Hangzhou Gaote Electronic Equipment Co., Ltd. (Gaote Electronics) has passed the listing committee review for an initial public offering on the Shenzhen Stock Exchange's ChiNext board. The IPO's sponsor is CITIC Securities, and the company plans to raise 850 million yuan.
According to the prospectus, Gaote Electronics, founded in 1998, is a national high-tech enterprise and a "Little Giant" specialized and sophisticated SME. It is a technology-driven company that provides safe, reliable, efficient, stable, and cost-effective new energy storage battery management system (BMS) related products for the new energy industry. The company has maintained a leading position in terms of BMS product shipments in the large-scale energy storage sector for three consecutive years and is committed to becoming a core supplier of leading solutions for safety and value enhancement in new energy storage systems.
Categorized by downstream application fields, the company's main products are energy storage BMS modules and related products. Leveraging the data acquisition and aggregation capabilities of BMS, it has expanded into integrated control units and data services, while also covering products such as backup power BMS and power battery BMS.
During the reporting period, the company's energy storage BMS related products have been widely used in power source/grid-side large-scale high-voltage energy storage power stations, as well as in commercial and industrial energy storage and residential energy storage. Concurrently, its product portfolio also includes backup power BMS for data centers, communication base stations, and rail transit; power battery BMS for new energy vehicles and electric vessels; and related businesses like power detection.
Gaote Electronics has consistently maintained a market-leading position in product shipments for the large-scale energy storage BMS sector, enjoying high market recognition and brand acceptance. According to the "2024 China New Energy Storage Industry Development White Paper" published by CESA, the company ranked first in the 2023 Top 10 list of Chinese new energy storage BMS enterprises. Statistics from the China Electricity Council and the National Electrochemical Energy Storage Power Station Safety Monitoring Information Platform indicate that as of the end of 2024 and the end of June 2025, Gaote Electronics was among the top five BMS manufacturers by installed capacity share in operational power stations, alongside other companies.
Centered on energy storage BMS, the company's related products are widely used in the new energy storage industry. Its clientele covers mainstream domestic energy storage system integrators, battery manufacturers, and energy enterprises. Notable customers in key sectors include China Southern Power Grid, China National Petroleum Corporation, State Power Investment Corporation, CATL, Sunwoda, and Gotion High-Tech.
After deducting issuance expenses, the net proceeds from this offering are intended to be invested in the construction of an intelligent manufacturing center for energy storage battery management systems and to supplement working capital.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, the company reported operating revenues of approximately 346 million yuan, 779 million yuan, 919 million yuan, and 507 million yuan, respectively. During the same periods, it recorded net profits of 53.7526 million yuan, 88.2292 million yuan, 98.4223 million yuan, and 51.418 million yuan.
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