Core Insights - The energy storage sector is experiencing a dual boost from policy support and technological innovation, driven by global energy transition and carbon neutrality goals [1][6] - The implementation of AI in energy is a strategic choice for companies like Guoxia Technology, aligning with national policies and technological barriers [1][6] Policy Support - Continuous policy incentives are opening growth opportunities for the energy storage industry, with a goal to apply over five specialized AI models in the energy sector by 2027 [3] - The policies focus on intelligent operation of new energy storage, collaborative regulation of energy sources, and provide comprehensive support in data infrastructure and standardization [3][6] - The demand for energy storage solutions across various scenarios, including grid, commercial, and residential applications, is expected to surge, benefiting companies with comprehensive solutions like Guoxia Technology [3][6] Technological Integration - Guoxia Technology's core competitiveness lies in the deep integration of AI and energy storage, having established cloud-based storage systems [5][6] - The company has developed a dual-platform service system, Safe ESS and HANCHU iESS, to meet diverse energy storage needs [5] - Collaborations with academic institutions enhance Guoxia Technology's R&D capabilities, ensuring continuous technological innovation and effective technology transfer [5][6] Market Positioning - The IPO decision of Guoxia Technology reflects a strategic upgrade to seize industry opportunities, with a focus on enhancing AI capabilities and integrating the supply chain [6][8] - The financing from the IPO will be used to strengthen technological prowess and meet market demands, aligning with national policy directions [6][8] - Guoxia Technology aims to solidify its technological advantages in the AI energy storage field and accelerate its global expansion to capture growth in overseas markets [8] Industry Outlook - The energy storage industry is entering a golden period of high-quality development, driven by policy relaxation and technological innovation [8] - Guoxia Technology's IPO journey symbolizes the intelligent and global transformation of China's energy storage industry, with potential to enhance its market share through customized solutions [8]

再次提交招股书一个月后，果下科技终于在12月3日通过了港交所聆讯。 招股书数据显示，2022年至2024年，果下科技毛利率分别为25.1%、26.7%、15.1%，今年上半年进一步 下滑为12.5%。在各项业务中，大储业务始终毛利率最低，几乎总是低于公司整体毛利率水平，这意味 着高增的大储业务虽然增厚了果下科技的收入，但也在短期内拖累了公司的盈利能力。 果下科技成立仅六年，创始人冯立正曾就职于昔日明星电池企业沃特玛。公司的董监高团队中，多人与 冯立正同为江南大学校友。 果下科技的业务核心为储能系统，这家年轻的企业在过去几年间经历了业务结构的重大调整，国内大储 业务迅速取代海外户储业务成为核心收入来源。不过，毛利率偏低的大储业务也拉低果下科技的盈利能 力。 招股书数据显示，2022年至2024年，果下科技毛利率分别从25.1%跌至15.1%，今年上半年进一步下滑 为12.5%。 营收重心调整，低毛利的大储业务"拖后腿" 果下科技的单一生产基地位于江苏无锡。截至今年上半年末，公司储能系统的年产能为907.8 MWh。上 半年产能利用率为116.7%。 公司九成以上的收入来源于储能系统，而就在过去数年间，果下科技的 ...

本文源自：金融界AI电报 今日果下科技(2655.HK)申购，无新股上市。 ...

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

再次提交招股书一个月后，果下科技终于在12月3日通过了港交所聆讯。 果下科技成立仅六年，创始人冯立正曾就职于昔日明星电池企业沃特玛。公司的董监高团队中，多人与 冯立正同为江南大学校友。 果下科技的业务核心为储能系统，这家年轻的企业在过去几年间经历了业务结构的重大调整，国内大储 业务迅速取代海外户储业务成为核心收入来源。不过，毛利率偏低的大储业务也拉低果下科技的盈利能 力。 招股书数据显示，2022年至2024年，果下科技毛利率分别从25.1%跌至15.1%，今年上半年进一步下滑 为12.5%。 营收重心调整，低毛利的大储业务"拖后腿" 果下科技的单一生产基地位于江苏无锡。截至今年上半年末，公司储能系统的年产能为907.8 MWh。上 半年产能利用率为116.7%。 制图/贝壳财经记者 朱玥怡 果下科技将营收结构的调整解释为对市场机遇及政策发展的动态响应，而非业务重心的根本性改变。公 司称，2023年起，中国推出多项支持能源储存发展的利好政策，创造了有利的监管环境，并推动国内需 求快速增长，于是公司选择在2023年及2024年通过提升产能及资源配置，扩大本地交付规模。 产品结构调整，一定程度上意味着毛利率下滑。 ...

Investment Rating - The report suggests a cautious subscription for the company, GuoXia Technology (2655.HK) [1]. Core Insights - The company is a provider of renewable energy solutions and products driven by platform technology and AI, with applications in both domestic and international markets [2]. - It is recognized as one of the early participants in integrating internet cloud solutions and developing a digital energy management platform in the energy storage industry [2]. - The company has a competitive edge through technological innovation, being the first to develop IoT platform solutions for its industry and AI-driven energy storage models [2]. - R&D expenses have been a significant part of the company's revenue, accounting for 2.7%, 5.3%, 3.1%, and 2.4% over the past years [2]. Financial Performance - The company's revenue has shown rapid growth, with figures of RMB 142 million, 314 million, 1.026 billion, and 691 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Gross margins have fluctuated, recorded at 25.1%, 26.7%, 15.1%, and 12.5% for the same periods [3]. - Net profits were RMB 24.28 million, 28.15 million, 49.12 million, and 5.58 million for the respective years [3]. - The company faces significant cost pressures, with lithium carbonate being a major raw material, constituting over 90% of sales costs, and the price of lithium iron phosphate significantly impacting operational performance [3]. - As of June 2025, accounts receivable surged to RMB 952 million, and the company has experienced negative operating cash flow in recent years [3]. - The company's IPO valuation is approximately HKD 10.2 billion, with a PE ratio of about 189 for 2024, which is considered high compared to industry peers, leading to the cautious subscription recommendation [3].

Core Insights - Guoxia Technology (02655) is ranked among the top eight energy storage suppliers globally, focusing on AI-driven internet energy storage, achieving significant revenue growth [1][2] - The company reported a revenue increase from 142 million RMB in 2022 to 314 million RMB in 2023, marking a 121% year-on-year growth, and projected revenues of 1.026 billion RMB in 2024, representing a 227% increase [1] - In the first half of 2025, the company achieved 691 million RMB in revenue, a staggering 663% increase compared to the same period last year, exceeding the total revenue of 2023 [1] Revenue Growth Drivers - The rapid growth in performance is attributed to the company's focus on research, production, and service of energy storage systems, leveraging AI technology throughout the energy storage lifecycle [2] - Guoxia Technology's proprietary digital energy management platforms, such as Safe ESS and Hanchu iESS, enhance energy efficiency, system stability, and customer experience, addressing industry pain points [2] - The company's global strategy and successful market expansion into regions like Europe have significantly supported its revenue growth [2] Future Outlook - The global demand for AI computing power and the transition towards renewable energy are expected to create a trillion-dollar energy storage market, providing substantial growth opportunities for the company [3] - Guoxia Technology plans to use raised funds to enhance R&D capabilities, expand production capacity, and build overseas operations, solidifying its leading position in the AI internet energy storage sector [3] - The company is pioneering in the "AI robot safety" sector, aiming to develop intelligent safety protection systems for human-robot collaboration, which could open up a new market worth hundreds of billions [3]

Core Viewpoint - Guoxia Technology (02655) is a leading global energy storage supplier, focusing on AI internet energy storage, achieving significant revenue growth driven by unique technology and global strategy [1][2]. Financial Performance - The company's main business revenue has consistently increased over the past three years, with 2022 revenue at 142 million RMB, rising to 314 million RMB in 2023, a year-on-year growth of 121%. Revenue is projected to reach 1.026 billion RMB in 2024, with an expanded growth rate of 227%. In the first half of 2025, revenue reached 691 million RMB, a staggering 663% increase compared to 90.26 million RMB in the same period last year, exceeding the total revenue of 2023 by more than double. The compound annual growth rate (CAGR) of the main business revenue from 2022 to 2024 is 169%, significantly surpassing the industry average and ranking first among new Hong Kong stocks in terms of revenue CAGR over the past three years [1][2]. Business Drivers - The rapid growth in performance is attributed to the company's internal drivers and external environmental changes. As a renewable energy solution provider driven by platform technology and artificial intelligence, the company focuses on the research, production, and service of energy storage systems, covering diverse application scenarios. Its core competitiveness lies in integrating AI technology into the entire lifecycle management of energy storage. The company’s self-developed digital energy management platforms, such as Safe ESS and Hanchu iESS, enhance energy utilization efficiency, system stability, and customer experience, addressing traditional energy storage system pain points [2]. Market Outlook - The future growth prospects for Guoxia Technology are promising, driven by a surge in global AI computing power demand and the transition of energy structures. The global energy storage market is expected to maintain rapid growth, providing substantial market space for the company's existing business. The company plans to use raised funds to enhance R&D capabilities, expand production capacity, and build overseas operations and service networks, further solidifying its leading position in the AI internet energy storage sector [3]. Strategic Initiatives - Guoxia Technology is proactively entering the "AI Robot Safety" sector, becoming the first company globally to do so. The company aims to leverage its core technologies accumulated in the energy storage field, such as AI algorithms and real-time data processing, to develop intelligent safety protection systems for human-machine collaborative environments. This initiative is expected to provide revolutionary safety solutions for industries like manufacturing and logistics, potentially opening up a new market worth hundreds of billions [3].

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 全球發售 獨家保薦人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 $$\mathbb{C}\cong\mathbb{R}\rtimes_{\mu=0}^{\infty}\mathbb{R}^{1}\rtimes_{\mu=1}^{\mu}\mathbb{R}^{2}$$ 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） 全球發售 | 全球發售的發售股份數目 | ： | 33,852,900股H股（視乎發售量調整權及超額配 | | --- | --- | --- | | | | 股權行使與否而定） | | 香港發售股份數目 | ： | 3,385,300股H股（可予重新分配） | | 國際發售股份數目 | ： | 30,467,600股H股（可予重新分配及視乎發售量 | | | | 調整權及超額配股 ...

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