New stock preview| High-profit overseas business rapid growth, detailed explanation of the global expansion behind Haichen Energy Storage's rush to Hong Kong stocks

In today's world, the global energy transition is showing an irreversible trend. In the midst of this historic process, the energy storage industry is particularly crucial in the construction of new power systems. The exponential growth trend of the industry indicates that this will inevitably be a "golden track" full of long-term imagination. When selecting companies in the energy storage sector from an investment perspective, it is clear that companies with high growth visibility and strong certainty are the most worthy of attention and tracking at this stage. In the view of GMTEight, Xiamen Haichen Energy Storage Technology Co., Ltd. (hereinafter referred to as "Haichen Energy Storage"), which recently submitted an IPO application to the Hong Kong Stock Exchange, is a typical representative. Haichen Energy Storage was established in 2019 and has achieved a remarkable market position in just over five years, reflected in the company's core financial data showing a steep upward trend. For example, in the first half of this year, Haichen Energy Storage's revenue reached 6.971 billion yuan, a year-on-year increase of 224.6% over the high base of the previous year; gross profit expanded rapidly from less than 100 million yuan in the same period last year to 916 million yuan, a strong increase of 1073.4%; and the net profit indicator also underwent a "qualitative change", successfully turning losses in the first half of the year and achieving a profit of 223 million yuan. What is particularly commendable is that the latest performance trend of Haichen Energy Storage also sends a strong signal of value -- its stronger profit-generating overseas business has become a new "engine" contributing to incremental performance. In the first half of this year, Haichen Energy Storage's overseas income accounted for a leap to 17.5%, a significant change from 3.3% in the same period last year; while the weight of income increased significantly, the profit potential of the overseas business was also initially released. Calculations show that Haichen Energy Storage's overseas business gross profit margin reached a high of 30.5% in the first half of the year, significantly higher than the 9.5% gross profit margin of the mainland China business during the same period. One important reason for the surge in Haichen Energy Storage's overseas business is that as the first Chinese company to land energy storage system production capacity in the United States, it has long been aware of the importance of overseas markets and was quick to establish a manufacturing base in Texas. With the rapid expansion of its overseas business, it is expected that Haichen Energy Storage's revenue scale and profit indicators will continue to grow rapidly. Fostering Global Competitiveness Around Core Strategies In a sense, the company's development history can be viewed as a typical example of China's manufacturing globalization. In recent years, Haichen Energy Storage's business volume has continued to grow. According to the prospectus, Haichen Energy Storage's energy storage battery shipments are expected to grow at a compound annual growth rate of 167% from 2022 to 2024; in the first half of this year, Haichen Energy Storage's energy storage battery shipments reached 8.5GWh and 30GWh, with year-on-year growth rates of 252.9%, showing that even under a high base, the growth rate of shipments has not only not shown signs of "mean regression", but has further accelerated. The secret to the continuous rapid increase in Haichen Energy Storage's product shipments may lie in the company's three core strategies. Focusing on energy storage is one of the company's core strategies. Looking at Haichen Energy Storage from an industry perspective, it is not difficult to see that it is actually an "atypical" new energy technology company. The main feature of being "atypical" is that since its establishment, the company has always focused on the energy storage field, without diverting attention to the upstream and downstream of the industrial chain like other leading companies in the industry. It is probably because of this focus that Haichen Energy Storage can better understand the underlying logic and core challenges of the industry. Particularly this year, Haichen Energy Storage continues to meet high growth expectations, which is likely also closely related to the company's firm focus on the energy storage field based on a deep understanding of the market. In today's era where technological innovation has a decisive impact on the global competitiveness of the manufacturing industry, any manufacturing enterprise that wants to break through must take the lead in technology and product strength. Following the core strategy of building competitive barriers through research and development innovation, Haichen Energy Storage has been able to continuously match high-quality supply with the vast and rapidly growing market demand in recent years. Data shows that from 2022 to the first half of 2025, Haichen Energy Storage has accumulated over 1.5 billion yuan in research and development expenditures; as of now, the company has gathered over 1,030 researchers, with over 30% holding a postgraduate or higher degree. The continuous growth of research and development expenses and the strong team of research and development talents provide a solid foundation for Haichen Energy Storage to launch innovative products. In terms of energy storage battery products, Haichen Energy Storage currently mainly has two products, 280Ah and 314Ah, and has released Cell 587Ah and Cell 1175Ah energy storage batteries. In addition, it has also introduced a sodium ion battery for power storage with a cycle life of 20,000 times. With the strong support of hardcore technological innovation, the company has entered a strong new product cycle. In terms of energy storage system products, Haichen Energy Storage can provide energy storage systems for various scenarios such as power supply side, grid side, data centers, industrial and commercial, and households. Currently, the company has delivered a 5MWh liquid-cooled energy storage system. At the CECEP Solar Energy Photovoltaic Energy Storage Exhibition RE+ 2025 held last month in Las Vegas, USA, Haichen Energy Storage unveiled an energy storage solution Power 6.25MWh 8h lithium long-term energy storage system for AI data centers (AIDC). The strong research and development innovation capabilities have also provided key support for Haichen Energy Storage to achieve large-scale production and ultimate efficiency. It is reported that Haichen Energy Storage has continuously overcome technological bottlenecks in the past three years, successfully iterating four generations of smart factories, leading to a continuous decrease in the unit manufacturing cost over the past three years. Currently, the company's fifth-generation project is also under construction and is expected to be put into operation next year. Combined with the soaring delivery data of Haichen Energy Storage, it can be said that "Haichen Intelligent Manufacturing" has become a reality. In addition, according to the prospectus, several energy storage battery cell products such as Cell 587Ah, Cell 1175Ah, Cell N162Ah, and the energy storage system product Power 6.25MWh 2h/4h will all achieve mass production in the second half of the year, and Haichen Energy Storage's delivery volume in the second half of the year will continue to grow significantly. How to evaluate the investment value of the evolving energy storage leader? Looking at the global capital markets, this year's star technology stocks in mainstream markets have generally received favor from investors. Behind the dominance of growth styles is the gradual emergence of emerging industries, including new energy, as an important driver of current economic growth, shaping market consensus and capital flows. Given Haichen Energy Storage's strong growth genes and continued delivery of growth expectations in recent years, as well as the high growth visibility expected in the future, it can be anticipated that after landing on the Hong Kong Stock Exchange, it will also become a highly sought-after new stock in the market. Looking back at its performance, Haichen Energy Storage's compound annual revenue growth rate reached 89% from 2022 to 2024, with the gross profit margin increasing from 11.3% in 2022 to 17.9% in 2024, and the net profit turning from loss to profit in 2024, reaching 288 million yuan. During the same period, the company's total assets minus current liabilities also grew year by year, from 718 million yuan in 2022 to 1.701 billion yuan in 2024, continuously optimizing the balance sheet. Building on the high base of performance in 2024, Haichen Energy Storage's core financial data continued to surge in the first half of this year, strongly fulfilling growth expectations. Unveiling the underlying reasons for the sharp rise in Haichen Energy Storage's financial data, the proactive adjustment of business structure and market strategy is equally important. In terms of business structure, the company continues to promote the development of businesses with higher value-added. According to the prospectus data, the proportion of energy storage system revenue to total revenue in the first half of this year rose to 18.3%, a significant increase from 7.9% in the same period last year. In terms of profitability, the gross profit margin of the energy storage system business in the first half of the year was 29.7%, significantly higher than the 9.7% gross profit margin of the energy storage battery business, indicating that the increased weight of high-margin business positively affected the company's profit growth. In terms of market strategy, guided by a globalization strategy as mentioned earlier, Haichen Energy Storage has achieved a full global layout of the entire chain. In 2024, the company's overseas revenue ratio historically reached 28.6%; in the first half of this year, Haichen Energy Storage's revenue scale and revenue share in Europe, the Middle East, Africa, Australia, and other countries and regions in Asia have seen significant increases. Various data indicate that Haichen Energy Storage strategically establishing advanced production capacity in the United States in the early stages has played an extremely crucial role in further boosting the company's overall performance in the first half of this year; the company's strategy of building a diversified market globally is now showing accelerated results, significantly reducing its dependence on a single regional market. In the view of GMTEight, the past performance of Haichen Energy Storage has proven it to be a company with strong growth genes. Additionally, considering the broad prospects of the energy storage market and the company's long-term strategy of expanding into overseas markets, both the sustainability and visibility of its growth are excellent. Therefore, Haichen Energy Storage can be considered a potential stock with great long-term investment value in the energy storage field. And as a company that meets market aesthetic preferences and investor expectations, after successfully listing on the Hong Kong Stock Exchange, it is expected to attract a wide range of funds.