Sungrow Power Supply(SZ:300274) 鑫椤储能·2025-10-09 07:21Core Viewpoint - Yangguang Power, a leading energy storage giant, has officially submitted its listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [1]. Group 1: Fundraising and Business Strategy - The funds raised from the IPO will be used for R&D of next-generation photovoltaic and energy storage products, construction and upgrading of R&D centers, building overseas production bases, accelerating digital transformation, and general corporate purposes [4]. - Yangguang Power's photovoltaic inverter financing ranking is projected to be the highest globally in 2024, marking the fifth consecutive year it has topped the inverter rankings [4]. Group 2: Market Position and Performance - Yangguang Power has maintained its global leadership in photovoltaic inverter shipments for ten consecutive years, with a market share of approximately 25.2% based on 2024 shipment volume [4]. - In the first half of 2025, Yangguang Power achieved operating revenue of 43.4 billion RMB, with a gross margin of 32.9%. The energy storage system segment generated 17.8 billion RMB in revenue, accounting for 41% of total revenue, with a gross margin of 39.9% [5]. Group 3: Product and Service Offerings - Yangguang Power's main products and services include photovoltaic inverters, energy storage systems, new energy investment development, wind power conversion products, electric control power for new energy vehicles, smart energy operation services, and water surface photovoltaic systems [6]. - As of June 30, 2025, Yangguang Power has developed a total of 57 GW of photovoltaic and wind power projects globally, with hydrogen electrolysis capacity reaching 3 GW [7].