2025年12月16日，果下科技股份有限公司（ "果下科技"或"公司" ）成功在香 港联交所主板首次公开发行股票并挂牌上市，股份代号为2655.HK，最终定价为每 股20.10港元，基础发行规模6.8亿港元 。 申万宏源证券（香港）有限公司（"申万宏源香港"）担任本次发行的联席账簿 管理人及联席牵头经办人。 果下科技作为一家中国储能行业的可再生能源解决方案及 产品提供商，专注于研究及开发并向公司客户及终端用户提供 储能系统解决方案及产品。公司的储能系统解决方案和产品服 务能够覆盖大型电源侧、大电网侧、工商业及住宅等多种应用 场景，适用于中国市场及海外市场。根据招股书披露，公司为 业内较早实现储能系统解决方案及/或产品的互联网云端整合 及开发数字化能源管理全景互联网云平台的参与者之一，同时 公司是首家专门为其运营所在行业开发物联网平台的解决方案 提供商，也是首家基于技术及AI算法开发储能行业模型的解决 方案提供商。在多用途储能系统供应商的排名方面，按2024 年全球新增多用途储能系统装机容量计算，果下科技为全球第 十大储能系统供应商，而按2024年中国多用途储能系统新增 装机容量计算，果下科技为全球第八大中国储 ...

[2].安永华明会计师事务所（特殊普通合伙） 本文是为提供一般信息的用途所撰写，并非旨在成为可依赖的会计、税务、法律或其他专业意见。请向您的顾问获取具体意见。 2025年12月16日，果下科技股份有限公司（股票代码：02655.HK，以下简称"果下科技"）在香港联合交易所主板挂牌上市。 安永作为申报会计师，始终秉承拼搏精神，以坚忍不拔的意志和精益求精的专业态度，克服了上市任务繁重和申报时间紧迫等多方面困难。在整个上市进 程中，安永团队与果下科技、保荐人及其他中介机构精诚合作，以我们高质高效的工作能力、认真负责的敬业精神和优质的服务赢得了公司管理层、保荐 人及其他中介机构的高度认可和赞扬。 在此，安永团队热烈祝贺果下科技在港股主板成功上市，安永团队也将持续助力更多企业登陆资本市场。 关于果下科技[1] 果下科技股份有限公司成立于2019年，是一家集智慧储能产品研发、系统集成及数字绿能运营服务为核心的国家高新技术企业。作为一家中国储能行业的 可再生能源解决方案及产品提供商，公司专注于研究及开发并向公司的客户及终端用户提供储能系统解决方案及产品。公司的储能系统解决方案和产品服 务于并能够覆盖大型电源侧、大电网侧、工 ...

Core Viewpoint - Guoxia Technology Co., Ltd. successfully went public on the Hong Kong Stock Exchange on December 16, 2025, with an initial share price of HKD 20.10 and a base issuance scale of HKD 680 million [1][3]. Group 1: Company Overview - Guoxia Technology is a provider of renewable energy solutions and products in China's energy storage industry, focusing on research and development of energy storage system solutions for various applications, including large power sources, power grids, commercial, and residential sectors [3]. - The company is recognized as one of the early participants in integrating energy storage solutions with internet cloud technology and developing a digital energy management platform [3]. - Guoxia Technology ranks as the 10th largest energy storage system supplier globally based on new installed capacity in 2024 and the 8th largest in China [3]. Group 2: Investment and Market Position - The IPO involved three cornerstone investors, accounting for approximately 11% of the shares offered [3]. - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead manager for the IPO, emphasizing its professional approach and market experience to support the company's listing [3].

Core Viewpoint - Guoxia Technology, a provider of energy storage solutions, made a successful debut on the Hong Kong stock market, with its stock price increasing by 117.91% on the first day, resulting in a market capitalization of HKD 22.4 billion [1]. Group 1: Company Overview - Guoxia Technology specializes in energy storage systems and solutions, catering to various applications including large power sources, power grids, commercial, and residential sectors, both in China and overseas [1]. - The company is recognized as one of the early participants in integrating energy storage solutions with internet cloud platforms and developing digital energy management systems [3]. - Despite its advanced technology, Guoxia Technology ranks as the tenth largest global energy storage system supplier and the eighth largest in China, holding a market share of approximately 3% [3]. Group 2: IPO and Market Response - The IPO was met with strong demand, achieving an oversubscription of 1,890.73 times in the public offering and 3.63 times in the international placement, raising a total of HKD 783 million [4][6][7]. - The offering price was set at HKD 20.10 per share, with a total of 3,385,300 shares available for public subscription, accounting for 8.70% of the global offering [6]. Group 3: Financial Performance - Guoxia Technology has experienced a significant shift in its revenue structure, with the contribution from the European market declining from 72.1% in 2022 to 76.6% from the Chinese large-scale energy storage systems by 2024 [8]. - The company reported revenues of RMB 141.83 million in 2022, RMB 314.31 million in 2023, RMB 1.03 billion in 2024, and RMB 691.37 million in the first half of 2025, while profits did not grow at the same rate, indicating a situation of revenue growth without corresponding profit increase [9][8]. - The gross profit margin has been declining, with figures of 25.1% in 2022, 26.7% in 2023, and dropping to 15.1% in 2024, and further to 12.5% in the first half of 2025 [10]. Group 4: Market Challenges - The decline in gross profit margin is attributed to intense market competition and fluctuations in raw material prices, particularly lithium-ion battery prices, which decreased from USD 0.13 per watt-hour in 2022 to USD 0.08 per watt-hour in 2024 [12]. - Guoxia Technology has implemented pricing adjustment mechanisms in customer contracts to mitigate the impact of raw material price fluctuations and maintain its competitive position [12].

12月16日，储能产品公司果下科技正式登陆港股市场。果下科技的资本市场首秀可谓极为亮眼，公司股价首日涨幅达到117.91%，市值达到224亿港元。 | 43.800 | | | 39.741 (CNY) | | | 果下科技 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | +23.700 +117.91% | | | | | 2655 交易 | | HKEX HKD 16:08:32 | | | | | | | 1 . . + | | 委比 | 63.05% 委员 | | 2.56万 | रोस | 0.00% 120H | | 0.00% | | 文句 | 43.960 | . | - ) | 5日 | 0.00% 250日 | | 0.00% | | 卖四 | 43.940 | - | - ) | 20日 | | 0.00% 52周高 | 0.00 | | 婆三 | 43.920 | - | - ) | 60日 | | 0.00% 52周低 | 0.00 | | 彩 | 43.900 | 100 | 1) | | 2023 | ...

Group 1 - The core viewpoint of the news is that GuoXia Technology is experiencing significant trading activity in the dark market, with a price increase of over 80% and a market capitalization exceeding 18.3 billion HKD as it prepares for its official listing on December 16 [1] - GuoXia Technology specializes in renewable energy solutions and products in the energy storage industry, focusing on research and development of energy storage system solutions for various applications in both domestic and international markets [1] - According to ZhiShi Consulting, the company ranks as the eighth largest provider of multi-purpose energy storage systems in China by new installed capacity in 2024, and the tenth largest provider of household energy storage systems by shipment capacity in the same year [1] Group 2 - The company has entered cornerstone investment agreements with several entities, including HuiKai Hong Kong and WuSong Capital, with a total subscription amount of approximately 74.25 million HKD, assuming a share price of 20.1 HKD [2] - The estimated net proceeds from the global offering, after deducting commissions and expenses, are approximately 606 million HKD, which the company plans to utilize for various purposes [2] - Dark market trading, also known as over-the-counter trading, is a unique trading method in the Hong Kong stock market that allows transactions to occur outside the Hong Kong Stock Exchange's trading system [2]

Core Viewpoint - Guoxia Technology's stock surged nearly 90% on its debut, reaching a peak increase of approximately 130%, with a current price of 49.20 HKD and a trading volume of 285 million HKD [1] Company Overview - Guoxia Technology is a provider of renewable energy solutions and products in the energy storage industry, focusing on the research and development of energy storage system solutions and products for customers and end-users [1] - The company is recognized as one of the early participants in integrating energy storage system solutions and/or products with internet cloud technology, developing a digital energy management panoramic internet cloud platform [1] IPO Details - The company priced its shares at 20.1 HKD, issuing 38.93 million shares, with net proceeds of approximately 782.51 million HKD [1] - The public offering was oversubscribed by over 1800 times, with total subscription amounts exceeding 130 billion HKD, making it the most oversubscribed IPO in the AI robotics safety sector this year [1] - Notable long-term funds such as VanCapital, Schonfeld, Symmetry, and InfiniCapital actively participated in the offering [1]

Core Viewpoint - Guoxia Technology, a provider of renewable energy solutions in China's energy storage industry, has seen its stock price surge over 145%, reaching a peak of 49.3 HKD, with a trading volume nearing 300 million HKD [2][6]. Company Overview - Guoxia Technology focuses on the research and development of energy storage system solutions and products, catering to both customers and end-users [8]. - The company's energy storage solutions are widely applied in large-scale power generation, grid-side applications, as well as commercial, industrial, and residential settings in both domestic and international markets [8]. - According to Zhi Shi Consulting, Guoxia Technology is one of the early participants in the industry to integrate energy storage solutions/products with internet cloud technology and develop a comprehensive digital energy management platform [8]. Stock Performance - The stock opened at 38.0 HKD and has experienced a significant increase, with a current price of 48.8 HKD, reflecting a rise of 142.79% [3]. - The highest price recorded was 49.3 HKD, while the lowest was 37.84 HKD, indicating a price fluctuation of 57.02% [3]. - The total market capitalization of Guoxia Technology is approximately 24.732 billion HKD, with a total share volume of 50.7 million [3].

Core Viewpoint - Guoxia Technology (02655) experienced a significant surge of nearly 130% on its first trading day, indicating strong market interest and investor confidence in its business model and growth potential in the AI internet energy storage sector [1][2]. Company Overview - Guoxia Technology is a provider of renewable energy solutions and products in the energy storage industry, focusing on the research and development of energy storage system solutions and products for customers and end-users [1]. - The company is recognized as one of the early participants in integrating energy storage system solutions with digital energy management through a comprehensive internet cloud platform [1]. Market Performance - On its debut, Guoxia Technology opened nearly 90% higher and closed with a gain of 128.36%, trading at 45.9 HKD with a transaction volume of 268 million HKD [1]. - The company priced its shares at 20.1 HKD, issuing 38.93 million shares, resulting in net proceeds of approximately 782.51 million HKD [1]. - The public offering was oversubscribed by over 1800 times, raising more than 130 billion HKD, making it the most oversubscribed IPO in the AI robotics safety sector this year [1]. Future Prospects - As a leading player in the AI internet energy storage field, Guoxia Technology plans to expand into the "AI robotics safety" sector, potentially opening up a new market worth hundreds of billions [2]. - The company aims to leverage its core technologies, including AI algorithms, edge computing, real-time data processing, and energy assurance, to develop intelligent safety protection systems for collaborative human-machine environments [2].

Group 1 - The core viewpoint of the news is that Guoxia Technology (02655) experienced a significant stock price increase on its first trading day, opening nearly 90% higher and reaching a peak increase of close to 130% [1] - The company is a provider of renewable energy solutions and products in the energy storage industry, focusing on research and development of energy storage system solutions and products for customers and end-users [1] - Guoxia Technology's IPO was priced at HKD 20.1 per share, with a total issuance of 38.93 million shares, raising approximately HKD 782.51 million, and the public offering was oversubscribed by over 1800 times, amounting to over HKD 130 billion [1] Group 2 - As a leading player in the AI internet energy storage sector, Guoxia Technology is set to expand into the "AI robot safety" market, which is expected to open up a new market worth hundreds of billions [2] - The company plans to strategically transfer its core technologies accumulated in the energy storage field, such as AI algorithms, edge computing, real-time data processing, and energy security, to develop intelligent safety protection systems for human-machine collaborative environments [2] - Guoxia Technology aims to leverage its technological advantages to provide revolutionary safety solutions for industries such as manufacturing and logistics warehousing [2]