IPO News | Sunshine Power (300274.SZ) reports that Hong Kong Stock Exchange's PV inverter shipments have remained the world leader for ten consecutive years

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 5, Sunshine Power Co., Ltd. (“Sunshine Power”) (300274.SZ) submitted a listing application to the main board of the Hong Kong Stock Exchange, and CICC is its sole sponsor. According to Frost & Sullivan's analysis, Solar Power's PV inverter product shipments have remained the world leader for ten consecutive years.

Sunshine Power was founded in 1997. Since its listing on the Shenzhen Stock Exchange GEM in November 2011, the total market value of the company has exceeded RMB 330 billion.

According to the prospectus, Sunshine Power is a leading global clean energy technology company. Starting with the photovoltaic inverter business, the company has always focused on the field of clean power, gradually laying out five major tracks: solar energy, wind energy, energy storage, electric vehicles, charging, and hydrogen energy (“photovoltaic hydrogen storage”).

Sunshine Power focuses on the clean power industry. The business layout covers the five major “photovoltaic power storage and hydrogen storage” tracks. The main products or services include: photovoltaic inverters, energy storage systems, new energy investment and development, wind power conversion and transmission products, electronic control power and charging for new energy vehicles, smart energy operation and maintenance services, and surface photovoltaic systems, etc., and strategically lays out hydrogen energy and AIDC power supply businesses.

Sunshine Power's main business segments, represented by photovoltaic inverters and energy storage systems, are in a leading position in the world. According to Frost & Sullivan's analysis, based on 2024 shipments, the global market share of solar power's photovoltaic inverters is about 25.2%; as of June 30, 2025, the cumulative shipment volume of its energy storage system reached 70 GWh, leading the world. Sunshine Power has established a complete global network layout. As of June 30, 2025, products and services have been sold to more than 100 countries and regions around the world, demonstrating the company's leading position in the global clean power conversion field.

Sunshine carries out new energy investment and development business on a global scale, covering various scenarios such as ground-based power plants, industrial and commercial power plants, household power plants, wind farms, energy storage power plants, etc., and firmly establishes differentiated competitive advantages through power plant technology innovation. As of June 30, 2025, the total number of photovoltaic power plants and wind farms developed by the company worldwide has reached 57 GW.

The company's “SUNGROW” brand is widely recognized for its first-class products and services. According to the 2025 “China 500 Most Valuable Brands” published by the World Brand Laboratory, its brand value reached RMB 116.14 billion, successfully ranking among the top 100 Chinese brands, and its brand value and ranking have been rising for six consecutive years.

On the financial side, during the track record period, Sunshine Power achieved rapid growth and achieved impressive financial performance. From 2022 to 2024 and from January to June 2025, the company's revenue was RMB 40.11 billion, RMB 72.16 billion, RMB 77.70 billion and RMB 43.44 billion respectively; net profit was RMB 3.7 billion, RMB 9.61 billion, RMB 11.26 billion and RMB 7.83 billion, respectively. The compound annual growth rates of revenue and net profit from 2022 to 2024 reached 39.2% and 74.6%, respectively.

According to the prospectus, the downstream market demand in the company's industry is constantly changing due to factors beyond its control. If the company fails to adapt to relevant changes and compete effectively in the competitive landscape, its business will be adversely affected.