可胜技术递表港交所：业绩增速大幅放缓，毛利率呈下滑趋势，客户集中度畸高

Core Viewpoint - Kesheng Technology has submitted its listing application to the Hong Kong Stock Exchange, showcasing rapid revenue and profit growth over the past three years, but experiencing a significant slowdown in performance growth in the first half of this year [1] Group 1: Company Overview - Kesheng Technology, established in 2010, specializes in molten salt energy storage and solar thermal power generation solutions, focusing on tower solar thermal power and molten salt energy storage technology [1] - The company has developed a complete set of core technologies for tower solar thermal power generation, covering the entire process from concentration, heat collection, heat storage to power generation [1] - Kesheng Technology has provided solar thermal power systems for 11 solar thermal power plants in China, with a total designed installed capacity of 1,250 MW from 2021 to 2024 [1][2] Group 2: Financial Performance - From 2022 to 2024, Kesheng Technology's revenue surged from 20.85 million to 2.189 billion, with a compound annual growth rate of 924.64%, while net profit transitioned from a loss of 91.25 million to a profit of 540 million [3] - In the first half of 2025, the company reported total revenue of 981 million, a year-on-year increase of 31.61%, and a net profit of 233 million, up 13.24% year-on-year [3] Group 3: Product and Client Concentration - Kesheng Technology's revenue is heavily reliant on the sales of solar thermal power systems, with 99.6%, 95%, and 99% of total revenue coming from these systems in 2023, 2024, and the first half of 2025, respectively, indicating a highly concentrated product structure [3] - The company has a significant dependency on a few major clients, with revenue from the top five clients accounting for approximately 99.9%, 99.9%, 88.5%, and 99.9% of total revenue during the reporting period, with the largest client contributing 93.3%, 84.8%, 22.3%, and 28.5% [4] Group 4: Financial Risks - As of June 30, 2025, accounts receivable and contract assets totaled 1.029 billion, representing 33.62% of total assets, indicating a significant risk of impairment [4] - The company has recorded substantial impairment losses on trade receivables and contract assets, with the latter showing a faster growth rate in impairment losses compared to trade receivables [4] Group 5: Operational Challenges - Kesheng Technology operates on a light asset model, relying heavily on outsourcing for production, which may expose the company to supply chain coordination risks, quality control risks, and operational risks [5] - The company's gross margin has declined from 36.1% in 2023 to 31.7% in 2024, with a slight recovery to 31.9% in the first half of 2025, indicating a downward trend in profitability [5]