Core Viewpoint - Kesheng Technology Co., Ltd. has submitted its prospectus for an initial public offering on the Hong Kong Stock Exchange, indicating its intention to raise capital for growth and expansion in the solar energy sector [1][7]. Company Overview - Kesheng Technology was established in May 2010, with a registered capital of approximately 360 million RMB. The main shareholders include Huzhou Yuri, Xizi Clean Energy, and others [3][4]. - The company is primarily engaged in providing tower solar thermal power and molten salt energy storage solutions, focusing on technology research, equipment sales, and engineering applications [7]. Financial Performance - Kesheng Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 20.85 million RMB, 858 million RMB, 2.189 billion RMB, and 981 million RMB, respectively. The net profits for the same periods were -91.26 million RMB, 248.33 million RMB, 540.06 million RMB, and 205.81 million RMB [7][8]. - The company has a history of cash dividends, distributing a total of approximately 300 million RMB before its IPO [5]. Revenue Sources - The majority of Kesheng Technology's revenue comes from molten salt tower solar power solutions, particularly from the sales of heat collection systems and other core subsystems. In 2023 and 2024, this segment contributed approximately 845 million RMB and 2.073 billion RMB, accounting for 98.5% and 94.7% of total revenue, respectively [8][10]. Customer Concentration - Kesheng Technology has a high customer concentration, with revenue from its top five customers amounting to approximately 19.5 million RMB, 727 million RMB, 1.937 billion RMB, and 980 million RMB over the respective years [10].