considerations behind it? From the four major investments raised this time, it is not difficult to see that Jianbang Metal aims to upgrade its technology and expand its overseas production capacity. However, whether it is technology iteration or the expansion of production capacity at home and abroad, it needs long-term and large amount of capital support, and listing is almost the best solution for Jianbang Metal to solve the capital problem.
According to the prospectus, the demand for traditional pure silver powder has been shrinking for a long time, and the company must invest heavily in research and development of alternative conductive materials such as silver-clad copper and copper powder, while seizing the XBC high-end silver powder subdivision track.
Secondly, its own business model has inherent shortcomings and needs to rely heavily on external capital transfusion.
Photovoltaic silver powder industry has the characteristics of low gross profit, heavy inventory and high capital occupation. The company needs to pay a huge amount of money in advance for purchasing silver raw materials, while the downstream 3" is to seize the opportunity of window period. Photovoltaic enterprises flock to Hong Kong, and the capital market has a high acceptance of the track.
According to incomplete statistics from the Digital New Energy DataBM. Com, in addition to Jianbang Metal, since 2025. Many photovoltaic enterprises , such as Juhe Material, Boqian New Material and Yingfa Ruineng, have updated their listing dynamics in Hong Kong. Covering auxiliary materials, batteries, Silver is currently in an upward cycle. Once the silver price falls and the technology of "de-silvering" comes to the ground, the scale of revenue and profit will shrink dramatically, and the company's subsequent listing will only become more difficult.
From this point of view, Jianbang Metal's sprint to Hong Kong stocks is a forced move. But at present , the three major injuries of Jianbang Metal are far more eye-catching than bright performance. Behind the
scenery, it is difficult to hide the "three major injuries"! The data show that in 2023-2025, the gross interest rate of the company was 3.9%, 3.3% and 4.7%, while the net interest rate was only 2.2%, 2.0% and 3. In the first five months of 2026, the gross interest rate dropped to 2.0%, and the net interest rate was only 1.
What is hard to hide is the company's extremely low level of profitability.
In the prospectus, Jianbang Metal admitted that the core driving force of the soaring revenue in recent years is the rising price of silver, rather than substantial increase in product shipments. This means that once the silver price falls, even if sales are stable, the company's revenue and book profits will shrink dramatically, and may even fall below the profit threshold of Hong Kong stock listing. The second
hard injury is the high concentration of upstream and downstream, and the weak ability to resist risks. According to
the prospectus, from 2023 to 2025 and in the first five months of 2026, the company's largest customer revenue accounted for 45.1%, 36.7%, 21.4% and 20.7% respectively, while the top five customers accounted for 94.8%, 84.4%, 71.1% and 72% respectively. Although customer concentration is declining year by year, Jianbang Metal's dependence on head customers is still at a high level . The
supplier side risk is also prominent. During the same period, the company's largest supplier of raw materials rose from 51.1% to 75. In response, Jianbang Metal explained in the prospectus that this was related to the relatively concentrated industry structure of the silver nitrate market itself.
However, we have to be vigilant that the high concentration of upstream and downstream will undoubtedly greatly magnify the operational risks of enterprises. Once the head customers reduce the purchasing volume, self-matching silver powder or change suppliers, or the core suppliers have supply fluctuations and price increases, it will directly affect the company's operating performance.
At present, the company's income mainly depends on the photovoltaic silver powder business, and only a small amount of silver powder business is involved in the semiconductor and electronic industries, so the company's ability to resist risks is weak. In addition, the industry is at the bottom of the cycle, the follow-up capacity continues to clear , and the business operation may bear a greater impact.
What is more serious is that new technologies such as silver-clad copper, electroplated copper and silver-free metallization are constantly upgraded, the consumption of silver per watt of photovoltaic is decreasing year by year, and the market of pure silver powder will continue to shrink in the medium and long term. Although Jianbang Metal has an advantage in the high-end silver powder subdivision of XBC, its overall market share has continued to decline .
In order to hedge the risk of market shrinkage, Jianbang Metal must advance its layout. As the purpose of this fund-raising shows, the company will invest part of the funds in the research and development of Shaoyinhua. However, under the above triple injuries, whether the company can successfully break through the barriers of the Hong Kong Stock Exchange is a barrier in itself.
Moreover, even if the listing is successful, high compliance costs and performance pressures will continue to erode R & D investment. The company is not only difficult to hedge the shrinking market, but also adds to the burden of listing maintenance.
For Jianbang Metal, it is important to raise funds to expand production and upgrade technology, but the multiple injuries at the operational level will not be automatically eliminated with the listing. Only by practicing basic skills can we talk about long-term development.
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