星星充电母公司冲击港股IPO，全球最大智能充电设备供应商，前三季度营收30.72亿

Core Viewpoint - Wanbang Digital Energy, the parent company of "Xingxing Charging," has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as the world's largest supplier of smart charging equipment with over 470,000 units sold globally in 2024 [3][34]. Group 1: Business Overview - Established in 2014, Wanbang Digital Energy focuses on the smart charging equipment sector, with its core brand "Xingxing Charging" recognized as a leading player in China's new energy vehicle charging and swapping operations [6][35]. - The company has developed a comprehensive product matrix in smart charging equipment, including DC fast chargers, AC slow chargers, and integrated AC/DC chargers [8][37]. - Wanbang Digital Energy has successfully delivered over 300 microgrid systems, which can be applied in various commercial scenarios, including charging stations, enterprises, industrial parks, and communities [12][41]. - The company has expanded its overseas market presence, achieving revenue of 573 million yuan from international markets in the first three quarters of 2025, accounting for 18.6% of total revenue [12][42]. Group 2: Financial Performance - Wanbang Digital Energy has shown rapid growth, with revenues of 3.474 billion yuan in 2023 and 4.182 billion yuan in 2024, representing a year-on-year increase of 20.4% [13][43]. - In the first three quarters of 2025, the company's revenue grew by 23.0% to 3.072 billion yuan, driven by increased sales of charging equipment and the expansion of microgrid systems [15][45]. - The company's gross profit margins have declined, with rates of 33.4% in 2023, 29.2% in 2024, and 24.6% in the first three quarters of 2025, attributed to rising raw material costs and intensified market competition [15][45]. Group 3: Shareholding Structure - The shareholding structure of Wanbang Digital Energy is relatively concentrated, with the largest shareholder, Wanbang New Energy Investment Group, holding 75% of the shares [17][47]. - The actual controllers, Ding Feng and Shao Danwei, each hold 50% of the investment group, indirectly owning 37.5% of Wanbang Digital Energy [17][47]. Group 4: Management Team - The management team is led by Shao Danwei, who has a rich professional background and has been instrumental in the company's strategic direction since its inception [20][50]. - Shao Danwei has received various accolades, including being listed among the "Top Ten Outstanding Women in China's Economy" [22][52]. Group 5: IPO and Fundraising Plans - The IPO's underwriting team includes major financial institutions such as JPMorgan, Guotai Junan International, and CMB International [23][53]. - The funds raised from the IPO are intended for R&D center construction, global market expansion, production capacity enhancement, and strategic investments [25][29].