New stock news | Guirewatt submits documents to the Hong Kong Stock Exchange three times, with sales network covering approximately 190 countries and regions.

According to the disclosure on June 16 by the Hong Kong Stock Exchange, Growatt Technology Co., Ltd. (referred to as Growatt) submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with Huatai International as its sponsor. This is the company's third time submitting an application to the Hong Kong Stock Exchange. As of December 31, 2025, with a wide sales network covering approximately 190 countries and regions, the company provides integrated sustainable energy solutions for global residential and commercial end users. Company Overview The prospectus shows that Growatt is a leader in global integrated sustainable energy generation, storage, and management solutions. The company develops, manufactures, and sells energy storage system products and photovoltaic inverters. The company also develops and provides AI-enabled energy management systems. Growatt is one of the first companies globally to successfully commercialize integrated sustainable energy generation, storage, and management solutions on a large scale. Growatt has integrated AI technology into its solutions to create value for end users. Through a cloud-edge-end integrated + AI architecture built on the company's proprietary cloud platform, the company has deployed AI-enabled smart energy scheduling, which dynamically formulates optimal energy management strategies, resulting in economic benefits for end users. AI-enabled battery safety monitoring and state estimation significantly improve battery performance, and AI-enabled customer service agents provide 24/7 intelligent query answers and remote operation support. In addition, the company applies AI technology across the organization to enhance operational efficiency, including in research and development and production functions. According to Frost Sullivan's data, based on shipments in 2025, Growatt is the world's third-largest residential energy storage inverter provider and the largest residential energy storage inverter provider in the Americas. The company is the world's fourth-largest hybrid energy storage inverter provider and the world's largest hybrid split-type residential energy storage system solution provider. Among the top five residential energy storage system solution providers in China, the company recorded the highest growth rate in shipments from 2024 to 2025. Growatt's solutions cover energy storage system products, photovoltaic inverters, and AI-enabled energy management systems. Energy Storage System Products: The company has developed a range of distributed energy storage system products with power ranging from 800 watts/2 kilowatt-hours to 125 kilowatts/261 kilowatt-hours. This range includes standby energy storage inverters, grid-connected energy storage inverters, microgrid energy storage inverters, batteries, and All-in-one products for residential and commercial scenarios. Photovoltaic Inverters: The company designs and manufactures a complete range of photovoltaic inverters with various functions and rated powers to meet the requirements of different scenarios. The company focuses on the residential and commercial markets that value brand and product quality. AI-Enabled Energy Management Systems: The company provides AI-enabled energy management systems through three main interfaces: (i) Growatt OSS for system integrators, installers, and EPCs, used to manage power plants, monitor real-time operating status, and perform remote diagnostics to improve service efficiency and reduce maintenance complexity; (ii) ShinePhone app for end users to monitor energy flow, customize energy management, and participate in virtual power plant (VPP) networks to enhance user experience, engagement, and loyalty; and (iii) ShineTools app for installers to simplify on-site configuration, perform one-click diagnostics, and increase installation efficiency and reduce commissioning time. Financial Data Revenue: In the financial years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 5.363 billion, RMB 4.476 billion, and RMB 5.233 billion, respectively. Gross Profit and Gross Profit Margin: In the financial years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 1.409 billion, RMB 910 million, and RMB 1.175 billion, respectively, with corresponding gross profit margins of 26.3%, 20.3%, and 22.5%. Net Profit: In the financial years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 843 million, RMB 19.874 million, and RMB 413 million, respectively. Industry Overview As of the end of May 2026, 139 countries have set net zero carbon targets, and global energy is undergoing a fundamental transition towards renewable energy sources. The share of installed capacity of solar and wind power in global cumulative installed capacity has increased from 4.4% in 2010 to 33.4% in 2025, and is expected to reach 68.0% by 2050. Meanwhile, the energy supply model is evolving towards a more flexible and distributed structure. Distributed energy assets deployed close to the user enhance energy flexibility and strengthen grid resilience. From 2021 to 2025, global shipments of energy storage systems increased from approximately 26.9 GWh to approximately 419.7 GWh, with a compound annual growth rate of approximately 98.7%. With the continued progress of sustainable energy transformation and the improving economic viability of ESS products compared to traditional solutions, it is expected that global shipments of energy storage systems will reach approximately 2,266.3 GWh by 2030. Driven by rising residential electricity prices and increasing demand for self-consumption of energy, global shipments of residential energy storage systems are projected to increase from approximately 38.1 GWh in 2025 to approximately 311.8 GWh in 2030, with a compound annual growth rate of approximately 52.3%. Additionally, as high-energy-consuming scenarios such as AIDC and advanced manufacturing accelerate their development, global shipments of commercial and industrial energy storage systems are expected to reach approximately 241.0 GWh by 2030. In 2025, the distribution of global energy storage system shipments by region was approximately 60.2% in China, 7.5% in the Asia-Pacific region (excluding China), 17.3% in the Americas, 8.7% in Europe, and 6.3% in the Middle East and Africa. It is projected that by 2030, these figures will be approximately 54.3%, 7.5%, 16.4%, 11.7%, and 10.1%, respectively. Energy storage inverters are crucial equipment for enabling bidirectional energy conversion and operational control in energy storage systems. From 2021 to 2025, global shipments of energy storage inverters increased from approximately 10.4 GW to approximately 196.5 GW, with a compound annual growth rate of approximately 108.5%. As the global installed capacity of energy storage systems continues to expand, global shipments of energy storage inverters are projected to reach approximately 872.6 GW by 2030. Meanwhile, the share of residential and commercial applications in global shipments of energy storage inverters is expected to increase from 15.0% and 5.6% in 2025 to 16.7% and 8.4% in 2030, indicating a growing contribution from distributed energy storage applications. The global shipments of hybrid energy storage inverters are estimated to increase from approximately 40.1 GW in 2025 to approximately 208.5 GW in 2030, with the proportion of the total energy storage inverters increasing from 20.4% in 2025 to 23.9% in 2030. From 2021 to 2025, global additions of photovoltaic installed capacity increased from approximately 170.1 GW to approximately 579.1 GW, with a compound annual growth rate of approximately 35.8%. With continued support from industry policies and the ongoing improvement in the economic viability of photovoltaic power generation, it is expected that global additions of photovoltaic installed capacity will reach approximately 1,043.1 GW by 2030. Driven by optimized subsidy policies and an increase in awareness of resident... Board of Directors The Board of Directors consists of nine members, including six executive directors and three independent non-executive directors. Equity Structure Mr. Ding Yongqiang holds 63.09% of the shares, HKEMT International Capital Co., LTD holds 6.67%, Sunwave Capital Co., LTD holds 4.46%, SFly Capital Co., LTD holds 3.66%, XIHE International Capital Co., Limited holds 3.53%, TAOMY Capital Co., LTD holds 3.47%, LYUJ Founder International Capital Co., LTD holds 3.24%, Sheen Harmon Co., Ltd holds 1.46%, Best Select Ventures Limited holds 6.87%, Bateson Group Limited holds 2.90%, and Champ Earning Limited holds 0.65%. Mr. Ding holds his interests through ESunyT Capital Co., LTD and ETshine Capital Co., LTD. ESunyT Capital Co., LTD is fully owned and controlled by Mr. Ding. ETshine Capital Co., LTD is fully owned by ESST Capital Co., LTD. All shares of ESST Capital Co., LTD are fully owned by a trust established by Mr. Ding (with his family members as beneficiaries). Intermediary Team Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Counsel: Regarding Hong Kong and US law: Sidley Austin LLP and its affiliates; Regarding Chinese law (including Chinese data compliance matters): JunHe Law Office; Regarding Cayman Islands law: Maples and Calder (Hong Kong) LLP; Regarding Dutch law: Winston Taylor N.V. (formerly known as Taylor Wessing N.V.); Regarding Hong Kong law (for general legal compliance advice): Li Weibin Law Firm; Regarding Vietnamese law: Nishimura & Asahi; Regarding US law (for general legal compliance advice): Jun He Law Offices LLC Sponsor's Legal Counsel: Regarding Hong Kong law: DLA Piper; Regarding Chinese law: Beijing DHH Law Firm Reported Auditors and Independent Auditors: RSM Hong Kong Limited Industry Consultant: Frost Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Guotai Junan Securities Limited