80后“最美女老板”，干成充电桩之王！但被地产商坑惨了

Core Viewpoint - Wanbang Digital Energy has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the second smart charging pile operator listed in Hong Kong after Zhida Technology [1][7]. Company Overview - Wanbang Digital Energy is the parent company of Star Charge, which operates 702,000 charging piles, making it the second-largest in China, following Telai Electric with 792,000 charging piles [5][6][36]. - The founder, Shao Danwei, has a remarkable background, transitioning from a sales consultant to the president of Wanbang Automotive Group, achieving significant growth during her tenure [8][10][39]. Market Position - According to its prospectus, Wanbang claims to be the largest global supplier of smart charging equipment based on revenue, sales volume, and sales value for 2024, with a global sales volume exceeding 470,000 units [11][40]. - The company holds a market share of 5.3% in sales volume and 4.19% in sales revenue among the top competitors in the industry [13][43]. Financial Performance - Wanbang Digital Energy's revenue comes from three main segments: smart charging equipment and services, microgrid systems, and large-scale energy storage systems, with the first segment accounting for approximately 70% of total revenue [16][45]. - The company reported revenues of RMB 3.474 billion, RMB 4.182 billion, and RMB 3.072 billion for the years 2023, 2024, and the first nine months of 2025, respectively, with corresponding profits of RMB 493 million, RMB 336 million, and RMB 301 million [17][46]. Profitability Metrics - The gross profit margins for 2023, 2024, and the first nine months of 2025 were 33.4%, 29.2%, and 24.6%, respectively, while net profit margins were 14.2%, 8.0%, and 9.8% [19][47]. - The company has been highlighted as the only consistently profitable operator in the charging pile sector in China [15][44]. Industry Challenges - The charging pile market is highly competitive, with major players like Telai Electric, State Grid, and various automotive companies vying for market share, which puts pressure on profit margins [24][53]. - Wanbang Digital Energy has faced challenges, including issues with receivables from real estate developers, which have impacted its financial stability [26][55]. Investment Interest - Despite the challenges, there is significant interest in the sector, with investments from firms like CICC and Schneider Electric in Wanbang Digital Energy [29][58].