国际权威研究机构弗若斯特沙利文(Frost & Sullivan，以下简称"沙利文")最新发布的《2025年全球智慧 家庭储能解决方案行业研究报告》显示，智慧家庭储能解决方案市场正加速向系统化、智能化演进，正 浩EcoFlow以全球销量第一的表现，在这一高速增长赛道处于领先位置。 智慧家庭储能解决方案是指将发电与储能通过智慧能源管理技术结合，实现家庭能源的生成、存储、调 度与优化的综合解决方案，其产品主要涵盖家庭太阳能系统、户用储能系统、家庭备用电源及便携式电 源等。沙利文此次调研旨在对全球智慧家庭储能解决方案行业进行深入分析，从行业规模、市场特点、 技术创新等多方面探究行业发展背后的驱动因素，挖掘行业发展巨大潜力，追踪行业未来发展趋势。 正浩EcoFlow全球第一：从产品力到系统力的全维度领先 正浩EcoFlow自2017年成立以来，凭借覆盖全场景的清洁与智能能源解决方案、持续创新的储能技术和 扎实的全球化布局，已成长为全球最主要的智能家庭储能解决方案提供者之一。目前产品已服务140多 个国家和地区的超500万用户，累计专利超过1200项。 正浩EcoFlow实现智慧家庭储能市场的全球领先，源于其在"生态技 ...

Core Viewpoint - Guoxia Technology Co., Ltd. has successfully debuted on the Hong Kong Stock Exchange, showcasing the strength of China's energy storage technology sector and attracting significant capital market interest with a market capitalization of HKD 23.82 billion on its first trading day [1][3]. Company Overview - Guoxia Technology focuses on the "AI+" energy storage sector, providing renewable energy solutions and products since its establishment in Jiangsu in 2019. The company has developed a comprehensive product matrix covering large-scale, commercial, and residential energy storage [3][4]. - The company has developed two core technology platforms, Safe ESS and HANCHU iESS, integrating AI systems to create a unique "cloud-edge-end" architecture for intelligent energy management [3][4]. Market Position - According to a report by ZhiShi Consulting, Guoxia Technology ranks as the eighth largest energy storage system supplier in China by new installed capacity and is among the top ten suppliers in the residential energy storage sector, holding a 4% market share in both categories [4]. - The company has a strong domestic presence, with 79.9% of its revenue coming from the domestic market in 2024, while also establishing a significant international footprint in Europe and Africa [4]. Financial Performance - Guoxia Technology's revenue surged from CNY 142 million in 2022 to CNY 1.026 billion in 2024, reflecting a compound annual growth rate of 169%. In the first half of 2025, revenue reached CNY 691 million, marking a year-on-year increase of 663% [5]. - The company achieved a significant turnaround in profitability, with a net profit of CNY 5.575 million in the first half of 2025, compared to a net loss of CNY 25.59 million in the same period of 2024 [5]. IPO and Future Plans - In its IPO, Guoxia Technology issued 33.8529 million shares at HKD 20.1 per share, raising approximately HKD 606 million. The funds will be allocated to enhancing core technology research, expanding production capacity, and improving global service networks [6][8]. - The company aims to solidify its technological barriers in the "AI+" energy storage sector and drive high-quality development in the industry, transitioning from a focus on scale and cost to technology and ecosystem [8].

Core Viewpoint - Guoxia Technology, a provider of energy storage solutions, officially listed on the Hong Kong Stock Exchange on December 16, raising approximately HKD 783 million through its IPO, with a strong debut performance [1][3]. IPO Details - The company issued 38.93 million H-shares at an offering price of HKD 20.1, representing 7.61% of total shares post-IPO, with a net fundraising amount of approximately HKD 701 million after expenses [3]. - On its first trading day, the stock opened at HKD 38, a 89% increase from the offering price, and closed at HKD 43.8, marking a 117.91% rise, leading to a total market capitalization of approximately HKD 22.42 billion [3]. Subscription and Investor Interest - The IPO was significantly oversubscribed, with the public offering portion receiving 1,890.73 times oversubscription and the international offering portion receiving 3.63 times [5]. - Three cornerstone investors participated in the offering, collectively subscribing for HKD 74.25 million, accounting for 9.49% of the total global offering [6]. Company Overview - Founded in 2019, Guoxia Technology focuses on AI-driven renewable energy solutions, employing a dual-brand strategy with "Guoxia Technology" for domestic markets and "HANCHUESS" for international markets [6]. - The company targets large-scale energy storage projects on the grid side domestically and household and commercial storage markets internationally, with products already in several mature overseas markets [6]. Financial Performance - The company has experienced rapid revenue growth, with revenues increasing from RMB 142 million in 2022 to RMB 1.026 billion in 2024, and annual profits rising from RMB 24.28 million to RMB 49.12 million [7]. - For the first half of 2025, revenue reached RMB 691 million, a 659% year-on-year increase, although profits decreased to RMB 5.58 million from RMB 25.59 million in the same period last year [7]. Shareholding Structure - The founding team maintains a strong controlling position, holding 54.08% of the shares, with key figures including Chairman Feng Lizheng, CEO Zhang Xi, and President Liu Ziye, all of whom are alumni of Jiangnan University [7]. Salary Information - The total compensation for key executives in the first half of 2025 included RMB 666,000 for Feng Lizheng and RMB 1.518 million for Zhang Xi [8]. Technological Advancements - Guoxia Technology is recognized as one of the first companies in the industry to achieve cloud integration of energy storage systems, pushing AI technology from cloud algorithms to physical entities, and aims to enhance its technology development and global market presence post-IPO [9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 果下科技于2025年12月8日启动全球发售，预计于12月16日在港交所主板上市。本次IPO采用定价发行，发行价为20.1港元/股。基础 发行股数为3385万股，对应基础发行规模为6.8亿港元。本项目还安排了发售量调整权及超额配售权，若上述两种权利均全额行使， 则发行规模将达到9.0亿港元。然而，公司不仅存在估值短期内暴涨、远超行业合理水平的泡沫隐忧，还面临核心业务售价下滑、毛 利率与净利率持续走低的盈利压力。同时，客户集中度高、应收账款高企导致现金流紧张的问题突出，这些实打实的经营与估值风 险，让市场对其上市后的表现充满疑虑。 基石阵容方面，本次IPO的阵容同样难以对市场信心形成有效支撑。惠开香港、君宜资本、雾凇资本合计投资7425万港元，仅占基础 发行规模的10.9%，而近期港股IPO项目的基石投资者认购占比普遍不低于40%。 具体来看，惠开香港具有无锡惠山政府背景，而果下科技主要办公地位于无锡惠山，其投资更多是出于对当地企业的扶持，而非市 场化投资决策；君宜资本此前参与的纳芯微、遇见小面、广 ...

再次提交招股书一个月后，果下科技终于在12月3日通过了港交所聆讯。 招股书数据显示，2022年至2024年，果下科技毛利率分别为25.1%、26.7%、15.1%，今年上半年进一步 下滑为12.5%。在各项业务中，大储业务始终毛利率最低，几乎总是低于公司整体毛利率水平，这意味 着高增的大储业务虽然增厚了果下科技的收入，但也在短期内拖累了公司的盈利能力。 果下科技成立仅六年，创始人冯立正曾就职于昔日明星电池企业沃特玛。公司的董监高团队中，多人与 冯立正同为江南大学校友。 果下科技的业务核心为储能系统，这家年轻的企业在过去几年间经历了业务结构的重大调整，国内大储 业务迅速取代海外户储业务成为核心收入来源。不过，毛利率偏低的大储业务也拉低果下科技的盈利能 力。 招股书数据显示，2022年至2024年，果下科技毛利率分别从25.1%跌至15.1%，今年上半年进一步下滑 为12.5%。 营收重心调整，低毛利的大储业务"拖后腿" 果下科技的单一生产基地位于江苏无锡。截至今年上半年末，公司储能系统的年产能为907.8 MWh。上 半年产能利用率为116.7%。 公司九成以上的收入来源于储能系统，而就在过去数年间，果下科技的 ...

公司于2023年启动自主设计的大型储能系统及工商业储能系统产品生产线建设，总产能从2022年底的 45.5MWh大幅增至2024年底的1561.2MWh；第二条生产线已于2024年5月投产运营。 公司从2022年欧洲市场户用储能系统产品及解决方案贡献72.1%的收入，转变为2024年中国大型储能系 统产品及解决方案贡献76.6%的收入，并延续至2025年上半年。 果下科技通过港交所主板上市聆讯，由光大证券国际担任独家保荐人。根据灼识咨询，果下科技为业内 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。 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Guoxia Technology Co., Ltd. 果下科技股份 有限公司 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的 本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (i) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件 中的資料作出任何投資決定； (ii) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、其獨家保薦人、整體協 調人、顧問或承銷團成 ...

海 外 征 伐 ， 户 储 军 团 的 崛 起 户用储能（即家庭储能系统） ，是一种针对家庭用户的模块化能源存储装置，可以帮助家庭实现能源自给、降低电费支出，并提升用电可靠 性。 户用储能市场是一个典型的 外向型市场 ，主要集中在高电价的国家，在欧洲、美国、日本、澳大利亚等发达市场已然成熟，并正逐步向东南 亚、非洲、南美等新兴区域拓展。 依托完善的光伏与储能产业链， 一批中国户储品牌凭借产品力与渠道力成功出海， 奠定了自身的市场地位。从2025年上半年业绩看，这支"海 外军团"依然表现亮眼： 派能科技 ，上半年营收11.49亿元，同比增加33.75%，产品销售量达1328MWh，同比增长132.57%。 文 | 中关村储能产业技术联盟 在能源转型的十字路口，一批凭借海外户储市场崭露头角的中国储能企业，正面临一道关乎未来命运的战略选择题。 当海外市场从蓝海变为红海，当国内储能商业模式逐步跑通，是继续深耕熟悉的海外战场，还是也要争夺国内已成规模的储能大市场？ 固德威 ，上半年营收40.86亿元，同比增长29.80%。逆变器销量约为39.95万台，其中储能逆变器销量约为3.32万台，占比约8.31%。 德业股份 ， ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The acquisition of Precision Energy by Longi Green Energy is a significant move, enhancing its position in the energy storage sector [5] - The independent storage capacity pricing mechanism is being refined, indicating a supportive policy environment for energy storage development [6] Summary by Sections Wind Power - Wind turbine exports are progressing, with Goldwind's new factory in South Africa marking its sixth overseas facility, aimed at providing comprehensive services for renewable projects in the region [5][9] - The wind power index fell by 3.17% this week, underperforming the CSI 300 index by 2.09 percentage points, with a current PE_TTM valuation of approximately 25.97 times [4][10] Photovoltaics - Longi Green Energy's acquisition of Precision Energy aims to strengthen its foothold in the energy storage market, which includes a range of lithium-ion battery storage systems [5][6] - The photovoltaic equipment index decreased by 2.12%, with the current PE_TTM valuation around 50.33 times [4] Energy Storage & Hydrogen - The National Development and Reform Commission and the Energy Administration have introduced guidelines to improve the pricing mechanism for new energy storage, recognizing its value in the new power system [6] - The compensation standard for independent new energy storage stations in Inner Mongolia for 2026 is set at 0.28 yuan/kWh, down from 0.35 yuan/kWh in 2025, but still favorable [6] Investment Recommendations - For wind power, focus on companies like Goldwind, Mingyang Smart Energy, and Yunda shares due to their potential for profit recovery and overseas market expansion [6] - In photovoltaics, attention is drawn to structural opportunities within the industry, with recommended stocks including Dier Laser, Aiko Solar, and Longi Green Energy [6] - In energy storage, companies like Sungrow Power Supply and Haibo Technology are highlighted for their strong market positions and overseas expansion efforts [6]

Core Viewpoint - The global home energy storage market is projected to grow significantly, with a forecasted shipment of 27.8 GWh in 2024, representing a 19% year-on-year increase, and expected to reach 180 GWh by 2030, a growth of 547% compared to 2024 [2][33]. Global Market Characteristics and Driving Factors - Europe is the largest market for home energy storage, with a shipment of 13 GWh in 2024, but it faces a 10% decline due to falling electricity prices and reduced subsidies [4][27]. - The United States is experiencing rapid growth, with a projected shipment of 3.5 GWh in 2024, up 48% year-on-year, driven by tax incentives and rising electricity prices [7][29]. - Ukraine is emerging as the fastest-growing market, with a shipment of 2.5 GWh in 2024, expected to see a growth rate exceeding 300% [8][29]. - Japan's home storage market is also growing, with a forecasted shipment of 2 GWh in 2024, up 38% year-on-year, supported by substantial government subsidies [9][10]. - Australia is expected to ship 1.5 GWh in 2024, with a growth rate of over 20%, driven by federal and state subsidies [11][12]. - Africa's market is projected to reach 1.2 GWh in 2024, with South Africa leading and Nigeria emerging as a significant player [13][14]. Demand-Driven Core Factors - In Ukraine, over 60% of power plants have been damaged, leading to a surge in demand for home energy storage systems due to prolonged power outages and rising electricity prices [8][9]. - In Japan, the expiration of feed-in tariff contracts is driving households to adopt self-consumption models with storage systems [9][10]. - In Australia, federal subsidies are set to support over 1 million households by 2030, enhancing the economic viability of home storage systems [12][29]. Global Home Energy Storage Supply and Competitive Landscape - In 2024, China is expected to dominate the global market with a shipment of 21 GWh, accounting for 75% of total shipments, with major players including Huawei and BYD [16][29]. - The competitive landscape is characterized by significant players such as Huawei Digital Energy, BYD, and Tesla, with Huawei leading the market with a 21.6% share [29][33]. Policy Support for Home Energy Storage Industry - Various countries are implementing supportive policies for renewable energy and home storage systems, creating a favorable environment for industry growth [34][36]. - The European Union's "REPowerEU" plan aims to expand solar energy capacity, while the U.S. has extended tax credits for storage systems [17][34]. Emerging Market Growth - Regions like Southeast Asia, South Africa, and Ukraine are witnessing explosive demand for home storage systems due to unstable power grids and high electricity prices [35][36].