万帮数字能源：两次折戟A股，上市之路因何辗转六年？

Core Viewpoint - The Chinese automotive market is undergoing a historic shift with the penetration rate of new energy vehicles surpassing 50% for the first time, leading to a transition from a "price war" to a focus on "value" in the industry. This shift is driving significant growth in charging infrastructure, with Wanbang Digital Energy Co., Ltd. preparing for an IPO on the Hong Kong Stock Exchange [1][8]. Company Overview - Wanbang Digital Energy is a leading global supplier of smart charging equipment and an early practitioner of microgrid systems, aiming to create a comprehensive smart energy solution [1][2]. - The company has delivered over 300 microgrid systems across various applications, showcasing its project experience and adaptability [2][3]. Financial Performance - Revenue figures for Wanbang Digital Energy show a steady increase, with approximately 3.474 billion RMB in 2023, 4.182 billion RMB in 2024, and 3.072 billion RMB in the first nine months of 2025, indicating an ongoing optimization of revenue structure [2][3]. - The revenue contribution from smart charging equipment is declining, from 92.4% in 2023 to 71.1% in the first nine months of 2025, while microgrid and energy storage systems are gaining traction [3][6]. Global Expansion - The company has expanded its reach to approximately 70 countries and regions, with overseas revenue reaching 572.9 million RMB in the first nine months of 2025, accounting for 18.6% of total revenue [4][5]. - Europe is a key focus for global strategy, with a joint venture established to promote charging equipment and services, enhancing brand recognition and setting a benchmark for quality [5][8]. Industry Trends - The charging infrastructure industry in China is experiencing rapid expansion, with a target of 28 million charging facilities by the end of 2027, reflecting a 52% year-on-year growth [7][8]. - The global market for charging equipment is projected to grow from 21.41 billion RMB in 2020 to 59.7 billion RMB in 2024, with a compound annual growth rate of 29.2% [8]. Challenges - Despite revenue growth, the company's overall gross margin has declined from 33.4% in 2023 to 24.6% in the first nine months of 2025, primarily due to increased competition, rising raw material costs, and a higher proportion of lower-margin microgrid and energy storage businesses [5][6]. - Net profit has also decreased from 493 million RMB in 2023 to 301 million RMB in the first nine months of 2025, indicating challenges in maintaining profitability amid industry changes [6][9]. Future Outlook - The charging infrastructure industry is expected to continue growing, supported by domestic policies and increasing global demand for charging solutions. Wanbang Digital Energy's IPO is seen as a test of its strategic execution and operational efficiency [9].