Shenzhen Yuanxin Energy Storage Technology Co., Ltd., a company specializing in energy storage solutions, has recently submitted a new listing application to the Hong Kong Stock Exchange after its previous filing lapsed. This second attempt comes as the company reports consecutive growth in both revenue and net profit over the reporting period. Furthermore, based on the latest financial data from January to April 2026, the company has made significant strides in expanding its overseas markets, with the proportion of revenue from abroad rising to 44.6% during that period. However, it is noteworthy that the company's customer concentration has remained persistently high, with the top five customers accounting for over 90% of revenue in the first four months of 2026.
Overseas revenue share climbs to 44.6%
The Hong Kong Stock Exchange website shows that Yuanxin Energy Storage refiled on August 9. Prior to this, the company had submitted a listing application in January this year, which ultimately expired. Yuanxin Energy Storage is engaged in the research, development, manufacturing, and sales of energy storage system solutions and products, providing supporting services to both Chinese and overseas customers. The company focuses on offering comprehensive energy storage system solutions, hardware products, software systems/platforms, and supporting services, covering all key stages of an energy storage project from asset development and delivery to operation and management. According to data from Frost & Sullivan, based on a shipment volume of 5.4 GWh in 2025, Yuanxin Energy Storage ranked tenth in China's energy storage system solutions market with a market share of 2.1%. By new installed capacity of 3.4 GWh, the company ranked fourth in China's independent energy storage industry with a market share of 12.5%.
Behind this second listing attempt, Yuanxin Energy Storage has strong performance backing. From 2023 to 2025, the company's revenue was approximately RMB 435 million, RMB 1.144 billion, and RMB 1.868 billion, respectively, with corresponding net profits of approximately RMB 40.741 million, RMB 96.265 million, and RMB 154 million, showing consecutive growth. In the first four months of this year, the company achieved revenue of approximately RMB 280 million, compared to RMB 8.469 million in the same period last year, and a net profit of approximately RMB 23.071 million, turning a loss into a profit year-on-year.
Looking at the company's global expansion, Yuanxin Energy Storage began exploring overseas markets in the second half of 2024. In 2025, revenue from Mainland China was RMB 1.859 billion, accounting for 99.5% of total revenue, while revenue from North America was RMB 8.572 million, or about 0.5%, and revenue from Europe was only RMB 207,000. However, based on the latest financial data for January to April 2026, the company's overseas market expansion has yielded significant results. During this period, revenue from Mainland China and Europe was approximately RMB 155 million and RMB 125 million, accounting for about 55.4% and 44.6%, respectively.
Rising dependence on top five customers
Notably, during the reporting period, Yuanxin Energy Storage's customer concentration remained consistently high. The prospectus shows that in 2023, 2024, 2025, and the first four months of 2026, the company had 42, 38, 39, and 14 customers, respectively. During the same periods, sales to the top five customers accounted for 53.7%, 81.6%, 80.2%, and 94.3% of total revenue, while sales to the single largest customer accounted for 11.8%, 40.7%, 44.5%, and 43.6% of total revenue in each respective period.
In response, Yuanxin Energy Storage stated in its prospectus that large-scale energy storage system solution deployments typically involve high investment levels and equipment procurement amounts for each project, leading to significant revenue contributions from single projects during specific periods. Therefore, revenue from one or a few key customers may account for a relatively high percentage during a specific period. "During the track record period, although the company's customer concentration remained high, the composition of the top five customers by sales generally changed over time, and the company did not rely on a small number of fixed customers for an extended period. As production capacity increases, the company gradually undertakes and deploys more project energy storage system solutions, enabling it to serve a broader customer base and further diversify its revenue sources," Yuanxin Energy Storage said.
Additionally, it is worth mentioning that from 2023 to 2025, Yuanxin Energy Storage's gross profit margin declined consecutively, at approximately 21.6%, 17.8%, and 16.1%, respectively. However, entering the first four months of this year, the company's gross profit margin saw a significant recovery, rising sharply from -10.9% in the same period last year to 27.4%.
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