星星充电母公司「万帮数字能源」，递交IPO招股书，拟赴香港上市

Core Viewpoint - Wanbang Digital Energy Co., Ltd. (referred to as "Xingxing Charging") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as the world's largest supplier of smart charging equipment amidst the global energy transition [2][24]. Company Overview - Founded in 2014 by Shao Danwei, the company addresses the market pain points of electric vehicle charging, establishing a business matrix that includes smart charging, microgrid systems, and large-scale energy storage [8][30]. - The company operates in over 70 countries and regions, forming a comprehensive value chain layout known as "source-network-load-storage" [8][30]. Main Business - As of 2024, Wanbang Digital Energy is recognized as the largest global supplier of smart charging equipment, with projected sales exceeding 470,000 units and a market share of 5.3% [9][31]. - The company has developed a complete ecosystem around its charging products, including installation services, to meet diverse charging needs [9][31]. - The microgrid system business has seen significant growth, with revenues reaching 608 million RMB in the first nine months of 2025, a 430% increase year-on-year [10][32]. - The large-scale energy storage segment, however, has faced challenges, with revenues declining by 31.3% year-on-year to 281 million RMB in the same period [10][32]. Financial Performance - The company reported revenues of 3.474 billion RMB in 2023, with a projected growth of 20.4% to 4.182 billion RMB in 2024, and a further increase of 23.0% to 3.072 billion RMB in the first nine months of 2025 [19][41]. - Net profit for 2023 was 493 million RMB, but it is expected to decline by 31.7% to 336 million RMB in 2024, before rebounding to 301 million RMB in the first nine months of 2025, largely due to a one-time asset transfer gain [19][41]. - The gross margin has decreased from 33.4% in 2023 to 24.6% in the first nine months of 2025, indicating pressure on profitability due to increased competition and rising material costs [20][42]. Shareholder Structure - The major shareholder, Wanbang New Energy Investment Group, holds 75% of the company, with Shao Danwei and her spouse Ding Feng controlling approximately 87.16% of the voting rights [16][38]. - Institutional investors, including major players like China International Capital Corporation and Schneider Electric, also hold stakes, providing both financial support and strategic value [16][38].