Core Viewpoint - Guangzhou Haote Energy Conservation and Environmental Protection Technology Co., Ltd. (referred to as "Haote Energy") has submitted its prospectus to the Hong Kong Stock Exchange, focusing on energy management solutions for data centers, with significant revenue dependence on a limited number of major clients [1][4]. Revenue and Financial Performance - The company's projected revenues for the years 2022, 2023, 2024, and the first half of 2025 are approximately RMB 793 million, RMB 858 million, RMB 1,018 million, and RMB 754 million respectively [2][3]. - The net profits for the same periods are estimated to be around RMB 39 million, RMB 70 million, RMB 76 million, and RMB 50 million [2][3]. - Revenue from major projects constitutes a significant portion of total income, accounting for 77.3%, 76.7%, 87.4%, and 90.1% for the respective years [4]. Client Dependency - The sales to the top five clients represent a substantial share of total revenue, with percentages of 86.1%, 79.4%, 94.9%, and 98.9% for the years 2022, 2023, 2024, and the first half of 2025 [4]. - The revenue from the largest single client accounts for 62.6%, 36.3%, 82.8%, and 39.4% of total revenue in the same periods [4]. Business Model and Services - Haote Energy specializes in providing comprehensive, customized energy management solutions, covering all aspects from consulting services to system maintenance [2]. - The company’s offerings include solution design, equipment selection and procurement, project integration and implementation, and ongoing system maintenance [2]. Use of Proceeds - The funds raised from the IPO are expected to be used for establishing smart manufacturing capabilities, expanding international business, enhancing technological innovation, and selectively pursuing supply chain integration and strategic acquisitions [4].