2025 年 4 月，成立仅六年的果下科技向港交所正式提交了 IPO 申请，这一动作在储能行业爆发式增长的背景下，成为了业界瞩目的焦点。 在研发方面，果下科技的投入与产出堪称行业典范。公司拥有众多技术专利，多次荣获 "十佳 EMS 供应商""十佳综合能源服务商" 等殊荣。在营收方面， 2022 年至 2024 年公司收入从 1.42 亿元飙升至 10.26 亿元，年复合增速达 168.9%；毛利从 3560 万元增至 1.55 亿元，年复合增长率达 108.6%。此外，公司 积极拓展海外市场，非洲市场收入同比增长 140.2%，成为新的增长点。 在全球能源格局深度调整、AI 技术飞速发展的当下，储能技术成为平衡电力供需、推动新能源高效利用以及保障 AI 算力基础设施稳定运行的关键支撑，而 AI 技术的融入，更为储能产业转型升级提供了全新路径。 果下科技自研的 "云 - 边 - 端" 能源监管架构是其技术优势的重要体现。该架构利用云端大数据分析与边缘端实时响应，对储能系统进行全方位、精细化管 理，提升了系统的智能化水平与自适应能力。据《储能产业研究白皮书 2025》数据，2024 年 AI 算法实现电池健康度预 ...

Core Insights - The global energy storage system is expected to see a significant increase in installed capacity, with a year-on-year growth rate exceeding 80% from 2022 to 2024, and a compound annual growth rate (CAGR) of 33.1% projected from 2024 to 2030, driven by advancements in storage technology and AI integration [1][9] - Guoxia Technology has emerged as a key player in the energy storage sector, ranking as the eighth largest energy storage company in China and planning to submit an IPO application to the Hong Kong Stock Exchange by April 2025 [1][8] Industry Overview - The rapid growth in energy storage is attributed to its role in addressing the intermittency and volatility of renewable energy sources, with AI breakthroughs providing new solutions for lifecycle management [1][3] - The integration of AI with energy storage is reshaping the technology paradigm and value chain within the industry [1] Company Strategy - Guoxia Technology's core competitiveness lies in its "AI + Energy Storage" strategy and a comprehensive technology ecosystem, exemplified by its "Cloud-Edge-End" energy monitoring framework [3][5] - The company has developed two platforms, "Safe ESS" and "Hanchu iESS," which offer intelligent services across various application scenarios, enhancing reliability and efficiency for commercial and residential users [5][7] Technological Advancements - The "Safe ESS" platform utilizes edge computing and AI algorithms for real-time data processing, enabling fault prediction and remote management, thus ensuring stable operation and interaction with the power grid [5][7] - The "Hanchu iESS" platform leverages IoT technology for lifecycle management and operational efficiency, providing users with a seamless digital experience [5][8] Research and Development - Guoxia Technology invests heavily in R&D, with its expenditure significantly exceeding industry averages, resulting in over a hundred patents and recognition as a top EMS supplier [8] - Collaborations with academic institutions, such as Shanghai Jiao Tong University, have led to advancements in thermal management and battery technology [8] Financial Performance - The company's revenue surged from 142 million to 1.026 billion yuan from 2022 to 2024, reflecting a CAGR of 168.9%, while gross profit increased from 35.6 million to 155 million yuan, with a CAGR of 108.6% [8][9] - Guoxia Technology ranks as the eighth largest supplier of energy storage systems in China and the tenth in household energy storage system shipments globally [8] Market Challenges - Despite its growth, Guoxia Technology faces challenges from intensified competition and uncertainties in global energy policies that may impact market demand [9] - The company plans to continue focusing on the "AI + Energy Storage" integration and enhance its "Cloud-Edge-End" architecture to meet the evolving demands of the energy storage market [9]

Core Viewpoint - The integration of AI technology with energy storage systems is set to revolutionize the industry, enhancing efficiency and management while creating new market opportunities for companies like Guoxia Technology [1][3][8]. Industry Overview - The Ministry of Industry and Information Technology, along with eight other departments, has launched an action plan to promote high-quality development in the new energy storage manufacturing industry, emphasizing the integration of energy and information technology [1]. - The "AI + Energy" trend is emerging, with applications in various areas such as power transmission, grid regulation, and lifecycle management of renewable energy sources [1][3]. Company Profile - Guoxia Technology, a leading player in China's energy storage sector, has submitted its IPO application to the Hong Kong Stock Exchange, focusing on AI-driven renewable energy solutions [3][4]. - The company has developed a comprehensive technology ecosystem for energy storage, emphasizing a full-stack capability from device-level control to system-level optimization [3][6]. Financial Performance - According to Frost & Sullivan, Guoxia Technology ranks as the eighth largest energy storage system supplier in China by global installed capacity and the tenth largest by household energy storage shipments [4]. - The company's revenue is projected to grow from 142 million RMB in 2022 to 1.026 billion RMB in 2024, representing a year-on-year increase of 226.75% [4]. - Net profit is expected to rise from 24.27 million RMB in 2022 to 49.12 million RMB in 2024, with a year-on-year growth of 74.5% [4]. Technological Innovation - Guoxia Technology differentiates itself through technological innovation rather than scale, embedding AI deeply into its products and services [6]. - The company has developed two core platforms, Safe ESS and HANCHU iESS, which enhance intelligent management and global operations of energy storage systems [6]. Future Plans - The funds raised from the IPO will be primarily allocated to enhancing R&D capabilities and establishing an international operational network [8]. - The focus will be on procuring AI hardware and software, recruiting R&D personnel, and building infrastructure in Europe and Africa to support international growth [8].

Core Viewpoint - The integration of AI technology with energy storage systems is set to revolutionize the energy sector, leading to enhanced efficiency and new market opportunities for companies like Guoxia Technology [1][4]. Group 1: Industry Developments - The Ministry of Industry and Information Technology, along with eight other departments, issued an action plan in February 2025 to promote high-quality development in the new energy storage manufacturing industry [1]. - The State-owned Assets Supervision and Administration Commission (SASAC) released a list of strategic high-value scenarios for AI in energy, indicating a shift towards "smart energy" and the "AI + storage" era [1]. - AI energy solutions are being developed to optimize energy production, transmission, distribution, and usage through data analysis, which can help predict storage demand and adjust market strategies [1]. Group 2: Company Overview - Guoxia Technology is a leading provider of renewable energy solutions driven by platform technology and AI, focusing on energy storage system solutions [2]. - The company has developed a comprehensive technology system for energy storage, emphasizing intelligent, platform-based, and flexible solutions [2]. - According to Frost & Sullivan, Guoxia Technology ranks as the eighth largest energy storage system supplier in China by new installed capacity and the tenth largest by household energy storage shipments in 2024 [2]. Group 3: Financial Performance - Guoxia Technology's revenue from 2022 to 2024 is projected to grow from 142 million RMB to 1.026 billion RMB, with a year-on-year increase of 226.75% in 2024 [2]. - The net profit for the same period is expected to rise from 24.27 million RMB to 49.12 million RMB, reflecting a 74.5% year-on-year growth in 2024 [2]. Group 4: Competitive Advantage - Guoxia Technology differentiates itself through technological innovation rather than scale, embedding AI deeply into its products and services [3]. - The company has developed IoT platforms specifically for the energy storage industry and is the first to create a seamless energy storage industrial model based on AI technology [3]. - The dual-platform service system, Safe ESS and HANCHU iESS, enables intelligent management and global operations of energy storage systems [3]. Group 5: Future Plans - The funds raised from the IPO will be primarily used to enhance R&D capabilities and build an overseas operational network to support international growth [4]. - Investments will include AI hardware and software procurement, third-party service support, recruitment of R&D personnel, and intellectual property protection [4]. - The evolution of "AI + storage" from a technical concept to quantifiable industrial value is expected to reshape the global energy market [4].

Group 1 - The global energy market is experiencing significant differentiation in energy storage demand due to variations in economic structure, energy endowment, and climate conditions, with developed economies focusing on high-value scenarios like frequency regulation and backup, while emerging markets prioritize basic power supply security [1] - The integration of AI technology is transforming energy storage systems from "passive response" to "active optimization," with intelligent scheduling being a core application of AI, enabling precise predictions of renewable energy output and electricity demand [1][5] - The competition in the energy sector is expected to revolve around "AI + energy storage" innovations, leveraging AI algorithms, modular energy storage systems, and new business models based on data assets [1] Group 2 - Guoxia Technology has established a comprehensive solution and product system covering various scenarios, driven by its "AI + energy storage" strategy, which enhances the efficiency of the entire process from device-level control to system-level optimization [2] - The company has set up a research and development center in Wuxi, Jiangsu, focusing on core technologies such as IoT and AI optimization platforms, battery development, and energy management system (EMS) scheduling modules, with a team of nearly 100 members [2] - Guoxia Technology collaborates with research institutions and universities to create a self-developed system that integrates hardware and software, resulting in multiple core patents and software copyrights [2] Group 3 - Guoxia Technology has developed a diversified product matrix, including commercial energy storage systems with modular designs, residential energy storage systems that integrate smart inverters, and grid-side energy storage systems that optimize renewable energy technology [3] - The company's "AI + energy storage" solutions have received industry recognition, including awards for being a top EMS supplier and comprehensive energy service provider, highlighting its research and development strength [3] - The company has built a dual-platform service system centered around Safe ESS and HANCHU iESS, enabling intelligent management and global operation of energy storage systems [4] Group 4 - Guoxia Technology's revenue is projected to grow significantly, with estimates showing an increase from 142 million yuan in 2022 to 1.026 billion yuan in 2024, representing a compound annual growth rate of 168.9% [4] - The gross profit is expected to rise from 35.6 million yuan to 155 million yuan during the same period, with a compound growth rate of 108.6% [4] - Guoxia Technology ranks as the eighth largest supplier of energy storage systems in China and the tenth largest in global household energy storage system shipments [5] Group 5 - AI technology is identified as a key driver for enhancing the economic viability and reliability of energy storage systems, with Guoxia Technology focusing on continuous R&D investment in AI and energy storage technologies [5] - The company aims to create a collaborative ecosystem across the entire supply chain, integrating upstream materials, midstream manufacturing, and downstream applications, forming a closed-loop business model [5] - Guoxia Technology plans to leverage AI technology and supply chain collaboration to overcome economic barriers in energy storage and lead the industry towards greater efficiency and intelligence [5]

Industry Overview - The global power market is experiencing regionalization, leading to significant differentiation in energy storage demand due to economic structures, energy endowments, and climate conditions [1] - Developed economies focus on high-value scenarios such as frequency regulation and backup, while emerging markets emphasize basic power supply security [1] - Renewable energy-rich areas rely on long-duration energy storage to smooth output fluctuations [1] - The deep integration of AI technology is transforming energy storage systems from "passive response" to "active optimization" [1] Company Profile - Guoxia Technology is committed to reshaping the energy landscape through technological innovation, with a focus on digital energy [3] - The company has submitted a prospectus for listing on the Hong Kong Stock Exchange and has developed a comprehensive solution and product system covering various scenarios including power side, large grid side, and residential applications [3] - Guoxia Technology's "AI + Energy Storage" strategy aims to create a complete closed-loop from device-level control to system-level optimization, promoting the evolution of energy storage systems towards intelligence, platformization, and flexibility [3] Research and Development - Guoxia Technology has established a research and development center in Wuxi, Jiangsu, focusing on core technologies such as IoT and AI optimization platforms, battery development, and energy management system (EMS) scheduling modules [4] - The R&D team consists of nearly 100 members, with an average of over 10 years of experience in the energy storage industry [4] - The company collaborates with research institutions and universities, including a joint R&D center with Shanghai Jiao Tong University, focusing on liquid cooling, air cooling innovations, and battery lightweighting technology [4] Product Offerings - Guoxia Technology has developed a diversified product matrix, including commercial energy storage systems with modular designs and lithium iron phosphate batteries, integrated solar and storage solutions, and residential energy storage systems that incorporate intelligent inverters and energy IoT technology [4] - The grid-side energy storage system utilizes simulation verification and multiple protections to enhance renewable energy technology absorption and grid response efficiency [4] Market Performance - Guoxia Technology's performance has surged due to its forward-looking layout and in-depth research in digital intelligence and energy storage technology, with revenue projected to grow from 142 million RMB in 2022 to 1.026 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 168.9% [8] - The gross profit is expected to increase from 35.6 million RMB to 155 million RMB during the same period, with a CAGR of 108.6% [8] - By 2024, Guoxia Technology is projected to be the eighth largest supplier of multi-purpose energy storage systems in the world and the tenth largest supplier of household energy storage systems in China [8] Future Outlook - AI technology is becoming the core driving force for enhancing the economic viability and reliability of energy storage systems [10] - Guoxia Technology is increasing its R&D investment in AI and energy storage technologies, achieving iterative upgrades in intelligent scheduling, price forecasting, and market optimization [10] - The company aims to establish a collaborative system across the entire supply chain, forming a closed-loop business model of "technology + scenarios + services," which reduces industry chain costs and promotes deep interaction between energy storage systems, the grid, and users [10]