前次港股IPO失效后，思格新能源（上海）股份有限公司（以下简称"思格新能源"）近日再度向港交所 提交上市申请材料。历时逾三年发展，思格新能源在前华为智能光伏业务总裁许映童的"带队"下实现业 绩的飞速增长，公司净利于2024年成功扭亏，并在今年前4个月实现净利过亿元。不过，亮眼业绩的背 后，思格新能源对"拳头"产品——SigenStor存在高度依赖，2023年、2024年及今年前4个月，SigenStor 为公司贡献收入的占比均超九成。与此同时，思格新能源报告期内应收账款与存货均接连大涨。 应收账款、存货均大幅增长 业绩接连增长的同时，思格新能源的应收账款与存货均出现大幅增长。 具体来看，招股文件显示，截至2023年、2024年12月31日及今年4月30日，思格新能源的贸易应收款项 及应收票据分别约2030万元、3.58亿元及5.06亿元；存货分别约1.9亿元、4.8亿元及9.06亿元，逐年增 长。 此外，资料显示，思格新能源主要依赖与分销商的伙伴关系在全球营销及销售产品。截至今年4月30 日，思格新能源与遍布逾60个国家和地区的119家分销商建立广泛的合作网络。2023年、2024年及今年 前4个月，思格新能 ...

Core Viewpoint - The IPO application of Sige New Energy has become invalid after six months, raising concerns about multiple risks including shareholding representation, data security, and competition restrictions [1] Group 1: Company Background - Sige New Energy was founded in May 2022 by Xu Yingtong, who has a 23-year tenure at Huawei, where he held various senior positions [2][3] - The core management team largely consists of former Huawei members, contributing to the company's rapid growth [3] Group 2: Product and Market Strategy - The company adopted Huawei's marketing strategy to launch its flagship product, SigenStor, which integrates multiple energy solutions into one device [4] - Sige's distributor network expanded from zero to 99, covering over 60 countries and regions, with plans to enter new markets like Israel, South Korea, and Japan by June 2025 [4] Group 3: Financial Performance - Sige's revenue skyrocketed from zero in 2022 to 58.3 million yuan in 2023, and is projected to reach nearly 700 million yuan in the first nine months of 2024 [5] - The gross margin increased to 44.2%, primarily due to sales in high-value markets like Europe, but the company also reported significant inventory and trade receivables [6] Group 4: Regulatory Challenges - The China Securities Regulatory Commission (CSRC) raised concerns about shareholding representation and potential competition restrictions, particularly regarding Xu Yingtong's shareholding being held by family members [8][9] - The CSRC questioned the authenticity of Sige's rapid rise to prominence and requested clarification on whether the actual controller had engaged in related business prior to founding the company [9] Group 5: Future Outlook - The company's claim of being a "global leader" is limited to a niche market, representing less than 10% of the overall household storage market [10] - Financial challenges are evident, with cash reserves of 380 million yuan against short-term loans of 357 million yuan, and a cumulative net cash outflow of 606 million yuan [10] - The European household storage market is experiencing price declines of 15%-20%, which could impact Sige's revenue significantly [10] - Sige has the opportunity to resubmit its IPO application within three months if it addresses regulatory concerns, particularly regarding shareholding representation and competition restrictions [11]