(Incorporated in the Cayman Islands)

We are an exempted holding company with limited liability incorporated in the Cayman Islands. We have no material operations of our own and conduct substantially all of our operations through our PRC operating entities, mainly Hangzhou Xinzi, which is supported by Hangzhou Yiyang and Suqian Taijing. Investors in our Ordinary Shares are purchasing equity interests in the Cayman Islands holding company, and not in the PRC operating entities. We directly and indirectly hold equity interests in the PRC operating entities and do not use a VIE structure. Through the PRC operating entities, we engage in the development, production, and sales of transparent photovoltaic component encapsulation films, including transparent EVA films, white EVA films, POE and EPE co-extruded films, leveraging our advanced technology and efficient manufacturing process.

Our revenue is primarily generated from the PRC operating entity Hangzhou Xinzi. Our revenue and net income have remained largely stable over the years. In the fiscal years ended December 31, 2023, and 2022, our revenue was US$32,853,544 and US$38,372,902 respectively. For the same fiscal years, our net income was US$458,573 and US$1,853,737 respectively.

We aim to become a leading provider of specialized solar photovoltaic (PV) module encapsulation films (“PV films”), recognized for our innovative products and sustainable practices in the renewable energy sector.

Hangzhou Xinzi focuses on the research and development, production and sales of transparent solar photovoltaic (PV) module encapsulation films. Solar photovoltaic (PV) module encapsulation film is an adhesive film that is placed between the glass of the solar panel module and the solar cell or the back sheet and the solar cell to encapsulate and protect the solar cell and is one of the key materials of the solar panel module. PV encapsulant films are crucial in the protection and long-term functionality of solar collection cells in PV modules. Weather, moisture incursion/corrosion and long-term UV exposure negatively impact PV modules.

Transparent photovoltaic film refers to a transparent film that can convert sunlight into electricity without affecting the transparency and optical properties. It is usually used in construction, automotive, electronic display and other fields. At present, transparent photovoltaic film mainly includes organic film, inorganic transparent conductive film and diamond film. This industry is regarded as one of the new hot fields in the future energy industry.

Hangzhou Xinzi’s main products are transparent EVA film (Polyethylene vinyl acetate films), white EVA films, POE (Polyolefin Elastomer) and EPE (Expandable Polyethylene) co-extruded films.

Note: Net loss and revenue are in U.S. dollars (converted from  China’s currency) for the 12 months that ended June 30, 2024.

(Note: Xinzi filed its F-1 for its IPO on March 19, 2025, and disclosed the terms: The company is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, if priced at the $5.00 mid-point of its range.)