大单品均价连降、海外收入占比高企，思格新能源二闯港股IPO

Core Viewpoint - Sigen Energy (Shanghai) Co., Ltd. has re-submitted its IPO application to the Hong Kong Stock Exchange after a previous failure, showing significant growth in performance under the leadership of former Huawei executive Xu Yingtong, but remains heavily reliant on its flagship product SigenStor for revenue generation [1][3][4]. Financial Performance - The company achieved revenues of approximately RMB 58.3 million in 2023 and RMB 1.33 billion in 2024, with corresponding profits of approximately -RMB 373 million and RMB 83.8 million [3][4]. - For the first four months of 2025, the company reported revenues of about RMB 1.2 billion and a profit of approximately RMB 187 million, marking a turnaround from a loss of RMB 82.7 million in the same period the previous year [3][4]. Product Dependency - SigenStor, the company's flagship product, accounted for over 90% of total revenue in 2023, 2024, and the first four months of 2025, with sales figures of approximately RMB 56.2 million, RMB 1.2 billion, and RMB 1.1 billion respectively [4][5]. - The average selling price of SigenStor has been declining, with prices of RMB 3.17, RMB 2.69, and RMB 2.54 per watt-hour for the respective years [4]. Accounts Receivable and Inventory Growth - The company's accounts receivable and inventory have significantly increased, with accounts receivable reaching approximately RMB 20.3 million, RMB 358 million, and RMB 506 million as of December 31, 2023, December 31, 2024, and April 30, 2025 respectively [6]. - Inventory levels were reported at approximately RMB 190 million, RMB 480 million, and RMB 906 million for the same periods [6]. Market Presence and Distribution - Sigen Energy has established a broad distribution network with 119 distributors across over 60 countries, with international sales contributing to 87.8%, 95.2%, and 99.2% of total revenue in 2023, 2024, and the first four months of 2025 respectively [6]. Leadership Background - Xu Yingtong, the founder and chairman of Sigen Energy, has over 25 years of experience in telecommunications, renewable energy, and AI, having previously held various positions at Huawei [7].