On August 9, RelyEZ Energy Storage Technology Co., Ltd. re-submitted its listing application to the Hong Kong Stock Exchange (HKEX), seeking to list on the Main Board. This follows the expiration of its previous filing submitted on January 9, 2026.
According to data from Frost & Sullivan, in 2025, RelyEZ's energy storage system shipments reached 5.4 GWh, ranking 10th in China's energy storage system solutions market with a 2.1% market share. Meanwhile, its newly installed capacity for standalone energy storage reached 3.4 GWh, ranking 4th in China's standalone energy storage market with a 12.5% market share.
In terms of revenue, RelyEZ generated RMB 435 million, RMB 1.144 billion, and RMB 1.868 billion from 2023 to 2025, respectively. During the same periods, gross profits were RMB 93.826 million, RMB 204 million, and RMB 301 million. In the first four months of 2026, the company recorded revenue of RMB 280 million, up from RMB 8.469 million in the prior-year period; gross profit reached RMB 76.585 million, with the gross profit margin surging from -10.9% in the same period last year to 27.4%.
In recent years, RelyEZ has been continuously transitioning toward large-scale (utility-scale) energy storage system solutions. From 2023 to 2025, revenue from large-scale energy storage system solutions stood at RMB 7.2 million, RMB 477 million, and RMB 1.669 billion, respectively, with its proportion of total revenue rising from 1.6% to 41.7% and then to 89.4%. During the first four months of 2026, revenue from large-scale energy storage system solutions came in at RMB 214 million, representing 76.4% of total revenue during the period, generating a gross profit of RMB 52.6 million with a gross margin of 24.6%.
RelyEZ stated that as power market-oriented reforms advance, demand for energy storage is gradually shifting from individual equipment supply to integrated solutions. Consequently, the company is allocating more resources toward utility-scale energy storage and overseas markets.
At the same time, RelyEZ is accelerating its expansion into international markets. In 2025, RelyEZ's overseas revenue was RMB 8.8 million, originating primarily from the United States and Spain. As of April 30, 2026, overseas revenue surged to RMB 125 million, driven mainly by Poland and Hungary.
Regarding production capacity construction, as of the end of April 2026, RelyEZ had established three factories located in Zhenjiang (Jiangsu Province), and Yao'an and Dali (Yunnan Province). To meet growing business demand, RelyEZ also plans to build a new 10 GWh facility in Wuzhen, Zhejiang Province, which is scheduled to break ground in September 2026 and begin operations in May 2028.
Additionally, a transitional facility in Jiaxing entered trial production in June 2026 to supplement capacity needs during this expansion period.
Source：EnergyTrend
