Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. has successfully passed the listing review by the Shenzhen Stock Exchange and is now in the registration submission phase, aiming to raise 850 million yuan for its projects [2][3]. Group 1: Company Overview - The company was officially accepted for its IPO application on June 23, 2025, entered the inquiry phase on July 9, 2025, and received approval from the listing committee on January 13, 2026 [3]. - The expected financing amount for the IPO is 850 million yuan, with 600 million yuan allocated for the construction of an intelligent manufacturing center for energy storage battery management systems [5]. Group 2: Financial Performance - From 2022 to 2024, the compound annual growth rate (CAGR) of the company's main business revenue reached 63.31%, with projected revenue of 919 million yuan and a net profit of 98.42 million yuan in 2024 [5]. - The comprehensive gross profit margin has remained around 26% [5]. Group 3: Research and Development - As of the end of 2024, the company has 183 R&D personnel, accounting for over 30% of its workforce, with cumulative R&D investment exceeding 100 million yuan [5]. - The company has begun to transition from a "system service provider" to a "data service provider," with data service revenue accounting for 8% of total revenue in 2024 [5]. Group 4: Technological Innovation - Gaote Electronics is one of the few companies in the industry innovating at the chip level, having developed core technologies such as the domestically produced AFE information collection chips in collaboration with Xi'an Aerospace Minxin [6]. - The second-generation BMS products incorporate safety valve status monitoring into the AFE chip, enhancing safety measures with millisecond-level warnings and precise location tracking [6]. Group 5: Industry Engagement - The company is confirmed to participate in the 14th International Energy Storage Summit and Exhibition (ESIE 2026), scheduled for March 31 to April 3, 2026, in Beijing [6].

Core Viewpoint - The Shenzhen Stock Exchange will hold its first listing review committee meeting of 2026 on January 13, 2026, to review the initial public offering (IPO) of Hangzhou Gaote Electronics Co., Ltd. [1] Group 1: Company Overview - Gaote Electronics plans to list on the Shenzhen Stock Exchange's ChiNext board and aims to raise 850 million yuan for the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital [1] - The sponsor for Gaote Electronics' IPO is CITIC Securities Co., Ltd., with representatives Meng Xia and Pang Xuemei [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, Guiyuan Holdings holds 131.5436 million shares, accounting for 36.54% of the total share capital, making it the controlling shareholder of the company [1] - Xu Jianhong controls 46.17% of the shares through Guiyuan Holdings and Wuer Investment, with 36.54% and 9.63% ownership respectively, and there has been no change in the actual controller during the reporting period [1]

Company Overview - Hangzhou Gaote Electronics Co., Ltd. plans to list on the Shenzhen Stock Exchange's ChiNext board, raising a total of 850 million yuan [1] - The funds will be used for the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital [1] - Established in 1998, Gaote Electronics is a national high-tech enterprise focused on the research and manufacturing of battery testing and management systems [1] - The company holds core patents in battery management system (BMS) core chips and battery failure analysis diagnostic models [1] - Gaote's BMS front-end collection and active balancing chips have accumulated usage exceeding 40 GWh, with ongoing research in battery safety diagnostic chips and sensor technology [1] Financial Performance - As of 2024, Gaote Electronics has total assets of 1.161 billion yuan and net assets of 799 million yuan [2] - The net profits over the past three years are as follows: 98.42 million yuan (2024), 88.23 million yuan (2023), and 53.75 million yuan (2022) [2] - The company's revenue for 2024 is reported at 261.6 million yuan, with a net profit margin reflected in a net profit of 98.42 million yuan [2] - The return on equity (ROE) for 2024 is 13.15%, down from 25.17% in 2023 and 64.40% in 2022 [2] Industry Context - Gaote Electronics operates within the electrical machinery and equipment manufacturing industry, which saw 14 companies apply for listing in the past year, with 7 successfully listed [4] - The Shenzhen Stock Exchange's ChiNext board received 49 applications in the past year, with 13 successful listings and 2 applications terminated [4] - CITIC Securities, the sponsor for Gaote's listing, has sponsored 23 companies in the past year, with 12 successful listings [4]

Group 1 - The energy storage sector showed strong performance on September 3, with several companies like Shangneng Electric and Sunshine Power rising over 10% despite a general market downturn [1][2] - Tongrun Equipment reached a trading limit with a market capitalization of 5.231 billion yuan, reflecting its strong position in the energy storage market [2] - The company has established a differentiated competitive advantage in the energy storage field through capital operations and business transformation, leveraging technology from Zhengtai Power [2][4] Group 2 - Tongrun Equipment's energy storage products include solar storage inverters and energy storage systems, with a particular focus on commercial and residential energy storage [2][4] - The company's manufacturing capabilities in precision sheet metal and energy storage equipment have effectively reduced manufacturing costs, contributing to a gross margin maintained above 30% [4] - In 2024, the revenue from photovoltaic energy storage equipment and components reached 2.018 billion yuan, a significant increase of 80.07% year-on-year, making it the largest revenue source for the company [4]

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. has been accepted for IPO on the ChiNext board, focusing on the development, production, and sales of new energy storage battery management systems (BMS) [1] Financial Performance - The company expects revenue of 919 million yuan and net profit of 98.42 million yuan for 2024, with revenue growth of 166% over the past two years [1][3] - Revenue figures for 2022, 2023, and 2024 are 346 million yuan, 779 million yuan, and 919 million yuan respectively, while net profits are 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan [3][5] - The gross profit margins for the same years are 28.53%, 26.56%, and 26.02% [3] Investment and Financing - The company plans to raise 850 million yuan, with 600 million yuan allocated for the construction of an intelligent manufacturing center for storage battery management systems and 250 million yuan for working capital [1][2] Assets and Liabilities - Total assets are projected to reach 11.61 billion yuan by the end of 2024, up from 9.81 billion yuan in 2023 and 4.48 billion yuan in 2022 [5] - The asset-liability ratio is expected to decrease from 61.64% in 2022 to 31.19% in 2024 [5] Research and Development - The company has invested a total of 126 million yuan in R&D over the past three years, with R&D expenses as a percentage of revenue being 6.91%, 4.96%, and 6.94% respectively [7] - As of the end of 2024, the company holds 53 domestic invention patents, 8 foreign patents, and has participated in the establishment of 30 national and industry standards [8] Client Base - The company has established a client base that includes major players in the energy storage sector such as State Grid, Southern Power Grid, and CATL, with the top five clients accounting for 45.41% of total revenue in 2024 [5][6] Shareholding Structure - The controlling shareholder is Guiyuan Holdings, which holds 36.54% of the shares, while Xu Jianhong, through various entities, controls a total of 46.17% of the shares [9]