德兰明海谋求港交所上市：持续亏损，递表前向股东派息近9000万元

Core Viewpoint - Shenzhen Delanminghai New Energy Co., Ltd. has applied for listing on the Hong Kong Stock Exchange, despite reporting net losses during its expansion phase, indicating a focus on growth over immediate profitability [1][2]. Financial Performance - Projected revenues for 2023, 2024, and the nine months ending September 30, 2024, and 2025 are RMB 1.777 billion, RMB 2.174 billion, RMB 1.521 billion, and RMB 1.572 billion respectively, with net losses of RMB 183.5 million, RMB 46.6 million, RMB 35 million, and RMB 29.9 million during the same periods [1]. - The company plans to pay dividends of RMB 37.1 million for the first nine months of the previous year, despite not being profitable [1]. Market Position - Delanminghai ranks fourth among global portable energy storage manufacturers with a market share of 6.6% by revenue and 7.5% by shipment volume as of 2024 [2]. - The company’s main product line, portable energy storage solutions, contributes approximately 88.4% to 89.5% of total revenue across the projected years [2]. Competitive Landscape - The portable energy storage market is highly competitive, with over 50 suppliers globally, and the company faces challenges in providing competitive incentives to distributors compared to larger competitors [5][8]. - The company’s gross margin decreased to 35.6% in 2023 due to increased sales expenses amid fierce competition, but is expected to recover to 37.3% and 42.3% in the following years [8]. Revenue Sources - Revenue from the Americas and Europe accounts for 80% of total income, with 48.1% from the Americas and 35.2% from Europe in 2024 [6][7]. - The company has established partnerships with 759, 789, and 619 new distributors in 2023, 2024, and the nine months ending September 30, 2025, respectively [4]. Future Plans - The company plans to hire 20 to 30 R&D personnel annually over the next three years, with a total increase not exceeding 100 [10]. - Investments will focus on product development, brand building, and expanding the global sales and service network, particularly in North America and Europe [10]. Production Capacity - The company operates a major production base in Huizhou, with a new facility under construction expected to have an annual design capacity of 250,000 portable storage products and 120,000 home storage products [11]. - A new production base in Chuzhou is also being developed, with an expected capacity of 400,000 portable storage products [11].