IPO News | Guoxia Technology passed the Hong Kong Stock Exchange hearing to account for nearly 80% of domestic savings revenue in 2024

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on December 3, Guoxia Technology Co., Ltd. (Guoxia Technology for short) passed the Hong Kong Stock Exchange main board listing hearing, and Everbright Securities International was the sole sponsor.

As a renewable energy solution and product provider for China's energy storage industry, Guoxia Technology focuses on developing and providing energy storage system solutions and products to the company's customers and end users. The company's energy storage system solutions and products serve and can cover various application scenarios such as large-scale power supply side, large power grid side, industrial, commercial and residential, etc., and are suitable for the Chinese market and overseas markets. According to Insight Consulting, Guoxia Technology is one of the earliest participants in the industry to implement Internet cloud integration of energy storage system solutions and/or products and develop a panoramic Internet cloud platform for digital energy management.

During the track record period, Guoxia Technology's product structure changed significantly. The largest revenue contribution was from household energy storage system products and solutions in the European market, which accounted for 72.1% of total revenue in 2022, to large-scale energy storage system products and solutions in China, which accounted for 76.6% of total revenue in 2024. This trend continued for six months ending June 30, 2025. This shift reflects the Group's dynamic response to market opportunities and policy developments rather than a fundamental change in business focus.

The business logic of this transformation lies in Guoxia Technology's ability to adapt flexibly to market strategies. Starting in 2023, in view of the Chinese government's introduction of a number of favorable policies to support the development of energy storage, including the “Energy Carbon Peak Carbon Neutrality Standardization Action Plan”, the “Action Plan to Accelerate Green and Low-Carbon Innovation and Development of Electric Power Equipment”, the “Implementation Plan for the Green and Low-Carbon Advanced Technology Demonstration Project”, and the “2024 Energy Work Guidance Opinions”, the Group began strategically prioritizing large-scale energy storage systems in China. These policies created a favorable regulatory environment and promoted rapid growth in domestic demand, which prompted the Group to expand the scale of local delivery by increasing production capacity and resource allocation in 2023 and 2024.

In 2022, Guoxia Technology has not yet started production of large-scale energy storage system products and industrial and commercial energy storage system products. Instead, it provided technology and production planning arrangements to third party manufacturers and outsourced production to them. The Group will start construction of self-designed large-scale energy storage systems and industrial and commercial energy storage system product production lines in 2023. The Group has adopted a modular and platform-based technology strategy to systematically upgrade and migrate the core technology of the household energy storage system business.

Furthermore, Guoxia Technology has achieved product portfolio transformation by comprehensively expanding the production capacity of various energy storage system products, and has driven a significant increase in total production capacity from 45.5 MWh for the year ended December 31, 2022 to 1,561.2 MWh for the year ended December 31, 2024. Specifically, production capacity for large-scale energy storage system products and industrial and commercial energy storage system products has been strategically expanded. In 2023, the Group began to establish self-designed production lines for large-scale energy storage system products and industrial and commercial energy storage system products. Since May 2024, the second production line has been successfully put into operation, and production capacity has immediately doubled.

At the same time, the Group's strong R&D capabilities, along with original technology (including Guoxia AI, HANCHU AI Assistant and Safe ESS platform) and industry-pioneered dedicated IoT platforms, can all be migrated and applied to large-scale energy storage system projects in China. Guoxia Technology uses Guoxia AI to improve office efficiency and R&D efficiency through automatic data collation, instant report generation, and workflow optimization. This supports Safe ESS applications for real-time monitoring and system scheduling. HANCHU AI Assistant uses a special energy model to support voice interaction and intelligent prediction, and provide full-process services.

Guoxia Technology has also acquired new business in China mainly through strategic cooperation, active project support, and its own experience in project management. The Group maintains long-term partnerships with key industry players. For example, Guoxia Technology has signed a strategic cooperation agreement with China Innovation Aviation Technology Group Co., Ltd., and has jointly formed a large energy storage ecological consortium with customer F. At the same time, Guoxia Technology actively assists potential customers in project planning, bidding/bidding processes, and undertakes commissioned EPC services or equipment supply.

Guoxia Technology focuses on large state-owned energy groups, including “five big six small” and “two networks, two construction”, which are all key players in the large-scale energy storage system market. These state-owned energy groups not only control the vast majority of large-scale energy storage system project reserves, but also lead the formulation of industry technical standards and procurement benchmarks. The Group was successfully selected as one of their potential suppliers, and plans to actively participate in its bidding process to obtain stable project reserves for large-scale energy storage systems businesses. This arrangement enabled the Group to significantly increase the average contract size and total number of contracts awarded, thereby driving continued growth in business scale.

In terms of performance, in 2022, 2023, 2024, and 2025 for the six months ended June 30, Guoxia Technology achieved revenue of approximately RMB 142 million, RMB 314 million, RMB 1,026 million, and RMB 691 million, respectively; for the same period, annual/period profits were RMB 24.277 million, RMB 28.148 million, RMB 49.119 million, and RMB 5.5575 million.