New stock news | Zheneng Mai Ling submits forms to the Hong Kong Stock Exchange as a provider of green shipping equipment and systems.

According to the disclosure made by the Hong Kong Stock Exchange on January 30, Zhejiang Zenith Energy Mailing Green Aviation Technology Co., Ltd. (hereinafter referred to as Zenith Energy Mailing) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and CICC International as its joint sponsors. Company Overview The prospectus shows that Zenith Energy Mailing is a leading global provider of green shipping equipment and systems, offering customers a one-stop solution from equipment design and manufacturing to ship modification, installation, and after-sales maintenance. The company has established "five business lines": ship exhaust emission control and purification systems, ship energy efficiency enhancement systems, ship upgrade and related services, ship intelligent operation and maintenance systems, and ship new energy systems. According to data provided by Zhishi, based on revenue for the year 2024 and the nine months ended September 30, 2025, the company is the world's largest provider of green shipping equipment and systems. The core product of the company's energy efficiency enhancement system, the shaft generator system, was launched in 2024 and achieved delivery within the same year. Based on revenue for the nine months ended September 30, 2025, the company is the world's largest provider of ship modification energy efficiency enhancement systems. The company's customers mainly include leading shipping companies, shipowners, and shipyards both domestically and abroad. In 2023, 2024, and the nine months ended September 30, 2025, revenue from the top five customers accounted for 84.7%, 69.5%, and 72.5% of the total revenue, respectively. The company's suppliers mainly include providers of ship engineering materials, electromechanical components, and specialized process equipment. In 2023, 2024, and the nine months ended September 30, 2025, purchases from the top five suppliers accounted for 36.1%, 35.4%, and 31.1% of the total purchases, respectively. Financial Information Revenue For the years 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 2.369 billion, RMB 2.397 billion, and RMB 2.374 billion, respectively. Profit For the years 2023, 2024, and the nine months ended September 30, 2025, the company recorded net profits of approximately RMB 621 million, RMB 626 million, and RMB 547 million, respectively. Gross Margin For the years 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were 34.2%, 35.1%, and 30.6% respectively. Industry Overview Global Shipping Industry Overview The number of active ships worldwide has increased from 101.1 thousand in 2018 to 113.1 thousand in 2024, with a compound annual growth rate of 1.9% from 2018 to 2024. Looking ahead, the global fleet size is expected to continue to grow steadily, reaching 126.7 thousand by 2030, with a compound annual growth rate of 1.9% from 2024 to 2030. Global Shipping Green Transformation Analysis The size of the global green shipping equipment and systems industry, based on revenue, has shown rapid growth in recent years, increasing from RMB 58 billion in 2018 to RMB 347 billion in 2024, with a compound annual growth rate of 34.6%. Looking ahead, the market is expected to expand further, with the market size projected to reach RMB 170.2 billion by 2030, with a compound annual growth rate of 30.3% from 2024 to 2030. This strong growth is driven by increasingly stringent decarbonization regulations, accelerated fleet renewal demand, and growing shipowner focus on fuel efficiency, operational optimization, and long-term asset performance. Subsector Industry Size of Ship Energy Efficiency Enhancement Systems The size of the subsector industry focusing on ship energy efficiency enhancement systems, based on revenue, has increased from RMB 15 billion in 2018 to RMB 94 billion in 2024, primarily driven by the accelerated application of fuel-saving and optimization technologies on ships. It is estimated that this subsector industry size will increase to RMB 674 billion by 2030, with a compound annual growth rate of 39.0%, becoming an important engine driving overall market growth. As shipowners increasingly focus on cost efficiency and performance optimization, this sector will continue to grow. As the core product in the subsector industry of ship energy efficiency enhancement systems, the annual delivery volume of ship shaft generator systems increased from 143 sets in 2018 to 556 sets in 2024, and is expected to further rise to 2,540 sets by 2030. Subsector Industry Size of Ship Exhaust Emission Control and Purification Systems The size of the subsector industry focusing on ship exhaust emission control and purification systems, based on revenue, increased from RMB 20 billion in 2018 to RMB 31.4 billion in 2020, mainly driven by the International Maritime Organization's 2020 sulfur limit regulations, which prompted shipowners to install desulfurization systems to save fuel costs. After the peak period of compliance installation, the market size for ship desulfurization systems dropped to RMB 13.6 billion in 2024. The market is expected to experience a new round of growth in 2026, attributed to the International Maritime Organization delaying the implementation milestone of the net zero framework to 2026, as well as the continued growth in demand for diversified emission control equipment and systems such as carbon capture technology. With increasing global focus on achieving net zero emissions, it is estimated that the size of this subsector industry will reach RMB 36 billion by 2030, with a projected compound annual growth rate of 17.6% from 2024 to 2030. As the largest component in the subsector industry of ship exhaust emission control and purification systems, the annual delivery volume of ship desulfurization systems increased from 149 sets in 2018 to 707 sets in 2024, and is expected to further rise to 1,444 sets by 2030. Competitive Landscape Based on revenue from green shipping equipment and systems, the company was the largest industry supplier in 2024 and for the nine months ended September 30, 2025, with revenues of RMB 2.40 billion and RMB 2.39 billion, respectively. Board of Directors Information The company's board of directors consists of 9 directors, including 3 executive directors, 2 non-executive directors, and 4 independent non-executive directors. Shareholding Structure As of January 22, 2026, Zhejiang Science and Technology Environmental Protection Group owns approximately 54.20% of the company's equity. In addition, Di Zhu Hai Shi and Hangzhou Xi Shi each hold 36.13% and 9.67% of the company's shares, respectively. Zhejiang Science and Technology Environmental Protection Group is owned by Zhejiang Energy Group and Zhejiang Changguang Group with 51% and 49% equity, respectively. Zhejiang Energy Group is owned by the State-owned Assets Supervision and Administration Commission of Zhejiang Province and Zhejiang Finance Opening Group with 90% and 10% equity, respectively. Zhejiang Changguang Group is a wholly-owned subsidiary of Zhejiang Energy Group, and Zhejiang Finance Opening Group is a wholly-owned subsidiary of the Zhejiang Provincial Department of Finance. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, CICC International Financing Limited Company Legal Advisor: For Hong Kong and US laws: Han Kun Law Firm LLP; For Chinese laws: Han Kun Law Firm, Beijing Legal Advisor for Joint Sponsors: For Hong Kong laws: King & Wood Mallesons; For Chinese laws: King & Wood Mallesons, Beijing Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Zhishi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: SOMERLEY CAP Limited