On October 19, RelyEZ Energy Storage Technology Co., Ltd. ("RelyEZ") passed its listing hearing with the Stock Exchange of Hong Kong (HKEX) for a proposed listing on the Main Board, with CMB International acting as the sole sponsor.
Reviewing its listing timeline, RelyEZ first submitted its listing application to the HKEX on January 9, 2026, which subsequently lapsed upon the expiration of the application's validity period; on August 9, the company refiled its listing application.
Prior to this, RelyEZ obtained a filing notification from the China Securities Regulatory Commission (CSRC) for its overseas issuance and listing in July, covering the proposed issuance of up to 135 million overseas-listed ordinary shares and the conversion of a total of 352 million unlisted domestic shares held by 13 shareholders into overseas-listed shares.
In terms of revenue, RelyEZ achieved RMB 435 million, RMB 1.144 billion, and RMB 1.868 billion from 2023 to 2025, respectively; gross profits for the corresponding periods stood at RMB 93.826 million, RMB 204 million, and RMB 301 million. In the first four months of 2026, the company posted RMB 280 million in revenue, compared to RMB 8.469 million in the same period of the previous year; gross profit reached RMB 76.585 million, with the gross profit margin rising from -10.9% in the prior-year period to 27.4%.
From January to April 2026, the company achieved total operating revenue of RMB 280 million and a net profit of approximately RMB 23 million, turning from a net loss to a profit year-on-year.
In recent years, RelyEZ has continued its strategic shift toward utility-scale energy storage system solutions. From 2023 to 2025, the company's revenue from utility-scale energy storage system solutions was RMB 7.20 million, RMB 477 million, and RMB 1.669 billion, respectively, with its proportion of total revenue climbing from 1.6% to 41.7% and then to 89.4%. In the first four months of 2026, revenue from utility-scale energy storage system solutions came in at RMB 214 million, representing 76.4% of total revenue for the period, with a gross profit of RMB 52.60 million and a gross profit margin of 24.6%.
During the January–April 2026 period, revenue from the company's utility-scale energy storage system solutions reached RMB 214 million—accounting for 76.4% of total revenue—with sales volume totaling 271.4 MWh. The company disclosed that it completed the deployment of five utility-scale energy storage projects during the period, including a 110 MWh project in Oroszlány, Hungary.
At the same time, RelyEZ accelerated its expansion in overseas markets. In 2025, RelyEZ's overseas revenue stood at RMB 8.80 million, mainly originating from the United States and Spain; between January and April 2026, overseas revenue grew further, accounting for approximately 44.6% of total revenue for the period. Over the same timeframe, the average selling prices of the company's overseas utility-scale and commercial & industrial (C&I) energy storage system solutions were higher than those in the domestic market.
Currently, RelyEZ operates four production facilities for energy storage system products and components, located in Zhenjiang, Yao'an, Dali, and Jiaxing. Among them, the Zhenjiang, Yao'an, and Dali plants have commenced commercial operation, while the Jiaxing facility is in trial operation. In 2025, the combined production capacity of the first three operational plants was 6.8 GWh.
The company plans to advance the construction of its Wuzhen plant, which is slated to enter commercial production in May 2028 with a designed capacity of approximately 10 GWh; meanwhile, the development of the two plants in Chaoyang and Jinchang has been temporarily postponed.
Source：EnergyTrend
