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According to the disclosure of the Hong Kong Stock Exchange on January 9th, Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (referred to as Yuanxin Energy Storage) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CCB International as its exclusive sponsor. The prospectus shows that Yuanxin Energy Storage was established in 2019 and is a leading global provider of integrated energy storage system (ESS) solutions. According to Frost & Sullivan data, the company added 1.3 GWh of independent energy storage capacity in the first nine months of 2025, ranking first among global energy storage asset full lifecycle solution providers. Company Overview The prospectus shows that Yuanxin Energy Storage, established in 2019, is a leading global provider of integrated energy storage system (ESS) solutions, dedicated to empowering high-quality energy storage assets globally and providing full lifecycle solutions covering all key stages of energy storage projects. The company focuses on the research and development, manufacturing, and sales of energy storage system solutions, targeting both Chinese and overseas clients. The company's integrated energy storage system solutions have diverse application scenarios, covering large-scale and commercial energy storage applications. According to Frost & Sullivan data, the company added 1.3 GWh of independent energy storage capacity in the first nine months of 2025, ranking first among global energy storage asset full lifecycle solution providers. In 2024, based on energy storage system shipments, the company ranked fifth among global energy storage asset full lifecycle solution providers with a shipment volume of 3.7 GWh. During the historical period, the company's majority of revenue came from China. However, the company began to expand into overseas markets in the second half of 2024, generating some revenue from those markets in 2025. As of the latest practicable date, the company serves approximately 100 clients, providing energy storage system solutions and products with a total capacity exceeding 10 GWh. As of the same date, the company has entered into sales contracts or purchase orders with clients in China, the United States, Japan, Hungary, Poland, Spain, Mexico, Kenya, and Burkina Faso. It is worth noting that Yuanxin Energy Storage pointed out in the prospectus that the company relies on major clients and suppliers. The loss of any of these clients or suppliers may have an adverse impact on its business, financial condition, operating performance, and cash flow. For the years ended December 31, 2023 and 2024, and for the nine months ended September 30, 2025, sales to the top five customers accounted for 53.6%, 81.6%, and 80.9% of the company's total revenue, respectively, while sales to the largest single customer accounted for 11.8%, 40.7%, and 30.8% of the company's total revenue, respectively. Financial Information Revenue The company's revenue for the periods ended September 30, 2023, 2024, and 2025 was approximately RMB 435 million, RMB 1.144 billion, and RMB 881 million, respectively. Net (loss) profit for the year/period The company's net profit for the periods ended September 30, 2023, 2024, and 2025, was approximately RMB 40.741 million, RMB 96.265 million, and RMB 70.892 million, respectively. Gross profit margin The company's gross profit margin for the periods ended September 30, 2023, 2024, and 2025, was 21.6%, 17.8%, and 18.3%, respectively. Industry Overview The core of energy storage system solutions lies in the efficient storage of electrical energy, addressing the demand in the energy storage market. Its main goal is to achieve seamless integration and optimal utilization of renewable energy sources, while contributing to the development of modern, sustainable power systems. Currently, in promoting innovation in the power system and energy transition process, energy storage markets mainly face key challenges such as power energy balance, system safety and stability, and market mechanism design. In addition, energy storage is evolving from a simple storage and releasing function to a role that combines capacity value support and ancillary service capabilities, eventually forming a comprehensive energy storage system solution. The upstream value chain of energy storage system solutions mainly includes core component manufacturers such as energy storage cells, PCS, and thermal management systems, as well as software suppliers for EMS and BMS. The midstream is dominated by energy storage system solution providers, responsible for system design, integration, installation, and commissioning. The downstream sector mainly consists of energy storage system operation and maintenance service providers from different application scenarios, undertaking the responsibilities of system operation and energy management. The global energy storage system market size expanded from RMB 15.5 billion in 2020 to RMB 202.4 billion in 2024, with a compound annual growth rate of 90.0%, and is expected to reach RMB 1,530.5 billion in 2030, with a compound annual growth rate of approximately 40.1% from 2024. Meanwhile, driven by strong policy support, large-scale deployment of renewable energy sources, and accelerated commercialization of energy storage system solutions, China has become one of the fastest-growing energy storage system markets globally. The market size of China's energy storage system in terms of revenue surged from RMB 3.7 billion in 2020 to RMB 73.8 billion in 2024, with a compound annual growth rate of 110.6%, and is expected to further expand to RMB 657 billion by 2030, with a compound annual growth rate of 44.0% from 2024 to 2030. Board of Directors Information The board of directors of Yuanxin Energy Storage consists of seven directors, including four executive directors, Wang Yu, Zhang Jiajing, Dong Wei, Liu Zejian; and three independent non-executive directors, Liu Huajun, Liu Zhonghua, Wang Ding. Equity Structure As of the latest practicable date, Zhuixin Boyan (owned 50% by Wang Yu and Zhang Jiajing respectively) holds approximately 36.05% of the equity of Yuanxin Energy Storage; Pingxiang Qianlin, Chengyizhixin, and Shenzhen Zuimu respectively hold approximately 18.72%, 11,36%, and 6.74% of the company's ownership. Wang Yu and Zhang Jiajing are acting in concert. Intermediary Team Exclusive Sponsor: CCB International Company Legal Advisor: Morgan Lewis law firm, Jingtian & Gongcheng law firm Legal Advisor for Exclusive Sponsor: JunHe law firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch Compliance Advisor: Huafu Jianye Enterprise Financing Co., Ltd.