Financial Performance - For the fiscal year ending December 31, 2025, the company's total revenue was approximately RMB 2,057.4 million, an increase of about 100.6% compared to RMB 1,025.6 million for the fiscal year ending December 31, 2024[5]. - The company's gross profit for the fiscal year ending December 31, 2025, was approximately RMB 382.6 million, representing an increase of about 146.8% from RMB 155.0 million for the fiscal year ending December 31, 2024, with a gross margin of 18.6%[5]. - The net profit for the fiscal year ending December 31, 2025, was approximately RMB 102.9 million, up about 109.5% from RMB 49.1 million for the fiscal year ending December 31, 2024[5]. - The net cash flow from operating activities for the fiscal year ending December 31, 2025, was approximately RMB 145.2 million, a significant increase of about 3,793.5% from RMB 3.7 million for the fiscal year ending December 31, 2024[5]. - The company's revenue increased approximately 100.6% from RMB 1,025.6 million for the year ended December 31, 2024, to approximately RMB 2,057.4 million for the year ended December 31, 2025[25]. - Gross profit increased approximately 146.8% from about RMB 155.0 million in 2024 to approximately RMB 382.6 million in 2025, reflecting business expansion[27]. - The annual profit rose approximately 109.6% from about RMB 49.1 million in 2024 to approximately RMB 102.9 million in 2025[35]. - The company's total revenue for 2025 reached RMB 42,057,423 thousand, a significant increase from RMB 1,025,613 thousand in 2024, representing a growth of approximately 4,000%[57]. - Gross profit for 2025 was RMB 382,581 thousand, compared to RMB 155,007 thousand in 2024, indicating a gross margin improvement[57]. - The net profit for the year 2025 was RMB 102,913 thousand, up from RMB 49,119 thousand in 2024, reflecting a year-over-year increase of approximately 109%[58]. Revenue Sources - Revenue from energy storage system solutions rose about 80.8% from approximately RMB 1,003.4 million in 2024 to approximately RMB 1,814.1 million in 2025, driven by both domestic and international market expansion[26]. - Revenue from the energy storage systems business was RMB 1,814,110 thousand in 2025, up 80.9% from RMB 1,003,382 thousand in 2024[77]. - Revenue from EPC services increased to RMB 173,610 thousand in 2025, compared to RMB 19,512 thousand in 2024, marking a growth of 789.5%[77]. - Customer A contributed RMB 286,619 thousand in revenue in 2024, while Customer B generated RMB 377,706 thousand in 2025, reflecting a growth of 258.5%[76]. Cost and Expenses - Administrative and R&D expenses rose approximately 188.5% to RMB 75.3 million in 2025, attributed to increased listing costs and personnel growth[30]. - R&D expenses increased about 98.1% to approximately RMB 62.6 million in 2025, maintaining a steady 3% of total revenue[31]. - The company's financial costs increased approximately 68.9% to about RMB 17.4 million in 2025, mainly due to increased borrowings[33]. - The group incurred research and development expenses of RMB 62,598 thousand in 2025, which is an increase of 98.5% from RMB 31,578 thousand in 2024[81]. Assets and Liabilities - Trade receivables and notes increased from approximately RMB 520.5 million in 2024 to about RMB 1,220.8 million in 2025, aligning with revenue growth[37]. - The company's property, plant, and equipment net book value increased approximately 91.8% from about RMB 90.3 million in 2024 to approximately RMB 173.2 million in 2025[36]. - Cash and cash equivalents are projected to increase from approximately RMB 50.3 million as of December 31, 2024, to about RMB 1,034.0 million by December 31, 2025, representing a growth of approximately 1,955.7% primarily due to net proceeds from the IPO[39]. - Trade payables and notes payable are expected to rise from approximately RMB 438.9 million as of December 31, 2024, to about RMB 1,294.6 million by December 31, 2025, an increase of approximately 195.0% driven by the expansion of the group's business[40]. - The group's current asset net value is anticipated to grow from approximately RMB 47.6 million as of December 31, 2024, to about RMB 965.9 million by December 31, 2025, mainly due to increases in trade receivables, cash and cash equivalents, trade payables, and inventory[42]. - As of December 31, 2025, the group's interest-bearing bank borrowings are expected to be approximately RMB 494.9 million, up from about RMB 317.5 million as of December 31, 2024[44]. - Non-current liabilities totaled RMB 143,303 thousand in 2025, a substantial increase from RMB 22,756 thousand in 2024, indicating a growth of over 530%[60]. - The equity attributable to the owners of the parent company increased to RMB 1,052,602 thousand in 2025 from RMB 191,673 thousand in 2024, showing a growth of approximately 450%[60]. Production Capacity and Future Plans - The annual production capacity of energy storage systems is set to increase from 1,561.2 MWh in 2024 to 4,800.6 MWh in 2025[19]. - The company plans to purchase four new production lines and eight testing systems for large-scale and commercial energy storage systems, and three new production lines and six testing systems for residential energy storage systems[20]. - By the end of 2027, the annual production capacity for large-scale and commercial energy storage systems is expected to increase by 6.0 GWh, while residential energy storage systems will see an increase of 240,000 units (equivalent to 900 MWh)[20]. - Future plans include the development of a fully integrated intelligent maintenance ecosystem using drones, robots, and smart helmets by 2026[22]. - The company is exploring the integration of energy storage, green electricity, and computing power to create an AI-driven tokenized energy storage factory[21]. Corporate Governance and Compliance - The group has adopted corporate governance codes as a foundation for its corporate governance practices since the listing date[101]. - The group has complied with all applicable corporate governance code provisions from the listing date until December 31, 2025[102]. - The company has not identified any violations of the standard code by employees since the listing date[103]. - The audit committee has reviewed the consolidated annual results for the year ending December 31, 2025, and found no discrepancies[108]. Shareholder Information - The company does not recommend the payment of a final dividend for the fiscal year ending December 31, 2025, consistent with the previous year[6]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2025[105]. - The weighted average number of ordinary shares used for calculating basic earnings per share was 468,781,200 in 2025, up from 280,687,585 in 2024[86]. Market Outlook - The significant revenue growth is attributed to the explosive growth of the global energy storage market, driven by increased demand for energy storage applications and rapid growth in AI computing infrastructure[7]. - The global Energy Storage System (ESS) market is expected to reach a shipment volume of 550 GWh by 2025, representing a year-on-year growth of 79%[15]. - China's ESS market is projected to grow to 352 GWh by 2025, accounting for 64% of the global market, with an annual growth rate of 117%[15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因依賴該等內容引致的任何 損 失 承 擔 任 何 責 任。 承董事會命 果下科技股份有限公司 董事長兼董事 馮立正先生 香 港，2026年3月10日 截 至 本 公 告 日 期，本 公 司 董 事 會 成 員 包 括：(i)執 行 董 事 馮 立 正 先 生、 張 晰 先 生、劉 子 葉 先 生、白 洋 博 士、朱 帥 帥 先 生 及 王 振 淋 先 生；及(ii)獨 立 非 執 行 董 事 錢 凱 明 先 生、蔣 煒 博 士 及 蔣 幸 男 女 士。 果下科技股份有限公司 Guoxia Technology Co., Ltd. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2655） 董事會會議日期 果 下 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈， 董事會會議將於2026年3月20日（星 期 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 果下科技股份有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02655 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 394,689,340 | RMB | | 0.2 | RMB | | 78,937,868 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 394,689,340 | RMB | | 0.2 | RMB | | 78,937,868 | | 2. 股份分類 | ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with GuoXia Technology (02655) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, with corresponding adjustments to the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, GuoXia Technology may be included in the Hong Kong Stock Connect as it meets various criteria including market capitalization, liquidity, and listing duration [1] Group 2 - Recently, Shangneng Electric (300827) signed a strategic cooperation agreement with GuoXia Technology at Shangneng Electric's headquarters [1] - The agreement aims to further leverage each company's strengths based on past collaborations, focusing on market development and project promotion in the energy storage sector [1] - The partnership seeks to enhance global brand influence and promote a transition towards a greener and more sustainable energy structure worldwide [1]

Core Viewpoint - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series, with GuoXia Technology (02655) being included in the Hang Seng Composite Index, effective from March 9, 2026 [1] Group 1: Company Developments - GuoXia Technology is set to be added to the Hang Seng Composite Index, which may lead to its inclusion in the Hong Kong Stock Connect due to meeting criteria such as market capitalization, liquidity, and listing duration [1] - A strategic cooperation agreement was signed between ShunNeng Electric and GuoXia Technology, focusing on enhancing collaboration in the energy storage sector to boost global brand influence and promote a greener energy structure [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 果下科技股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02655 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | | 上月底結存 | | | 388,849,740 | RMB | | 0.2 RMB | | 77,769,948 | | | 增加 / 減少 (-) | | | 5,839,600 | | | RMB | | | 1,167,920 | | 本月底結存 | | | 394,689,340 | RMB | | 0.2 RMB | | | 78,937,8 ...

Core Insights - The successful IPO of Guoxia Technology on the Hong Kong Stock Exchange marks a significant moment for the global energy technology sector, with its market value exceeding HKD 23 billion on the first day of trading, indicating strong market recognition of the "AI+" energy storage paradigm [1][6][10] - The energy storage industry is transitioning from traditional hardware manufacturing to a new era defined by artificial intelligence and smart ecosystems, as exemplified by Guoxia Technology's journey from Wuxi to the global capital stage [1][7] Technology and Innovation - Guoxia Technology's foundation lies in its "AI+" energy storage/energy core, built on an integrated "cloud-edge-end" intelligent architecture, which addresses the challenges of intermittent renewable energy sources like wind and solar [2][7] - The company has developed two proprietary technology platforms, Safe ESS and HANCHU iESS, which incorporate AI into energy storage systems, transforming them from passive energy containers to flexible smart assets capable of participating in grid balancing and generating economic returns [2][7] Market Strategy - Guoxia Technology employs a dual-track strategy of domestic and international collaboration, leveraging both its "Guoxia Technology" and "HANCHU ESS" brands to penetrate global markets [3][8] - The domestic brand focuses on integrating into new power system construction, while the international brand aims to deliver Chinese smart energy solutions to global households, demonstrating adaptability to local energy policies and user habits [3][8] Capital Utilization - The IPO provides crucial capital to enhance core technology research, build overseas operational networks, and expand production capacity, creating a strategic loop where capital fuels technological advancement and market expansion [4][9] - Future plans include developing dedicated AI chips for energy storage systems and exploring AI robotics for autonomous inspection and maintenance, indicating a shift towards intelligent systems capable of self-management [4][9] Industry Impact - The IPO signifies a new value logic in the energy revolution, emphasizing that the greatest opportunities arise from a systemic reconfiguration of energy production, storage, consumption, and trading driven by AI [5][10] - Guoxia Technology's "AI+" model is positioned to address the increasing complexity and flexibility demands of power systems, potentially leading the energy storage industry from a cost-driven manufacturing model to a value-driven smart service model [5][10]

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Group 1 - GuoXia Technology (02655) saw its stock price increase by 3.97%, reaching HKD 57.60, with a trading volume of HKD 23.72 million [1][5] - A strategic cooperation agreement was signed between ShangNeng Electric and GuoXia Technology, focusing on enhancing collaboration in the energy storage sector for market expansion and project promotion [1][5] - The Hong Kong Stock Connect is set for a new round of adjustments, with results expected to be announced on February 20 and effective from March 9, with GuoXia Technology likely to be included in the list of eligible stocks [1][5]

Group 1 - The stock of Guoxia Technology (02655.HK) rose over 4% in early trading, reaching an increase of 4.24% at a price of 57.75 HKD [2] - The trading volume amounted to 16.5354 million HKD [2]