CATL(SZ:300750) 第一财经·2025-09-27 13:52Core Viewpoint - The second attempt at capitalizing Haicheng Energy has faced setbacks after the failure of its "backdoor listing" in 2023, with its Hong Kong IPO application expiring due to not completing the necessary regulatory processes [3][5]. Group 1: IPO Process and Challenges - Haicheng Energy submitted its IPO application to the Hong Kong Stock Exchange on March 25, 2023, but the application expired on September 25, 2023, as it did not complete the listing hearing within the six-month validity period [3]. - The expiration of the IPO application is a normal procedural outcome and should not be interpreted as a definitive failure, but it indicates that the company may not be fully prepared for the listing process [3][5]. - Ongoing patent infringement lawsuits with CATL (Contemporary Amperex Technology Co., Limited) are impacting Haicheng Energy's IPO progress, as these legal disputes could significantly affect the company's business [5][6]. Group 2: Patent Disputes - CATL has filed multiple lawsuits against Haicheng Energy, claiming patent infringement related to the 587Ah energy storage battery, which is a key product for both companies [5][6]. - The lawsuits highlight a competitive struggle for market share in the energy storage sector, particularly concerning the specifications and standards for large-capacity batteries [6]. - As of June 2025, CATL holds approximately 49,347 patents, significantly outnumbering Haicheng Energy's patent portfolio, which indicates a competitive disadvantage for Haicheng Energy [6]. Group 3: Financial Performance and Growth - Haicheng Energy has experienced rapid growth, with total production capacity increasing from 5.4 GWh in 2022 to 49.7 GWh in 2024, and projected to exceed 100 GWh by 2026 [8][9]. - The company's revenue has shown significant growth, with figures of 3.615 billion yuan in 2022, 10.202 billion yuan in 2023, and 12.917 billion yuan in 2024, but it has not yet achieved consistent profitability [10]. - Despite achieving a net profit of 288 million yuan in 2024, the company reported an actual loss of approximately 126 million yuan after accounting for government subsidies [10]. Group 4: Accounts Receivable and Cash Flow Issues - Haicheng Energy's accounts receivable have surged from 223 million yuan in 2022 to 8.009 billion yuan in 2024, indicating that 64.2% of its revenue in 2024 was from credit sales [10]. - The average collection period for accounts receivable has dramatically increased from 11.8 days in 2022 to 185.7 days in 2024, suggesting significant cash flow challenges [10]. Group 5: Future Outlook - The combination of ongoing patent disputes, financial pressures, and the need for capacity expansion presents significant challenges for Haicheng Energy's future IPO prospects [11]. - The company may consider updating its materials for re-submission, seeking private market financing, or exploring alternative market options for its listing [11].