Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, following unsuccessful attempts to list on the A-share market, highlighting a trend of companies shifting to Hong Kong for capital raising opportunities [2][19]. Company Overview - Kesheng Technology specializes in tower solar thermal power generation and molten salt energy storage solutions, providing comprehensive services from project development to operational support [3][5]. - The company has established itself as a leader in the solar thermal power sector, with a market share of 47.2% in the supply of solar collection systems in China from 2021 to 2024, significantly ahead of its closest competitor [5]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase [11]. - Kesheng Technology turned a profit in 2023 with a net income of 248.3 million RMB, which is expected to grow to 540.1 million RMB in 2024 [11]. - The company has shown strong revenue growth in the first half of 2025, although the growth rate is slowing [11]. Market Dynamics - The solar thermal power industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [7]. - The cumulative installed capacity of solar thermal power in China is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [9]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises [12][13]. - The company acknowledges the risks associated with customer concentration, as the loss of a major client could severely impact its financial stability [13]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the pace of new project approvals, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [15][20]. - The company has implemented significant dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming capital raise [16][18].

Core Insights - The article highlights that Kesheng Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, with a focus on technology research, equipment sales, and engineering applications [3][4]. Company Overview - Kesheng Technology is the only company globally with over 1GW of experience in molten salt tower solar thermal power projects as of September 16, 2025 [3]. - The company has maintained its market leadership in providing solar collector systems and thermal storage systems, which are core subsystems of solar thermal power plants [4]. Market Position - As of 2021-2024, Kesheng Technology has supplied solar collector systems for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project numbers [3]. - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4]. Industry Context - The solar thermal power industry in China is entering a phase of large-scale commercialization, supported by government policies and market reforms [3]. - The National Development and Reform Commission and the National Energy Administration have outlined plans to establish a total installed capacity of approximately 455 million kilowatts for wind and solar bases by 2030, focusing on desert, Gobi, and barren areas [3]. Financial Performance - Kesheng Technology's revenue for the fiscal years ending June 30 is projected to be approximately 20.85 million RMB in 2022, 858 million RMB in 2023, 2.189 billion RMB in 2024, and 980.936 million RMB in the first half of 2025 [6]. - The company reported profits of approximately -91.26 million RMB in 2022, 24.83 million RMB in 2023, 54.01 million RMB in 2024, and 23.31 million RMB in the first half of 2025 [6].

Company Overview - Kexin Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, focusing on technology research, equipment sales, and engineering applications, offering full lifecycle services from project development to operational support [3] - As of September 16, 2025, Kexin Technology is the only company in the world with experience in over 1GW of molten salt tower solar thermal power projects [3] Market Position - Kexin Technology has maintained a leading market position in providing solar collector systems and thermal storage systems, being the supplier for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project count [3][4] - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4] Industry Context - The solar thermal power industry in China has entered a phase of large-scale commercialization, supported by policies and market reforms, with plans to build a total installed capacity of approximately 455 million kilowatts by 2030 [3] Financial Performance - Kexin Technology's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025 were approximately RMB 20.85 million, RMB 858 million, RMB 2.189 billion, RMB 745.35 million, and RMB 980.94 million respectively [4][6] - The company reported profits of approximately RMB -91.26 million, RMB 248.33 million, RMB 540.06 million, RMB 205.81 million, and RMB 233.05 million for the same periods [4][6]