New Stock News | Zhejiang Chint Electrics (601877.SH) has submitted its application to the Hong Kong Stock Exchange, maintaining its position as the leading brand in China's low voltage electrical product exports for three consecutive years.

According to the Hong Kong Stock Exchange's disclosure on August 28, Zhejiang Chint Electrics Co., Ltd. (abbreviated as: Zhejiang Chint Electrics, 601877.SH) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC, Huatai Financial Holdings (Hong Kong) and Guotai Junan as its joint sponsors. According to a Frost & Sullivan report, Zhejiang Chint Electrics consistently ranked first in China's low-voltage electrical product export market from 2023 to 2025 and achieved strong penetration in the European market, meanwhile realizing rapid growth in key markets such as the Asia-Pacific and North America. Company Profile The prospectus shows that Zhejiang Chint Electrics is a global leading provider of integrated energy solutions based in China. The company has developed two complementary business segments: smart electrical products and green energy solutions. Through the synergistic operation of these businesses, the company is able to serve key aspects of the power and energy value chain, including power generation, energy storage, power distribution, and end use. The company's "Chint" brand has been deeply engaged in the power industry for decades and is closely tied to an image of reliability, safety, and durability. Smart electrical products have always been the cornerstone of the company's corporate image and flagship products of the Chint brand; in addition, the company is gradually expanding the brand's awareness and reputation into the green energy field. As a complement to the "Chint" brand, the companys "Noyak" brand primarily targets the mid-to-high-end and international markets for smart electrical products and has won the "2025 Rapid Growth Award in China's Low-Voltage Electrical Products Market." In the area of household photovoltaic power station-related businesses, the company has further developed a dedicated multi-brand matrix, covering Chint Energy, Solar Star, Little An Home, Green Electricity Home, and Energetic Smart Power. According to the "2025 White Paper Series on China's Electrical Industry" compiled under the guidance of the China Electrical Equipment Industry Association, the company is the only Chinese company in the low-voltage electrical product industry to have maintained the industry's highest six-star rating for five consecutive years. Zhejiang Chint Electrics is also actively exploring both domestic and international electrical product markets. In China, as of June 30, 2026, the company has six production bases and nearly 400 domestic distributors of smart electrical products, with operations spanning 265 prefecture-level cities and municipalities; in addition, the company owns a logistics network composed of more than 40 domestic logistics centers, allowing nationwide market coverage. In the international market, as of June 30, 2026, the company has established a localized supply system through overseas production bases located in Southeast Asia, West Asia, and Africa; and through more than 20 overseas logistics centers, it provides smart electrical products that exceed existing industry benchmarks for performance and quality to customers across five continents, in over 50 countries and regions. Zhejiang Chint Electrics' electrical products are equipped with intelligent features, including digital sensing, measurement, communication, as well as embedded protection and control capabilities, allowing them to function as part of an integrated distribution system for monitoring, diagnostics, and, where applicable, smart control. Zhejiang Chint Electrics' green energy solutions aim to provide integrated zero-carbon energy solutions globally, covering key stages such as equipment supply, project construction, operation maintenance, and asset transfer. The company develops and constructs photovoltaic power stations and realizes their commercial value through two avenues: the company may sell constructed power stations or combinations of power stations to third-party investors; or the company may retain some power stations to generate grid-connected power revenue. The company also provides maintenance services for photovoltaic power stations owned by customers, with related service fee income also counted in the companys operation and maintenance of power stations. In addition, the company provides engineering, procurement, and construction (EPC) services for new energy power station projects. The company also manufactures and sells inverters and energy storage systems. Driven by the rapid development of the new power system and the deepening market demand, the company is also actively developing innovative products such as smart microgrids and virtual power plants, promoting and providing customers with more integrated energy solutions that combine photovoltaics, wind energy, energy storage, and hydrogen energy. Financial Data Revenue For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company achieved revenues of approximately RMB 57.251 billion, RMB 64.524 billion, RMB 59.167 billion, and RMB 38.064 billion respectively. Gross Profit and Gross Profit Margin For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company recorded gross profits of approximately RMB 12.378 billion, RMB 14.924 billion, RMB 15.308 billion, and RMB 8.974 billion respectively, corresponding to gross profit margins of 21.6%, 23.1%, 25.9%, and 23.6%. Net Profit for the Year/Period For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the company recorded net profits of approximately RMB 4.949 billion, RMB 5.211 billion, RMB 6.138 billion, and RMB 4.074 billion respectively. Industry Overview Electricity is the foundational energy that supports the operation of society and economic development, widely supporting key areas such as industrial production, infrastructure, and communications. From 2020 to 2025, the total installed capacity of global power generation is expected to increase from 7,795.0 GW to 11,771.4 GW, representing a compound annual growth rate of 8.6%; it is projected to reach 17,366.3 GW by 2030, with a compound annual growth rate of 8.1% from 2025 to 2030. Meanwhile, driven by capacity expansion and structural adjustments, the global energy system is accelerating its transformation towards a cleaner power structure centered on CECEP Solar Energy and wind energy. From 2020 to 2025, the global low-voltage electrical product market size is expected to grow from RMB 415.5 billion to RMB 463.5 billion, with a compound annual growth rate of 2.2%; it is projected to reach RMB 580.4 billion by 2030, with a compound annual growth rate of 4.6% from 2025 to 2030. In terms of regional distribution, by 2025, China, the Americas, and Europe are expected to account for 19.9%, 32.6%, and 30.9% of the global low-voltage electrical product market size, respectively. Looking ahead, the regional distribution of the global low-voltage electrical product market is expected to remain relatively stable. From 2020 to 2025, the cumulative installed capacity of global photovoltaics is expected to grow from 741.4 GW to 2,601.5 GW, with a compound annual growth rate of 28.5%. Driven by the acceleration of energy transition, ongoing policy support, and declining levelized cost of electricity, this figure is expected to further increase to 6,700.2 GW by 2030. During the same period, the cumulative installed capacity of global wind power is expected to rise from 745.0 GW to 1,325.0 GW, with a compound annual growth rate of 12.2%. Looking ahead, with the support of large-scale offshore wind deployments, ongoing grid infrastructure upgrades, and a favorable regulatory environment, the cumulative installed capacity of global wind power is expected to exceed 2,000.0 GW by 2030. As a core component in enhancing grid flexibility, the energy storage market has shown rapid growth. The global cumulative installed capacity of lithium-ion battery energy storage systems is expected to increase from 32.9 GWh in 2020 to 714.5 GWh in 2025, reaching 4,855.6 GWh by 2030, with a compound annual growth rate of 46.7% from 2025 to 2030. Integrated solutions involving hydrogen-ammonia-alcohol transform gaseous green hydrogen into liquid green ammonia and green methanol, linking the entire new energy value chain from production, consumption, transmission and distribution to overall economy decarbonization applications. Specifically, by 2025, the global production of green hydrogen is expected to reach 1.2 million tons, projected to reach 24.8 million tons by 2030, with a compound annual growth rate of 83.0% from 2025 to 2030; the global production of green ammonia in 2025 is expected to be 0.6 million tons and is expected to exceed 20 million tons by 2030, with a compound annual growth rate exceeding 100% from 2025 to 2030; global green methanol production capacity is expected to grow from 1.2 million tons in 2025 to over 50 million tons by 2030, with a compound annual growth rate exceeding 110% from 2025 to 2030. Board Information The board consists of ten directors, including four executive directors, two non-executive directors, and four independent non-executive directors. Shareholding Structure As of the latest practicable date, Mr. Nan Cunhui, Chint Group, and New Energy Investment hold directly 74,228,331 shares, 884,950,971 shares, and 180,311,496 shares of A shares, respectively. As of the latest practicable date, Mr. Nan Cunhui holds approximately 31.23% of the equity of Chint Group, and Huatai Limited holds approximately 12.14% of the equity of Chint Group. Huatai Limited is 1% owned by Mr. Nan Cunhui, and the remaining 99% is held by Huatai Partnership, which Mr. Nan Cunhui holds 99% of as the sole general partner. According to the Securities and Futures Ordinance, Mr. Nan Cunhui is deemed to have an interest in the 884,950,971 A shares held by Chint Group. As of the latest practicable date, New Energy Investment is approximately 96.32% owned by Chint Group and approximately 3.68% owned by Shanghai Taiyi, where Shanghai Taiyi is 80% owned by Mr. Nan Cunhui. According to the Securities and Futures Ordinance, Mr. Nan Cunhui and Chint Group are deemed to have an interest in the 180,311,496 A shares held by New Energy Investment. As of the latest practicable date, Mr. Nan Cunhui and Chint Group control one-third or more of the voting rights at the companys shareholders meeting. According to the Securities and Futures Ordinance, Mr. Nan Cunhui and Chint Group are deemed to have an interest in the 20,839,551 treasury shares held by the company. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited, Guotai Junan Financing Limited Company Legal Advisors: Regarding Hong Kong and U.S. Law: Paul Hastings LLP (Hong Kong) Limited Liability Partnership; Regarding Chinese Law: King & Wood Mallesons Joint Sponsors' Legal Advisors: Regarding Hong Kong and U.S. Law: Baker McKenzie; Regarding Chinese Law: Jingtian & Gongcheng Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Advisors: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisors: Haode Financing Limited