坚持11年，星星充电母公司万帮冲击香港IPO

Core Viewpoint - Wanbang Digital Energy, the parent company of Xixing Charging, is planning to list on the Hong Kong Stock Exchange after two unsuccessful attempts to go public in China, marking its first attempt at an IPO in Hong Kong [1][2]. Company Overview - Wanbang Energy was established in 2014 and is based in Changzhou, Jiangsu Province, focusing on the charging pile sector as the parent company of Xixing Charging [2]. - The company has become a leading player in the charging market, manufacturing charging piles and collaborating with local utility companies to build a charging network [2]. Market Position - As of 2024, Wanbang Energy is the largest global supplier of smart charging equipment, with over 470,000 units sold [2]. - Xixing Charging operates 726,000 public charging piles, holding a market share of 15.7%, ranking second among domestic operators, just behind Telai Electric [3]. Financial Performance - Wanbang Energy's revenue has been on the rise, with 2023 revenue at 3.474 billion yuan, increasing to 4.182 billion yuan in 2024, and 3.072 billion yuan in the first three quarters of 2025, representing a 23% year-on-year growth [4][6]. - The revenue breakdown for 2024 shows that smart charging equipment and services accounted for 77.9% of total revenue, while microgrid systems and large-scale energy storage systems contributed 12.3% and 9.8%, respectively [4]. Profitability Challenges - Despite revenue growth, Wanbang Energy's net profit has not kept pace, with a decline of 31.7% in 2024 to 336 million yuan, although it rebounded to 301 million yuan in the first three quarters of 2025, boosted by a one-time asset transfer gain [5][6]. Competitive Landscape - The charging pile market is highly competitive, with Wanbang Energy facing challenges in maintaining profitability due to a single revenue model primarily based on service fees [4][6]. - The recent IPO of Zhida Technology, a competitor in the home electric vehicle charging sector, indicates increasing competition in the market [6][8]. Strategic Partnerships - Wanbang Energy has established strategic partnerships with major automotive brands, including Mercedes-Benz, Porsche, Jaguar Land Rover, and Volkswagen, leveraging its historical strengths in vehicle sales [2]. Future Outlook - The company aims to expand its business through the upcoming IPO, which is seen as a necessary step to secure funding and enhance its competitive position in the evolving charging infrastructure market [8].