According to EnergyTrend, Growatt submitted its latest prospectus to the Main Board of the Hong Kong Stock Exchange (HKEX) on June 16, marking the third time the firm has kicked off its Hong Kong IPO process.
Looking back at its two previous listing applications, Growatt successfully passed HKEX’s hearing on both occasions yet ultimately suspended the offering, leading to the lapse of its filing documents.
- The company first filed for IPO on June 24, 2022, and cleared the hearing on November 21 the same year, but did not proceed with the offering.
- It submitted a second set of listing documents on March 20, 2023, and passed the hearing again on May 14 that year, only to delay the listing amid adverse industry market conditions.
The newly filed prospectus outlines three major destinations for the raised proceeds. First, the funds will be used to expand localized global sales and after-sales networks and improve overseas warehousing and logistics infrastructure. Second, investment will go into R&D for next-generation energy storage equipment and AI energy management systems. Third, the company will expand its Huizhou manufacturing base and optimize the supply chain layout of its overseas factory in Vietnam.
The prospectus also disclosed several key operational metrics. The revenue contribution from Growatt’s top five clients rose from 12.9% in 2024 to 23.6% in 2025. Its overseas business faces risks stemming from shifting energy storage trade regulations and market access policies across various jurisdictions. At present, Growatt’s listing application is under review by HKEX, with hearings, roadshows, pricing and formal listing to follow in subsequent stages.
Founded in Shenzhen in 2011, Growatt specializes in PV inverters, energy storage systems and AI energy management systems, with business presence across roughly 190 countries worldwide. Shipment data for 2025 from third-party research firm Frost & Sullivan ranks Growatt as the world’s third-largest supplier of residential energy storage inverters, the top vendor of residential storage inverters in the Americas, and the global leading provider of split hybrid residential energy storage solutions.
Financial figures show Growatt posted annual revenue of RMB 5.363 billion, RMB 4.476 billion and RMB 5.233 billion for 2023, 2024 and 2025 respectively. Its net profit attributable to parent company reached RMB 843 million, RMB 20 million and RMB 413 million, with gross profit margins standing at 26.3%, 20.3% and 22.5% for the three years in sequence.
In terms of business mix, energy storage systems have become its core revenue driver. In 2025, revenue from energy storage systems hit RMB 3.315 billion, surging 99% year-on-year from 2024 and accounting for 63.4% of total revenue.
Source：EnergyTrend
