四度冲击IPO，星星充电母公司再“闯”港股

Core Viewpoint - The article discusses the competitive landscape of the electric vehicle charging industry in China, focusing on the growth and challenges faced by Star Charge and its parent company, Wanbang Digital Energy, as they prepare for an IPO in Hong Kong. Company Overview - Star Charge, led by Chairwoman Shao Danwei, has achieved a market share of 15.7% in the domestic public charging facilities sector, ranking second after Teld. The company is preparing for an IPO on the Hong Kong Stock Exchange, with plans to raise approximately $500 million [1][2]. Historical Context - Wanbang Digital Energy's journey to the capital market has been tumultuous, with previous attempts to list on A-shares and the Hong Kong market facing setbacks due to industry challenges and market conditions. The last round of public financing occurred in May 2021, raising 1.5 billion yuan, but the company has since relied on founder investments to maintain operations [2][3]. Financial Performance - The company's revenue figures for 2023 to the first three quarters of 2025 are as follows: 3.474 billion yuan, 4.182 billion yuan, and 3.072 billion yuan, respectively. Profit has seen a decline from 493 million yuan to 336 million yuan, with a slight recovery to 301 million yuan in 2025. Notably, overseas sales contributed 25.2%, 16.5%, and 18.6% of total revenue during the same periods [3][4]. Industry Challenges - The electric vehicle charging industry is experiencing intense price competition, leading to declining profit margins. The gross margin for Wanbang Digital Energy has decreased from 33.4% in 2023 to 24.6% in the first three quarters of 2025. The net profit margin has also dropped from 14.2% to 8% during the same period [3][5]. Strategic Focus - To counteract domestic market pressures, the company is focusing on international expansion and energy storage solutions. Although overseas business accounts for about 18% of revenue, it is currently the only segment providing higher gross margins. However, the energy storage sector is facing its own challenges with low profitability due to fierce competition [4][5]. Future Plans - The upcoming IPO aims to raise funds for research and development, global market expansion, and enhancing production capabilities. The company is also looking to invest strategically and improve working capital, indicating a need for new financial resources to support its growth ambitions [5][6]. Market Sentiment - The valuation of companies in the charging station industry varies significantly, with some firms experiencing drastic stock price fluctuations. The competitive landscape is intensifying, and the time for companies like Wanbang Digital Energy to establish themselves may be limited as larger players enter the market [6].