EVE(SZ:300014) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-11 03:49Core Viewpoint - EVE Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength, competitiveness, and international brand image, supporting its global strategy [1] Group 1: Financing and Capital Structure - EVE Energy has conducted four rounds of private placements since its listing, raising a total of 14.6 billion yuan over 16 years, while cash dividends amounted to 3.144 billion yuan [1] - The company successfully raised 5 billion yuan through convertible bonds to fund significant battery projects, with a total funding requirement exceeding 13.5 billion yuan by the end of 2025 [2][3] - The asset-liability ratio has been around 60% since 2022, reaching 61.98% in Q1 of this year [3] Group 2: Business Performance - In the previous year, EVE Energy reported revenue of 48.615 billion yuan, a slight decrease of 0.35%, while net profit increased by 0.63% to 4.076 billion yuan [4] - The energy storage battery segment showed strong performance, holding the second-largest global market share, while the power battery segment lagged [4] - By 2024, approximately 24% of the company's revenue is expected to come from overseas markets [4] Group 3: Global Expansion Strategy - EVE Energy is implementing a "global manufacturing, global delivery, global cooperation" strategy, with investments nearing 17.4 billion yuan in overseas factories in Hungary, Malaysia, and the United States [4] - The Hungarian facility is progressing well, with ground engineering completed and production expected to start in 2026, enhancing supply capabilities in Europe [4] - The Malaysian factory aims to serve various markets and is set to begin production of cylindrical lithium batteries by December 2024 [4] Group 4: Market Context - The Hong Kong IPO market is currently active, with several A-share companies opting for secondary listings, including CATL, which raised 40.76 billion HKD, marking a record high for Hong Kong in over four years [5][6]