果下科技港股IPO：三年半毛利率“腰斩” 三名控股股东未签一致行动协议 控制权是否清晰、稳定？

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange for the second time in 2023, highlighting its rapid revenue growth but significant decline in profit margins and rising valuation concerns [1][2]. Revenue Growth - Guoxia Technology's revenue surged from 142 million yuan in 2022 to 1.026 billion yuan in 2024, achieving a compound annual growth rate of 168.9% [1]. - The company reported revenue growth from 142 million yuan in 2022 to 691 million yuan in the first half of 2025 [3]. Profitability Challenges - The company's gross margin plummeted from 25.1% to 12.5% between 2022 and the first half of 2025, indicating a near halving of profitability [1][3]. - Net profit margin fell drastically from 17.1% to below 1%, with only 0.8% recorded in the first half of 2025 [3]. - The decline in gross margin is attributed to intense industry price competition and a shift in focus from higher-margin European markets to lower-margin domestic large-scale storage markets [3]. Valuation Concerns - Guoxia Technology's valuation skyrocketed from approximately 400 million yuan in March 2023 to about 6 billion yuan by April 2025, a staggering increase of 14 times in just two years [2]. - Regulatory scrutiny has intensified due to the rapid valuation increase, with the China Securities Regulatory Commission requesting explanations regarding the reasonableness of recent share prices and potential related-party transactions [2]. Financial Risks - The company has faced significant cash flow issues, with negative operating cash flow recorded in multiple years, including -30.32 million yuan in 2022 and -205 million yuan in the first half of 2025 [4]. - Trade receivables surged from 42 million yuan in 2022 to 952 million yuan in the first half of 2025, representing 137.74% of revenue, with an extended collection period from 56.2 days to 198.0 days [4]. Governance and Business Risks - Guoxia Technology exhibits a high dependency on major clients, with the top five clients accounting for 77.7% of revenue in the first half of 2025, down from 98.9% in 2022 [6]. - The relationship with its largest client, Zhongchuang Hang, raises concerns due to its dual role as a shareholder and major customer, leading to potential conflicts of interest [6]. - The lack of a signed agreement among major shareholders regarding unified action may lead to governance issues and control disputes [6]. Market Outlook - The global energy storage market is expected to grow significantly, with projections indicating a cumulative installed capacity increase of over 160% by 2030 [7]. - However, the tightening IPO approval rates for new energy companies in the Hong Kong market, with a success rate below 20% in 2024, pose challenges for Guoxia Technology's listing prospects [7].