2025 年 12 月 16 日，"AI+"储能/能源领域龙头果下科技以证券代码02655.HK正式登陆香港联合交易所 主板，上演了一场资本市场的 "速度与激情"。上市首日，公司股价高开高走，盘中涨幅一度突破 129%，最终收盘大涨 117.91%，报 43.80 港元，总市值超224亿港元。 用电成本降低的目标。这套技术体系让储能系统从被动响应的 "能量容器"，进化为具备主动预警、状 态识别与调度优化能力的 "柔性智慧资产"，成为公司穿越行业周期的核心护城河。 此次 IPO，果下科技全球发售 3385.29 万股股份，募集净资金 6.06 亿港元，将重点投向三大战略方向。 在技术研发层面，公司将聚焦长时储能技术、AI 算法优化等领域，进一步提升储能系统的能量密度、 循环寿命与响应速度，同时探索 AI 机器人在储能系统自主巡检、异常检测等场景的落地应用，构建更 精细高效的自动化管理体系；在全球化布局方面，将在欧洲、非洲等地增设基础设施与本地化服务团 队，完善 "技术研发 — 智能制造 — 全球服务" 三位一体的交付体系，强化 "HANCHU ESS" 海外品牌 影响力；在产能建设上，将扩大大型储能、工商业储能 ...

Core Insights - The renewable energy sector, particularly energy storage, is experiencing explosive growth driven by carbon neutrality goals and a global energy transition [1] - Guoxia Technology, an AI-driven renewable energy solutions provider, has submitted its listing application to the Hong Kong Stock Exchange [1] - The company has achieved remarkable revenue growth since its establishment in 2019, with a projected compound annual growth rate (CAGR) of 168.9% from 2022 to 2024 [1][2] Company Performance - Guoxia Technology's total revenue is expected to rise from RMB 141.8 million in 2022 to RMB 1.0256 billion in 2024, with a staggering year-on-year increase of 663.1% in the first half of 2025 [1][2] - The company has established itself as the eighth largest multi-purpose energy storage system supplier in China by 2024, and the tenth largest in global household energy storage system shipments [2] - The revenue focus has shifted from household storage to large-scale storage, with large-scale solutions accounting for 76.6% of total revenue in 2024 [2] Strategic Positioning - Guoxia Technology's strategic pivot to large-scale storage aligns with the rapid growth of the domestic market, supported by favorable government policies [2][3] - The company leverages its platform technology and AI-driven solutions to create an integrated ecosystem that enhances customer engagement and builds competitive barriers [3][4] Financial Challenges - Despite strong revenue growth, the company's profitability metrics are deteriorating, with gross margins declining from 26.7% in 2023 to 12.5% in the first half of 2025 [6] - The primary reason for the decline in gross margin is intense market competition, which has led to widespread low-price strategies [6] - The company faces liquidity challenges, with negative cash flow from operations recorded in recent years due to increased trade receivables and inventory levels [6][7] Future Outlook - Successful listing on the Hong Kong Stock Exchange could provide essential funding for research and development, capacity expansion, and market diversification [7] - The company must find a balance between growth and profitability while transforming AI capabilities into a sustainable competitive advantage [7]

Core Insights - The renewable energy sector, particularly energy storage, is experiencing explosive growth driven by carbon neutrality goals and a global energy transition [1] - Guoxia Technology, an AI-driven renewable energy solutions provider, has submitted its listing application to the Hong Kong Stock Exchange [1] - The company has achieved remarkable revenue growth since its establishment in 2019, with a projected compound annual growth rate (CAGR) of 168.9% from 2022 to 2024 [1][2] Company Growth and Market Position - Guoxia Technology has rapidly established itself in the global energy storage supply chain, ranking as the eighth largest Chinese energy storage system supplier by new installed capacity in 2024 [2] - The company has shifted its revenue focus from residential to large-scale energy storage, with large-scale solutions accounting for 76.6% of total revenue in 2024 [2] - The Chinese government's supportive policies since 2023 have significantly boosted demand in the large-scale energy storage market, allowing Guoxia Technology to capitalize on this growth [2] Technological Edge - The company's growth is underpinned by its proprietary platform technology and AI-driven solutions, which create a comprehensive ecosystem across the energy storage value chain [3] - Guoxia Technology's core business model includes two self-developed software platforms: Safe ESS for large-scale storage and Hanchu iESS for residential storage, both leveraging AI and IoT technologies [3][4] Financial Performance and Challenges - Despite strong revenue growth, Guoxia Technology faces challenges in profitability, with gross margins declining from 26.7% in 2023 to 12.5% in the first half of 2025 [6] - The company's net profit margin has also decreased significantly, indicating pressure from intense market competition and rising raw material costs [6] - Operating cash flow has been negative for consecutive years, primarily due to increased trade receivables and inventory levels, raising concerns about liquidity and credit risk [7] Future Outlook - Successful listing on the Hong Kong Stock Exchange could provide essential funding for research and development, capacity expansion, and market diversification [7] - The company must find a balance between growth and profitability while leveraging its AI capabilities to create a sustainable competitive advantage in a crowded market [7]

本公司文件根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公司 不會向香港公眾人士提出要約或邀請。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 請僅依據於香港公司註冊處處長登記的本公司文件作出投資決定，文件的文本將於發售期內向公眾人 士刊發。 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申請版本的內容概不負責， 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申請版本全部或任何部 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。 果下科技股份有限公司 Guoxia Technology Co., Ltd.* （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本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。 本申請版本為草擬本，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、顧問或包銷團成員表示同意： [編纂] 最高[編纂] ： 每股H股[編纂]港元，另 ...

Industry Overview - The energy storage industry is experiencing unprecedented explosive growth, with global installed capacity expected to increase by 83.6%, 130.0%, and 93.5% year-on-year from 2022 to 2024, and a compound annual growth rate of 33.1% projected from 2024 to 2030 [1] Company Profile - Guoxia Technology has successfully restructured the energy storage value chain through deep integration of AI technology, becoming the eighth largest energy storage company in China and transforming from a technology follower to an industry leader [1] - The company submitted its IPO application to the Hong Kong Stock Exchange in April 2025, marking its entry into the public market [1] Strategic Initiatives - Guoxia Technology is focused on an "AI + Energy Storage" strategy, developing a full-stack technology system for energy storage ecosystem products, enhancing capabilities from device-level control to system-level optimization [2] - The company collaborates with research institutions such as Jiangnan University and Shanghai Jiao Tong University to establish joint R&D mechanisms, creating a self-developed system that integrates software and hardware [2] Competitive Advantage - To address intense market competition, Guoxia Technology employs a differentiated competition strategy, establishing a robust technological moat with three core customer segments: large-scale energy storage systems, commercial energy storage systems, and residential energy storage systems [3] - The company has developed a dual-platform service system, "Safe ESS" and "Hanchu iESS," which supports independent deployment and adapts to local regulations and scenarios, ensuring data security and stable operation of energy systems [3] Research and Development - In 2023, 28% of the company's total sales were invested in energy storage technology R&D, resulting in over a hundred technical patents and recognition as a top EMS supplier and comprehensive energy service provider [4][5] - Guoxia Technology is recognized as a "High-tech Enterprise," "Specialized and Innovative Small and Medium-sized Enterprise," and "Unicorn-like Enterprise," indicating its growing R&D strength and industry influence [5] Business Model - The company is building a business model centered on "data-driven, intelligent scheduling, and ecological collaboration," offering smart energy storage system integration, digital energy operation services, and "Energy Storage as a Service (ESSaaS)" [5] - Guoxia Technology aims to transform from "product delivery" to "value closure," providing high-performance and high-safety energy storage systems along with full lifecycle services, including revenue optimization and remote operation [5] Future Outlook - Facing the challenges of the IPO, Guoxia Technology will continue to focus on "AI + Energy Storage," enhancing key capabilities and refining the "cloud-edge-end" collaborative architecture to create replicable, operable, and profitable smart energy storage solutions [5]

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]