远信储能港股IPO：三名大客户成立不久即开始合作且关系匪浅 合资公司成立仅一年半为何草草退场？

Core Viewpoint - YX Energy has submitted an application for listing on the Hong Kong Stock Exchange, despite facing challenges such as declining product prices and high customer concentration, which raises questions about the authenticity of its transactions [1][2][3]. Financial Performance - YX Energy reported revenues of 435 million RMB, 1.144 billion RMB, and 881 million RMB for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 41 million RMB, 96 million RMB, and 71 million RMB [4]. - The company achieved a new independent energy storage installation capacity of 1.3 GWh in the first nine months of 2025, ranking first among global energy storage lifecycle solution providers [2]. Market Position and Competition - YX Energy's ranking as a leading provider is limited to a narrow category of "third-party lifecycle solution providers," lacking direct comparability with comprehensive leaders like Sungrow, which is expected to achieve a storage shipment volume of 40-50 GWh in 2025 [2]. - The average selling price of integrated energy storage system solutions has decreased significantly, with prices dropping from 1.26 RMB/Wh to 0.44 RMB/Wh over the reporting periods, reflecting a 38.89% and 45.68% decline in the last two periods [6][7]. Customer Concentration - The customer concentration for YX Energy exceeded 80% in both 2024 and the first three quarters of 2025, with significant revenue contributions from a few major clients, raising concerns about the sustainability and authenticity of these relationships [1][9]. - Notably, major clients such as Haode Energy and Hebei Junhe have minimal registered capital compared to their transaction volumes, indicating potential risks in the business relationships [9][11]. Governance and Management Concerns - Two executive directors of YX Energy previously held positions at Xuesong Holdings, which is under investigation for alleged fundraising fraud, raising governance concerns [3]. - The rapid establishment and dissolution of joint ventures with clients, such as Hebei Junhe, further complicate the assessment of YX Energy's operational integrity and business practices [15][17].