Core Viewpoint - EVE Energy is pursuing a secondary IPO in Hong Kong to raise approximately 30 billion HKD for global expansion and production capacity enhancement, aiming to differentiate itself in a market dominated by CATL and BYD [2][5]. Group 1: IPO and Financing - EVE Energy plans to issue up to 10% of its total share capital in H-shares, with an option for an additional 15% in oversubscription [2]. - The company has previously raised 19 billion CNY through various financing methods since 2019, primarily for production expansion [5]. - The funds from the IPO will be allocated to projects in Hungary and Malaysia, which are crucial for its overseas production capacity [5][6]. Group 2: Business Segments and Market Position - EVE Energy operates in three main segments: consumer batteries, power batteries, and energy storage batteries, with power and storage batteries becoming the main revenue drivers [3][4]. - In 2024, EVE Energy's global market share in consumer batteries is projected to be 11.7%, ranking third, while its share in power batteries is only 2.8%, placing it fifth [3][4]. - The company has seen significant growth in its energy storage segment, achieving a market share of 17.2%, surpassing BYD to become the second-largest globally [4]. Group 3: Financial Performance and Challenges - EVE Energy's revenue for 2024 is expected to be 48.615 billion CNY, showing a slight decline, with net profit dropping by 6.61% to 4.221 billion CNY [4][6]. - The decline in revenue is primarily attributed to a 20% drop in power battery revenue, highlighting the competitive pressure from industry leaders [4][6]. - Despite high revenue growth in Q1 2025, the company's profit margins are under pressure, with a net profit increase of only 3.32% despite a 37.34% revenue growth [7].