New stock news | Delian Bright Sea submits an application to the Hong Kong Stock Exchange, portable energy storage products rank fourth in the world in terms of shipments.

According to the disclosure from the Hong Kong Stock Exchange on February 15th, Shenzhen Delan Minghai New Energy Co., Ltd. (referred to as Delan Minghai) has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CICC Capital as its exclusive sponsor. Company Overview According to the prospectus, the company operates under the BLUETTI brand and is a leading supplier and innovator of portable energy storage products. According to Frost & Sullivan data, the company ranks fourth globally in terms of revenue share (6.6%) and shipment volume share (7.5%), demonstrating its leadership position in a rapidly growing industry. Since the launch of the BLUETTI brand in 2020, the company has achieved rapid expansion through fast product iteration (supported by an internal R&D team) and comprehensive brand building across all channels, establishing a significant global brand influence with products sold in over 120 countries and regions. As of December 31, 2025, the company has shipped over 3.5 million units of energy storage products globally. The company prides itself on being an industry innovator. Among its many technological achievements, the company has driven key technological category shifts, including the launch of portable energy storage products in 2013, the global transition to lithium iron phosphate batteries for portable energy storage in 2019, and the introduction of the first 2 kilowatt-hour portable energy storage product in 2020. As of December 31, 2025, the company has obtained 847 valid patents globally, including 308 invention patents, showcasing its continued strength in R&D. The company adopts an integrated model from research and development to commercialization. Its production base is primarily located in China, with plans for expansion, and it has a specialized partner factory in Indonesia to supply portable energy storage products to the US market. The company conducts product sales through a comprehensive online and offline sales network. The company's product portfolio includes portable energy storage products, home energy storage products, and a range of peripheral devices and accessories. Its core series include Elite, Pioneer, Premium, Apex, and EnergyPro, along with ecosystem peripherals such as CECEP Solar Energy panels and AC generator chargers. In addition to the extensive sales network advantages of being an innovation-driven company, the company differentiates itself through independent production capabilities, enabling it to effectively manage production quality and schedules. The company also provides convenient after-sales service channels for customers. As of the last practicable date (February 6, 2026), the company operates 22 service centers in 17 countries and regions, providing round-the-clock multilingual customer service and product support with wireless diagnostic capabilities. Its 30 global subsidiaries also provide customer service and technical support. Financial Information Revenue For the nine months ended September 30, 2023, 2024, and 2025, the company's revenue was approximately RMB 1.777 billion, RMB 2.174 billion, and RMB 1.572 billion, respectively. Loss For the nine months ended September 30, 2023, 2024, and 2025, the company's attributable net losses were approximately RMB 184 million, RMB 46.624 million, and RMB 29.852 million, respectively. Gross Margin For the nine months ended September 30, 2023, 2024, and 2025, the company's gross margins were 35.6%, 37.3%, and 42.3%, respectively. Industry Overview Energy storage refers to the storage of electricity, involving the technology and measures to store electricity using chemical or physical methods and release it when needed. Based on the application scenarios in the power system, energy storage can be divided into user-side energy storage, power source-side energy storage, and grid-side energy storage. User-side energy storage refers to energy storage systems located within end users, consumers' residences, or factories, including portable energy storage, home energy storage, and industrial and commercial energy storage. User-side energy storage systems are typically used to reduce electricity costs, enhance self-sufficiency in power supply, and address peak electricity demand, among other purposes. Power source-side energy storage refers to systems located in energy supply systems, typically deployed at power generation plants, CECEP Solar Energy battery fields, wind farms, or other energy production facilities, to store large-scale electricity and balance the differences between electricity supply and demand, improving stability and reliability. Grid-side energy storage refers to systems located in energy transmission and distribution networks used to increase grid efficiency, reduce energy losses, enhance energy quality, and address peak demand. The global energy storage capacity is expected to increase from 11.1 GWh in 2020 to 175.4 GWh in 2024, representing a compound annual growth rate of 99.4% from 2020 to 2024. In terms of revenue, the global market for user-side energy storage is projected to increase from $15 billion in 2020 to $316 billion in 2024, with a compound annual growth rate of 113.5% from 2020 to 2024. It is estimated that by 2029, the global market for user-side energy storage will reach $99.9 billion, with a compound annual growth rate of 25.9% from 2024 to 2029. By application scenario, the revenue scale of global home energy storage, industrial and commercial energy storage, and portable energy storage in 2024 is expected to reach $241 billion, $42 billion, and $33 billion respectively, with compound annual growth rates of 140.5%, 169.7%, and 46.2% from 2020 to 2024. The global market size for portable energy storage based on revenue is expected to increase from $700 million in 2020 to $3.3 billion in 2024, with a compound annual growth rate of 46.2% from 2020 to 2024. In 2024, the market sizes for portable energy storage in North America, Europe, other developed countries, and emerging markets are expected to reach $1.6 billion, $900 million, $600 million, and $200 million respectively, with compound annual growth rates of 41.4%, 77.8%, 40.8%, and 26.0% from 2020 to 2024. By 2029, the global market size for portable energy storage is expected to reach $8.5 billion based on revenue, with a compound annual growth rate of 21.0% from 2024 to 2029. In 2029, the market sizes for portable energy storage in North America, Europe, other developed countries, and emerging markets are expected to reach $3.2 billion, $1.8 billion, $1.7 billion, and $1.9 billion respectively, with compound annual growth rates of 14.9%, 14.9%, 23.0%, and 56.3% from 2024 to 2029. Board of Directors Information Once compiled, the board of directors will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. The term of office for board directors is three years, with the possibility of re-election upon term expiration. According to relevant Chinese laws and regulations, independent non-executive directors cannot serve for more than six consecutive years. Equity Structure As of the last practicable date, Mr. Yin, through the following arrangements, holds approximately 51.70% of the total voting rights at shareholders' meetings: Directly holding 143,639,177 shares, representing approximately 37.81% of the voting rights in the company; Mr. Yin holds 26,382,960 shares through Bright Prosperity, a general partner, representing approximately 6.95% of the voting rights in the company; and Mr. Yin holds 26,382,960 shares through Bright Innovation, a general partner, representing approximately 6.95% of the voting rights in the company. After the completion of compilation (assuming no exercise), Mr. Yin's total voting rights at shareholders' meetings will be approximately %, and after compilation, Mr. Yin, Bright Prosperity, and Bright Innovation will constitute the controlling shareholders of the company. Intermediary Team Exclusive Sponsor: CICC Capital Limited; Legal Advisors: King & Wood Mallesons, Beijing King & Wood Mallesons; Exclusive Sponsor and Compilation Legal Advisors: Allen & Overy LLP, JunHe LLP; Independent Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Certified Public Accountants LLP; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch.