Core Viewpoint - Shenzhen Delanminghai New Energy Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, despite ongoing net losses, with a focus on overseas markets for revenue generation [1][3]. Financial Performance - In 2023 and 2024, the company reported revenues of approximately 1.777 billion yuan and 2.174 billion yuan, respectively, with corresponding net losses of about 184 million yuan and 46.624 million yuan [4]. - For the first three quarters of 2025, the company achieved revenue of approximately 1.572 billion yuan, a growth from 1.521 billion yuan in the same period the previous year, while the net loss narrowed to about 29.852 million yuan from 35.019 million yuan [4]. Market Position - Delanminghai ranks fourth among global portable energy storage device manufacturers in 2024, with a market share of 6.6% by revenue and 7.5% by shipment volume [3]. - The company has shipped over 3.5 million energy storage products globally since the launch of its BLUETTI brand in 2020 [3]. Revenue Sources - The company relies heavily on overseas markets, with over 90% of its revenue coming from international sales during the reporting periods. Specifically, overseas revenue accounted for 98.8%, 99.4%, and 97.9% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [6]. - In the first three quarters of 2025, revenue from the Americas and Europe was approximately 816 million yuan and 451 million yuan, representing 51.9% and 28.7% of total revenue, while revenue from mainland China was only 2.2% [6]. Dividend Distribution - Prior to its listing application, the company declared significant dividends, totaling approximately 125 million yuan, including 87.4 million yuan paid on January 15, 2026, and 37.1 million yuan for the previous year [7]. - The company's large dividend payouts amidst ongoing losses and an IPO fundraising effort may attract regulatory scrutiny [7].

根据招股书披露信息，公司毛利率已从2023年度的35.6%上升至截至2025年9月30日止九个月的42.3%， 显示公司持续推动了成本优化和产品结构改善。根据非国际财务报告准则计量，公司在2024年及截至 2025年9月30日止九个月均实现了经调整盈利，表明其核心业务已具备盈利能力。 公司始终以推动产业技术进步与持续创新为己任，已由单一产品型企业逐步转型为面向多场景、多元化 能源需求的综合能源解决方案提供商，形成覆盖户外探索、离网应用及家庭备电等场景的一站式储能解 决方案体系。截至2025年12月31日，公司在全球已取得847项有效专利，其中包含308项发明专利，彰显 公司持续深耕研发的实力,以及以客户为中心的不断创新产品的底气与实力。 深圳市德兰明海新能源股份有限公司向港交所提交上市申请书。 招股书显示，公司以BLUETTI品牌经营，专注中小型用户侧储能领域，是市场上为数不多从产品研发 到商业化落地全链条自主管控的公司。根据弗若斯特沙利文资料显示，公司按收入及出货量计在全球排 名第四。自2020年推出 BLUETTI 品牌以来，公司依托内部研发驱动的快速产品迭代能力及全渠道品牌 布局实现业务快速增长，持续提 ...