According to the Hong Kong Stock Exchange filing on July 28, Ningbo Deye Technology Company Limited (SSE: 605117) has submitted a second application for a main board listing. CICC, CITIC Securities, and CMB International are acting as joint sponsors.

The prospectus describes the company as a global manufacturer of solar and storage products, focused on providing comprehensive photovoltaic and energy storage solutions to deliver clean, sustainable green energy worldwide. According to Frost & Sullivan data, based on 2025 sales revenue, the company is the world's largest provider of residential energy storage inverters.

Key Business Areas

The company's core growth sector is its new energy business, concentrating on energy storage inverters, photovoltaic inverters, and energy storage battery packs. Concurrently, it has a long-established presence in environmental management equipment such as dehumidifiers, solar air conditioners, and heat exchangers. This strategic and diversified product portfolio provides business growth and resilience. Driven by the global shift towards new energy, the company has built a product matrix covering residential and commercial and industrial scenarios to meet evolving market demands.

Market Reach and Strategy

The company's diverse and multi-purpose products are sold to over 150 countries and regions across six continents. Active on the frontier of the global energy transition, the company identified market opportunities in the residential energy storage segment amid rising demand for reliable storage products and solutions. It entered this burgeoning market in 2018 by launching inverters integrating multiple energy sources. The company believes this early entry into a rapidly expanding market created a sustainable first-mover advantage. Leveraging keen insight, it identified and penetrated high-potential markets with high electricity generation costs, unstable grids, and inadequate power infrastructure. For example, in 2018, its products met the highly regarded UL standards in North America, making it one of the first Chinese manufacturers to launch a split-phase energy storage inverter there. In 2019, it introduced a low-voltage residential inverter for the South African market to alleviate power supply crises, later successfully replicating this business model in other international markets. This disciplined, decision-driven geographic expansion strategy has enabled exponential growth in overseas operations.

Technology and Product Leadership

The company's market leadership is built on continuous technological iteration. Its residential energy storage inverters feature low-voltage, high-current technology, demonstrating excellent performance in scalability, reliability, and maintainability. Through ongoing optimization of system topology, application of advanced materials, selection of low internal resistance components, and innovative thermal management designs, the company has developed high-performing products. Its inverters integrate technological innovation with practical functionality, delivering tangible benefits for customers: ensuring power continuity by seamlessly integrating with diesel generators, supporting multiple units for flexible capacity expansion, enabling efficient on-grid and off-grid switching for system stability, and being compatible with multiple battery brands for configuration flexibility. This combination of technical performance and practical utility solidifies its leadership in the residential storage sector.

Future Growth and Diversification

The company is actively expanding into diversified application scenarios while continuously enhancing its product portfolio. Building on its leading position in the residential storage market, it is capitalizing on significant opportunities in the burgeoning commercial and industrial storage sector. Furthermore, by leveraging the synergies between inverters and storage battery packs, it offers integrated storage system products, providing customers with greater configuration flexibility and module compatibility, thereby increasing customer stickiness. The company achieved synchronous growth during this period, becoming the world's number one in 2025 by residential energy storage inverter sales revenue. The company believes its keen consumer insights, ability to rapidly respond to demand, global channel construction and after-sales capabilities, cost optimization, and efficient management team will allow it to fully capture significant market growth opportunities and create new performance growth engines in the diversified new energy industry.

Financial Highlights

Revenue was approximately RMB 7.480 billion in FY2023, RMB 11.206 billion in FY2024, RMB 12.224 billion in FY2025, and RMB 6.180 billion for the four months ended April 30, 2026. Profit for the period was approximately RMB 1.791 billion in FY2023, RMB 2.960 billion in FY2024, RMB 3.169 billion in FY2025, and RMB 1.610 billion for the four months ended April 30, 2026.

Industry Overview

Accelerated by the global energy transition, growing new energy installed capacity, and the increasing prevalence of storage and grid integration solutions, the global new energy market has maintained a continuous growth trend. Cumulative global new energy installed capacity grew from 3,478.5 GW in 2021 to 5,545.9 GW in 2025, representing a CAGR of 12.4%. The market size is expected to expand further to 12,604.0 GW by 2031, corresponding to a CAGR of 15.1% from 2026 to 2031. The share of solar photovoltaic in global new energy cumulative installed capacity rose from 24.6% in 2021 to 43.1% in 2025, and is projected to reach 59.0% by 2031. Driven by the accelerated deployment of global residential storage systems, rising residential electricity prices, and growing demand for energy self-consumption and backup power, the global residential storage system market has grown rapidly. The market size grew from RMB 10.80 billion in 2021 to RMB 67.60 billion in 2025, a CAGR of 58.3%. It is expected to grow to RMB 290.60 billion by 2031, corresponding to a CAGR of 27.6%. According to Frost & Sullivan, residential storage system shipments reached 38.1 GWh in 2025, with global shipments of approximately 3.2 million units, implying an average unit price of approximately RMB 21,301. From 2021 to 2025, the global commercial and industrial storage system market experienced rapid growth, driven by factors such as increased distributed renewable energy penetration, greater economic benefits from peak-valley electricity price spreads, and rising demand from commercial and industrial users for electricity cost management and supply reliability. The market size grew from RMB 2.20 billion in 2021 to RMB 31.90 billion in 2025, a CAGR of 94.2%. Looking ahead, driven by declining system costs, wider deployment of behind-the-meter storage, and the increasing popularity of intelligent energy management solutions, the market size is expected to grow from RMB 42.90 billion in 2026 to RMB 200.70 billion in 2031, a CAGR of 36.1%. As a key component of residential storage systems, the global residential energy storage inverter market continues to expand, driven by the integrated deployment of photovoltaic, storage, and charging solutions. The market size grew from RMB 4.5 billion in 2021 to RMB 18.2 billion in 2025, a CAGR of 41.8%. It is expected to continue growing from RMB 18.2 billion in 2025 to RMB 64.1 billion by 2031, corresponding to a CAGR of 23.1%. According to Frost & Sullivan, based on shipment volume, the global residential energy storage inverter market reached 29.5 GW in 2025. Global shipments in 2025 were approximately 3.5 million units, implying an average unit price of approximately RMB 5,230.

Board and Shareholding Structure

The board will consist of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors. Directors serve a three-year term, renewable upon expiry. Independent non-executive directors may serve a maximum of six consecutive years per relevant Chinese regulations. As of the latest practicable date (July 20, 2026), Mr. Zhang Hejun is entitled to exercise approximately 60.26% of the voting rights at the company's general meetings.

Intermediary Team

Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited, CMB International Capital Limited; Legal Advisers: Latham & Watkins, Beijing Dacheng Law Offices, King & Wood Mallesons; Legal Advisers to Joint Sponsors: Herbert Smith Freehills, Jingtian & Gongcheng; Independent Auditors and Reporting Accountants: BDO Limited; Industry Consultant: Frost & Sullivan (Beijing) Co., Ltd. Shanghai Branch.