Shouhang New Energy officially listed on the Growth Enterprise Market (GEM) on April 2, 2025, with an opening price of 40 CNY per share, reflecting a significant increase of 238.98% compared to its issuance price of 11.8 CNY per share. As one of the major players in the global photovoltaic inverter market, Shouhang New Energy has focused in recent years on the conversion, storage, and management of solar energy. With nearly a decade of technological advantages, the company’s product line has evolved to meet the forefront of market demands, successfully expanding from grid-connected photovoltaic inverters to photovoltaic energy storage inverters and storage batteries.
With the ongoing global push towards carbon neutrality and the elevation of China’s dual carbon strategy to a national level, the integration of solar energy and storage has emerged as a crucial innovation model in the new energy sector, presenting unprecedented development opportunities. In this favorable context, Shouhang New Energy aims to leverage the capital market to deepen its global presence and accelerate the realization of its integration strategy.
Technological Advantage Driving Product Line Upgrade
Founded in 2013, Shouhang New Energy specializes in the research, production, sales, and service of new energy power equipment, including photovoltaic grid-connected inverters, photovoltaic energy storage inverters, and storage batteries. Over the years, the photovoltaic power generation sector has shifted from being driven by policy subsidies to being market-driven, leading to a rapid elimination of outdated capacities. Companies with technological, cost, and global advantages are expected to dominate the market. According to a research report by the internationally renowned power and renewable energy research institution Wood Mackenzie, Shouhang New Energy ranked tenth in global photovoltaic inverter shipments in 2022.
As a representative enterprise in the photovoltaic inverter sector, Shouhang’s growth momentum stems from the continuous iteration of its product line, supported by its first-mover technological advantage, enabling the company to seize market opportunities. Photovoltaic energy storage inverters are viewed as the “brain” of photovoltaic power systems, playing a central role in determining the system’s power generation efficiency and operational stability. As the proportion of renewable energy generation rapidly increases and storage costs significantly decline, the demand for energy storage is surging. In recent years, photovoltaic energy storage inverters have become a new growth engine for the inverter industry and a key direction for future development.
Shouhang New Energy began developing energy storage inverters as early as 2015 and launched its first model in 2016, making it one of the pioneers in the industry. The company has continued to innovate, transitioning from a grid-connected inverter manufacturer to a leader in the photovoltaic energy storage inverter field. Additionally, its research and development of storage batteries, which commenced in 2015, is now yielding results. Currently, the company’s storage battery business has evolved from relying on external suppliers of 2000Wh finished batteries to producing its own high-voltage lithium battery packs ranging from 3000Wh to 5000Wh. In the future, the company plans to continue product development, expanding from the residential and small commercial energy storage markets to large commercial ground station storage markets.
Over the past three years, Shouhang New Energy has upgraded its product offerings extensively, releasing grid-connected inverters with a maximum power output of 350kW, alongside a new generation of energy storage inverters and battery products, commercial energy storage systems, and centralized energy storage systems. These products are now widely applicable in various scenarios, including ground stations, commercial enterprises, and residential settings, addressing diverse downstream market needs. Looking ahead, the company will also invest in research and development in the digital energy application fields related to solar and storage, further enriching its product portfolio and technological foundation to develop additional growth avenues.
Global and Local Dual-Drive Strategy for Market Expansion
As the global photovoltaic power generation market continues to expand and competition intensifies, global capabilities have become a crucial factor for photovoltaic inverter companies to enhance competitiveness, broaden markets, manage risks, and drive technological innovation. In recent years, domestic photovoltaic inverter manufacturers have accelerated their international expansion. Shouhang New Energy has capitalized on this trend, with approximately 80% of its revenue coming from overseas markets, particularly in Europe. From 2020 to 2024, the company received the “Top Photovoltaic Brand” award from the esteemed German research institution EuPD Research in India, Poland, Brazil, and Australia. In 2022, Shouhang ranked tenth in global shipment volume.
With China’s dual carbon goals becoming a national strategy, the country, as the largest photovoltaic market globally, presents substantial development opportunities for photovoltaic inverter companies, making it an essential battleground for domestic firms. According to the prospectus, Shouhang New Energy plans to raise 95.69 million CNY to implement a “Marketing Network Construction Project” aimed at enhancing its localized service capabilities, covering both domestic and international markets. For future market expansion, the company will continue to invest in existing advantageous market customer development and marketing network construction while actively exploring developed photovoltaic markets in North America, Japan, and South Korea, as well as emerging markets in Latin America, the Middle East, and Africa.
Technological strength has always been the core driving force behind global expansion. Currently, Shouhang New Energy and its subsidiaries hold 28 core technologies developed in-house, 105 invention patents, 94 utility model patents, 51 design patents, and 80 software copyrights. The company’s key technologies have been successfully applied across its various product types, achieving a high level of industrialization. Shouhang places significant emphasis on research and development investments for new products and technologies, continually raising its technological barriers. From 2021 to 2023, and in the first half of 2024, Shouhang’s R&D expenditures steadily increased, amounting to 94.22 million CNY, 192.5 million CNY, 308 million CNY, and 153 million CNY, respectively. According to the prospectus, Shouhang’s R&D expense ratio reached 8.24%, the highest among comparable listed companies in the industry.
Seizing Opportunities in Carbon Neutrality and Integrated Solar Storage
In the context of a global consensus on achieving “carbon neutrality,” 90% of countries have set their carbon neutrality targets for 2050 or later. As one of the representatives of clean energy, photovoltaics are experiencing unprecedented historical opportunities. In recent years, global photovoltaic installations have maintained a rapid growth trend, with a compound annual growth rate exceeding 30% over the past decade. According to the International Renewable Energy Agency (IRENA), the new photovoltaic installations in 2030 and 2050 are projected to reach 270GW and 372GW, respectively, while the annual compound growth rate of cumulative global photovoltaic installations from 2019 to 2050 is expected to be 8.9%. This rapid increase in photovoltaic installations presents vast market prospects for the photovoltaic inverter industry.
Global market research institution IHS Markit predicts that from 2021 to 2025, the cumulative shipment of global photovoltaic inverters is expected to approach 1TW, with a cumulative market scale of approximately 54 billion USD. However, the relatively slow development of energy storage technology has highlighted the intermittent and volatile nature of photovoltaic power generation, necessitating effective solutions. With keen market insight, Shouhang New Energy is one of the early adopters in the domestic market for energy storage inverter research and the exploration of integrated solar storage solutions. The company has developed energy storage batteries compatible with various brands of photovoltaic energy storage inverters, positioning this as one of its future key development directions.
By the end of 2024, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change announced plans to significantly expand global energy storage facilities, aiming to deploy 1500GW of storage capacity, more than six times the amount in 2022. Standing at the forefront of this new wave of carbon neutrality, Shouhang New Energy is poised to leverage the capital market to expedite the realization of its decade-long strategy for integrated solar storage.
