On June 16, Cubenergy officially submitted its listing application to the Main Board of the Stock Exchange of Hong Kong (HKEX), with Guotai Junan International serving as the sole sponsor. The prospectus formally discloses the company's key data in recent years regarding its financial performance, core product shipments, and global business layout.
It is reported that Cubenergy is primarily engaged in the research and development, manufacturing, and sales of AC/DC distributed energy storage systems (ESS). Its products cover a wide range of application scenarios, including the distribution network side, commercial & industrial (C&I) sectors, and microgrids.
To date, the company has deployed energy storage projects across more than 40 countries and regions, successfully implementing hundred-megawatt-hour (MWh) level projects in multiple markets across Europe, Africa, and Asia. Among these regions, Europe stands as Cubenergy's most vital revenue engine, currently contributing approximately 87% of its total operating revenue.
According to data from Frost & Sullivan, based on 2025 shipment volumes, Cubenergy holds a market share of approximately 5.5% in the European distributed utility-scale energy storage market. This ranks the company fifth among all Chinese energy storage solution providers and eighth among all global market participants in that sector.
In tandem with its growing order volumes, the company is actively pushing forward its capacity expansion. The prospectus shows that Cubenergy currently operates a production base spanning approximately 60,000 square meters. It plans to utilize the proceeds from this initial public offering to further scale up its production capacity, construct new manufacturing facilities, and elevate its automated manufacturing capabilities. Additionally, the company has recently initiated the construction of its energy storage system R&D and production base in Changzhou. The project is designed to house 11 production lines—including automated PACK lines, module lines, and energy storage system integration lines—with a planned annual capacity of 10 GWh, which is expected to go into production in 2027.
From the perspective of its product portfolio, the company has established three major energy storage product series: PowerCombo, FlexCombo, and FlexCube. It has built its core proprietary technology framework around internally developed Battery Management Systems (BMS), Power Conversion Systems (PCS), and Energy Management Systems (EMS).
In terms of financial performance, Cubenergy has maintained rapid growth over the past three years. From 2023 to 2025, the company's operating revenues reached RMB 452 million, RMB 494 million, and RMB 703 million, respectively. During the same period, gross profits were RMB 103 million, RMB 132 million, and RMB 181 million, yielding gross profit margins of 22.9%, 26.7%, and 25.7%, respectively. Meanwhile, its net profit climbed from RMB 12.3 million in 2023 to RMB 53.8 million in 2025, demonstrating a steady and continuous rise in profitability.
Source：EnergyTrend