La technologie Kesheng remonte à nouveau à la Bourse de Hong Kong ! La dépendance des grands clients n'est pas encore résolue

(Source: Beijing Business Today)

On March 24th, the giant in solar thermal power generation Zhejiang Kesheng Technology Co., Ltd. (hereinafter referred to as “Kesheng Technology”) once again submitted its listing application materials to the Hong Kong Stock Exchange, aiming to list on the Hong Kong stock market. Prior to this, the company had submitted a listing application to the HKEX on September 24, 2025. From a fundamental perspective, Kesheng Technology’s revenue and net profit are both steadily growing in 2024 and 2025. However, with this renewed submission, the high customer concentration of the company has once again been brought into focus.

2025 revenue of 2.193 billion yuan

According to the HKEX official website, the concentrated solar power system supplier Kesheng Technology re-submitted its application on March 24th.

It is understood that Kesheng Technology is one of the providers of tower-type solar thermal power and molten salt energy storage solutions. From 2021 to 2024, a total of 20 tower-type solar thermal projects in China have commenced substantial construction and have confirmed suppliers for the concentrated solar power systems, with a total designed capacity of 2,160 MW. The company supplied the concentrated solar power systems for 11 of these 20 power stations—these systems are the most critical subsystems of such power stations, with a total designed capacity of 1,250 MW.

Therefore, according to the Frost & Sullivan report, Kesheng Technology became the leading supplier of concentrated solar power systems in China from 2021 to 2024, accounting for 57.9% of the market share in total project design capacity and 55% in project quantity. Additionally, according to the Frost & Sullivan report, as of the last feasible date, Kesheng Technology is also the only global supplier of concentrated solar power systems for molten salt tower-type solar thermal power stations with a cumulative service performance exceeding 1 GW.

Behind this attempt to list on the HKEX, Kesheng Technology reported consecutive growth in performance during the reporting period. Financial data shows that from 2023 to 2025, the company’s revenue was approximately 858 million yuan, 2.189 billion yuan, and 2.193 billion yuan respectively; corresponding annual profits were approximately 248 million yuan, 540 million yuan, and 568 million yuan.

However, it is worth noting that in 2025, the company’s net cash flow from operating activities was 252 million yuan; in 2023 and 2024, the net cash flows from operating activities were 931 million yuan and 329 million yuan respectively. The prospectus also explicitly states that if the company continues to record net cash outflows from operating activities in the future, its working capital may be limited, which could adversely affect financial performance. If the company faces long-term and sustained net cash outflows from operating activities, it may lack sufficient operating capital to cover operating costs, and the company’s business, financial condition, operating performance, and outlook could be significantly negatively impacted.

While the performance is impressive, the company’s revenue mainly comes from a single product (service), which is also quite noticeable. The prospectus shows that during each reporting period, the revenue from molten salt tower-type solar thermal power solutions accounted for 99.6%, 95%, and 98.4%; among them, revenue from sales of heat collection systems and other core subsystems accounted for approximately 98.5%, 94.7%, and 97%, while revenue from construction consulting, operation and maintenance technical guidance, and other technical services accounted for about 1.1%, 0.3%, and 1.4%.

Top five customers’ revenue share of 98.5%

In this listing attempt on the HKEX, the high customer concentration of Kesheng Technology has also become a focus of market attention.

The prospectus shows that from 2023 to 2025, the revenue from the company’s top five customers was approximately 858 million yuan, 1.937 billion yuan, and 2.159 billion yuan, accounting for 99.9%, 88.5%, and 98.5% of total revenue respectively; during the same period, the company’s revenue from its largest customer was approximately 727 million yuan, 488 million yuan, and 675 million yuan, accounting for 84.8%, 22.3%, and 30.8% of the company’s total revenue respectively.

Additionally, it is worth mentioning that during the reporting period, Kesheng Technology made significant dividend distributions. Specifically, at the special shareholders’ meeting held in December 2024, shareholders approved a dividend of 0.43 yuan per share, totaling 155 million yuan, which was subsequently paid to shareholders; at the special shareholders’ meeting in September 2025, shareholders approved a dividend of 0.4 yuan per share, totaling 144 million yuan, which was also subsequently distributed to shareholders using internal resources.

Regarding equity relations, as of the last feasible date, Jin Jianxiang directly held approximately 3.33% of the company’s issued shares; at the same time, because Jin Jianxiang holds 99% of Hangzhou Jingjiu (Huzhou Yueri’s general partner), and Jin Jianxiang, as a limited partner, holds about 93.34% of Huzhou Yueri, he is regarded as holding approximately 21.77% of the company’s issued shares through Huzhou Yueri. As of the last feasible date, Jin Jianxiang, Huzhou Yueri, and Hangzhou Jingjiu had the right to exercise 25.1% of the company’s voting rights.

“If the company’s cash flow is sufficient and the major shareholder has the need to cash out or optimize tax structures, dividends are a legitimate exercise of shareholder rights,” said Yuan Shuai, Deputy Director of the Investment Department at the China Urban Development Research Institute. “However, in the technology-intensive and expansion-stage solar thermal energy storage sector, funds should often be prioritized for R&D and capacity building. Excessive cash outflows could weaken its risk resistance.”