Putailai(SH:603659) Chang Jiang Shang Bao·2026-01-11 23:36Core Viewpoint - Puxin is advancing its globalization strategy by planning an IPO in Hong Kong to enhance its capital strength and competitiveness while expanding its overseas business [1][2]. Group 1: Globalization Strategy - Puxin is in the process of planning an overseas share issuance (H-shares) and applying for a listing on the Hong Kong Stock Exchange to leverage international capital market advantages [1][2]. - The company aims to enhance its overseas financing capabilities, improve its capital strength, and accelerate the development of its overseas business [1][2]. - Puxin has established sales service teams in Europe and other overseas regions to respond quickly to customer needs and provide localized solutions [4]. Group 2: Financial Performance - In the first three quarters of 2025, Puxin achieved a revenue of 10.83 billion yuan, representing a year-on-year growth of 10.06%, and a net profit of 1.7 billion yuan, up 37.25% year-on-year [2][3]. - The growth is attributed to the strong performance of the downstream power and energy storage battery markets, as well as the company's continuous innovation in research and development [2][3]. Group 3: Product Development and Market Position - Puxin has made significant progress in the separator equipment sector, achieving nearly 70% domestic substitution by breaking the monopoly of overseas suppliers, with the latest production line capacity reaching 200 million square meters per year [6][7]. - By 2025, the domestic substitution rate for separator equipment has exceeded 80% [7]. - The company has also signed a memorandum of cooperation with MOLL in Germany to support the development of sodium-ion batteries, marking a significant step in its overseas strategy [5].