CATL(SZ:300750) Di Yi Cai Jing·2025-09-27 11:56Core Viewpoint - The second attempt at capitalizing on the market by Haicheng Energy Storage has faced setbacks, with its Hong Kong IPO application expiring after failing to complete the necessary regulatory processes within the stipulated timeframe [1][7]. Group 1: IPO Process and Challenges - Haicheng Energy Storage submitted its IPO application to the Hong Kong Stock Exchange on March 25, 2023, but the application became invalid by September 25, 2023, due to not completing the listing hearing within the six-month validity period [1]. - The expiration of the prospectus is a normal procedural rule of the Hong Kong Stock Exchange and should not be interpreted as a failure of the IPO [1]. - The company has not completed the necessary filings with the regulatory authority, indicating potential readiness issues or obstacles in the listing process [1]. Group 2: Legal Disputes - During the IPO approval process, Haicheng Energy Storage is involved in patent infringement lawsuits with CATL (Contemporary Amperex Technology Co., Limited), which may significantly impact its business and IPO progress [2]. - CATL has filed lawsuits against Haicheng Energy Storage, claiming unfair competition and seeking damages of 150 million yuan, focusing on the overlapping technology of the 587Ah battery [2][3]. - The ongoing legal disputes are seen as a struggle for defining industry standards in the next-generation energy storage battery market, with both companies competing for market share [3]. Group 3: Financial Performance and Growth - Haicheng Energy Storage has rapidly expanded its production capacity, increasing from 5.4 GWh in 2022 to a projected 49.7 GWh in 2024, with a design capacity expected to exceed 100 GWh by 2026 [5]. - Despite significant revenue growth from 3.615 billion yuan in 2022 to 12.917 billion yuan in 2024, the company has faced substantial losses due to aggressive market strategies and high investment costs [6]. - The company's accounts receivable have surged from 223 million yuan in 2022 to 8.009 billion yuan in 2024, indicating that 64% of its revenue in 2024 was from credit sales, with a significant increase in the collection period for receivables [6].