IPO News | Deye Co., Ltd. (605117.SH) submitted to the Hong Kong Stock Exchange for the second time to rank first in the world in sales of household energy storage inverters in 2025

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on July 28, Ningbo Deye Technology Co., Ltd. (605117.SH for short: Deye Co., Ltd.) submitted a listing application to the main board of the Hong Kong Stock Exchange for the second time, with CICC Securities, and CMB International as co-sponsors.

Company profile

According to the prospectus, the company is a global manufacturer of optical storage products and is committed to providing comprehensive photovoltaic and energy storage products to bring clean and sustainable green energy to users around the world. According to Frost & Sullivan data, the company is the world's largest provider of household energy storage inverters in terms of sales in 2025. The company's core growth area is the new energy business, focusing on energy storage inverters, photovoltaic inverters, and energy storage battery pack products. At the same time, the company has long been deeply involved in environmental management equipment such as dehumidifiers, solar air conditioners, heat exchangers, etc., and its diversified strategic product portfolio has brought business growth and resilience.

Driven by the global trend of new energy transformation, the company has built a product matrix covering household, industrial and commercial scenarios to meet changing market needs. The company sells its diverse and multi-purpose products to more than 150 countries and regions on six continents.

The company is active at the forefront of changes in the global energy landscape. Against the backdrop of increased market demand for reliable energy storage products and solutions, the company saw market opportunities in household energy storage circuits and entered this booming market in 2018 to launch energy storage inverters integrating multiple energy sources. The company believes that in a market experiencing rapid expansion, the company's early entry created a sustainable first-mover advantage.

Relying on its keen insight, the company identified and penetrated high-potential markets such as regions with high power generation costs, unstable power grids, and inadequate power facilities. For example, in 2018, the company's products met UL standards, which are highly recognized in North America, making it one of the earliest Chinese manufacturers in the industry to launch split-phase energy storage inverters in North America. In 2019, the company launched household low voltage energy storage inverters for the South African market to mitigate the power supply crisis in the South African market, and then successfully replicated this business model in other international markets. Through a strategic geographic expansion strategy driven by strict decisions, the company was able to achieve exponential growth in overseas operations.

Relying on continuous technology iterations, the company has established a market-leading position. Household energy storage inverters feature low voltage and high current technology, showing excellent performance in terms of scalability, reliability, and maintainability. Through continuous optimization of the system topology, application of advanced materials, selection of low internal resistance components, and innovative thermal management design, the company has successfully developed products with excellent performance. The company's energy storage inverters combine technological innovation with practical functions to bring practical benefits to customers: they ensure power supply continuity through seamless connection to diesel generators, support flexible expansion by connecting multiple engines in parallel, have efficient off-grid switching capabilities to maintain system stability, and are compatible with multiple brands of batteries to improve configuration flexibility. This organic combination of technical performance and practical functions strengthens the company's leading position in the field of household energy storage.

The company is actively expanding diversified application scenarios while continuing to improve its product matrix. Based on its leading edge in household energy storage, the company is seizing the major opportunities brought by the booming industrial and commercial energy storage market. In addition, the company leverages the synergy between inverters and energy storage battery packs to provide integrated products for energy storage systems, bringing customers higher configuration flexibility and module compatibility, and enhancing the stickiness of customers with high integration requirements.

The company achieved simultaneous growth during this period and ranked first in the world in household energy storage inverter sales in 2025. The company believes that with the company's keen consumer insight, ability to quickly respond to demand, global channel construction and after-sales service capabilities, cost optimization capabilities, and efficient execution management, the company can fully seize huge market growth opportunities and build a new performance growth engine in the diversified energy industry.

Financial data

revenue

For the four months ended April 30 in 2023, 2024, 2025, and 2026, the company's revenue was approximately RMB 7.480 billion, RMB 11.06 billion, RMB 12.224 billion, and RMB 6.180 billion, respectively.

profit

For the four months ended April 30 in 2023, 2024, 2025, and 2026, the company's annual/period profit was approximately RMB 1,791 billion, RMB 2,960 billion, RMB 3.169 billion, and RMB 1,610 billion, respectively.

Industry Overview

Driven by the acceleration of global energy transformation, the continuous growth in installed capacity of new energy sources, and the increasing popularity of integrated energy storage and power grid solutions, the global new energy market has maintained a continuous growth trend. The global cumulative installed capacity of new energy increased from 3,478.5 gigawatts in 2021 to 5,545.9 gigawatts in 2025, with a CAGR of 12.4%. The market size is expected to expand further to 12,604.0 GW in 2031, corresponding to a CAGR of 15.1% from 2026 to 2031. The share of solar photovoltaic power generation in the world's cumulative installed capacity of new energy increased from 24.6% in 2021 to 43.1% in 2025, and is expected to reach 59.0% by 2031.

Driven by the accelerated deployment of global household energy storage systems, rising household electricity prices, and increased demand for personal energy use and backup power supplies, the global household energy storage system market has achieved rapid growth. The market size increased from RMB 10.80 billion in 2021 to RMB 67.60 billion in 2025, with a compound annual growth rate of 58.3%. The market size is expected to grow to RMB 290.60 billion in 2031, corresponding to a CAGR of 27.6%. According to Frost & Sullivan, household energy storage system shipments will reach 38.1 gigawatt-hours in 2025. In 2025, the global shipment volume was about 3.2 million units, representing an average price of about RMB 21,301 per set.

From 2021 to 2025, the global industrial and commercial energy storage system market experienced rapid growth. The main drivers include the increase in the penetration rate of distributed renewable energy, the greater economic benefits brought by the peak and valley electricity price difference, and the growing demand for power cost management and power supply reliability from industrial and commercial users. The market size grew from RMB 2.20 billion in 2021 to RMB 31.9 billion in 2025, with a compound annual growth rate of 94.2%. Looking ahead, the market size is expected to grow from RMB 42.90 billion in 2026 to RMB 20.70 billion in 2031, driven by declining system costs, expanding the scope of user-side energy storage deployment, and increasing popularity of intelligent energy management solutions, with a CAGR of 36.1%.

As an important component of household energy storage systems, the global household energy storage inverter market continues to expand driven by the integrated deployment of photovoltaics, energy storage and charging solutions. The market size will grow from RMB 4.5 billion in 2021 to RMB 18.2 billion in 2025, with a CAGR of 41.8%. The market size is expected to continue to grow from 2025 to RMB 64.1 billion in 2031, corresponding to a CAGR of 23.1%. According to Frost & Sullivan, the global household energy storage inverter market will reach 29.5 gigawatts in 2025 in terms of shipment volume. The global shipment volume in 2025 is about 3.5 million units, which means that the average price of a single unit is about RMB 5,230.

Board Information

After the company is codified, the board of directors will be composed of nine directors, including four executive directors, one non-executive director and four independent non-executive directors. The term of office of the company's directors is three years, and they can be re-elected after the term of office expires. According to relevant Chinese laws and regulations, independent non-executive directors may not serve continuously for more than six years.

Shareholding structure

As of the last practical date (July 20, 2026), Mr. Zhang Hejun has the right to exercise a total of about 60.26% of the voting rights at the company's shareholders' meeting.

Intermediary team

Co-sponsors: China International Finance Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited, CMB International Capital Limited;

Legal Advisors: Latham & Watkins; Beijing Dacheng Law Offices; King & Wood Mallesons;

Legal advisers to the co-sponsors: Smith & Phil Kemer & Jingtian Gongcheng Law Firm;

Independent auditors and reporting accountants: Hong Kong Lixin Dehao Certified Public Accountants Limited;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.