新华财经上海12月8日电（林郑宏）果下科技在港交所公告，于2025年12月8日-2025年12月11日招股， 拟全球发售3385.29万股，其中香港公开发售占10%，国际发售占90%。每股发售股份20.10港元，一手 认购金额仅2030港币，为今年港交所最便宜新股，预期股份将于2025年12月16日（星期二）上午九时正 开始在联交所买卖。 （文章来源：新华财经） 果下科技成立于2019年，是一家基于平台技术与人工智能驱动的可再生能源解决方案提供商，专注于储 能系统产品的研发、生产与销售。公司业务涵盖电力侧、电网侧、工商业及住宅等多种应用场景，提供 智能储能系统解决方案、EPC服务及其他相关产品销售。本次赴港上市所募资金将主要用于研发能力提 升，包括人工智能算力建设、国内外差异化技术开发；扩大储能系统产能；建设海外运营服务网络，计 划于2026-2027年在欧洲及非洲建立10个运营服务中心；以及补充营运资金。 业务结构方面，智能储能系统解决方案始终是公司核心收入来源，近三年占比均超过90%。其中，大型 储能系统业务增长显著，收入占比从2022年的12.2%提升至2025年上半年的74.2%；同期户用储能系统 业 ...

文 | 中关村储能产业技术联盟 1 2月3日，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。 11月3日，果下科技股份有限公司第二次向港交所提交上市申请书。对于果下科技而言， 此次通过港交所主板上市聆讯是其IPO过程中的关键里程碑，意味着公司已满足港交所的 上市规则要求，可以正式进入发行股票、定价和挂牌交易的最后阶段。 果下科技成立于2019年1月，是一家基于人工智能驱动的可再生能源解决方案提供商，向 客户及终端用户提供储能系统解决方案，其产品及方案覆盖大型电源侧、大电网侧、工商 业及住宅等多种应用场景。 据招股申请书， 本次H股上市募资将主要用于提升研发能力，提升人工智能研发能力， 重点提升人工智能算力。 海内外研发重点不同，国内研发重点为EMS调度、3S融和逆变 器以及电池预警系统，海外业务研发主要举措预计2 0 2 6 - 2 0 2 7年逐步推出，包括新一代储 能电池、逆变器以及系统产品相关认证等。 此外还包括海外运营及服务网络、大型储能 系统产品、工商业储能系统产品以及户用产品产能扩展， 其中包括采购两条新产线用于 大型储能系统产品生产，设计年产能为1. 5GWh。一条用于户用储能系 ...

岁末将至，储能行业又传来一则喜讯。 据港交所披露，12月3日，果下科技正式通过港交所主板上市聆讯， 成为年内又一家即将冲击成功资本市场的储能系统集成商。 这家2019年才成立的储能"新势力"，凭借 168.9%的年复合营收增长率 ， 仅用数年便站上了上市关口，当前 估值更是在两年内从4亿元暴涨14倍，达到60 亿元。 根据最新公开规划，此次上市募资的重要用途之一，便是投入包括 AI算力在内的智能化技术研发 。 在行业智能化趋势明确的背景下，此举能否为其资本道路与长期发展构建坚实的技术壁垒，将成为后续关注的重点。 ▋ 2025年上半年 营 收同比增幅超6倍 招股书显示，果下科技的业务聚焦储能系统解决方案，包含三大板块：智能储能系统解决方案、EPC服务和其他杂项销售，智能储能系统解决方案是公司的 绝对主业，近三年营收占比均超过90%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2 ...

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its application to the Hong Kong Stock Exchange, showing significant revenue growth from 142 million to 1.026 billion yuan from 2022 to 2024, but facing declining net profit margins from 17.1% to 4.8% during the same period [1][2]. Revenue Growth - Revenue for Guoxia Technology during the reporting period was 142 million, 314 million, and 1.026 billion yuan, with net profits of 24.27 million, 28.14 million, and 49.12 million yuan respectively [1]. - The company’s revenue from China increased significantly, accounting for 27.9%, 55.9%, and 79.9% of total revenue from 2022 to 2024 [2]. - Revenue from Europe decreased from 72.1% to 10.2% during the same period, while revenue from Africa accounted for 13.2% and 9.7% in 2023 and 2024 respectively [2]. Profitability Metrics - The gross profit margin decreased by 10 percentage points from 2022 to 2024, with overall gross margins of 25.1%, 26.7%, and 15.1% [3]. - The gross margin for large energy storage systems dropped significantly from 31.4% to 11.9% during the reporting period [3]. Customer Concentration - The revenue concentration from the top five customers decreased from 98.9% to 66.5% from 2022 to 2024, with the largest customer contributing 70.4%, 30.9%, and 27.9% of total revenue in the respective years [4][5]. - The first major customer, identified as Customer A, was replaced by a new major customer in 2024, indicating high customer turnover [5]. Accounts Receivable and Inventory - Trade receivables and notes increased from 41.59 million to 520 million yuan, with a notable rise in turnover days from 56.2 to 120.6 days [6][7]. - Inventory levels rose from 32.37 million to 116 million yuan, with inventory turnover days fluctuating significantly [7]. Financial Leverage - The company’s leverage ratio reached 199.9% by 2024, indicating a high level of debt relative to equity [10][11]. - Operating cash flow turned positive in 2024, with net cash flow from operating activities reported at 373,000 yuan [9]. - The current ratio and quick ratio showed a declining trend, indicating potential short-term liquidity issues [12].

Industry Overview - The renewable energy sector is experiencing rapid growth, with energy storage becoming a critical component for grid stability and reliability [1] - Global energy storage system capacity is projected to grow from 7.1 GWh in 2019 to 174.9 GWh by 2024, representing a compound annual growth rate (CAGR) of 89.8% [1] - By 2030, the capacity is expected to reach 974 GWh, with a forecasted CAGR of 33.1% [1] Company Profile - Guoxia Technology Co., Ltd. has filed for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading provider of AI-driven renewable energy solutions [2] - The company's revenue is projected to increase from 142 million RMB in 2022 to 1.026 billion RMB in 2024, marking a significant growth trajectory [2] - Despite revenue growth, profit margins have not kept pace, with net profit rising from 24.3 million RMB in 2022 to 49.1 million RMB in 2024, indicating a lower growth rate compared to revenue [2][8] Revenue Breakdown - The primary revenue source for Guoxia Technology is its smart energy storage system solutions, which accounted for approximately 97.8% of total revenue in 2024 [3] - Within this segment, large-scale energy storage systems contributed 76.6% of revenue, while household energy storage systems accounted for 20.3% [3][5] - The company has seen a 601.9% year-on-year increase in revenue from large-scale energy storage systems in 2024, driven by increased production capacity and project acquisition [5] Geographic Revenue Distribution - In 2022, over 70% of Guoxia Technology's revenue came from the European market, but by 2024, the domestic market's share rose to nearly 80% [7][8] - Revenue from Africa and Europe accounted for 9.7% and 10.2% respectively in 2024, indicating a shift in market focus [8] Profitability Analysis - Guoxia Technology's gross profit increased from 35.6 million RMB in 2022 to 155 million RMB in 2024, but the gross margin declined from 25.1% to 15.1% during the same period [8][9] - The fluctuation in profitability is attributed to increased market competition and raw material price volatility, particularly the significant drop in lithium carbonate prices since 2023 [9] AI Technology Integration - Guoxia Technology emphasizes the role of AI in enhancing its market position, having developed AI-optimized systems for energy management and predictive maintenance [10] - The company aims to leverage AI technology to maintain competitive advantages and improve operational efficiency [10] Market Position and Future Outlook - The energy storage market is highly competitive, with over 300 suppliers globally, where the top 30 companies account for 90% of new installed capacity [13] - Guoxia Technology's IPO is seen as a strategic move to capitalize on industry growth and enhance its competitive positioning [13]

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to strengthen its capital utilization, accelerate technological upgrades, and consolidate its market position as a leading provider of renewable energy solutions in the energy storage industry [2][3]. Company Overview - Established in January 2019 in Wuxi, Jiangsu, Guoxia Technology is a leading provider of renewable energy solutions and products driven by platform technology and artificial intelligence, focusing on energy storage system solutions for various applications [3][4]. - The company operates in the midstream of the energy storage industry, empowering all participants in the ecosystem and promoting the development of renewable energy through collaborations with universities and research institutions [3]. Financial Performance - Revenue from intelligent energy storage system solutions is projected to grow from approximately RMB 141 million in 2022 to RMB 1.003 billion in 2024, with a compound annual growth rate (CAGR) of 168.9% [4][9]. - Gross profit is expected to increase from approximately RMB 35.6 million in 2022 to RMB 155 million in 2024, with a CAGR of 108.6% [9][10]. - Net profit is projected to rise from approximately RMB 24.3 million in 2022 to RMB 49.1 million in 2024 [10]. Market Position - Guoxia Technology is ranked as the eighth largest supplier of multi-purpose energy storage systems in China by installed capacity and the tenth largest in household energy storage systems globally as of 2024 [9]. - The company has established a significant market presence in both domestic and international markets, with revenue from China expected to account for 79.9% of total revenue in 2024, while overseas revenue is projected to decline to less than 20% [6][7]. Research and Development - The company has a dedicated R&D center in Wuxi, focusing on IoT and AI optimization platforms, battery development, and energy management systems, employing a team with an average of over 10 years of experience in the energy storage industry [11]. - R&D expenditures are projected to be approximately RMB 3.8 million, RMB 16.8 million, and RMB 31.6 million for the years 2022, 2023, and 2024, respectively, representing 2.7%, 5.3%, and 3.1% of total revenue [12]. Investment and Valuation - As of the latest feasible date, Guoxia Technology holds approximately RMB 50.26 million in cash and cash equivalents, with significant investments from Kaibo Capital and Shenzhen Ningqian, leading to a valuation increase from approximately RMB 15.31 billion to RMB 60 billion [13].

Core Viewpoint - Guoxia Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Everbright Securities International as its sole sponsor [1][3]. Company Overview - Guoxia Technology is a leading provider of renewable energy solutions and products in China's energy storage industry, focusing on platform technology and AI-driven systems [3]. - The company offers energy storage system solutions and products that cater to various applications, including power side, large grid side, commercial, industrial, and residential sectors, targeting both domestic and international markets [3]. - Guoxia Technology is recognized for its seamless cloud integration of energy storage solutions and the development of a panoramic cloud platform, solidifying its leadership in digital energy management [3]. Business Segments - The company's operations are divided into three segments: intelligent energy storage system solutions, EPC services, and other offerings [4]. - Guoxia Technology provides comprehensive energy storage system solutions that integrate AI technology with advanced hardware products to meet unique customer needs [4]. - The company specializes in EPC services for commercial energy storage projects and photovoltaic power station development, ensuring project management, quality assurance, and timely delivery [4]. Market Position - According to Frost & Sullivan, Guoxia Technology ranks as the eighth largest provider of multi-purpose energy storage systems in China by new installed capacity in 2024, and the tenth largest provider of household energy storage systems by shipment capacity in the same year [3]. Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are approximately RMB 142 million, RMB 314 million, and RMB 1.026 billion, respectively [5][6]. - The annual profits for the same years are estimated at RMB 24.3 million, RMB 28.1 million, and RMB 49.1 million, respectively [5][6].