营收翻6倍，远信储能IPO：又一波港股上市潮来了

Core Viewpoint - Yuanxin Energy has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant event in the energy storage sector for 2026. The funds raised will be used for technology enhancement, overseas expansion, capacity upgrades, and general operational purposes [2]. Financial Performance - Yuanxin Energy's revenue has shown a growth trajectory, with figures of 435 million RMB, 1.144 billion RMB, and 881 million RMB for the first nine months of 2023, 2024, and 2025 respectively [3]. - The company has maintained profitability during rapid expansion, with net profits of 40.74 million RMB, 96.27 million RMB, and 70.89 million RMB for the same periods. The net profit for 2024 is projected to grow by 136% compared to 2023 [6]. - Gross margins have remained stable despite increased competition, with gross margins of 21.6%, 17.8%, and 18.3% for the respective years [6]. Business Transformation - Yuanxin Energy is transitioning from a hardware supplier to a comprehensive system integrator, with a significant shift in revenue sources. By 2025, system-level energy storage solutions are expected to contribute over 90% of total revenue [7]. - The company offers a full lifecycle solution, including project development, engineering design, system integration, and operation maintenance, which enhances customer relationships and adds value [7][8]. International Expansion - The company aims for overseas revenue to exceed 30% by 2026, up from 1% in 2025, as it expands into markets like the U.S., Japan, and several European countries [10][12]. - Yuanxin Energy has established contracts in multiple countries and is actively involved in various projects, indicating a strategic move to diversify its customer base and reduce dependency on major clients [10][12]. Industry Trends - The energy storage sector is witnessing a wave of IPOs, with several companies planning to list in Hong Kong, driven by a favorable market environment and strong demand for energy storage solutions [14][16]. - The global demand for energy storage systems is increasing, particularly in mature markets and regions facing power shortages, creating opportunities for companies like Yuanxin Energy [12][17]. Financing Environment - The Hong Kong market is seen as a favorable platform for energy storage companies due to higher valuations from international investors for stable cash flow models [18]. - There is growing interest from international financial institutions in the renewable energy and storage sectors, providing a solid foundation for financing [18].