智通财经APP获悉，据港交所1月12日披露，杭州铂科电子股份有限公司(简称：铂科电子)向港交所主板递交上市申请，招商证券国际为其独家保荐人。 公司简介 公司已投入大量资源进行研究及开发，以维持及提高公司产品的竞争力。公司目前的研发工作重点是下一代算力服务器电源及微电网系统。算力服务器电源 的关键项目包括支持70˚C入口温度的20千瓦液冷单元、效率提高的成本优化型10千瓦油冷型号，以及高密度AI电源，例如3200瓦CRPS (100瓦╱立方英寸） 及符合Ruby标准且峰值效率为 97.5%的5500瓦OCP单元。该等产品旨在支持高端芯片组及要求苛刻的超算中心环境。就微电网系统而言，公司正推进量产公 司的800伏直流输出、100千瓦AC/DC转换模块及效率为99%的600千瓦并联系统机柜，旨在为AI算力中心提供高压直流电源并支持算力电源及储能一体化解 决方案。 此外，公司正在开发1兆瓦光伏、储能及负荷（光储荷）集成计算微电网系统，以实现分布式绿色计算电源系统的建设。归功于公司的持续努力，公司现拥 有与公司产品相关的一系列知识产权。 财务资料 | | | 截至12月31日止年度 | | | | 截至9月30日止九個 ...

万邦数字能源股份有限公司（下称"万邦数字"）递表港交所后，37.96亿元的应收款项规模、回款周期的持续拉长，以及上市前业务剥离后关联交易上限逐 年抬升的安排，成为市场和监管最难绕开的焦点。 公司于2026年1月4日正式向港交所提交上市申请，联席保荐人为摩根大通、国泰君安国际和招银国际。这是它第三次筹划资本市场登陆，此前两次A股尝试 均已终止，此次公司决定转战港股。 充电设备主业承压 万邦数字是全球最大的智能充电设备供应商（以2024年销量超47万台、收入计）。智能充电设备及服务仍是营收支柱，但占比逐年下降：2023年92.4%、 2024年77.9%、2025年前三季度71.1%。 | | | 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 | | 202 | | | 人民幣千元 | % | 人民幣千元 | % | 人民幣千元 | % | 人民幣千元 | | | | | | | | (未經審核) | | | 能充電設備及 | | ...

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].

Core Viewpoint - Wanbang Digital Energy Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, global market expansion, production capacity enhancement, strategic investments, and working capital [1] Group 1: Company Overview - Wanbang Digital is recognized as the largest supplier of smart charging equipment globally, with projected sales exceeding 470,000 units in 2024 [2] - The company has delivered over 300 microgrid systems across various applications, including charging stations and industrial parks, during the reporting period [2] - The primary revenue source for Wanbang Digital is smart charging equipment and services, which accounted for 92.4%, 77.9%, and 71.1% of total revenue from 2023 to 2025 [2] Group 2: Financial Performance - Wanbang Digital's revenue for the reporting period was 34.74 billion, 41.82 billion, and 30.72 billion, while profits were 4.93 billion, 3.36 billion, and 3.01 billion, indicating a revenue increase of approximately 20.4% in 2024 but a profit decline of 31.74% [3] - The company's gross margin decreased from 33.4% in 2023 to 29.2% in 2024, with a further drop to 24.6% in the first nine months of 2025 [5] - The net cash flow from operating activities significantly declined from 11.5 billion in 2023 to 2.72 billion in 2024, a drop of about 76.38% [3] Group 3: Sales and Distribution - The majority of Wanbang Digital's revenue comes from direct sales, with distributor revenue accounting for only 5.9%, 3.9%, and 5.4% during the reporting period [3] - The average selling price of direct current charging equipment fell to 38,800 yuan per unit in 2024, down 8.92% from 42,600 yuan in 2023, while the average price of microgrid systems dropped by 27.72% [3] Group 4: Related Party Transactions - Wanbang Digital has significant related party transactions, with Jiangsu Wanbang Taiyi Technology Co., Ltd. being one of its top five customers, contributing 2.78 billion, 2.03 billion, and 1.7 billion to total revenue during the reporting period [8] - The company has a large network of 138 distributors, although distributor revenue remains a small portion of total income [3] Group 5: Future Outlook - Wanbang Digital aims to leverage the Hong Kong Stock Exchange for capital acquisition and to enhance its market visibility, having previously terminated plans for an A-share listing [8]

Core Viewpoint - Wanbang Digital Energy, the parent company of Xixing Charging, is planning to list on the Hong Kong Stock Exchange after two unsuccessful attempts to go public in China, marking its first attempt at an IPO in Hong Kong [1][2]. Company Overview - Wanbang Energy was established in 2014 and is based in Changzhou, Jiangsu Province, focusing on the charging pile sector as the parent company of Xixing Charging [2]. - The company has become a leading player in the charging market, manufacturing charging piles and collaborating with local utility companies to build a charging network [2]. Market Position - As of 2024, Wanbang Energy is the largest global supplier of smart charging equipment, with over 470,000 units sold [2]. - Xixing Charging operates 726,000 public charging piles, holding a market share of 15.7%, ranking second among domestic operators, just behind Telai Electric [3]. Financial Performance - Wanbang Energy's revenue has been on the rise, with 2023 revenue at 3.474 billion yuan, increasing to 4.182 billion yuan in 2024, and 3.072 billion yuan in the first three quarters of 2025, representing a 23% year-on-year growth [4][6]. - The revenue breakdown for 2024 shows that smart charging equipment and services accounted for 77.9% of total revenue, while microgrid systems and large-scale energy storage systems contributed 12.3% and 9.8%, respectively [4]. Profitability Challenges - Despite revenue growth, Wanbang Energy's net profit has not kept pace, with a decline of 31.7% in 2024 to 336 million yuan, although it rebounded to 301 million yuan in the first three quarters of 2025, boosted by a one-time asset transfer gain [5][6]. Competitive Landscape - The charging pile market is highly competitive, with Wanbang Energy facing challenges in maintaining profitability due to a single revenue model primarily based on service fees [4][6]. - The recent IPO of Zhida Technology, a competitor in the home electric vehicle charging sector, indicates increasing competition in the market [6][8]. Strategic Partnerships - Wanbang Energy has established strategic partnerships with major automotive brands, including Mercedes-Benz, Porsche, Jaguar Land Rover, and Volkswagen, leveraging its historical strengths in vehicle sales [2]. Future Outlook - The company aims to expand its business through the upcoming IPO, which is seen as a necessary step to secure funding and enhance its competitive position in the evolving charging infrastructure market [8].

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]

Core Viewpoint - Wanbang Digital Energy Co., Ltd. is shifting its focus to the Hong Kong stock market after unsuccessful attempts to list on the A-share market, having recently submitted its IPO application to the Hong Kong Stock Exchange [1][4]. Group 1: Company Overview - Established in 2014, Wanbang Digital is a leading supplier of smart charging equipment and a pioneer in microgrid systems, having delivered over 300 microgrid systems across various applications by the end of the reporting period [2]. - The company reported revenues of approximately 3.474 billion yuan, 4.182 billion yuan, and 3.072 billion yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, with corresponding net profits of about 474 million yuan, 321 million yuan, and 305 million yuan [2]. Group 2: Financial Performance - The revenue breakdown for the first three quarters of 2025 shows that smart charging equipment and services contributed approximately 2.183 billion yuan (71.1%), microgrid systems contributed 608 million yuan (19.8%), and large-scale energy storage systems contributed 281 million yuan (9.1%) [2]. - 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 [2]. Group 3: IPO Plans and Use of Proceeds - The funds raised from the IPO are intended for research and development, global market expansion, increasing production capacity at facilities in Changzhou and Yancheng, strategic investments and acquisitions, working capital, and general corporate purposes [3]. - The net cash flow from operating activities is projected to decline significantly from 1.151 billion yuan in 2023 to 272 million yuan in 2024, with approximately 1.043 billion yuan expected for the first three quarters of 2025 [3]. Group 4: Historical Context and Challenges - Wanbang Digital has attempted to list on the A-share market twice, with no success, and has now turned to the Hong Kong market, believing it will provide better access to overseas capital and enhance its global brand influence [4][5]. - The company has a significant relationship with its controlling shareholders, with Wanbang Taiyi being one of its major clients, contributing revenues of 278 million yuan, 203 million yuan, and 170 million yuan during the reporting periods, representing 8%, 4.9%, and 5.6% of total revenue, respectively [5].

Core Viewpoint - Wanbang Digital Energy Co., Ltd. is shifting its focus to the Hong Kong stock market after failing to list on the A-share market, having recently submitted its IPO application to the Hong Kong Stock Exchange. The company is facing challenges with revenue growth not translating into profit, and its overall gross margin is declining [1]. Financial Performance - For the fiscal year ending December 31, 2023, Wanbang Digital reported revenues of approximately RMB 3.474 billion, with a net profit of about RMB 492.5 million. Projections for 2024 indicate revenues of around RMB 4.182 billion and a net profit of approximately RMB 336.2 million. By the first three quarters of 2025, revenues are expected to be about RMB 3.072 billion, with a net profit of around RMB 301.1 million [2][3]. - The company's gross margins have shown a downward trend, with overall gross margins recorded at 33.4% for 2023, 29.2% for 2024, and 24.6% for the first three quarters of 2025 [4]. Business Segmentation - In the first three quarters of 2025, Wanbang Digital's revenue breakdown by business segment includes approximately RMB 2.183 billion from smart charging equipment and services (71.1% of total revenue), RMB 608 million from microgrid systems (19.8%), and RMB 281 million from large-scale energy storage systems (9.1%). Notably, revenue from large-scale energy storage systems decreased by 31.3% from RMB 409 million in 2024 to RMB 281 million in 2025 [3]. IPO Purpose and Use of Proceeds - The company aims to use the funds raised from the IPO for research and development activities, global market expansion, enhancing production capacity at its facilities in Changzhou and Yancheng, strategic investments and acquisitions, working capital, and general corporate purposes [3]. Shareholding Structure - The controlling shareholders of Wanbang Digital include Shao Danwei, Ding Feng, and Wanbang Investment Group, who collectively hold 87.16% of the voting rights through direct and indirect shareholding [5].

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].