浙江可胜技术递表港交所 业务依赖大客户

Core Viewpoint - Zhejiang Kesheng Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, primarily generating revenue from services related to molten salt tower solar thermal power projects, with significant reliance on a few major clients [1][2]. Revenue Dependency - The company’s revenue from its top five clients accounted for 99.9%, 99.9%, 88.5%, and 99.9% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Revenue from the single largest client represented 93.3%, 84.8%, 22.3%, and 28.5% for the same periods [2]. Financial Performance - The company reported revenues of 20.85 million yuan, 858 million yuan, 2.189 billion yuan, and 981 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits were -91 million yuan, 248 million yuan, 540 million yuan, and 233 million yuan for the same periods [2]. Supplier Relationships - The procurement amounts to the top five suppliers accounted for 50.7%, 52.9%, 44.4%, and 37.4% of the total material procurement costs for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. Research and Development - The company’s R&D expenditures were 33 million yuan, 38 million yuan, 62 million yuan, and 27 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. Fund Utilization - The raised funds will be used for expanding the R&D center, enhancing core technology research, promoting molten salt energy storage technology, purchasing equipment for production, upgrading operational facilities, and supporting daily operations and future business development [4]. Industry Dependency - The solar thermal power industry is highly dependent on policy support, and any changes in renewable energy targets or support policies could significantly impact revenue and growth prospects [5].