On the evening of April 28, 2026, Inovance Technology officially submitted an H-share listing application to the Main Board of the Hong Kong Stock Exchange. The joint sponsors are Morgan Stanley, CICC, Guotai Junan International and Bank of America Securities.
This company, which was founded in Shenzhen in 2003 and listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in 2010 and is staffed by former Huawei Electric employees, is about to open up the dual capital channel for “A+H” shares.
Inovance Technology’s two core businesses are industrial automation and digitalization, and new energy vehicle power systems. In addition, it has also expanded into emerging businesses such as intelligent robots and digital energy.
Among them, energy storage belongs to the digital energy business.
The digital energy business mainly provides core products such as energy storage converters, booster integrated machines, and energy storage systems. Through the digital energy management platform, it builds digital tools covering energy management, energy optimization, and energy operations.
According to Frost & Sullivan statistics, Inovance Technology is the number one Chinese manufacturer in the global industrial automation and digitalization field in terms of operating revenue in 2025, and ranks among the top three global third-party suppliers of new energy vehicle power systems.
In terms of shipments in 2025, Inovance Technology ranks fifth in the global “medium and high power energy storage PCS” market, with a market share of 6.7%.
However, how exactly “medium and large power energy storage PCS” is divided is not clearly stated in the application materials.
The application materials show that Inovance Technology’s financial performance in 2023, 2024, and 2025 is as follows: operating income is 30.392 billion yuan, 37.013 billion yuan, and 45.085 billion yuan respectively, with a compound annual growth rate of 21.8%; profits are 47.76
billion, 4.346 billion yuan, and 5.173 billion yuan; gross profits were 9.625 billion yuan, 10.319 billion yuan, and 12.68 billion yuan respectively; gross profit margins were 31.7%, 27.9%, and 28.1% respectively; research and development expenses were 2.624 billion yuan, 3.147 billion yuan, and 4.256 billion yuan respectively.
billion; industrial automation and digitalization revenue were 19.366 billion yuan, 18.727 billion yuan, and 22.245 billion yuan respectively, a year-on-year increase of 63.7%, 50.6%, and 49.3%; industrial automation and digitalization gross profits were 7.711 billion yuan, 7.217 billion yuan, and 8.917 billion yuan respectively.
billion, with gross profit margins of 39.8%, 38.5%, and 40.1% respectively; Mainland China revenue was 28.653 billion yuan, 34.974 billion yuan, and 42.436 billion yuan respectively, a year-on-year increase of 94.3%, 94.5%, and 94.1%. Most of Inovance Technology’s revenue came from mainland China.
Huichuan Technology relies on a combination of direct sales and distributors.
For new energy vehicle power systems, digital energy and smart elevator products, we mainly rely on direct sales; for industrial automation and digital products (except smart elevator products) and smart robots, we mainly rely on distributors.
Direct sales accounted for 64.7%, 71.3% and 70.1% of revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
In the same year, distribution sales accounted for 35.3%, 28.7% and 29.9% of revenue respectively.
On January 19, Inovance Technology issued an indicative announcement regarding its plans to issue H shares and list them on the Stock Exchange of Hong Kong Limited.
This listing in Hong Kong is expected to bring more development opportunities to Inovance Technology, further enhance its influence in the international market, and promote the company’s continuous innovation and development in industrial automation, new energy vehicles and other fields.
