中经记者方超 石英婧 上海报道 在冲击A股未果后，星星充电母公司万帮数字能源股份有限公司（以下简称"万帮数字能源"）正谋求赴 港上市。 1月4日，港交所官网显示，万帮数字能源已提交上市申请书，J.P. Morgan、国泰君安国际及招银国际担 任联席保荐人，据悉，万帮数字能源此次募资将用于建设运营研发中心、全球市场扩张等领域。 公开信息显示，生于1982年的邵丹薇拥有丰富的汽车销售行业经验，其早年加入万帮金之星车业集团， 历任销售顾问、销售经理等职，并在2010年6月—2014年6月担任该集团执行董事兼总裁。 "当时我们发现所有的主机厂开始在新能源方面有布局，"对于跨界进入充电领域，邵丹薇还表示，"其 偶然间参加了一次论坛，发现嘉宾都在抱怨，那场论坛比较消极，万帮人都有实践精神，觉得越难的事 越要自己体验一把，所以决定进入充电设施领域。" 在历经十多年发展后，万帮数字能源旗下已拥有星星充电、星星能源等品牌，申请书显示，根据弗若斯 特沙利文的资料，以2024年的收入及销量计，万帮数字能源是全球最大的智能充电设备供应商，当年全 球销量超过470000台。此外，星星充电曾名列胡润《2024全球独角兽榜》，估值180亿 ...

Core Viewpoint - Wanbang Digital Energy has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, global market expansion, production capacity enhancement, and working capital supplementation. The company has divested its charging operation business, "Xingxing Charging," to focus on its core manufacturing business amid increasing competition in the electric vehicle charging market [1][2][12]. Financial Performance - Wanbang Digital's revenue for 2023, 2024, and the first three quarters of 2025 were CNY 3.474 billion, CNY 4.182 billion, and CNY 3.072 billion, respectively. However, profits showed a decline, with 2024 profits expected to drop by 32% despite a 20.4% revenue increase, indicating a "growth without profit" scenario [3][6]. - The company's gross profit margin decreased from 33.4% in 2023 to 29.2% in 2024, while the net profit margin fell from 14.2% to 8% during the same period [6][7]. Debt and Cash Flow - The debt-to-asset ratio has been rising, reaching nearly 75%, with accounts receivable nearing CNY 3.8 billion. The company's cash and cash equivalents were reported to be less than CNY 800 million, raising concerns about its ability to meet long-term funding needs for R&D and capacity expansion [8][9][10]. - The net cash flow from operating activities is projected to drop significantly from CNY 1.15 billion in 2023 to CNY 272 million in 2024, a decline of approximately 76% [8]. Market Position and Strategy - The domestic charging pile industry is characterized by intense competition and a lack of high concentration. Wanbang Digital's decision to divest its charging operation is seen as a strategy to streamline operations and focus on the more profitable equipment manufacturing segment [2][12]. - The company aims to present a more focused "technology story" to the capital market, which could potentially lead to a higher valuation and open new financing channels to address its current financial challenges [12].

万帮数字能源股份有限公司(以下简称万帮数字)于1月4日首次向港交所呈交了IPO(首次公开募股)申请文 件。 据招股书(申请版本，下同)，万帮数字拟将此次港股IPO募集资金分别用于研发、全球市场拓展、提高 常州和盐城生产设施的产能、战略投资与并购、营运资金及一般企业用途。 万帮数字招股书中引用弗若斯特沙利文的资料称，按照2024年的收入及销量计算，万帮数字是全球最大 的智能充电设备供应商。但也是在2024年，公司不仅出现"增收不增利"的局面，且经营活动所得现金流 量净额较2023年的11.51亿元下滑至2.72亿元，降幅超76%。此外，万帮数字过往还与江苏万帮太乙科技 股份有限公司(以下简称万帮太乙，由万帮数字控股股东邵丹薇及丁锋控制)存在大额关联交易，且万帮 太乙还是万帮数字报告期内五大客户之一。 绝大部分收入来自直销 据招股书，万帮数字是智能充电设备供应商，亦是微电网系统的先驱，公司同时还提供大型储能系统。 招股书援引弗若斯特沙利文资料称，万帮数字是中国首家获高端国际主机厂客户认证的智能充电设备供 应商，提供高兼容性产品及服务，满足主机厂对充电基础设施的高标准要求。按照2024年的收入及销 量，万帮数字是全 ...

来源：能源情报 综合/徐栋章 能源情报 创业11年，历经两次冲击国内上市无果后，头部充电桩企业筹划在香港上市。 星星充电母公司万邦数字能源近日申请在港交所主板上市。再次冲击上市融资。 这是万帮能源首度冲击港股IPO。但这已经是万帮能源第三次冲击上市。2020年，万帮能源就与国泰君 安证券签署过辅导协议，拟IPO上市，但此后并无实质进展。 2024年11月，万帮能源再度进行上市辅导备案，冲击在A股上市。也没有进展。 万帮能源2014年成立，位于江苏省常州市，是国内头部充电桩运营商星星充电的母公司。彼时，伴随着 逐渐升温的电动汽车补贴政策，电动车出现蓬勃发展的苗头，销量开始起势。 但当时充电桩还是一片空白，业内在讨论设置什么样的目标更合适，很多相关企业布局充电桩，抢占这 一新兴市场空间。 万帮即是其中之一，外界更多接触其下属的充电品牌星星充电。在市场快速发展中，星星充电自己制造 充电桩，并联合地方公用事业企业在各地布局充电桩网络。逐渐占据充电市场的头部位置。 根据行业统计数据，2024年万帮能源智能充电设备的全球销量超47万台，是全球最大的智能充电设备供 应商。 其旗下星星充电与包括梅赛德斯奔驰、保时捷、捷豹路虎 ...

Group 1 - The core focus of the article is that Wanbang Digital Energy Co., Ltd. is seeking to list on the Hong Kong stock market after failing to do so in the A-share market, with plans to use the funds raised for R&D, global market expansion, and production capacity enhancement [1][3] - Wanbang Digital, established in 2014, specializes in smart charging equipment, microgrid systems, and large-scale energy storage systems [1][3] - The company's revenue for 2023, 2024, and the first three quarters of 2025 is reported at approximately 3.474 billion, 4.182 billion, and 3.072 billion yuan respectively, with corresponding net profits of about 474 million, 321 million, and 305 million yuan [3][4] Group 2 - The overall gross margin of Wanbang Digital has been declining, with figures of 33.4%, 29.2%, and 24.6% reported for the respective years [4] - The revenue from large-scale energy storage systems decreased by 31.3% from 409 million yuan in the first three quarters of 2024 to 281 million yuan in the same period of 2025, attributed to the early development stage of this business segment [3][4] - The net cash flow from operating activities significantly dropped from 1.151 billion yuan in 2023 to 272 million yuan in 2024, with approximately 1.043 billion yuan reported for the first three quarters of 2025 [4]

寻求A股上市未果后，万帮数字能源股份有限公司（以下简称"万帮数字"）将目光盯向了港股市场。近 日，港交所官网显示，万帮数字已提交上市申请书。万帮数字招股书中引用弗若斯特沙利文资料称，按 照2024年的收入及销量计算，万帮数字是全球最大的智能充电设备供应商。但也是在2024年，公司不仅 出现"增收不增利"的局面，整体毛利率也呈现下降态势。 增收不增利 招股文件显示，万帮数字成立于2014年，是智能充电设备供应商，亦是微电网系统的先驱，还提供大型 储能系统。2023年、2024年及2025年前三季度（下称报告期内），万帮数字在中国及海外已交付超过 300个微电网系统，涵盖充电场站、企业、工业园区、矿区、家庭及社区等多种应用场景。 从公司基本面来看，万帮数字近年来净利波动较为明显。财务数据显示，报告期内，万帮数字实现营业 收入分别约为34.74亿元、41.82亿元、30.72亿元；对应实现归属净利润分别约为4.74亿元、3.21亿元、 3.05亿元。 按万帮数字的业务划分，2025年前三季度，其智能充电设备及服务业务、微电网系统业务和大型储能系 统业务实现收入分别约为21.83亿元、6.08亿元、2.81亿元，占总 ...

招股文件显示，万帮数字成立于2014年，是智能充电设备供应商，亦是微电网系统的先驱，还提供大型储能系统。 寻求A股上市未果后，万帮数字能源股份有限公司（以下简称"万帮数字"）将目光盯向了港股市场。近日，港交所官网显示，万帮数字已提交上市申请书。 本次冲击港股IPO背后，公司2024年增收不增利。此外，公司整体毛利率呈现下降态势。 另外，谋求上市背后，万帮能源的毛利率呈现下滑趋势。具体来看，报告期内，公司的整体毛利率分别为33.4%、29.2%、24.6%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 人民幣千元 | ％ | 人民幣千元 | ％ | 人民幣千元 | % | 人民幣千元 | | | | | | | | (未經審計) | | | 收入 | 3,474,032 | 100.0 | 4,182,302 | 100.0 | 2,497,734 | 100.0 | 3,072,0 ...

Core Viewpoint - The article highlights the transformation of Wanbang Group into Wanbang Digital Energy Co., Ltd., which has become the world's largest supplier of smart charging equipment, with annual sales exceeding 470,000 units and operations in approximately 70 countries and regions [2][24]. Company Overview - Wanbang Energy has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO after previous attempts in 2020 and plans for A-share listing in 2024 [2]. - The company reported revenues of 3.474 billion yuan in 2023, projected to rise to 4.182 billion yuan in 2024, with a 23% year-on-year growth in the first three quarters of 2025 [2][33]. Financial Performance - Despite revenue growth, net profit declined from 493 million yuan in 2023 to 336 million yuan in 2024, a drop of 31.7% [34]. - In the first three quarters of 2025, net profit rebounded to 301 million yuan, but included a one-time gain of 196 million yuan from asset transfer, accounting for nearly 60% of pre-tax profit [3][34]. - The company's gross margin has been decreasing, from 33.4% in 2023 to 24.6% in the first three quarters of 2025, with the core charging equipment business margin dropping from 34% to 26.6% [35]. Market Position - Wanbang Energy operates 726,000 public charging piles, ranking second in China with a market share of 15.7%, following Teld [38]. - The company has established a significant presence in the overseas market, generating 573 million yuan in revenue from international operations in the first three quarters of 2025, accounting for 18.6% of total revenue [4][40]. Business Model and Strategy - The company focuses on the charging pile market, utilizing a "crowdfunding" model to integrate social resources for charging station construction [14]. - Wanbang Energy has developed a "cloud-platform-device" business model, leveraging IoT technology for real-time monitoring and management of charging stations [17][39]. - The company has received investments from notable firms such as CICC Capital and Schneider Electric, with CICC being the largest external shareholder [4][23]. Leadership and Background - The company is controlled by a husband-and-wife team, Shao Danwei and Ding Feng, who have a strong background in the automotive industry and have led the company to significant growth [5][10]. - Shao Danwei has been recognized on the Hurun Rich List for two consecutive years, reflecting the company's financial success [25]. Industry Context - The charging infrastructure market in China is rapidly expanding, with a reported 4.625 million public charging facilities as of November 2025, a 36% year-on-year increase [38]. - The overall growth of the new energy sector and the increasing adoption of electric vehicles are driving demand for charging solutions [33].

万帮数字能源股份有限公司（下称万帮数字）于1月4日首次向港交所呈交了IPO（首次公开募股）申请 文件。 据招股书（申请版本，下同），万帮数字拟将此次港股IPO募集资金分别用于研发、全球市场拓展、提 高常州和盐城生产设施的产能、战略投资与并购、营运资金及一般企业用途。 万帮数字招股书中引用弗若斯特沙利文资料称，按照2024年的收入及销量计算，万帮数字是全球最大的 智能充电设备供应商。但也是在2024年，公司不仅出现"增收不增利"的局面，且经营活动所得现金流量 净额较2023年的11.51亿元下滑至2.72亿元，降幅超76%。此外，万帮数字过往还与江苏万帮太乙科技股 份有限公司（下称万帮太乙，由万帮数字控股股东邵丹薇及丁锋控制）存在大额的关联交易，且万帮太 乙还是公司报告期内五大客户之一。 核心产品平均售价曾在2024年同比下滑近9% 据招股书，万帮数字是智能充电设备供应商，亦是微电网系统的先驱，公司同时还提供大型储能系统。 招股书援引弗若斯特沙利文的资料称，万帮数字是中国首家获高端国际主机厂客户认证的智能充电设备 供应商，提供高兼容性产品及服务，满足主机厂对充电基础设施的高标准要求。按照2024年的收入及销 量 ...

Core Viewpoint - Wanbang Digital Energy Co., Ltd. (Wanbang Energy), the parent company of Star Charge, has submitted an application for an IPO on the Hong Kong Stock Exchange after two unsuccessful attempts to list on the A-share market [1][2]. Company Overview - Wanbang Energy, established in 2014 and based in Changzhou, Jiangsu, is a leading operator of charging stations in China, with its core brand Star Charge having strategic partnerships with major automotive brands such as Mercedes-Benz, Porsche, and Volkswagen [3]. - The company is recognized as the largest global supplier of smart charging equipment, with over 470,000 units sold last year [3]. Market Position - As of November 2025, there are 4.625 million public charging facilities in China, a year-on-year increase of 36% [4]. - Star Charge operates 726,000 charging stations, holding a market share of 15.7%, ranking second among public charging operators in China, just behind Telai Electric [5]. Business Segments - Wanbang Energy's revenue breakdown for 2024 shows that smart charging equipment and services account for 77.9% of total revenue, while microgrid systems and large-scale energy storage systems contribute 12.3% and 9.8%, respectively [8]. - In the first three quarters of 2025, the revenue proportions for these segments were 71.1%, 19.8%, and 9.1%, indicating rapid growth in the microgrid systems business [9]. Financial Performance - Wanbang Energy's revenue has been steadily increasing, from 3.474 billion yuan in 2023 to 4.182 billion yuan in 2024, representing a growth of 20.4%. For the first three quarters of 2025, revenue reached 3.072 billion yuan, a year-on-year increase of 23% [11]. - The company's net profit for 2023 was 493 million yuan, but it fell by 31.7% to 336 million yuan in 2024. However, in the first three quarters of 2025, net profit rose to 301 million yuan, a 4.28-fold increase, largely due to a one-time asset transfer gain [15]. Profitability Trends - Wanbang Energy's gross margin has been declining, with figures of 33.4% in 2023, 29.2% in 2024, and 24.6% in the first three quarters of 2025. The gross margin for smart charging equipment and services dropped from 34% in 2023 to 26.6% in 2025 [15]. Future Plans - The funds raised from the IPO will be allocated to various initiatives, including the construction and operation of R&D centers, global market expansion, capacity enhancement at production facilities, strategic investments, and general corporate purposes [18].