On August 10, documents from the Hong Kong Stock Exchange showed that Shuangdeng Co., Ltd. had passed the HKEX listing hearing.
Shuangdeng Co., Ltd. was established in 2011 in Taizhou City, Jiangsu Province. At its inception, the company’s main business was energy storage for communication base stations, and it gradually established long-term cooperative relationships with communication operators such as China Mobile, China Unicom, China Telecom, and China Tower, and equipment providers. In overseas markets, the company successfully entered the supply chains of world-renowned enterprises such as Ericsson, Vodafone, and Telenor.
With business expansion, the company gradually shifted its focus to data center energy storage. In 2018, it keenly captured the demand in the data center market and successively reached cooperation agreements with Alibaba, JD.com, Baidu, GDS, and Chindata. In 2022, the company built China’s first large-scale “backup power + energy storage” composite energy storage project for data centers and successfully supplied products to the Xiong’an Urban Computing Center. The company’s data energy storage products have been applied in hundreds of data centers.
In addition, Shuangdeng Co., Ltd. is also committed to expanding its influence in the electric power energy storage field, exploring market opportunities in large-scale grid energy storage, commercial energy storage, and residential energy storage.
According to data from the China Energy Storage Alliance, in 2024, Shuangdeng Co., Ltd. ranked first globally in shipments of base station/data center backup batteries.
In terms of customers, as of the end of 2024, the company had served five of the world’s top ten communication operators and equipment providers, nearly 30% of the world’s top 100 communication operators and equipment providers, as well as China’s top five communication operators and equipment providers. The company served 80% of China’s top ten self-owned data center enterprises and 90% of China’s top ten third-party data center enterprises. In 2022, 2023, and 2024, the average service duration for the company’s top five customers exceeded ten years.
In financial performance, the company’s business results have steadily grown in recent years. From 2022 to 2024, revenue was RMB 4.072 billion, RMB 4.260 billion, and RMB 4.499 billion, respectively, with net profits of RMB 281 million, RMB 385 million, and RMB 353 million, and gross profit margins of 16.9%, 20.3%, and 16.7%, respectively. In the first five months of 2025, the company’s revenue was approximately RMB 1.867 billion, achieving a net profit of approximately RMB 127 million.
Among these, compared with the five months ended May 31, 2024, revenue for the same period in 2025 increased from RMB 1.3492 billion to RMB 1.8666 billion. The core driving force was the growth in demand for data storage and processing, which drove an increase in battery sales revenue for data centers — revenue from the data center business in the same period rose from RMB 397 million to RMB 872.9 million, an increase of nearly 120%.