海辰储能H股招股说明书失效，储能黑马IPO遇阻

Core Viewpoint - The IPO application of Xiamen Haicheng Energy Storage Technology Co., Ltd. has officially expired, indicating significant challenges in its global strategic layout and raising concerns about its growth potential and financial health [1][2]. Group 1: IPO Application and Expiration - The IPO application submitted on March 25, 2025, became invalid after six months due to failure to complete regulatory approvals [2]. - The expiration is attributed to unresolved patent disputes and concerns regarding the company's high growth [2]. Group 2: Financial Performance and Concerns - Revenue is projected to grow from 3.615 billion to 12.917 billion yuan from 2022 to 2024, with a compound annual growth rate of 89% [2]. - The company reported a net profit of 259 million yuan in 2024, but this was heavily supported by government subsidies amounting to 414 million yuan [2]. - Accounts receivable surged from 823 million yuan in 2022 to 9.646 billion yuan in 2024, constituting 74.68% of revenue, with accounts receivable turnover days increasing from 83 to nearly 273 days [2]. Group 3: Technical Disputes and Challenges - The company claims to have filed over 4,400 patents, but its R&D expense ratio of 4.1% is significantly lower than competitors like CATL and BYD [3]. - A former executive was detained for alleged commercial secret violations, complicating the ongoing technical disputes [3]. - A lawsuit for unfair competition against the company by CATL is ongoing, with claims exceeding 150 million yuan, which is more than half of the company's projected net profit for 2024 [3]. Group 4: Future Path and Strategic Needs - The company needs to clarify technical disputes through legal means, improve accounts receivable management, and increase R&D investment to maintain competitive advantages [4]. - The IPO challenges reflect a broader shift in the energy storage industry from rapid expansion to a focus on quality and sustainability [4].