又一储能企业冲击IPO！为恒智能递表港交所，净利尚未扭亏

Core Viewpoint - The company, Weiheng Intelligent Technology Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange, despite reporting losses during the reporting period, with a notable reduction in losses expected by the third quarter of 2025 [1][3]. Financial Performance - For the years 2023 and 2024, the company reported revenues of approximately RMB 266.835 million and RMB 268.275 million, with corresponding losses of about RMB 154 million and RMB 205 million [2][3]. - In the first three quarters of 2025, the company achieved revenue of approximately RMB 476.389 million, a significant increase from RMB 124.885 million in the same period the previous year, with a reduced loss of approximately RMB 40.398 million compared to RMB 165 million in the prior year [2][3]. Business Segmentation - In the first three quarters of 2025, revenue from commercial energy storage system solutions accounted for approximately RMB 330 million, representing 69.4% of total revenue, while revenue from grid-side energy storage solutions, household energy storage solutions, and others accounted for 19.7%, 10.1%, and 0.8%, respectively [4]. - The company has established a market presence in both domestic and international markets, with revenue distribution in the first three quarters of 2025 being approximately RMB 264 million from mainland China (55.3%), RMB 168 million from Europe (35.4%), and 9.3% from other regions [5]. Client Dynamics - The company has experienced significant changes in its major clients, with the top five clients contributing approximately 75.3%, 31.2%, and 36.3% of sales revenue in 2023, 2024, and the first three quarters of 2025, respectively [5]. - Client A contributed 59.4% of revenue in 2023 but did not appear in the top five clients in subsequent periods, while Clients F and I became the top clients in 2024 and the first three quarters of 2025, contributing 9.5% and 18.5% of revenue, respectively [5]. Investment and Valuation - The company completed a B+ round of financing at the beginning of 2026, achieving a post-investment valuation of approximately RMB 2.708 billion [1][6].