2025, Pioneer Intelligence announced the start of its listing in Hong Kong. After a year of preparation, the company finally entered the stage of substantive offering. On the morning
of February 3, Pioneer Intelligence issued a notice to disclose the H-share prospectus and other matters. According to the prospectus, the company intends to sell 93.616 million shares globally from February 3 to February 6 at a maximum price of
HK $45.8 per share. The global offering of Pioneer Intelligence is expected to raise a total of HK $4.288 billion (about RMB 3.807 billion).
In 2025, the highest net profit increased by more than 5 times!
In 2025, the company 's net profit is expected to be 1.5-1.8 billion yuan ; Net profit after deduction of non-profits is estimated to be 14.8-17.
Digital New Energy DataBM.
2025, China promulgated the Notice on Deepening the Market-oriented Reform of New Energy Grid Tariff to Promote the High-quality Development of New Energy (hereinafter referred to as "No.136"), which marked the full entry of new energy into the market.
In the context of the continuous promotion of the market-oriented reform of new energy and electricity, " this is also reflected in the performance of Pioneer Intelligence this year.
In 2025, the net profit of Pioneer Intelligence increased by 424.29% -529. With the increase of the operating rate of domestic head battery enterprises and the orderly acceleration of the pace of production expansion, the company's order scale rebounded rapidly year on year, and the pace of order delivery and project acceptance accelerated synchronously. It has promoted the bottom recovery and rapid growth of the company's operating performance, and the overall profitability has been significantly improved.
From the perspective of profitability, the net profit of Pioneer Intelligence has "bottomed out and rebounded". However, it can not be ignored that the company is currently facing problems such as declining gross interest rate, long inspection cycle and concentration of large customers.
According to the H-share prospectus, the gross profit rate of Pioneer Intelligence in 2024 has dropped from 36.6% in 2022 to 30% . The gross profit rate of photovoltaic business in 2024 is only 9.
By the end of September 2025, the gross profit rate of the company has reached 30.9% .
At the same time, the Company currently faces heightened risks of extended acceptance periods and unfavorable payment terms.
"The average acceptance period of our products has more than doubled," Pioneer Intelligence said in the prospectus, "from about 6-10 months in 2022 and 2023 to more than 15 months in 2024." At present, with its efforts, its product acceptance period has been shortened to less than 13 months in the first three quarters of 2025.The extension of the
inspection period means that the company's repayment speed is reduced, the company's capital occupation is increased, and cash flow is under pressure. In the prospectus, Pioneer Intelligence clearly indicated that the company had experienced significant operational and financial pressures due to the extension of the inspection.
However, the company is in the energy storage and photovoltaic industry, with high customer concentration and strong bargaining power of large customers, in the current industry winter, "there is no guarantee that the trend will be reversed." Further deterioration of customer payment behavior or further delay in acceptance may have a significant impact on our liquidity, working capital efficiency and financial stability.
It is worth noting that Pioneer Intelligence itself also has the problem of high dependence on large customers.
Data show that during the third quarter of 2022-2025, the top five customers of Pioneer Intelligence accounted for 73.8%, 57%, 45.6% and 52% of the company's total revenue, respectively. The revenue of the largest customer accounts for 40.1%, 17.5%, 15.2% and 27% of its total revenue, respectively.
It can be seen that the profit elasticity of Pioneer Intelligence has recovered, but the quality of operation is still in the repair stage.
Highlights Reappear, Market Value "Touches" 100 Billion Again!
As of December 30, 2025, the total market value of Pioneer Intelligence was 79.561 billion yuan, up 165
from 29.976 billion yuan on January 2, 2025. The market value of Pioneer Intelligence broke through 100 billion yuan again, reaching 1063.
Digital New Energy DataBM.
In 2021, affected by the high prosperity of the lithium battery industry, on July 8, 2021, The closing market value of Pioneer Intelligence reached 100.32 billion yuan , becoming the first A-share new energy equipment manufacturer with a market value of 100 billion yuan ; On November 12 of the same year, it hit 1,366.
Many years later, Pioneer Intelligence briefly returned to the 100 billion team again. Although it did not break the market value record of 2021, it was also the peak moment of the company in the past three years. On the one hand, this is due to the comprehensive influence of many factors, such as the recovery of the energy storage industry and the recovery of the company's performance.
It is worth noting that in January 2026, the market value of Pioneer Intelligence reached a small peak again, which may be affected by the explosion of the concept of space photovoltaic.
According to the prospectus of Pioneer Intelligent H-share, in the field of new photovoltaic cells, the company has laid out "including TOPCon, HJT, xBC,
as of February 5. The leading intelligent stock was "floating green", with a decline of 3.56%, and the closing price was 57.
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