四度冲击IPO 星星充电母公司再闯港股

Core Viewpoint - The article discusses the journey of Star Charge and its parent company Wanbang Digital Energy in the electric vehicle charging industry, highlighting their market position, IPO attempts, and the challenges they face in a competitive landscape. Company Overview - Star Charge holds a 15.7% market share in China's public charging facilities, ranking second behind Telai Electric as of November 2025 [1] - The company is preparing for an IPO on the Hong Kong Stock Exchange, with JPMorgan, Guotai Junan International, and China Merchants Jinling International as joint sponsors [1] IPO Journey - Wanbang Digital Energy's IPO attempts have faced multiple setbacks, including a withdrawal of A-share listing plans in 2020 due to industry skepticism and a failed attempt to raise approximately $500 million in the Hong Kong market in early 2024 [3] - The last public financing round occurred in May 2021, raising 1.5 billion yuan, with a post-money valuation of 15.5 billion yuan [3] Financial Performance - Revenue figures for 2023 to the first three quarters of 2025 are 3.474 billion yuan, 4.182 billion yuan, and 3.072 billion yuan, respectively, while profits decreased from 493 million yuan to 336 million yuan before rebounding to 301 million yuan in 2025 [4] - The company's gross margin has declined from 33.4% in 2023 to 24.6% in the first three quarters of 2025, reflecting ongoing pricing pressures in the industry [4] Market Dynamics - The industry is transitioning from a price war to a value war, with new policies expected to expand market demand for charging infrastructure [5] - Star Charge's strategy includes focusing on overseas expansion and energy storage, although the latter faces challenges with low profit margins [6][7] Competitive Landscape - The charging equipment industry is experiencing intense competition, with significant price drops in charging modules, which fell nearly 40% from early 2024 to the end of the year [4] - Star Charge differentiates itself by offering a comprehensive service model that includes hardware and operational services, unlike competitors that focus solely on heavy asset operations [6] Future Plans - The company plans to use funds from the upcoming IPO for research and development, global market expansion, and enhancing production capabilities [7] - As of November 30, 2025, the company's trade receivables amounted to 3.796 billion yuan, indicating significant liquidity pressure [7]