Another energy storage-related company is rushing for a listing on the Hong Kong Stock Exchange. According to the HKEX website on September 25, Transsion Holdings (688036) disclosed its post-hearing information pack, indicating that the company has passed the HKEX listing hearing. Public information shows that Transsion Holdings is a provider of smart terminal products and mobile internet services. Its main business focuses on smart terminal products centered around mobile phones, and it is more widely known as the "King of African Mobile Phones". However, a review of the post-hearing information pack by Hangjia Shuo Energy Storage reveals that Transsion Holdings' ambitions extend beyond mobile phones and deeply into energy storage.
▍ Energy Storage Revenue Reaches CNY 455 Million in First Four Months, Surpassing Last Year's Total
Information from the post-hearing information pack shows that from 2023 to 2025, Transsion Holdings' operating revenues were CNY 62.295 billion, CNY 68.715 billion, and CNY 65.591 billion, respectively; profits during the period were CNY 5.587 billion, CNY 5.597 billion, and CNY 2.6 billion, respectively.
From a business segment perspective, the mobile phone segment, as the main business, continues to face pressure, but its energy storage product business is rising rapidly. This segment mainly includes hybrid inverters, lithium battery modules, and portable energy storage systems.
Over the past three years, this segment has continued to grow. Operating revenue surged by 1481.31% from CNY 4.178 million in 2023 to CNY 66.067 million in 2024, reaching CNY 358 million in 2025, with a compound annual growth rate of approximately 825.58%. Sales volume also increased from 0 thousand units in 2023 to 25 thousand units in 2024, reaching 254 thousand units in 2025.
From January to April 2026, 416 thousand units of energy storage products were sold, generating a revenue of CNY 455 million, which has already surpassed the total for the entire previous year, representing a year-on-year growth of 240.74%. The proportion of total operating revenue also increased to 2.0%. Additionally, according to institutional data, in the first half of this year, the segment's revenue reached CNY 950 million, a year-on-year growth of approximately three times.
However, while revenue continues to climb, the average unit price of energy storage products has been declining. In response, Transsion Holdings stated that this is mainly due to changes in the product mix. Specifically, in 2023, sales volume was relatively low, and the company shifted towards higher-priced inverters. In contrast, in 2025 and the four months ended April 30, 2026, the product supply became more diversified, with increased sales of lower-priced products such as battery packs and solar panels.
▍ Replicating Mobile Phone Business Strategies to Accelerate Energy Storage Overseas Expansion
According to Hangjia Shuo Energy Storage, as the company's second growth curve, Transsion Holdings incorporated the energy storage business into its strategic plan in 2023, planning to invest CNY 2 billion in R&D over 2-3 years. At that time, this figure already exceeded its total R&D expenditure for the entire year of 2022.
In the same year, Transsion Holdings established Tike Energy as the core operating platform for its energy storage business, and subsequently launched two energy storage brands: itel Energy and DYQUE Energy. The former targets mass-market households and small commercial users, focusing on high cost-performance; the latter is positioned in the high-end market, catering to premium households and commercial users. The product line covers hybrid inverters, lithium battery modules, integrated energy storage systems, and photovoltaic modules.
In terms of market expansion, Transsion has continued the strategies of its core mobile phone business: on the one hand, it adopts an affordable pricing strategy, prioritizing entry into emerging markets with significant power gaps such as Africa and the Middle East, with multiple products priced in the low-to-mid range among similar products; on the other hand, it replicates the sales model of its mobile phone business. For example, in markets in Asia, Africa, and Latin America such as Pakistan, thanks to the installment payment model and bundled promotion through mobile phone channels, its energy storage products have been implemented and are gradually penetrating these regions.
At the same time, Transsion is actively expanding its overseas distributor network. In Iraq, Transsion has partnered with ZMC Solar Energy, one of the largest local solar and energy storage distributors, leveraging its Middle East distribution network covering eight countries for rapid expansion.
Notably, in terms of manufacturing and production, Transsion's energy storage business initially relied entirely on the ODM (Original Design Manufacturer) model—with ODM manufacturing accounting for 100% in both 2023 and 2024. However, since then, the proportion of independent design has gradually increased: the proportion of OEM (Original Equipment Manufacturer) manufacturing rose to 6.7% in 2025, and further increased to 22.0% in the first four months of 2026.
Overall, behind the rapid growth of Transsion Holdings' energy storage business, to a certain extent, it benefits from its channel capabilities and cost-performance advantages. However, the energy storage track is ultimately different from mobile phones—it involves professional installation, long-term operation and maintenance, and grid coordination, with higher technical barriers. Whether this growth momentum can be sustained in the future will depend on Transsion Holdings' subsequent coordination and integration in multiple aspects such as technological R&D, professional O&M capability building, and localized service networks. Hangjia Shuo Energy Storage will continue to pay close attention.
Note: The content of this article is only for sorting out public information in the energy storage industry, industrial research, and objective analysis. The listed companies mentioned in the text are only for reference as industry chain cases and do not constitute any investment basis. The market has risks, and investment requires caution.