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再递招股书！思格新能源 拟赴港IPO
Zhong Guo Zheng Quan Bao·2025-09-10 14:43

Core Viewpoint - Sige New Energy has re-submitted its IPO application to the Hong Kong Stock Exchange after its previous application lapsed due to not completing the hearing within six months. The company focuses on the renewable energy storage sector and heavily relies on its flagship product, SigenStor, for revenue generation [1][2]. Company Overview - Sige New Energy was founded in May 2022 and has quickly become a leading provider of stackable distributed solar storage solutions, achieving a market share of 28.6% in 2024 based on product shipment volume [3]. - The company is led by founder Xu Yingtong, a former Huawei executive with nearly 23 years of experience [1]. Financial Performance - Revenue figures for the first four months of 2023, 2024, and 2025 are projected at RMB 58.302 million, RMB 1.33 billion, and RMB 1.206 billion, respectively. Net profits are expected to be negative RMB 373.452 million in 2023, positive RMB 83.845 million in 2024, and RMB 187.216 million in 2025 [3][4]. - The sales and distribution expenses are significant, accounting for 91.6% of revenue in 2023, 12.7% in 2024, and 8.3% in 2025 [10]. Product Dependency - SigenStor, the company's flagship product, contributes over 90% of total revenue. The sales volume for SigenStor is projected to be 18 MWh, 447 MWh, and 433 MWh for the first four months of 2023, 2024, and 2025, respectively [7][6]. - The average selling price of SigenStor has been declining, attributed to price reductions and increased sales rebates to distributors [10]. Market Position and Strategy - Europe is the primary market for Sige New Energy, with revenue from this region accounting for 60% to 72.6% of total income in 2023, 2024, and 2025 [5]. - The company plans to use the funds raised from the IPO to expand its R&D team, enhance marketing and after-sales services, increase production capacity, diversify its product portfolio, and for general corporate purposes [5]. Ownership Structure - Xu Yingtong directly controls approximately 10.18% of the company's shares and indirectly controls about 39.10% through holding entities, indicating a concentrated ownership structure [12].