The wave of "A+H" listings continues unabated. On January 19th, Csg Smart Science & Technology Co., Ltd., a leader in both the digital energy and intelligent robotics sectors, submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing. Founded in 2002 by initiators including the University of Science and Technology of China, the company initially focused on distribution and utilization automation and medium-voltage power line carrier communication technologies. In 2014, it formally entered the industrial intelligence sector by acquiring Yonggan Electromechanical, and established its "Digital Energy + Digital Industry" strategy in 2019. By 2024, the company had solidified its dual leadership position in both digital energy and robotics businesses. Breaking down its business structure, Csg Smart's main operations are in digital energy and intelligent robotics. Its digital energy products primarily include primary and secondary fusion circuit breakers, ring main units, feeder terminal units (FTUs), distribution terminal units (DTUs), low-voltage transformer districts and electricity information collection systems, as well as energy storage systems and solutions. The intelligent robotics business mainly provides products and solutions, including industrial manipulators, stacker cranes, and inspection robots, for power grid enterprises and large industrial clients. In 2011, Csg Smart (300222.SZ) completed its listing on the Shenzhen Stock Exchange's ChiNext board. Possibly due to lackluster business growth, the company has not received enthusiastic追捧 from secondary market investors on the ChiNext board. As of the close on January 22nd, its share price was 12.23 yuan, with a total market capitalization of 9.518 billion yuan. Now, as the company officially sprints towards its Hong Kong IPO, can Csg Smart write a new growth story on the Hong Kong Stock Exchange and attract broad investor attention?

The business model of Csg Smart, "digital energy in the left hand and intelligent robotics in the right," undoubtedly precisely capitalizes on two major national strategic trends: "new power system construction" and "industrial intelligence." In the digital energy field, Csg Smart is one of the earliest domestic enterprises to enter the distribution automation sector, with its products and solutions deployed and applied in power grids across 31 provincial-level administrative regions in China. According to Frost & Sullivan data, based on 2024 national revenue, Csg Smart ranks second in the primary and secondary fusion circuit breaker market, fifth in the ring main unit market, first in the FTU market, and third in the DTU market. Its shipment volume of commercial and industrial energy storage systems in 2024 placed it among the top ten in China, and within the top three in China for shipment volume in high energy consumption sub-sectors for commercial and industrial energy storage systems. In the industrial intelligent robotics aspect, Csg Smart boasts over two decades of deep accumulation and is one of the few industrial robot manufacturers possessing both advanced technology and large-scale, multi-scenario implementation capabilities. According to Frost & Sullivan, from 2020 to 2024, Csg Smart's cumulative revenue from industrial manipulators ranked first in China, and its cumulative revenue from SRM stacker cranes ranked first in China's lithium battery industry. In recent years, by integrating AI visual recognition and decision-making algorithms, it has delivered thousands of projects in fields such as new energy, automotive, engineering machinery, and rail transit. Although the company has established certain competitive advantages in both major fields, its overall revenue exhibits volatility due to the "uneven performance" of its businesses. According to the prospectus, from 2023 to the first nine months of 2025, the company's revenues were 3.025 billion yuan, 2.687 billion yuan (a year-on-year decrease of 11.17%), and 1.904 billion yuan (a year-on-year increase of 1.12%) respectively, showing relatively fluctuating performance. Among these, the company's "dual-engine drive" is not evenly reflected in its performance; the digital energy business is the absolute ballast (accounting for 78.2% of revenue in 2024), while the intelligent robotics business revenue has continued to decline in recent years, falling significantly by 42.8% year-on-year in 2024. This obviously weakens the appeal of the "dual-engine drive" narrative. However, the company's profit rebound has been quite strong. From 2023 to the first nine months of 2025, Csg Smart's period profits were -171 million yuan, 61.57 million yuan, and 73.48 million yuan respectively, transitioning from loss to profit, and then achieving 228% year-on-year growth, indicating a very robust rebound trend. This is likely attributable to the company's strategic focus on betting on the digital energy business, divesting low-profit/loss-making assets (such as Huaxiao Precision and Shanghai Guanzhi), and concentrating on high-margin segments like intelligent power distribution and utilization, energy storage, and industrial robotics, thereby driving a significant improvement in gross margin. During the period, the company's gross margin increased year by year, reaching 20.8%, 23.8%, and 24% respectively. Based on the above, it is not difficult to see that Csg Smart is in a strategic transition period from scale expansion to quality improvement. Although revenue has been volatile, the rebounding profit trend also, to some extent, corroborates the foresight and efficiency of its strategic transformation.

Looking at it from two perspectives, the digital energy and industrial robotics sectors in which Csg Smart operates are both high-quality tracks with vast development potential. On one hand, the digital energy track shows a clear trend of certain growth driven by policy dividends. According to public media reports, during the "16th Five-Year Plan" period, the fixed asset investment of State Grid Corporation of China is expected to reach 4 trillion yuan, a 40% increase compared to the "14th Five-Year Plan" investment, hitting a record high, marking a new round of development opportunities for the power industry. According to Frost & Sullivan data, the global digital energy market size is expected to reach 1,515 billion yuan by 2029, with a compound annual growth rate (CAGR) of 8.7% from 2024 to 2029. The growth rate over the next five years is slightly higher than historical levels, indicating that industry growth momentum is expected to further strengthen. On the other hand, the industrial robotics track also shows a long-term trend of increasing penetration rates, driven by factors such as the transformation and upgrading of the manufacturing industry and the integration of artificial intelligence and robotics technologies. The market size of China's industrial intelligent robotics industry is expected to reach 166.3 billion yuan by 2029, with a CAGR of 14.6% from 2024 to 2029. During the same period, the global market size is projected to grow to 334.3 billion yuan, with a CAGR of 14.1%. However, although Csg Smart has precisely capitalized on these two major strategic trends, the company still faces unavoidable development challenges. Specifically, first, the robotics business faces intense industry competition—this business is highly susceptible to downstream industry cycles and faces fierce competition from rivals like Estun, making its growth prospects uncertain. In such a survival environment, Csg Smart's business structure has gradually become imbalanced. The "dual-engine drive" has turned into "one dominant engine," with the digital energy business accounting for an excessively high proportion (76.7% in the first nine months of 2025), while the intelligent robotics business continues to shrink (revenue halved in 2024), significantly undermining the company's "tech company" narrative. Second, customer concentration is increasing, with reliance on a single major client. In the first nine months of 2025, the revenue contribution from the top five customers rose to 51.6%, with the largest single customer accounting for 36.0%. The company's profitability has become increasingly dependent on orders from major power grid customers, which will obviously weaken its bargaining power and lead to performance volatility in line with the rhythm of grid investments. Surrounded by the aforementioned development challenges, this listing attempt in Hong Kong has become a key opportunity for Csg Smart to confront these challenges head-on. In the prospectus, Csg Smart stated that the net proceeds from the IPO will be primarily used for: consolidating technological advantages in the digital energy and intelligent robotics fields, deepening AI empowerment, and broadening and deepening adaptability to more application scenarios; strengthening the global sales network and global production capacity layout, advancing global deployment in a focused and phased manner, and further enhancing supply chain capabilities and operational efficiency; researching and developing key equipment for AIDC scenarios and equipment integrating quantum technology with power grid applications, among others. It can be seen that the new funds raised will be mainly allocated to high-growth areas. As the positive feedback effects from this layout gradually materialize, Csg Smart will evidently possess sufficient momentum to rebuild market confidence.

In summary, Csg Smart stands on high-quality tracks with strong policy guarantees and clear market space, and possesses a solid "foundation" thanks to its leading position on the grid side. However, whether its investment value can be fully realized depends on its ability to translate the "industry红利" from power grid investments into solid cash flow and robust financial statements, repair its financial health, and, crucially, on its ability to truly activate the "intelligent robotics" business as a second growth engine, thereby proving its diversification capabilities and growth potential.