Deye Files Again for Hong Kong Listing, 2025 Revenue RMB12.224 Billion, Top Global Home Storage Inverter Share

Deye Co. has again submitted a prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board. This is another attempt after the company's initial filing on 27 January 2026 lapsed automatically after six months. Deye is already listed on the A-share market, and this Hong Kong listing aims to establish an A+H dual capital platform. The joint sponsors are CICC, CITIC Securities, and CMB International.

Deye's business covers two major areas: new energy and environmental management. The new energy segment focuses on residential storage, commercial and industrial storage, and distributed photovoltaic grid-connected scenarios, providing one-stop solutions for backup power, cost reduction, and green power consumption. The environmental management segment includes product lines such as dehumidifiers, solar air conditioners, and heat exchangers. According to the prospectus, from 2023 to 2025, the company's revenue was approximately RMB7.48 billion, RMB11.206 billion, and RMB12.224 billion, respectively, with profits of RMB1.791 billion, RMB2.96 billion, and RMB3.169 billion. In the first four months of 2026, the company generated revenue of RMB6.18 billion, up approximately 75.01% year-on-year, and profit of RMB1.61 billion, up 74%.

In terms of industry data, based on 2025 revenue, Deye held a 20.6% market share in the global residential storage inverter market, ranking first. In the commercial and industrial storage inverter market, it ranked second globally with a 20.4% share. The company's business has extended to more than 150 countries and regions across six continents.

The prospectus also disclosed the company's high dependence on overseas markets. The share of overseas revenue rose from 58.0% in 2023 to 70.9% in 2024, reached 79.7% in 2025, and further climbed to 87.6% in the first four months of 2026. Among these, the European market showed the most prominent growth, accounting for 45.3% of revenue in the first four months of 2026. In 2025, the North American market contributed 4.7% of total revenue.

The intended use of proceeds from this IPO covers three aspects. First, to upgrade technology research and development, enhancing R&D capabilities over the next five years. Second, to expand production bases and warehouses at home and abroad, with plans to build two production bases and warehouses in Malaysia and Ningbo Beilun. The Malaysia base is expected to help mitigate trade and tariff risks from Europe and the United States, improving overseas localized delivery capabilities. Third, to strengthen the marketing and service network layout, aiming to expand the global customer base and business coverage.