Core Viewpoint - Maitian Energy Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 1.66 billion RMB through the issuance of up to 90 million shares [1][3]. Fundraising and Investment Projects - The total amount of funds raised is planned to be 1.66 billion RMB, which will be allocated to various projects including the construction of a smart energy product industrial park, a research and development center in Shanghai, and the establishment of marketing and technical service systems in the U.S. and UAE [2]. Financial Performance - In 2024, Maitian Energy expects to achieve a main operating revenue of 3.38 billion RMB with a gross profit margin of 28.93% [4][17]. - The company has shown a consistent increase in revenue from energy storage systems, with a projected revenue of 2.20 billion RMB from energy storage products in 2024, representing a growth rate of 65.08% compared to 2023 [17]. Sales Model and Market Focus - The sales model combines direct sales and distribution, with direct sales accounting for 60.77% of total sales in 2024. The majority of sales are focused on international markets, with overseas sales making up 97.54% of total revenue, primarily driven by Europe [20][25]. - The top five customers accounted for 42.02% of total sales in 2024, with Enpal being the largest customer at 18.41% [26][28]. Product Pricing and Supply Chain - The average selling price of energy storage inverters decreased to 6,699.64 RMB per unit in 2024, while the price of energy storage batteries was 1.43 RMB per Wh [30][32]. - Major suppliers include Ruipu Lanjun and Xingheng Power, with the top five suppliers accounting for 30.46% of total procurement [33][34]. Shareholding Structure - The controlling shareholder is Jiangsu Maitian, holding 29.49% of the shares, while other significant shareholders include Yongqing Technology and Guangduobao [8][9].