New stock news | Zhefu Intelligent will be listed on the Hong Kong Stock Exchange as the leading provider of one-stop thermal safety solutions for domestic new energy batteries.

According to the disclosure by the Hong Kong Stock Exchange on May 4th, Zhefu Intelligent Systems (Shanghai) Co., Ltd. (referred to as Zhefu Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with Nanhua Finance acting as the exclusive sponsor. Company Profile The prospectus shows that Zhefu Intelligent is a leading provider of one-stop thermal safety solutions for new energy batteries in China. The company focuses on innovation in new energy battery thermal safety technology and is dedicated to addressing the thermal safety challenges faced by lithium batteries in various scenarios. Zhefu Intelligent specializes in researching, manufacturing, and selling thermal safety products for new energy batteries. It provides a one-stop four-level control closed-loop safety solution (L1 to L4 systems) and after-sales service, covering a comprehensive battery thermal safety system ranging from battery pack thermal management to monitoring, warning, and fire prevention capabilities. This includes active safety (battery pack-level intelligent thermal management system), monitoring warning (battery pack-level intelligent detection and warning system), passive safety (battery pack-level intelligent cooling suppression system), and fire suppression (cabin-level full flooding fire suppression system). According to a Frost & Sullivan report, with the growth of electric vehicles and electrochemical energy storage system applications, as well as the tightening of safety standards, the Chinese lithium battery thermal safety solution market is experiencing rapid expansion. In the market for L1 (BITS) thermal management systems for new energy heavy trucks, the revenue generated by the company's L1 products is expected to achieve a compound annual growth rate of approximately 127.9% from 2023 to 2025, while the overall compound annual growth rate in the Chinese market for such systems during the same period is approximately 84.7%, and the company's revenue market share is expected to reach around 35.3% by 2025, ranking first among all market participants. In the market for L2 (BIDS) + L3 (BICS) + L4 (CTFES) fire prevention and control solutions for electrochemical energy storage system applications, the revenue generated by the company's products is expected to achieve a compound annual growth rate of approximately 70.2% from 2023 to 2025, while the overall compound annual growth rate in the Chinese market for such solutions during the same period is approximately 55.2%, and the company's revenue market share is expected to reach around 26.3% by 2025, also ranking first. From 2023 to 2025, the average market unit price of the Shanxi Guoxin Energy Corporation's L1 thermal safety system for commercial vehicles is expected to decrease from around RMB 9,900 per unit in 2023 to approximately RMB 9,800 per unit in 2024 and around RMB 8,300 per unit in 2025. The average market unit price of L2 to L4 thermal safety solutions for electrochemical energy storage systems is expected to decrease from approximately RMB 45,800 per unit in 2023 to around RMB 32,800 per unit in 2024 and approximately RMB 31,100 per unit in 2025. During the fiscal years 2023, 2024, and 2025, the average unit price of the company's L1 (BITS) products for electric vehicle applications is approximately RMB 10,000 per unit, RMB 10,000 per unit, and RMB 9,000 per unit respectively, while the average unit price of the company's L2 (BIDS) + L3 (BICS) + L4 (CTFES) products for electrochemical energy storage system applications during the corresponding years is approximately RMB 47,000 per unit, RMB 34,000 per unit, and RMB 39,000 per unit respectively. Financial Information Revenue The company's revenue for the fiscal years 2023, 2024, and 2025 was approximately RMB 234 million, RMB 387 million, and RMB 916 million respectively. Gross Profit The company's gross profit for the fiscal years 2023, 2024, and 2025 was approximately RMB 45.906 million, RMB 33.217 million, and RMB 144 million respectively. Gross Margin The company's gross margin for the fiscal years 2023, 2024, and 2025 was approximately 19.6%, 8.6%, and 15.7% respectively. Industry Overview As the mainstream technology occupying about 95% of the energy storage and power battery field, lithium batteries are seeing continued expansion in installed capacity against the backdrop of accelerating global energy structure transformation. From 2021 to 2025, the global installed capacity of electrochemical energy storage systems is projected to increase from 23.6GWh to 357.9GWh, with a compound annual growth rate of 97.3%. Energy storage applications cover scenarios such as large-scale power-side energy storage, commercial and industrial energy storage, and household energy storage, with installed capacity showing a trend towards centralization and high capacity. Additionally, the installed capacity of new energy vehicle batteries is expected to increase from 386.9GWh in 2021 to 1,187.0GWh in 2025, with a compound annual growth rate of 32.3%. These batteries are widely used in areas such as new energy passenger cars and commercial vehicles. The market size of the Chinese lithium battery thermal safety solution market is expected to grow from RMB 21 billion in 2021 to RMB 115 billion in 2025, with a compound annual growth rate of 52.2% from 2021 to 2025. The market is projected to further increase to RMB 607 billion by 2030, with a compound annual growth rate of 39.3% from 2026 to 2030. The industry as a whole is still in a fast-paced development phase. Segmented according to the stage of thermal safety solutions, the Chinese lithium battery thermal safety market can be divided into the L1 stage with thermal management as its core, the L2 and L3 stages with thermal runaway detection, warning, and suppression as core elements, and the L4 stage with fire suppression as its core. Each stage presents differences in market development, technological maturity, and growth drivers. The market size of the Chinese L1 thermal safety solution market is expected to increase from RMB 18 billion in 2021 to RMB 96 billion in 2025, with a compound annual growth rate of 51.7% from 2021 to 2025, and is forecasted to reach RMB 362 billion by 2030, with a compound annual growth rate of 30.4% from 2026 to 2030. The growth of the L1 stage mainly relies on downstream expansion of lithium battery installed capacity, with a relatively mature technological path, entering a phase of steady expansion. Driven by standards and regulations, multi-level thermal safety solutions are accelerating penetration, leading to the rapid penetration of L2 and L3 solutions. In this context, the market size of the Chinese L2 and L3 lithium battery thermal safety solution market is expected to increase from RMB 3 billion in 2021 to RMB 16 billion in 2025, with a compound annual growth rate of 54.7% from 2021 to 2025, and is projected to grow significantly to RMB 217 billion by 2030, with a compound annual growth rate of 59.6% from 2026 to 2030. The L2 and L3 stages are still in the early stages of rapid penetration. The market size of the Chinese L4 thermal safety solution market is expected to reach RMB 2 billion by 2025, and is forecasted to increase to RMB 29 billion by 2030, with a compound annual growth rate of 65.8% from 2026 to 2030. The L4 stage is considered an accident response level, and although not standard in all scenarios, it has become an essential component in high-value, high-risk scenarios such as energy storage. Overall, the lithium battery thermal safety solution market is transitioning from a basic stage dominated by L1 thermal management to an active safety stage centered around L2 and L3, with the addition of L4 fire suppression systems to form a multi-level safety system. In this process, L1 provides basic thermal management for lithium batteries, L2 and L3 perform risk identification and diffusion control, and L4 handles accident response, together forming a complete closed-loop system for lithium battery thermal safety. With technological advancements and policy support, L2 and L3 are expected to be the primary drivers of industry growth in the future. When segmented by downstream application scenarios, the Chinese lithium battery thermal safety solution market mainly includes electrochemical energy storage systems, electric vehicles, electric ships, IDC, engineering machinery, and electric rail transit. Currently, electrochemical energy storage systems and electric vehicles are the main application scenarios, while electric ships, IDC, engineering machinery, and electric rail transit, as emerging scenarios with high safety requirements for lithium batteries, are expected to become important growth factors. Board of Directors Information The board of directors consists of five directors, including two executive directors and three independent non-executive directors. The directors serve a term of three years and may be re-elected after the term expires. The board of directors is responsible for and has general authority over the management and operation of the business, including developing business strategies and investment plans, implementing resolutions passed at shareholders' meetings, and exercising other powers, functions, and responsibilities granted by the organization's articles of association. The board of directors is also responsible for formulating and reviewing policies and procedures related to corporate governance, risk management, internal controls, and compliance with legal requirements. Shareholding Structure Intermediary Team Exclusive Sponsor: Nanhua Finance Limited Company Legal Advisor: Guo Yechen Law Firm for Hong Kong law-related matters; Beijing Tongshang Law Firm for China law-related matters Exclusive Sponsor Legal Advisor: Ying Shi Law Firm for Hong Kong law-related matters; Jia Yuan Law Firm for China law-related matters Reporting Accountant and Independent Auditors: Ernst & Young LLP Industry Consultant: Frost & Sullivan (Beijing) Consultancy Co., Ltd. Shanghai Branch Compliance Advisor: Nanhua Finance Limited