提交上市申请书！万帮数字冲击港股IPO，毛利率走低

Core Viewpoint - Wanbang Digital Energy Co., Ltd. is shifting its focus to the Hong Kong stock market after failing to list on the A-share market, having recently submitted its IPO application to the Hong Kong Stock Exchange. The company is facing challenges with revenue growth not translating into profit, and its overall gross margin is declining [1]. Financial Performance - For the fiscal year ending December 31, 2023, Wanbang Digital reported revenues of approximately RMB 3.474 billion, with a net profit of about RMB 492.5 million. Projections for 2024 indicate revenues of around RMB 4.182 billion and a net profit of approximately RMB 336.2 million. By the first three quarters of 2025, revenues are expected to be about RMB 3.072 billion, with a net profit of around RMB 301.1 million [2][3]. - The company's gross margins have shown a downward trend, with overall gross margins recorded at 33.4% for 2023, 29.2% for 2024, and 24.6% for the first three quarters of 2025 [4]. Business Segmentation - In the first three quarters of 2025, Wanbang Digital's revenue breakdown by business segment includes approximately RMB 2.183 billion from smart charging equipment and services (71.1% of total revenue), RMB 608 million from microgrid systems (19.8%), and RMB 281 million from large-scale energy storage systems (9.1%). Notably, revenue from large-scale energy storage systems decreased by 31.3% from RMB 409 million in 2024 to RMB 281 million in 2025 [3]. IPO Purpose and Use of Proceeds - The company aims to use the funds raised from the IPO for research and development activities, global market expansion, enhancing production capacity at its facilities in Changzhou and Yancheng, strategic investments and acquisitions, working capital, and general corporate purposes [3]. Shareholding Structure - The controlling shareholders of Wanbang Digital include Shao Danwei, Ding Feng, and Wanbang Investment Group, who collectively hold 87.16% of the voting rights through direct and indirect shareholding [5].