<p>中国太阳能巨头阳光电源已向香港提交了新的上市申请，恢复了去年启动的计划，因为一波大陆公司寻求离岸融资以支持海外扩张。根据周五晚间的交易所披露，这家在深圳上市的太阳能逆变器和储能系统制造商在 10 月份的早期申请失效后，向香港证券交易所提交了最新的申请证明。阳光电源是全球最大的光伏（PV）逆变器供应商之一，将香港上市视为加速全球化战略和拓宽融资渠道的平台。根据市场文件和公司披露，预计所得款项主要用于研发以及海外生产基地的建设。重新提交的申请正值一批大陆公司——包括 Makesense Energy Technology、Befar Group 及其他五家公司——在周五向香港提交上市文件，标志着该市首次公开募股（IPO）管道的回暖。阳光电源成立于 1997 年，于 2011 年在深圳证券交易所上市，已发展成为一家全球清洁能源技术提供商，业务涵盖太阳能、风能、储能、电动车和氢能。其核心产品包括光伏逆变器和储能系统，这两者在全球出货量中均名列前茅。根据申请文件，该公司的光伏逆变器出货量在过去十年中保持全球第一，预计 2024 年市场份额超过 25%，而截至 2025 年底，其累计储能系统出货量超过 93 千兆瓦时。阳光电源的业务越来越向储能转型，反映出全球对可再生能源系统转型驱动的快速需求增长。近年来，储能系统的收入大幅上升，预计在 2025 年占总收入的近 42%，超过了其传统的逆变器业务。重新推动香港 IPO 表明，该公司希望利用投资者对中国科技和清洁能源资产的改善需求，同时为其下一阶段的海外扩张提供资金。阳光电源在申请中表示：“作为清洁电力转换技术的全球领导者，我们不仅在市场扩张中处于有利位置，还将在下一代电力系统的每个关键领域——发电、电网、负载和储能——中发挥关键作用。我们准备抓住前所未有的增长机会。” 它补充说，人工智能驱动的数据中心建设浪潮正在推动对电力系统的需求，创造新的增长机会。与此同时，该公司正在扩大其全球业务，预计到 2025 年，海外市场将占总收入的 60% 以上，显著高于往年，因为它已扩展到 100 多个国家和地区。尽管如此，它仍面临包括全球竞争加剧、技术周期演变以及关税和出口管制等地缘政治不确定性在内的风险。周一上午 10:30，阳光电源的股价在深圳下跌 2.4%，至 130.60 元，此前媒体报道称欧盟委员会已禁止资金流向包含中国逆变器的清洁技术项目。</p>

阳光电源

<p>中国的太阳能巨头阳光电源通过提交新的申请，重新启动了其在香港的 IPO 计划，旨在支持其在清洁能源繁荣中的全球扩张。该公司是光伏逆变器的领先供应商，计划将募集资金用于研发和海外生产基地。此举正值多家大陆公司也寻求在香港上市，反映出日益增长的 IPO 管道。阳光电源来自储能系统的收入激增，目前占总收入的近 42%，尽管面临竞争和地缘政治风险，但其全球业务仍在扩展</p>

<p>China’s solar giant Sungrow Power Supply has filed a fresh application to list in Hong Kong, reviving plans initiated last year, as a wave of mainland companies seeks offshore funding to support overseas expansion. The Shenzhen-listed solar inverter and energy storage system maker submitted its latest application proof to the Hong Kong stock exchange after an earlier filing in October lapsed, according to exchange disclosures late on Friday. Sungrow, one of the world’s largest suppliers of photovoltaic (PV) inverters, is positioning the Hong Kong listing as a platform to accelerate its globalisation strategy and broaden financing channels. Proceeds were expected to be used mainly for research and development as well as the construction of overseas production bases, according to market filings and company disclosures. The refiled application came as a cluster of mainland companies – including Makesense Energy Technology, Befar Group and five others – submitted listing documents to Hong Kong on Friday, signalling a pickup in the city’s initial public offering (IPO) pipeline. Founded in 1997, Sungrow was listed on the Shenzhen bourse in 2011 and has grown into a global clean energy technology provider with operations spanning solar, wind, energy storage, electric vehicles and hydrogen. Its core products include PV inverters and energy storage systems, both of which rank among the global leaders by shipment volume. The company’s PV inverter shipments had held the top global position for a decade, with a market share of more than 25 per cent in 2024, while its cumulative energy storage system shipments exceeded 93 gigawatt-hours as of end-2025, according to the filing. Sungrow’s business has increasingly shifted towards energy storage, reflecting rapid global demand growth driven by the transition to renewable power systems. Revenue from energy storage systems rose sharply in recent years, accounting for nearly 42 per cent of total revenue in 2025, overtaking its traditional inverter segment. The renewed push for a Hong Kong IPO suggests the company is seeking to capitalise on improving investor appetite for Chinese technology and clean energy assets while funding its next phase of overseas expansion. “As a global leader in clean power conversion technology, we are not only well positioned to benefit from the market expansion driven by the energy transition, but are also set to play a critical role in the development of each key segment – generation, grid, load and storage – within next-generation power systems,” Sungrow said in the filing. “We are well poised to seize unprecedented growth opportunities.” It added that the artificial intelligence-driven wave of data centre construction was boosting demand for power systems, creating new growth opportunities. The company, meanwhile, was expanding its global operations, with overseas markets contributing more than 60 per cent of total revenue in 2025, up significantly from previous years, as it expanded into more than 100 countries and regions, the filing showed. However, it still faces risks including intensifying global competition, evolving technology cycles and geopolitical uncertainties such as tariffs and export controls. Shares of Sungrow fell 2.4 per cent to 130.60 yuan as of 10.30am on Monday in Shenzhen, after media reports said the European Commission had banned funds from going to clean technology projects containing Chinese inverters.</p>
<div class="lb-trans"><p>中国太阳能巨头阳光电源已向香港提交了新的上市申请，恢复了去年启动的计划，因为一波大陆公司寻求离岸融资以支持海外扩张。根据周五晚间的交易所披露，这家在深圳上市的太阳能逆变器和储能系统制造商在 10 月份的早期申请失效后，向香港证券交易所提交了最新的申请证明。阳光电源是全球最大的光伏（PV）逆变器供应商之一，将香港上市视为加速全球化战略和拓宽融资渠道的平台。根据市场文件和公司披露，预计所得款项主要用于研发以及海外生产基地的建设。重新提交的申请正值一批大陆公司——包括 Makesense Energy Technology、Befar Group 及其他五家公司——在周五向香港提交上市文件，标志着该市首次公开募股（IPO）管道的回暖。阳光电源成立于 1997 年，于 2011 年在深圳证券交易所上市，已发展成为一家全球清洁能源技术提供商，业务涵盖太阳能、风能、储能、电动车和氢能。其核心产品包括光伏逆变器和储能系统，这两者在全球出货量中均名列前茅。根据申请文件，该公司的光伏逆变器出货量在过去十年中保持全球第一，预计 2024 年市场份额超过 25%，而截至 2025 年底，其累计储能系统出货量超过 93 千兆瓦时。阳光电源的业务越来越向储能转型，反映出全球对可再生能源系统转型驱动的快速需求增长。近年来，储能系统的收入大幅上升，预计在 2025 年占总收入的近 42%，超过了其传统的逆变器业务。重新推动香港 IPO 表明，该公司希望利用投资者对中国科技和清洁能源资产的改善需求，同时为其下一阶段的海外扩张提供资金。阳光电源在申请中表示：“作为清洁电力转换技术的全球领导者，我们不仅在市场扩张中处于有利位置，还将在下一代电力系统的每个关键领域——发电、电网、负载和储能——中发挥关键作用。我们准备抓住前所未有的增长机会。” 它补充说，人工智能驱动的数据中心建设浪潮正在推动对电力系统的需求，创造新的增长机会。与此同时，该公司正在扩大其全球业务，预计到 2025 年，海外市场将占总收入的 60% 以上，显著高于往年，因为它已扩展到 100 多个国家和地区。尽管如此，它仍面临包括全球竞争加剧、技术周期演变以及关税和出口管制等地缘政治不确定性在内的风险。周一上午 10:30，阳光电源的股价在深圳下跌 2.4%，至 130.60 元，此前媒体报道称欧盟委员会已禁止资金流向包含中国逆变器的清洁技术项目。</p>
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中国太阳能巨头阳光电源在清洁能源热潮中重启香港上市计划