港交所主板再现能源管理赛道新面孔，但这一次的故事主角，有着一段颇为坎坷的资本征途。智通财经 APP获悉，据港交所11月2日披露，广州豪特节能环保科技股份有限公司(以下简称"豪特节能")向港交所 主板提交上市申请书，广发证券、申万宏源香港为联席保荐人。 据招股书显示，若以2024年的收入计算，豪特节能是中国第五大运营商中立型数据中心能源管理解决方 案提供商，市场份额达3.8%；同时，公司亦是中国第九大数据中心能源管理解决方案提供商，市场份 额为1.5%。 行业领先地位的背后，是其所处赛道的高速成长性。智通财经APP了解到，中国运营商中立型数据中心 能源管理解决方案市场规模从2020年的112亿元（人民币，下同）增至2024年的257亿元，年复合增长率 达23.1%；预计到2029年将进一步增长至839亿元。 豪特节能的上市之路可谓一波三折：公司于2016年4月挂牌新三板，2021年5月摘牌；期间曾两度启动A 股上市辅导，又分别于2020年10月与2023年12月终止。此番转战港股，能否成功圆梦，成为市场关注的 焦点。 营收净利稳健增长 据招股书，豪特节能是一家能源管理解决方案提供商，专注数据中心细分赛道。通过技 ...

| ]項下的[编纂]數目總數 | [编纂]股H股(視乎[编纂]行使與否而定) .. | | --- | --- | | [编纂]數目 | : [编纂]股H股(可予编纂]) | | [编纂]数目 | .. [编纂]股H股(可予[编纂]及視乎[編纂]行使與否而 | | | 定) | | 最高[编纂] | : 每股H股[編纂],另加1.0%經紀佣金、0.0027%證監 | | | 會交易徵費、0.00565%聯交所交易費、0.00015% | | | 會財局交易微費(須於[编纂]時以港元繳足,多 | | | 繳款項可予退還) | | 面值 | 每股H股人民幣1.00元 | | [编纂] | : [·] | 展望未来，在数据中心容量持续扩张的驱动下，中国数据中心能源管理市场预计将保持强劲增长。总市 场规模预计到2029年将达1,879亿元，其中供电系统占1,145亿元，热管理系统贡献734亿元。受液冷及其 他先进热管理技术等更高价值解决方案的采用率上升推动，热管理细分市场预计将继续以快于供电系统 的速度增长。 數據中心能源管理的市場規模(按產品類型劃分), 以價值計算(中國),2020年至2029年(預測) 複合年增 ...

Core Viewpoint - Guangzhou Haote Energy Conservation and Environmental Protection Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, focusing on energy management solutions for data centers, with a comprehensive service system covering various aspects of energy management [1] Group 1: Company Overview - Haote Energy Conservation is a leading provider of energy management solutions in mainland China, specializing in the data center segment [1] - The company offers a full lifecycle service system for energy management solutions, including consulting, design, equipment selection, project integration, and system maintenance [1] - According to Frost & Sullivan, Haote is the fifth largest neutral data center energy management solution provider and the ninth largest overall in mainland China by revenue in 2024 [1] Group 2: Financial Performance - The company's revenue for the six months ending June 30 for the years 2022, 2023, 2024, and 2025 was approximately RMB 793 million, RMB 858 million, RMB 1.018 billion, and RMB 754 million respectively [1] - The net profit and total comprehensive income for the same periods were approximately RMB 39.13 million, RMB 70.18 million, RMB 75.87 million, and RMB 50.50 million respectively [1] Group 3: Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 86.1%, 79.4%, 94.9%, and 98.9% of total revenue for the years ending December 31, 2022, 2023, and 2024, and for the six months ending June 30, 2025 [2] - Sales to the largest single customer accounted for 62.6%, 36.3%, 82.8%, and 39.4% of total revenue during the same periods [2] Group 4: Revenue Concentration - Revenue is primarily derived from a limited number of projects, with the top five projects accounting for 77.3%, 76.7%, 87.4%, and 90.1% of total revenue for the years ending December 31, 2022, 2023, and 2024, and for the six months ending June 30, 2025 [3] - The number of projects recognized for revenue each year/period decreased from 22 to 13 from 2022 to the first half of 2025, indicating a reliance on a few large projects [3] Group 5: Accounts Receivable - The company faces increasing accounts receivable, with trade receivables amounting to RMB 210.40 million, RMB 94.70 million, RMB 317.30 million, and RMB 376.70 million for the years ending December 31, 2022, 2023, and 2024, and for the six months ending June 30, 2025 [4] - The turnover days for trade receivables increased from 67 days to 83 days over the same periods, indicating potential cash flow and financial stability risks [4]