回款要等228天，利润靠卖资产“粉饰”？“充电桩”女富豪再闯港股

Core Viewpoint - Wanbang Digital Energy, the world's largest smart charging equipment supplier, is preparing for an IPO in Hong Kong while controversially spinning off its core charging operation business, raising questions about the profitability model in the charging pile industry [1][6]. Group 1: Company Overview - Founded by Shao Danwei, known as the "Charging Pile Queen," Wanbang Digital Energy has achieved a valuation of 15.5 billion RMB by 2021, supported by top-tier investors like IDG Capital and CICC [3]. - The company has sold over 2.5 million charging devices globally in the past decade, leading the market with a 5.3% share and over 470,000 units sold in 2024 [5][9]. Group 2: Financial Performance - Despite revenue growth from 3.47 billion RMB in 2023 to 4.18 billion RMB in 2024, net profit declined from 493 million RMB to 336 million RMB, indicating a "growth without profit" scenario [7][8]. - The gross profit margin has decreased from 33.4% in 2023 to 24.6% in 2025, reflecting intense market competition and rising raw material costs [9][10]. Group 3: Operational Challenges - The company faces significant financial pressures, with a high debt ratio of 96% in 2025 and a prolonged accounts receivable turnover period of 228 days, indicating cash flow issues [11][12]. - The spinoff of its core operation business, Star Charging, raises concerns about the company's future profitability and operational sustainability [6][13]. Group 4: Market Position and Competition - The charging pile industry is becoming increasingly competitive, with major players like Huawei and CATL entering the market, intensifying the battle for technological supremacy [13]. - Wanbang Digital Energy's IPO journey has been fraught with challenges, including failed attempts to list in both A-shares and Hong Kong, highlighting the difficulties in securing investor confidence [12][13].