Guangdong New Energy Technology Firm Advances Main-Board IPO to Inquiry Stage

Guangdong New Energy Technology Co. , Ltd. has made new progress in its bid for a main-board listing on the A-share market. Information on the Shenzhen Stock Exchange website shows that the company disclosed its reply to the first round of review inquiries on August 5, 2026. The company plans to raise approximately RMB 750 million, to be invested in an air-source heat pump high-end intelligent zero-carbon industrial park, a heat pump component production base, and brand building and promotion projects. The company is a national-level specialized, refined, distinctive and innovative key "little giant" enterprise.

Financial data show that from 2023 to 2025, the company's operating revenue was RMB 1.299 billion, RMB 1.339 billion and RMB 1.512 billion, respectively, while net profit was RMB 103 million, RMB 141 million and RMB 219 million, respectively, with both revenue and net profit achieving three consecutive years of growth. Over the same period, the company's net cash flow from operating activities was RMB 233 million, RMB 242 million and RMB 261 million, respectively.

On the technology front, the company has established a national-level enterprise technology center and has obtained certification from a number of international laboratory platforms, including CNAS, SGS and TÜV Rheinland. It has accumulated nearly 1,000 independent core patents and has participated in the drafting of a number of national and industry standards. On the product front, the company has formed a product system covering household heating and cooling, commercial heating, industrial high-temperature heat pumps and industrial and agricultural energy-saving retrofits, with business covering more than 80 countries and regions worldwide.

In March 2025, the National Development and Reform Commission and five other departments jointly issued an action plan for promoting high-quality development of the heat pump industry, proposing to raise the energy efficiency level of key heat pump products by more than 20% by 2030 and specifying the promotion and application of air-source heat pumps in cold regions and regions with hot summers and cold winters.

On the export side, China's air-source heat pump export scale increased from RMB 1.38 billion in 2017 to RMB 6.02 billion in 2025, up 28.4% year on year in 2025. Over the past two years, affected by a phased decline in domestic demand, the scale of the air-source heat pump industry has fluctuated.