“宁王”阻击“小宁德”，“泄密案”打破吴祖钰上市梦？

Core Viewpoint - The article discusses the challenges faced by Haichen Energy Storage, particularly in light of legal issues and its upcoming IPO, which may impact its market position and financial stability [5][7][14]. Group 1: Legal Issues and IPO Impact - Haichen Energy Storage's president was detained for allegedly infringing on trade secrets, which has raised concerns about the company's IPO prospects [5][7]. - The company must demonstrate to regulators that ongoing litigation does not affect its operational capabilities, or it risks delays or termination of its IPO process [7][8]. - The legal troubles stem from competitive tensions with CATL, with Haichen asserting that the disputed technology is publicly known and not a trade secret [9][11]. Group 2: Company Background and Growth - Founded in 2019, Haichen Energy Storage has rapidly grown to become the third-largest energy storage battery manufacturer globally, focusing on lithium-ion storage solutions [16][14]. - The company has completed four rounds of financing, raising a total of 8 billion RMB, and has shown impressive revenue growth, with a compound annual growth rate of 89% from 2021 to 2024 [17][19]. - Despite its growth, the company faces financial risks, with accounts receivable surging from 22.3 million RMB in 2022 to 8.315 billion RMB in 2024, representing 69.5% of its revenue [19]. Group 3: International Expansion and Market Challenges - Haichen's international revenue share increased from 0% in 2022 to 28.6% in 2024, with significant contributions from the U.S. market [21][23]. - The company has faced challenges due to the recent bankruptcy of a major U.S. client, Powin, although it claims no direct financial impact from this event [23][24]. - The U.S. market's shrinking demand for energy storage solutions, exacerbated by recent legislative changes, poses a significant risk to Haichen's overseas operations and overall financial health [24][25].