Core Viewpoint - Hailei New Energy is progressing towards its planned listing on the Beijing Stock Exchange, having recently updated its guidance report and changed its advisory firm to Huatai United Securities for targeted support in internal control and personnel training [1][3][4]. Group 1: Company Overview - Established in May 2012, Hailei New Energy specializes in the research and production of lithium-ion batteries, primarily for light vehicle battery swapping and energy storage applications [6]. - The company has seen significant revenue growth, with cumulative revenues exceeding 2 billion yuan over three years, and reported revenues of 556.17 million yuan, 706.33 million yuan, and 721.61 million yuan for the years 2022, 2023, and the first quarter of 2024, respectively [7]. - The company has a strong reliance on a few key clients, with sales to the top five customers accounting for 92.54%, 85.01%, and 88.61% of revenue in 2022, 2023, and Q1 2024, respectively [6][7]. Group 2: Market Position and Performance - Hailei New Energy has established a close partnership with China Tower, the largest operator in the light electric vehicle battery swapping market, and has been a consistent supplier for their battery needs since 2019 [6][7]. - As of the end of 2023, Hailei New Energy has supplied approximately 650,000 battery packs to China Tower and around 200,000 to other clients [6]. - The company ranks second in the electric two-wheeler battery pack market, with an expected output of 155,000 units in 2024, following Huizhong Energy [11][12]. Group 3: Industry Trends - The demand for battery swapping solutions is anticipated to grow, particularly in lower-tier cities, driven by policy support and increasing market penetration [9][13]. - The overall market for electric two-wheeler battery packs is projected to reach 13 million units by 2026, indicating a significant growth opportunity for Hailei New Energy [13]. - The competitive landscape is intensifying as various companies enter the electric two-wheeler battery market, with a shift towards different battery forms such as soft pack, cylindrical, and square batteries [13].