Core Viewpoint - The company DeYe Co., Ltd. is planning to list its shares in Hong Kong to enhance its global development strategy and brand influence while expanding its financing channels [2][3]. Group 1: Company Overview - DeYe Co., Ltd. was established in 2000 and is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [3]. - The company focuses on three core industry chains: photovoltaic inverters, energy storage battery packs, and environmental electrical products [3]. Group 2: Financial Performance - For the first three quarters of 2025, DeYe Co., Ltd. achieved operating revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.347 billion yuan, up 4.79% year-on-year [2][8]. - The total assets of DeYe Co., Ltd. grew from 3.924 billion yuan at the end of 2021 to 21.457 billion yuan by the end of September 2025, marking an increase of 41.97% compared to the end of 2024 [2][7]. Group 3: International Expansion - DeYe Co., Ltd. has rapidly expanded its overseas market presence, with foreign sales revenue increasing significantly from 1.262 billion yuan in 2021 to 7.947 billion yuan in 2024, accounting for over 70% of total revenue [4]. - The company has established a strong customer base in over 110 countries and regions, adapting its products to meet various international regulations and market demands [4]. Group 4: R&D Investment - R&D expenses for DeYe Co., Ltd. have consistently increased, reaching 371 million yuan in the first half of 2025, with a growth rate of 4.77% year-on-year [5]. - The R&D expense ratio has also shown an upward trend, indicating the company's commitment to innovation and product development [5]. Group 5: Stock Market Performance - As of November 14, 2025, DeYe Co., Ltd.'s stock price was 82.70 yuan per share, reflecting a cumulative increase of approximately 46.7% since the beginning of the year [8].

Core Viewpoint - The announcement indicates that Deye Technology Co., Ltd. is planning an H-share listing to advance its global development strategy, enhance brand international influence and core competitiveness, and broaden financing channels through international capital markets [1] Group 1: H-Share Listing - The goal of the H-share listing is to promote Deye's globalization strategy and improve governance levels [1] - The H-share listing will not change the controlling shareholder or actual controller of Deye [1] - Deye is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2: Company Overview - Deye Technology is a global new energy technology enterprise that integrates R&D, design, production, sales, and service [1] - The company was successfully listed on the Shanghai Stock Exchange in April 2021 and has three core industrial chains: photovoltaic inverters, energy storage battery packs, and environmental appliances [1] Group 3: Financial Performance - In the first three quarters of 2025, Deye achieved revenue of 8.846 billion yuan, a year-on-year increase of 10.36% [2] - The net profit attributable to shareholders was 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [2] - The stable performance provides a solid foundation for the company's Hong Kong IPO [2]

Group 1 - Jiangxi Aifenda HVAC Technology Co., Ltd. has three wholly-owned subsidiaries and no associated companies [1] - Hangzhou Daz Import and Export Co., Ltd. is responsible for overseas sales of HVAC products, with total assets of 1,533.99 million and net profit of 5.68 million for the last fiscal year [1] - Hangzhou Aifenda Home Co., Ltd. focuses on domestic sales of HVAC products, reporting total assets of 71.45 million and net profit of 3.15 million for the last fiscal year [1] Group 2 - Shangrao Ouder Environmental Protection Co., Ltd. is also a wholly-owned subsidiary, specializing in the sale of HVAC-related products, with total assets of 36.69 million and a net loss of 0.30 million for the last fiscal year [2]