Shenzhen Shouhang New Energy Co., Ltd. (stock code: 301658.SZ, stock abbreviation: Shouhang New Energy) has reached a significant milestone. On March 24, 2025, the company officially commenced its public offering, planning to issue 41,237,100 shares of ordinary shares (A-shares) at a price of 11.80 yuan per share, marking the beginning of a new journey into the capital market.
Since its establishment in 2013, Shouhang New Energy has focused on the field of new energy power equipment. As a high-tech enterprise, the company is dedicated to providing tailored photovoltaic power generation and energy storage system equipment for commercial and industrial clients, residential users, and ground power stations. Its core products include string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and various photovoltaic system accessories, effectively meeting diverse scenario needs.
In recent years, despite facing short-term adjustments in the new energy sector, Shouhang New Energy’s performance has significantly outpaced the industry average, demonstrating the company’s strong market adaptability and competitive advantages. According to financial reports, the company achieved revenues of 4.457 billion yuan, 3.743 billion yuan, and 2.711 billion yuan for the years 2022 to 2024, with net profits of 849 million yuan, 341 million yuan, and 259 million yuan respectively.
Innovation-driven, Shouhang New Energy has established itself as a leader in production capabilities. Inverters are often referred to as the “heart” of the photovoltaic power generation system, acting as a hub connecting solar panels to the grid and responsible for the efficient conversion of direct current (DC) to alternating current (AC). The reliability and safety of these inverters are crucial for the stable operation of the entire solar power system. Shouhang New Energy focuses on this core area and has developed a comprehensive product matrix centered around string photovoltaic grid-connected inverters and photovoltaic energy storage inverters, complemented by energy storage batteries and photovoltaic system accessories, providing one-stop solutions for various clients.
The company’s core technology is integrated into its main products through software, structural, and hardware means to achieve specific product functionalities or enhance performance. For instance, the rapid islanding detection technology, which combines software algorithms with hardware modules, is integrated into grid-connected inverters and energy storage inverters, enabling them to quickly and accurately identify islanding phenomena, thus ensuring the safety of solar grid-connected power generation systems. Additionally, the inverter inductance current waveform quality enhancement technology optimizes output common mode current by precisely controlling the switching process, effectively improving the inverter inductance current waveform quality, and consequently increasing power conversion efficiency.
Shouhang New Energy’s product technology stands at the forefront of the industry. The peak efficiency of its inverter products reaches 98.4%, ranking among the best in the sector. Furthermore, its products can operate under weak grid conditions with an AC output short-circuit ratio of 1.09 and a total harmonic distortion rate of less than 1%, demonstrating strong operational stability. The photovoltaic string I-V scanning and intelligent diagnostic performance level certification is rated at Level 4, currently the highest certification in the industry.
This strong technological foundation is supported by continuous investment in research and development. From 2021 to the first half of 2024, the company’s R&D expenses have steadily increased, reaching 94 million yuan, 193 million yuan, 308 million yuan, and 151 million yuan respectively, with the R&D expense ratio rising from 5.16% to 10.47%. Additionally, the company boasts a highly skilled and experienced R&D team, providing robust support for fostering new productive forces. As of the first half of 2024, the company had a total of 525 R&D personnel, accounting for nearly 30% of its total workforce.
Shouhang New Energy also actively collaborates with universities to enhance industry-academia-research cooperation, establishing the “Energy Storage Conversion and System Integration Technology Center” with Huazhong University of Science and Technology, focusing on collaborative technological breakthroughs in energy storage, photovoltaics, and electric vehicle applications, thereby broadening the boundaries of technological innovation.
Years of R&D accumulation and significant investment have yielded fruitful results. Shouhang New Energy has successfully mastered 28 core technologies across multiple fields, including inverters, energy storage, data centers, and IoT monitoring platforms, along with 102 invention patents, 94 utility model patents, 51 design patents, and 80 software copyrights. These intellectual properties form the core competitiveness of the company, laying a solid foundation for product innovation and market expansion.
Between 2020 and 2024, the company has received several awards, including the “Top Photovoltaic Brand” awards from the authoritative German research institution EuPD Research in India, Poland, Brazil, and Australia, contributing to its increasing brand recognition and reputation. According to the rankings published by Century New Energy Network, PVTIME, and the Photovoltaic Brand Lab, Shouhang New Energy was ranked 12th among the global photovoltaic inverter brands in 2020.
As it enters the capital market, Shouhang New Energy will continue to leverage its strong technological accumulation and ongoing innovation capabilities to navigate the new energy sector and contribute to the optimization and upgrading of the global energy structure.
Riding the wave of photovoltaic expansion into international markets, Shouhang New Energy is committed to globalizing its operations. The company has established 13 wholly-owned subsidiaries or branch companies in various countries, extending its business to regions such as Europe, Asia-Pacific, South America, the Middle East, and Africa. They have amassed a wealth of high-quality customer resources, including international clients like ZCS, CORAB, and EnergyNAT, as well as well-known domestic companies such as Trina Solar and Skyworth Solar, enhancing their global visibility.
According to statistics from Wood Mackenzie, Shouhang New Energy ranked 10th globally in photovoltaic inverter shipments (MW) in 2022, showcasing its substantial strength. To better serve the global market, the company has established localized service systems in different countries and regions. For instance, it has set up offices in major European markets like Germany and France, established a laboratory in Germany, and created after-sales service centers in Poland and the Czech Republic, along with a warehousing management center in the Netherlands. This global business layout has effectively enhanced the company’s ability to seize market opportunities while improving its resilience against local market fluctuations, contributing to long-term sustainable growth.
According to financial reports, in the first half of 2024, Shouhang New Energy’s overseas sales revenue reached 1.22 billion yuan, accounting for 83.19% of its main business revenue, with Europe becoming a core driver of revenue growth. In terms of gross margin, the gross margins for the grid-connected inverters and energy storage inverters in the first half of 2024 reached 33.86% and 48.06%, respectively, significantly higher than the industry average, demonstrating the effectiveness of its international expansion strategy.
With the support of the capital market, Shouhang New Energy aims to embark on a new growth chapter. In recent years, the photovoltaic and energy storage industries have navigated through cycles, driven by both policy and market engines. In 2025, as silicon wafer prices stabilize and the supply-demand relationship across the industry chain continues to improve, the profitability inflection point for the main industry chain is expected to arrive in the first half of the year. Concurrently, the energy storage market is poised for significant growth. According to CICC, global energy storage demand is expected to maintain high growth, with global energy storage shipments projected to reach 449 GWh, a year-on-year increase of approximately 30%.
Under industry momentum, Shouhang New Energy’s market space is likely to expand rapidly, accelerating the realization of its growth potential. This public offering will primarily fund projects such as the “Shouhang Energy Storage System Construction Project,” “New Energy Product R&D and Manufacturing Project,” “R&D Center Upgrade Project,” and “Marketing Network Construction Project.” The “Shouhang Energy Storage System Construction Project” and “New Energy Product R&D and Manufacturing Project” will establish new production bases and introduce high-end equipment to enhance the capacity and efficiency of distributed high-power inverters, energy storage inverters, and energy storage batteries. The “R&D Center Upgrade Project” will upgrade three R&D centers, creating a cradle for cutting-edge technology incubation and accelerating the transformation of results. The “Marketing Network Construction Project” will establish a large customer sales department and technical support center, optimizing channel layouts, expanding marketing territory, and deeply exploring customer needs.
Looking ahead, with the implementation of these fundraising projects, Shouhang New Energy is expected to comprehensively enhance its competitiveness in product development, production capacity, marketing networks, and technological innovation. Throughout this process, the company is poised to seize the historic development opportunities presented by the rapid growth of clean energy, thereby initiating a new growth cycle.
