Core Insights - Guoxia Technology, a leader in the "AI+" energy storage sector, successfully listed on the Hong Kong Stock Exchange under the stock code 02655.HK, with a first-day stock price increase of 117.91%, closing at HKD 43.80 and achieving a market capitalization exceeding HKD 22.4 billion [1] Company Overview - Founded in 2019 in Wuxi, Jiangsu, Guoxia Technology has rapidly ascended to become a prominent player in the global energy storage market, ranking as the eighth largest Chinese energy storage system supplier and among the top ten in global household energy storage system shipments, with a market share of 4% in both core business areas [3] - The company has established a dual-track growth model, combining large-scale domestic energy storage with overseas household and commercial energy storage, supported by a business network spanning over 20 countries and regions [3] Financial Performance - The company's revenue surged from CNY 142 million in 2022 to CNY 314 million in 2023, with projections to exceed CNY 1.026 billion in 2024, reflecting a compound annual growth rate of 169% over two years [4] - In the first half of 2025, revenue skyrocketed by 663% year-on-year to CNY 691 million, marking a significant turnaround with net profit shifting from a loss of CNY 25.59 million in the previous year to a profit of CNY 5.575 million [4] - The large-scale energy storage segment is the core growth driver, accounting for 76.6% of revenue in 2024, with sales increasing from 58.0 MWh in 2022 to 1,146.0 MWh in the first half of 2025 [4] Technological Advancements - Guoxia Technology's success is attributed to its "AI+" energy storage technology stack, which emphasizes a systematic and intelligent approach, featuring proprietary platforms like Safe ESS and Hanchu iESS, integrated with AI systems [6] - The company has developed a unique "cloud-edge-end" architecture, enabling real-time system stability even under extreme conditions, and providing personalized energy management strategies through its Home Energy Management System (HEMS) [6][7] Strategic Initiatives - The IPO raised net funds of HKD 606 million, which will be allocated to three strategic areas: enhancing long-duration energy storage technology and AI algorithm optimization, expanding global infrastructure and localized service teams, and increasing production capacity for large-scale, commercial, and household energy storage systems [7] - The company aims to strengthen its global brand influence and delivery system, focusing on technology research, intelligent manufacturing, and global service [7] Industry Context - The IPO signifies a shift for Chinese energy storage companies from "scale competition" to "technology ecosystem competition," positioning Guoxia Technology as a key player in the global energy digital transformation [8] - The company is committed to providing replicable, operable, and profitable energy storage solutions, contributing to global sustainable development [8]

Core Insights - Guoxia Technology (02655) is ranked among the top eight energy storage suppliers globally, focusing on AI-driven internet energy storage, achieving significant revenue growth [1][2] - The company reported a revenue increase from 142 million RMB in 2022 to 314 million RMB in 2023, marking a 121% year-on-year growth, and projected revenues of 1.026 billion RMB in 2024, representing a 227% increase [1] - In the first half of 2025, the company achieved 691 million RMB in revenue, a staggering 663% increase compared to the same period last year, exceeding the total revenue of 2023 [1] Revenue Growth Drivers - The rapid growth in performance is attributed to the company's focus on research, production, and service of energy storage systems, leveraging AI technology throughout the energy storage lifecycle [2] - Guoxia Technology's proprietary digital energy management platforms, such as Safe ESS and Hanchu iESS, enhance energy efficiency, system stability, and customer experience, addressing industry pain points [2] - The company's global strategy and successful market expansion into regions like Europe have significantly supported its revenue growth [2] Future Outlook - The global demand for AI computing power and the transition towards renewable energy are expected to create a trillion-dollar energy storage market, providing substantial growth opportunities for the company [3] - Guoxia Technology plans to use raised funds to enhance R&D capabilities, expand production capacity, and build overseas operations, solidifying its leading position in the AI internet energy storage sector [3] - The company is pioneering in the "AI robot safety" sector, aiming to develop intelligent safety protection systems for human-robot collaboration, which could open up a new market worth hundreds of billions [3]

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 ...

Core Viewpoint - Guoxia Technology is emerging as a significant player in the renewable energy sector, particularly in energy storage, leveraging AI technology to enhance its offerings and aiming for a top position in the global market by 2024 [1][5]. Industry Overview - The global energy storage market is transitioning from a phase of rapid installation to one characterized by technological premium, with new installations expected to reach 177.8 GWh in 2024 and surpassing 1 TWh by 2027, reflecting a compound annual growth rate of approximately 50% [3]. - The average price of storage systems is projected to decrease from a 29% drop in 2023 to a 10% decline in 2024, indicating a shift away from price competition towards a focus on technological advancements [3]. Company Positioning - Guoxia Technology is positioned as a leading provider in the energy storage industry, utilizing an "AI + Energy Storage" strategy to build a comprehensive technology stack, which includes the Safe ESS and HANCHU iESS platforms [1][6]. - The company has achieved a significant market presence, ranking eighth globally in energy storage system shipments in 2024, with a market share of approximately 5% [8]. Financial Performance - Guoxia Technology's revenue is projected to grow from 142 million yuan in 2022 to 1.026 billion yuan in 2024, representing a compound annual growth rate of 168.9% [7]. - The gross profit is expected to increase from 36 million yuan to 155 million yuan over the same period, with a compound growth rate of 108.6% [7]. Strategic Initiatives - The company is focusing on enhancing its research and development capabilities and expanding its overseas operations and service networks through IPO fundraising [8]. - Guoxia Technology aims to explore new business models such as carbon trading and demand response, while also concentrating on key technologies like battery thermal management and system control [8].

Core Insights - AI is revolutionizing the global energy system by optimizing energy storage management, reducing operational costs, and enhancing market competitiveness [1] - The integration of AI in energy storage has transitioned from solving single issues to a multidimensional, full-chain intelligent transformation [1] Industry Developments - Shell has improved seismic data processing efficiency by 90% using machine learning, while Norway's national oil company has reduced drilling costs by 20% through digital twin technology [3] - The intelligent operation robots at Jiangsu Rudong offshore wind farm have shortened fault localization time by 90% [3] - AI is not only optimizing traditional energy extraction processes but also creating new value in the renewable energy sector [3] Company Overview - Guoxia Technology has rapidly emerged as a key player in the global energy storage industry with its "AI + Energy Storage" innovative model [3] - The company focuses on a full-stack technology system for energy storage ecosystem products, integrating AI deeply into scheduling decisions, operational optimization, and risk prevention [3][4] Research and Development - Guoxia Technology has established a research center in Wuxi, Jiangsu, focusing on IoT and AI optimization platforms, battery development, and energy management systems [4] - The company collaborates with universities and research institutions, taking on key R&D tasks in energy system thermal management and strategy optimization [4] Product and Service Platforms - Guoxia Technology has developed a dual-platform service system centered around Safe ESS and HANCHU iESS for intelligent management and global operations of energy storage systems [6] - The Safe ESS platform integrates edge computing, cloud collaboration, and AI algorithms for efficient data processing and supports functions like fault prediction and remote control [6] - The HANCHU iESS platform utilizes IoT technology and AI-driven algorithms for lifecycle visualization and intelligent operation management [6] Financial Performance - Guoxia Technology's revenue is projected to soar from 142 million RMB in 2022 to 1.026 billion RMB in 2024, with a compound annual growth rate of 168.9% [6] - The gross profit is expected to increase from 35.6 million RMB to 155 million RMB during the same period, reflecting a compound growth rate of 108.6% [6] - The company is positioned as the eighth largest supplier of multi-purpose energy storage systems globally and the tenth largest in household energy storage systems by 2024 [6] Future Outlook - Guoxia Technology will continue to focus on "AI + Energy Storage," enhancing capabilities in intelligent scheduling, energy optimization, and battery lifecycle management [7]

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]