CATL(SZ:300750) 3 6 Ke·2025-10-31 01:40Core Viewpoint - The company, Hichain Energy, is making a second attempt to go public in Hong Kong after previous IPO failures, aiming to raise funds primarily for expanding battery production capacity and enhancing its technological leadership in the energy storage sector [1][2]. Group 1: IPO and Fundraising - Hichain Energy has submitted a new listing application to the Hong Kong Stock Exchange, with joint sponsors including Huatai International, CITIC Securities, Agricultural Bank of China International, and Bank of China International [2]. - The funds raised from the IPO will be used to increase energy storage battery production capacity, enhance R&D, build a global sales and service network, and for general corporate purposes [2]. - The company has completed six rounds of financing since its establishment, raising over 6.5 billion RMB [13]. Group 2: Financial Performance - Hichain Energy's revenue for 2022-2025 is projected to grow significantly, with revenues of 3.615 billion RMB in 2022, 10.202 billion RMB in 2024, and 12.917 billion RMB in the first half of 2025 [5]. - The company is expected to achieve a net profit of 288 million RMB in 2024, following losses in previous years [5]. - The gross profit margin is projected to increase from 11.3% in 2022 to 17.9% in 2024 [5]. Group 3: Market Position and Growth - Hichain Energy is the only company focused solely on energy storage in the GWh-level lithium-ion battery shipment market, with operations in over 20 countries [3]. - The company is projected to rank third globally in energy storage battery shipments, with a compound annual growth rate of 167% from 2022 to 2024 [4]. - By 2024, the company's sales revenue from energy storage batteries is expected to account for 61.6% of total revenue, while energy storage system revenue will reach 36.2% [4]. Group 4: Legal Issues - Hichain Energy is involved in ongoing legal disputes with industry leader CATL, including allegations of unfair competition and violation of non-compete agreements [9][10]. - The disputes have escalated, with CATL seeking 150 million RMB in damages and a public apology from Hichain Energy [9]. - The company has responded to the allegations, asserting that the claims are repetitive and that its founder has the right to compete after the non-compete period [9][11].