Infographic: Global Leader in Photovoltaic Conductive Pastes Submits for Hong Kong Listing; Juhé Material Sees Revenue Growth but Declining Profit

On January 14th, $Changzhou Fusion New Material (688503.SH)$Juhé Material has submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board; Huatai International and Jefferies are acting as joint sponsors. According to available information, Juhé Material has already listed on the STAR Market in 2022; if this Hong Kong listing proceeds smoothly, it will achieve a dual 'A+H' listing.

Juhé Material is a China-based advanced materials company driven by R&D. Since its establishment in 2015, Juhé Material has consistently invested in R&D to deepen its expertise in advanced materials, particularly photovoltaic conductive pastes. The company’s capabilities span synthesis of inorganic and organic materials, formulation design, manufacturing processes, analysis, and application development, forming a diversified product portfolio. Moreover, Juhé Material maintains a stable and efficient operational management system to support ongoing business progress and sustainable growth.

According to disclosures, Juhé Material's products are primarily divided into two categories: photovoltaic conductive pastes and other electronic materials. Juhé Material is a global leader in the photovoltaic conductive paste market. Based on data from CIC Consulting, for the nine months ended September 30, 2025, Juhé Material ranked first among all photovoltaic conductive paste manufacturers globally in terms of sales revenue. Its core business involves developing and manufacturing a comprehensive range of photovoltaic conductive paste products suitable for various photovoltaic cell structures, including TOPCon, PERC, HJT, and X-BC.

In terms of financial performance, for the nine months ended September 30, 2025, Juhé Material reported revenue of approximately RMB 10.607 billion (same unit below), representing a year-over-year increase of about 9.9%; net profit attributable to shareholders was approximately RMB 239 million, reflecting a year-over-year decrease of about 43.2%.

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