Core Viewpoint - The company, Shuangdeng Co., is launching an IPO to issue 58,557,000 H-shares at a price of HKD 14.51 per share, aiming to be listed on the Hong Kong Stock Exchange on August 26. It holds a 11.1% global market share in the communication and data center energy storage battery market, positioning itself as a leader in the AI-driven infrastructure upgrade era [1]. Financial Performance and Business Transformation - Shuangdeng Co. has shown steady revenue growth over the past few years, with revenues of CNY 4.072 billion, CNY 4.260 billion, and CNY 4.499 billion projected for 2022, 2023, and 2024 respectively. In the first five months of 2025, revenue reached CNY 1.867 billion, a 33.93% increase from CNY 1.394 billion in the same period last year [2]. - The company's data center business revenue surged from CNY 765 million in 2022 to CNY 1.392 billion in 2024, achieving a compound annual growth rate of 34.9%, with its revenue share increasing from 18.8% to 31% [2]. - In 2024, Shuangdeng Co. is expected to capture 16.1% of the global data center energy storage market, maintaining its position as the leading Chinese enterprise in this sector [2]. Business Performance in 2025 - The data center business is performing exceptionally well, with revenue in the first five months of 2025 reaching CNY 8.73 billion, surpassing the total revenue for 2022, and accounting for 46.7% of total revenue, exceeding traditional communication base station business for the first time [4]. Technological Advancements and Competitive Edge - Shuangdeng Co. has established a comprehensive technology chain from battery cell production to battery management systems (BMS) and energy management systems (EMS), optimizing product performance and safety while enhancing cost control and responsiveness to customer needs [6]. - The company is advancing in both traditional lead-acid batteries and cutting-edge lithium and sodium battery technologies, having successfully developed various lithium battery models and a sodium-ion battery system for communication base stations [6][7]. - The company has also partnered with Tsinghua University to develop the first low-temperature intelligent sodium-ion battery in China, which has been applied in various regions and is being piloted in international markets [7][8]. Market Position and Future Outlook - Shuangdeng Co. is well-positioned to meet the increasing demands for energy density, cycle life, cost, and low-temperature performance in data centers, with expectations for rising shares of lithium and sodium batteries in the market [8]. - The upcoming IPO is not only a significant milestone for the company but also a reflection of the global AI computing infrastructure upgrade trend, solidifying its unique value in the rapidly growing AIDC sector [9].