First Navigation Xinneng's ChiNext IPO has been submitted for registration, ranking tenth in the global photovoltaic inverter market in terms of shipment volume.

On January 23, Shenzhen First Sailing New Energy Co., Ltd. (referred to as First Sailing New Energy) applied to change its IPO review status on the Shenzhen Stock Exchange's ChiNext board to "submitted for registration". Guotai Junan is its sponsoring institution, and it plans to raise 1.214 billion yuan. The prospectus shows that First Sailing New Energy is a high-tech enterprise specializing in the research, development, production, sales, and services of new energy power equipment, focusing on the conversion, storage, and management of CECEP Solar Energy electricity. Its core products include PV grid-connected inverters, PV storage inverters, energy storage batteries, etc. The main raw materials required for the production of First Sailing New Energy are semiconductor devices, electronic materials, mechanical components, magnetic devices, capacitors, batteries, PCB boards, packaging materials, etc. The main suppliers during the reporting period include Bao Hui Electronics, Xin Chengyuan, Contemporary Amperex Technology, REPT BATTERO, Yihe Xing, Shi Ping International, Yawei Power, Yuva Technology, Texas Instruments, Liwang High-Tech, Yingzhen Technology, etc. First Sailing New Energy has gradually established a global marketing system, adopting a sales model that combines distribution and direct sales to provide PV grid-connected inverters, PV storage inverters, energy storage batteries, and other photovoltaic energy storage system equipment to various types of customers at home and abroad. During the reporting period, the company's main customers included ZCS, CORAB, EnergyNAT, ILUMISOL, SOLTEC, MVTechnology, Tianhe Zhizhi, Xiangtai New Energy, Havells, and Skyworth Solar. After years of development and technological upgrading in the photovoltaic power generation field, there has been a shift from subsidy-driven to market-driven. The photovoltaic inverter industry has formed a group of companies that are leading in market share, technological capabilities, brand recognition, etc., and belongs to a competitive and concentrated industry. According to a research report by the internationally renowned power and renewable energy research institution WoodMackenzie, First Sailing New Energy is ranked tenth in the global PV inverter market in terms of shipments in 2023; according to research data from the globally renowned market research firm IHSMarkit, the company ranked ninth in the global residential inverter market in 2021. In terms of finances, in the fiscal years 2021, 2022, 2023, and January to June 2024, First Sailing New Energy achieved operating revenues of approximately 1.826 billion yuan, 4.457 billion yuan, 3.743 billion yuan, and 1.469 billion yuan, respectively. During the same period, the company achieved net profits of approximately 187 million yuan, 849 million yuan, 341 million yuan, and 131 million yuan, respectively.