海外核心客户申请破产 海辰储能刚扭亏即迎港股IPO大考

Core Viewpoint - Xiamen Hichain Energy Technology Co., Ltd. (Hichain Energy) is facing challenges in its pursuit of a Hong Kong IPO due to the bankruptcy protection filing of its key U.S. customer, Powin, LLC, despite achieving profitability in 2024 after previous losses [2][3][6]. Financial Performance - Hichain Energy's revenue from 2022 to 2024 was 3.615 billion, 10.202 billion, and 12.917 billion yuan, respectively, with a compound annual growth rate (CAGR) of 89% [3]. - The overseas sales revenue for Hichain Energy from 2022 to 2024 was 33,000 yuan, 101 million yuan, and 3.7 billion yuan, with a CAGR of 33,385% [2][3]. - In 2024, Hichain Energy achieved a net profit of 288 million yuan after losses of 1.777 billion yuan and 1.975 billion yuan in the previous two years [6]. Customer Dependency and Risks - Powin filed for bankruptcy protection in June 2025, with assets and debts between 100 million and 500 million USD, which poses a significant risk to Hichain Energy's future performance [4]. - Hichain Energy had signed framework procurement agreements with Powin for advanced energy storage battery products valued at approximately 7.5 billion yuan and 15 billion yuan [4]. Operational Challenges - Hichain Energy's domestic revenue declined by 8.8% in 2024, totaling 9.22 billion yuan, with a domestic gross margin of only 8.1% [6]. - The company's capacity utilization rates have been decreasing, with the utilization rates for its Xiamen production base dropping from 99% in 2022 to 72.1% in 2024 [7]. Financial Health - As of the end of 2024, Hichain Energy's debt-to-asset ratio increased to 73.1%, with short-term borrowings reaching 9.983 billion yuan and cash reserves of only 4.294 billion yuan [8]. - The company's trade receivables surged from 647 million yuan in 2022 to 9.335 billion yuan in 2024, indicating potential liquidity issues [7][8]. Market Position and Future Outlook - Hichain Energy has rapidly ascended to become one of the top three companies in global lithium-ion battery shipments, trailing only CATL and EVE Energy [3]. - The company is expected to expand its production capacity to over 100 GWh by 2026, despite current financial pressures and market uncertainties [7][9].