高特电子正在冲刺创业板IPO。公司一名股东的工商联系电话、邮箱与实控人控制的多家公司相同，但该股东仅承诺锁定12个月，而非实控人需满足的36 个月。此外，公司信息披露不仅与客户、供应商打架，还存在自相矛盾的情况。 杭州高特电子设备股份有限公司（以下简称：高特电子）的主要产品为储能BMS模块及相关产品，同时涵盖后备电源BMS、动力电池BMS等产品，目前 正在冲刺创业板IPO。 据招股书，高特电子连续三年在大型储能领域BMS产品出货量保持行业前列，客户已经覆盖国家电网、南方电网、亿纬锂能（300014.SZ）、国轩高科 （002074.SZ）、金风科技（002202.SZ）等大型知名储能领域客户。 来源：摄图网 股东工商联系方式指向关联方，实控人"被动受让"12%份额 徐剑虹为高特电子的实控人，杭州运隆投资管理合伙企业（有限合伙）（以下简称：杭州运隆）为高特电子单一第四大股东，持有高特电子发行前4.57% 的股权。同时，徐剑虹持有杭州运隆12%的出资份额。 高特电子的招股书将杭州运隆定义为机构股东，而非实控人之一致行动人，杭州运隆承诺所持高特电子股票的锁定期为12个月，而非36个月。 对此，深交所曾在首轮问询中要 ...

IPO及再融资上会预告 据交易所官网审核动态信息，下周（1月12日-1月16日）IPO上会审核6家企业，合计拟募资66.32亿元。 | | | | | | | 下周(1.12-1.16) IPO上会企业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上会日期 | 数量 | 申报板块 | 公司简称 | 注册地 | 受理到审核 间隔天数 | 所属行业 | 最近一年净利润 (万元) | 拟募资规模 (万元) | 保荐机构 | 会计师事务所 | 律师事务所 | | 2026-1-13 | 1 | 创业板 | 高特电子 | 浙江 | 204 | 电气机械和器材制造业 | 9,842.23 | 85,000.00 | 中信证券 | 天健 | 中伦 | | 2026-1-14 | 2 | 科创板 | 联讯仪器 | 江苏 | 152 | 仪器仪表制造业 | 14,088,30 | 171,144,28 | 中信证券 | 器波 | 德恒 | | | | 北交所 | 瑞尔竞达 | 安徽 | 244 | ...

星标 ★ IPO日报 精彩文章第一时间推送 1月13日，杭州高特电子设备股份有限公司（下称"高特电子"）将在深交所创业板上会，为深交所2026年首家上发审会的IPO项目。 此次IPO，高特电子计划募资8.5亿元，其中6亿元用于自建储能电池管理系统生产线，2.5亿元用于补充流动资金。 IPO日报发现，高特电子业绩稳定增长的背后是经营性现金流长期净流出、应收账款增加且期后回款效率恶化。公司的研发投入力度不足，重要产品价格 不断下滑，继而引发毛利率下滑危机。 张力制图 增长背后 高特电子成立于1998年，聚焦于电池监测和电池管理相关领域，公司从铅酸电池监测起步到锂电池管理系统，持续技术创新和产品迭代开发，逐步发展成 为一家以技术创新为驱动的国家级高新技术企业和专精特新"小巨人"企业。 报告期内，公司主要面向新能源产业提供安全、可靠、高效、稳定且更具经济性的新型储能电池管理系统相关产品，连续三年在大型储能领域BMS产品 出货量保持行业前列，相关产品及服务广泛应用于电源侧/电网侧大型高压储能电站，以及工商业储能、户用储能等领域，同时也涵盖应用于数据中心、 通信基站、轨道交通等领域的后备电源BMS产品，应用于新能源汽车、 ...

Core Viewpoint - The IPO journey of Hangzhou Gaote Electronics Co., Ltd. is progressing, with recent disclosures regarding its response to the Shenzhen Stock Exchange's inquiry, particularly concerning its major customer and shareholder, Aters, which significantly contributes to its revenue [2][7]. Group 1: Company Overview - Gaote Electronics specializes in energy storage Battery Management System (BMS) products, which are essential for monitoring and managing battery systems [4]. - The company has experienced rapid growth in recent years but is facing capacity constraints, prompting the need to raise 850 million yuan through its IPO to expand production [2][3]. Group 2: Financial Performance - Revenue figures for Gaote Electronics from 2022 to 2024 are 346 million yuan, 779 million yuan, and 919 million yuan, with year-on-year growth rates of 125.44% and 17.93% for 2023 and 2024, respectively [4]. - Net profit for the same period is 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan, with growth rates of 64.14% and 11.55% for 2023 and 2024, respectively [4]. Group 3: Market Position and Challenges - The energy storage BMS industry is projected to grow at a compound annual growth rate of 25%-30% over the next five years, but the rapid technological evolution poses a threat to smaller players [2]. - Gaote Electronics' gross margin has declined from 28.37% to 26.02% from 2022 to 2024, with average selling prices for BMS components decreasing by 10%-38% [6]. Group 4: Customer Dependency - The company is heavily reliant on a few major customers, with Aters accounting for 21.61% of revenue in 2024, up from 13.87% in 2023 [5][6]. - The concentration of revenue from top customers has increased from 34.29% to 45.41% over the same period, raising concerns about financial stability [6]. Group 5: Regulatory Scrutiny - The close relationship between Gaote Electronics and its largest customer, Aters, has drawn regulatory attention regarding the fairness of related transactions and potential conflicts of interest [7][8]. - Aters holds a 1.37% stake in Gaote Electronics and has significantly increased its order volume since investing, raising questions about the independence of the company's operations [7].

Core Insights - The article highlights the synergy between Zhejiang University and Hangzhou, likening them to Stanford and Silicon Valley, respectively, emphasizing their role in fostering innovation and technology commercialization [1][3]. Group 1: Zhejiang University and Hangzhou's Role - Zhejiang University serves as a technical source, with professors and students transforming lab technologies into marketable products, while Hangzhou provides a conducive market environment with willing customers and ample capital resources [3][22]. - The combination of "Zhejiang University genes" and "Hangzhou soil" has led to the emergence of several leading companies in the battery management system (BMS) sector, including Huashu Technology, Gaote Electronics, and XieNeng Technology [3][16]. Group 2: Company Profiles and Market Dynamics - Huashu Technology, listed on the Shenzhen Stock Exchange, has a market share of approximately 30%-40% in the data center sector and 40%-50% in communication and rail transportation sectors as of 2023 [22]. - Gaote Electronics is pursuing an IPO after 27 years of entrepreneurship, with a revenue growth from 346 million yuan in 2022 to 919 million yuan in 2024, reflecting a compound annual growth rate of 63% [24][25]. - XieNeng Technology has established itself as a leader in the ASIC chip development for BMS, focusing on high-performance products and expanding into international markets [18][37]. Group 3: Market Trends and Challenges - The BMS market is experiencing rapid growth, with a projected market size of 17.8 billion yuan in China by 2025, driven by the expansion of energy storage and power battery sectors [24][30]. - Despite the growth potential, the BMS industry faces challenges such as high customer concentration and increased competition from self-developed BMS solutions by battery manufacturers and system integrators [30][32]. - Companies are adapting to the competitive landscape by diversifying their offerings; for instance, Gaote Electronics is transitioning from hardware sales to data services, while XieNeng Technology is focusing on overseas market expansion [33][37]. Group 4: Strategic Responses and Future Outlook - The competitive environment is pushing companies to innovate and find new growth avenues, with Gaote Electronics enhancing customer engagement through data services and XieNeng Technology leveraging its technical expertise to penetrate international markets [36][41]. - The article concludes that while the paths of these companies differ, they all aim to capitalize on the growing market opportunities and establish a strong foothold in the evolving BMS landscape [41][42].

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. is preparing for an IPO on the ChiNext board, aiming to raise 850 million yuan, with concerns raised by regulators regarding product price fluctuations, declining gross margins, and high accounts receivable [2][3]. Financial Performance - Revenue is projected to grow from 346 million yuan in 2022 to 919 million yuan in 2024, with a compound annual growth rate (CAGR) of 63.31%. Net profit for the same period is expected to rise from 53.75 million yuan to 98.42 million yuan [3]. - Gross margins are declining, with rates of 28.37%, 26.53%, and 26.02% from 2022 to 2024, respectively. The gross margin for the core product, energy storage BMS modules, is expected to drop by 3.72 percentage points in 2024 [3]. Accounts Receivable - Accounts receivable surged from 185 million yuan in 2022 to 506 million yuan in 2024, constituting over 50% of revenue for three consecutive years, reaching 59.04% in 2024 [6][7]. - The company reported a decrease in accounts receivable turnover rates, attributed to lengthening payment cycles in the competitive energy storage industry [7]. Customer Dependency - The company is increasingly reliant on its top five customers, whose revenue contribution rose from 34.29% in 2022 to 45.41% in 2024. The largest customer, Artis, accounted for 21.61% of total revenue in 2024 [10][11]. Related Party Transactions - Prior to the IPO, the company sold a subsidiary at a premium exceeding 500% to related parties, raising questions about the fairness of the transaction and its potential impact on financial statements [13][15].

Core Viewpoint - Gaote Electronics is positioned to become the "first stock of energy storage BMS" in A-shares with its upcoming IPO, focusing on energy storage battery management systems (BMS) and leading market share [1][2]. Fundraising and Investment - Gaote Electronics plans to raise 850 million RMB through the issuance of up to 12 million shares, with the net proceeds allocated to the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital [2]. - The total investment for the intelligent manufacturing center project is approximately 674.14 million RMB, with 600 million RMB sourced from the IPO funds [2]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 63.31% in revenue from 2022 to 2024, with main business revenues of 344.4 million RMB, 770 million RMB, and 919 million RMB for the respective years [3][5]. - The revenue from core technology products has increased significantly, accounting for 90.26% of total revenue in 2024, up from 77.73% in 2022 [5][7]. - Net profits for 2023 and 2024 are projected at 79.04 million RMB and 87.04 million RMB, respectively, meeting the listing standards for profitability [7]. Market Position and Competition - Gaote Electronics ranks as the top new energy storage BMS company in China as of 2023, with a significant market share in the third-party BMS sector [11][12]. - The company has established strategic partnerships for R&D, notably with Xi'an Aerospace Minxin, to develop proprietary AFE information collection chips, enhancing its competitive edge in the BMS market [12]. Customer Base - The customer portfolio includes major players such as CATL, Ganfeng Lithium, and State Grid, with no single customer accounting for over 50% of total revenue, indicating a diversified client base [13][15]. Growth Strategy - Gaote Electronics is transitioning towards a comprehensive data service provider in the energy storage sector, leveraging its BMS technology to offer integrated data services for energy management [16][18]. - The company aims to enhance its data service capabilities, which are expected to become a significant growth driver in the future [19].

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 850 million yuan to enhance its position in the new energy storage industry [1] Company Overview - Gaote Electronics specializes in providing innovative battery management systems (BMS) for the new energy sector, focusing on safety, reliability, efficiency, stability, and cost-effectiveness [1] - The company has maintained a leading position in the shipment volume of BMS products in the large-scale energy storage sector for three consecutive years [1] Product and Market Application - The primary products include energy storage BMS modules and related products, with applications in large high-voltage energy storage power stations, commercial and residential energy storage, data centers, communication bases, rail transit, and electric vehicles [1] - BMS serves as the "nerve center" of new energy storage systems, facilitating multi-dimensional data collection, diagnostics, safety management, and proactive maintenance [1] Industry Recognition - According to the CESA's 2024 China New Energy Storage Industry Development White Paper, Gaote Electronics ranked first among the top 10 BMS companies in China for 2023 [2] - The company is also listed among the top BMS manufacturers for operational capacity in the electrochemical energy storage station sector as of the end of 2024 [2] Financial Performance - Revenue figures for Gaote Electronics are projected at approximately 346 million yuan, 779 million yuan, and 919 million yuan for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years are estimated at around 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan [2] Investment Plans - The funds raised will be allocated to the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital, with a total investment of approximately 924.14 million yuan [2] Financial Metrics - As of the end of 2024, total assets are reported at approximately 1.16 billion yuan, with equity attributable to shareholders at about 798 million yuan [4] - The company has shown a decreasing trend in asset-liability ratios, with consolidated and parent company ratios at 31.19% and 25.99%, respectively, by the end of 2024 [4] - Basic and diluted earnings per share are projected at 0.27 yuan for 2024, reflecting a steady increase from previous years [4]