Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
U.S. stock CFD derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
IPO Access
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
Product unit prices have dropped consecutively; household energy storage giant Daqin Digital Energy shifts to Hong Kong Stock Exchange.
Recently, the company submitted its listing application to the Hong Kong Stock Exchange.
Before planning this Hong Kong listing, Daqin Digital Energy's 2025 revenue more than doubled, and net profit turned from a loss to a profit year-on-year.
Behind the strong performance, Daqin Digital Energy continued to expand overseas markets during the reporting period, with overseas sales share surging from 43.1% in 2023 to 95.1% in 2025.
However, from the perspective of the company's two major product categories, household ESS (energy storage system) and commercial & industrial ESS, the overall average selling price declined during the reporting period.
Over 60% of revenue from Europe
Recently, the HKEX website showed that Daqin Digital Energy has submitted its listing application, officially making a push for the Hong Kong stock market.
It is understood that Daqin Digital Energy is a pioneer among Chinese companies in the ESS industry, focusing on the R&D, manufacturing, and sales of household and commercial & industrial ESS products.
According to Frost & Sullivan, based on 2025 shipment volume, the company is the world's fifth largest household ESS provider, with shipments of approximately 2.5 GWh; the company's commercial & industrial ESS shipments were approximately 0.6 GWh.
Among Chinese ESS companies, the company is one of those with the most extensive global business footprint.
In this submission to the HKEX, the company's 2025 revenue surged more than double, and net profit turned from a loss year-on-year.
Financial data shows that from 2023 to 2025, the company achieved operating revenue of approximately RMB 723 million, RMB 734 million, and RMB 2.53B respectively. By calculation, the company's 2025 revenue surged 244.01% year-on-year.
In addition, the company's attributable net profit during the reporting period was approximately -RMB 182 million, -RMB 378 million, and RMB 125 million respectively.
It is worth noting that during the reporting period, Daqin Digital Energy continued to expand its overseas markets.
The prospectus document shows that from 2023 to 2025, overseas sales accounted for 43.1%, 88%, and 95.1% of the company's total revenue respectively; among them, the proportion of revenue from Europe increased significantly, at 19.9%, 49.6%, and 61% in each period.
From the revenue structure perspective, during the reporting period, household ESS remained Daqin Digital Energy's main business, but its revenue share continued to decline; on the other hand, the company's commercial & industrial ESS revenue share has grown consecutively.
Specifically, from 2023 to 2025, the proportion of revenue from household ESS was 99.3%, 85.3%, and 75.7% respectively; the proportion from commercial & industrial ESS was 0.2%, 12.2%, and 23.9% respectively.
In terms of control, as of the last practicable date, Daqin Digital Energy is directly held by Liu Yang with approximately 41.1% equity, and by Suzhou Qinhu Pan, Hehan Jiangze, and Nanzhang Zizhu with approximately 17.94% equity.
Among them, Suzhou Qinhu Pan, Hehan Jiangze, and Nanzhang Zizhu are all controlled by Liu Yang (as their general partner).
Therefore, Liu Yang, Suzhou Qinhu Pan, Hehan Jiangze, and Nanzhang Zizhu together can control approximately 59.04% of the company's voting rights.
Over 90% of sales through distributors
Although the 2025 performance achieved significant growth, in a highly competitive and rapidly developing ESS market, as existing industry players expand their product portfolios and new entrants such as upstream battery manufacturers and downstream solution integrators flood the market, the industry competition faced by Daqin Digital Energy is intensifying.
As subsidies for downstream ESS applications decrease and more regions gradually reach grid parity, the cost of solar photovoltaic and energy storage, as well as the overall market prices of inverters and other products, continue to face downward pressure.
In this "red ocean," during the reporting period, the average selling prices of Daqin Digital Energy's household ESS and commercial & industrial ESS both showed a downward trend.
The prospectus document shows that from 2023 to 2025, the average selling price of the company's household ESS was RMB 1.3/Wh, RMB 0.9/Wh, and RMB 0.8/Wh respectively; the average selling price of commercial & industrial ESS was RMB 1.2/Wh, RMB 1.2/Wh, and RMB 1/Wh respectively.
In addition, it is worth noting that during the reporting period, Daqin Digital Energy mainly sold ESS products through distributors.
The company's sales to distributors from 2023 to 2025 were RMB 625 million, RMB 678 million, and RMB 2.48B respectively, accounting for 86.4%, 92.5%, and 98.2% of total revenue in each period.
In fact, before this submission to the HKEX, the company had previously planned to pursue an A-share listing.
The CSRC website shows that the company started the listing guidance in July 2023; after nearly three years, it announced the 11th guidance status report in April 2026, only two months before this Hong Kong stock submission.
Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, said that the A-share IPO review process is relatively strict, especially with a longer review cycle for dimensions such as corporate profitability sustainability and business compliance, while the listing mechanism of the Hong Kong Stock Exchange is more market-oriented and the review process is relatively more efficient.
In addition, from a business match perspective, Daqin Digital Energy's ESS products are mainly sold to global markets and are highly dependent on distributor channels. As an international capital market, the Hong Kong Stock Exchange is more likely to gain recognition from overseas investors. After the company lists in Hong Kong, it will directly help it further expand its global market footprint.
In response to the relevant situation, a Beijing Business Today reporter sent an interview letter to Daqin Digital Energy for an interview, but as of press time, no reply has been received from the company.
Beijing Business Today reporter Wang Manlei