Jiangsu Riyu Photovoltaic New Materials

Based in Wuxi, Jiangsu Province, China, Jiangsu Riyu Photovoltaic New Materials Co., Ltd. operates as a specialized manufacturer and supplier of conductive silver paste for the photovoltaic (PV) industry. The company was founded in 2015 and has since positioned itself as a key player in the sector, focusing on the research, development, and production of materials essential for solar cell manufacturing. As of May 2025, the Chairman of the Board, Guo Peng, held a significant portion of the company's shares. In May 2025, the company submitted an application for a public listing on the Hong Kong Stock Exchange, signaling a new phase of expansion and development.

Jiangsu Riyu Photovoltaic's business is centered on providing conductive silver paste, a critical component used to create the front and back electrodes of crystalline silicon PV cells. These pastes are responsible for collecting and conducting the electricity generated by the solar cells. The company's primary clients are manufacturers of solar cells. Its revenue is directly generated from the sale of its specialized silver paste products to these manufacturers, making its financial performance closely tied to the overall health and growth of the global PV industry. The business model is significantly impacted by raw material costs, particularly silver powder, which constitutes over 90% of its cost of sales.

The company's product portfolio is tailored to meet the demands of an evolving solar market, with a key focus on next-generation N-type solar cells. It produces conductive pastes for various cell technologies, including TOPCon (Tunnel Oxide Passivated Contact), xBC (Back-Contact), and the more traditional PERC (Passivated Emitter and Rear Cell) types. Acknowledged for its rapid growth, the company ranked first in revenue growth from 2022 to 2024 among the top five global PV silver paste manufacturers. As the industry shifts from P-type (PERC) to more efficient N-type cells like TOPCon and xBC, Jiangsu Riyu has aligned its research and development to support this transition. Proceeds from its planned IPO are intended to fund the development of forward-looking technologies, including solutions for TOPCon 5.0/6.0, next-gen N-type BC cells, and metallization solutions for HJT, HBC, and perovskite tandem PV cells.

Keywords: conductive silver paste, photovoltaic materials, solar cell manufacturing, TOPCon silver paste, xBC silver paste, PERC silver paste, solar energy components, metallization solutions, crystalline silicon PV cells, N-type solar cells, PV industry supplier, Jiangsu, Wuxi, Guo Peng, solar electrode paste, renewable energy materials, PV raw materials, silver powder paste, solar cell electrodes, advanced solar materials