| | 5月24日至 12月31日期間 | | | 截至12月31日止年度 | | | | 截至4月30日止匹 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | | | | 人民幣元 | % | 人民幣元 | 96 | 人民幣元 | % | 人民幣元 | 90 | 人 | | | | | | | | | (未經審計) | | | | | | | | | (以千計,百分比除外) | | | | | | 收入 | | | 58.302 | 100.0 | 1.329.838 | 100.0 | 182.421 | 100.0 | 1.2 | | 銷售成本. | l | | (40,053) | (68.7) | (706,208) | (53.1) | (107,467) | (58.9) | (રા | | 毛利 … | - | l | 18.249 | 31.3 | 623,630 | 46.9 | 74.954 | 41.1 | 6 | | ...

Core Viewpoint - Sigen Energy's IPO application has become "invalid," marking a significant setback for the company, which has experienced rapid growth since its establishment three years ago [1][3]. Company Overview - Founded in May 2022, Sigen Energy achieved over 700 million yuan in revenue by the third quarter of 2024, earning a reputation as a major player in the energy storage industry [3]. - The company faced its most severe challenge since inception due to the invalidation of its IPO application, which was triggered by a regulatory inquiry four months prior [3][4]. Regulatory Challenges - The China Securities Regulatory Commission (CSRC) raised four core issues in its inquiry, including concerns about shareholding arrangements and potential competition restrictions related to the founder's previous employment at Huawei [4][6]. - The CSRC questioned the authenticity of Sigen's claim of becoming a global leader within two years and demanded clarification on the actual control of the company and its prior business activities [6]. Financial Performance - Sigen Energy's revenue figures for 2022, 2023, and the first three quarters of 2024 were reported as 0 yuan, 58.3 million yuan, and 700 million yuan, respectively [11]. - The company has faced significant net losses, totaling over 500 million yuan, with losses of 76.2 million yuan, 373 million yuan, and 53.4 million yuan reported for the same periods [12]. Market Position and Product Offering - Sigen Energy launched the world's first AI-enabled all-in-one solar storage charging machine, contributing to 90% of its revenue and addressing high labor costs in Europe [11]. - The company has established partnerships with 99 distributors across over 60 countries, with European market revenue accounting for 65.1% of total income in the first three quarters of 2024 [11]. Funding and Financial Pressure - As of January 2025, Sigen Energy had only 380 million yuan in cash against 357 million yuan in short-term loans, indicating a critical cash flow situation [13]. - The failure of the IPO means a crucial funding channel is blocked, raising concerns about potential buyback clauses in previous financing agreements if alternative financing is not secured [14]. Competitive Landscape - The European residential energy storage market is experiencing a downturn, with electricity prices dropping by 15%-20% in 2024, alongside a reduction in government subsidies [14]. - Competition is intensifying, particularly from Mowa Energy, a company founded by former Huawei employees, which is gaining traction in the commercial energy storage sector in Europe [14].

成立短短3年，收入却翻了超100倍的"暴力收款机"——思格新能源，正在港股冲刺的关键时刻。 但有趣的是，创始人许映童自1999年至2022年许映童一直奋斗在华为，曾带领华为光伏逆变器业务在2015年实现全球出货量第一的好成绩。 除了许映童，思格团队也汇集了多位华为系高管。"含华量"极高的初创团队在成立之初就获得上亿资金支持，甚至那时产品还未面世，足以体现资本市场 对"华为系" 背景的信任。 短短19个月完成6轮融资，其中获得包括高瓴创投、华登国际等顶级机构的加持。 虽然招股说明书中未明确说明其估值，但此前B轮融资投后估值已达43亿人民币，这样的成绩对于成立仅2年的初创公司来说，堪称惊人。 成立于2022年，思格最为著名的产品莫过于五合一光储充一体机 SigenStor。产品于23年正式发布，而24年前三季度思格收入就直逼7亿，SigenStor更是 贡献了高达90%的收入，成为名副其实的"爆款"产品。 | | | | | 【篇纂】 | 已認繕 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序號 | 輸次 | 協議日期 | 對價付款日期 | ...