给小灵通装电池的男人，带着新业务赴港IPO

Core Viewpoint - EVE Energy is attempting to relaunch its IPO process in Hong Kong after a previous application expired, aiming to become the second lithium battery company to achieve "A+H" listing after CATL, despite facing significant challenges in its core business and market competition [2][6]. Group 1: Company Background and IPO Process - EVE Energy submitted an updated listing application to the Hong Kong Stock Exchange on January 2, 2026, with CITIC Securities as the sole sponsor [2]. - The company previously submitted an A1 prospectus that expired due to a six-month validity period, which is a standard procedure in the IPO process [6]. - If successful, EVE Energy will follow CATL in achieving dual listings, which could enhance its market position [2]. Group 2: Business Performance and Challenges - EVE Energy's main revenue-generating segment, the power battery business, is projected to see a 20.08% decline in revenue in 2024, leading to a decrease in total revenue and net profit for the year [7]. - The company has been forced to adopt a price-cutting strategy to maintain market share, resulting in a drop in average selling prices for power batteries from 11 billion RMB/GWh in 2022 to 6 billion RMB/GWh in 2024 [11][12]. - The market share of EVE Energy in the power battery sector remains stagnant at 2.3%, ranking ninth globally, indicating intense competition and pressure from rivals [10]. Group 3: Financial Overview - EVE Energy's total revenue for 2023 is projected at 48.78 billion RMB, with a net profit of 4.52 billion RMB, reflecting a 6.62% year-on-year decline [8]. - The gross profit margin for the power battery segment is expected to decrease from 15.0% in 2022 to 14.2% in 2024, which is below the overall gross margin of the company [14][15]. - The company's total liabilities have increased significantly, with an asset-liability ratio rising from 35.1% in 2020 to 63.5% by mid-2025, indicating growing financial pressure [18]. Group 4: Growth Opportunities and Strategic Directions - EVE Energy is expanding its energy storage business, which has shown rapid growth, with revenues increasing from 9.43 billion RMB in 2022 to 19.03 billion RMB in 2024, accounting for 39.1% of total revenue [20]. - The company is also pursuing international expansion, establishing sales offices in seven countries and planning to build a production base in Hungary, alongside a factory in Malaysia that has commenced operations [24]. - However, challenges such as supply chain issues, competition from established players in Europe, and stringent regulatory standards pose significant hurdles for EVE Energy's overseas ambitions [25].