远信储能赴港IPO：高增长下“亲密”大客户魅影浮现

Core Viewpoint - Shenzhen Yuanxin Energy Storage Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, showcasing rapid growth in its energy storage system sales and integrated solutions, while facing challenges such as low capacity utilization and customer concentration [1][3]. Group 1: Company Overview - Yuanxin Energy Storage, established in July 2019, is a global provider of integrated energy storage system (ESS) solutions, focusing on full lifecycle solutions for global energy storage assets [2]. - The company is led by co-founders Wang Yu and Zhang Jiajing, who have extensive experience in the clean energy sector [2]. Group 2: Financial Performance - The company reported revenues of approximately 435 million yuan, 1.144 billion yuan, and 881 million yuan for 2023, 2024, and the first three quarters of 2025, respectively, with profits of 40.74 million yuan, 96.27 million yuan, and 70.89 million yuan during the same periods [3]. - Revenue and profit growth rates for 2023 and 2024 were 163% and 136%, respectively, while the first three quarters of 2025 saw a staggering 610% revenue increase and a 44% profit increase year-on-year [3]. Group 3: Business Strategy and Market Trends - The company has shifted its focus from energy storage system product sales, which accounted for 86.5% and 57.8% of revenue in 2023 and 2024, to integrated energy storage system solutions, which accounted for 92.7% of revenue by September 2025 [3]. - The average selling price of integrated energy storage solutions decreased from 1.26 yuan/Wh to 0.44 yuan/Wh between 2023 and September 2025, attributed to lower raw material costs and increased competition [4]. Group 4: Customer Concentration and Risks - In 2023, 2024, and the first three quarters of 2025, revenue from the top five customers accounted for 53.6%, 81.6%, and 80.8% of total revenue, with the largest customer’s revenue share increasing from 11.8% to 40.7% [6]. - The company has experienced frequent changes in its top customers, raising concerns about customer stability and potential risks to business performance [6][7]. Group 5: Supply Chain Dynamics - A significant supplier, located in Fujian, is also a customer of Yuanxin Energy Storage, creating a dual relationship where the company sells battery modules to and purchases battery cells from this supplier [8]. - The company’s market presence is primarily domestic, with overseas market expansion still in its early stages, contributing only about 1% of revenue from overseas markets by the first three quarters of 2025 [8]. Group 6: Future Plans - The proceeds from the IPO will be used to enhance technological capabilities, expand overseas business, and upgrade existing production facilities [8].