德兰明海BLUETTI冲刺港交所：累计售出超350万台储能产品，9个月营收超15亿元

Core Viewpoint - Shenzhen Delan Minghai New Energy Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as the fourth largest portable energy storage device manufacturer globally [2][8]. Company Overview - Established in 2013, Delan Minghai focuses on energy storage solutions for small and medium-sized users and launched the BLUETTI brand in 2020, achieving significant global brand recognition through rapid product iteration and multi-channel promotion [4][5]. - The company pioneered portable energy storage products in 2013 and shifted the industry from lithium-ion batteries to lithium iron phosphate batteries starting in 2019, enhancing safety and lifespan [5][6]. Product Portfolio - Delan Minghai has developed a layered product matrix to cater to various energy needs, including: - Elite Series: Compact entry-level power solutions for everyday appliances - Apex Series: Higher capacity and longer runtime solutions - Pioneer Series: Innovative products integrating cutting-edge energy technology - Premium Series: Products available through offline sales channels - EnergyPro Series: Whole-home energy storage systems designed for seamless power backup and energy independence - Ecosystem Series: A range of accessories and peripheral products, such as solar panels and AC generator chargers [6]. Market Position - As of December 31, 2025, Delan Minghai has shipped over 3.5 million energy storage products globally, maintaining a strong safety record with zero recalls since the launch of the BLUETTI brand [8]. - According to Frost & Sullivan, Delan Minghai ranked fourth among global portable energy storage manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume [8]. - The company has a significant online presence, with approximately 2.7 million followers across major social media platforms and sales in over 120 countries [9]. Financial Performance - Delan Minghai's revenue for 2023 and 2024 was approximately 1.777 billion RMB and 2.174 billion RMB, respectively, reflecting a year-on-year growth of 22.3% [11]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 35.6%, 37.3%, and 42.3%, respectively [12]. - The company achieved profitability in 2024, with an adjusted net profit of approximately 20.09 million RMB, and reported an adjusted net profit of about 25.35 million RMB for the first three quarters of 2025 [13]. Investment and Use of Proceeds - Prior to the IPO, Source Code Capital holds a 14.44% stake in Delan Minghai, making it the largest external investor [14]. - The net proceeds from the IPO will primarily be used for product development, enhancing R&D capabilities, global brand building, expanding sales and service networks, capital expenditures for production facilities, upgrading digital operations management, and general corporate purposes [15].