两度冲A失败，国内充电桩老二赴港IPO

Core Viewpoint - Wanbang Digital Energy Co., Ltd. (Wanbang Energy), the parent company of Star Charge, has submitted an application for an IPO on the Hong Kong Stock Exchange after two unsuccessful attempts to list on the A-share market [1][2]. Company Overview - Wanbang Energy, established in 2014 and based in Changzhou, Jiangsu, is a leading operator of charging stations in China, with its core brand Star Charge having strategic partnerships with major automotive brands such as Mercedes-Benz, Porsche, and Volkswagen [3]. - The company is recognized as the largest global supplier of smart charging equipment, with over 470,000 units sold last year [3]. Market Position - As of November 2025, there are 4.625 million public charging facilities in China, a year-on-year increase of 36% [4]. - Star Charge operates 726,000 charging stations, holding a market share of 15.7%, ranking second among public charging operators in China, just behind Telai Electric [5]. Business Segments - Wanbang Energy's revenue breakdown for 2024 shows that smart charging equipment and services account for 77.9% of total revenue, while microgrid systems and large-scale energy storage systems contribute 12.3% and 9.8%, respectively [8]. - In the first three quarters of 2025, the revenue proportions for these segments were 71.1%, 19.8%, and 9.1%, indicating rapid growth in the microgrid systems business [9]. Financial Performance - Wanbang Energy's revenue has been steadily increasing, from 3.474 billion yuan in 2023 to 4.182 billion yuan in 2024, representing a growth of 20.4%. For the first three quarters of 2025, revenue reached 3.072 billion yuan, a year-on-year increase of 23% [11]. - The company's net profit for 2023 was 493 million yuan, but it fell by 31.7% to 336 million yuan in 2024. However, in the first three quarters of 2025, net profit rose to 301 million yuan, a 4.28-fold increase, largely due to a one-time asset transfer gain [15]. Profitability Trends - Wanbang Energy's gross margin has been declining, with figures of 33.4% in 2023, 29.2% in 2024, and 24.6% in the first three quarters of 2025. The gross margin for smart charging equipment and services dropped from 34% in 2023 to 26.6% in 2025 [15]. Future Plans - The funds raised from the IPO will be allocated to various initiatives, including the construction and operation of R&D centers, global market expansion, capacity enhancement at production facilities, strategic investments, and general corporate purposes [18].