Gote Electronics' Pre-IPO Valuation Surges by RMB 2.8 Billion: Analysis of the Energy Storage BMS Industry Competition Landscape

Based on the latest public information, details regarding Gote Electronics’ IPO valuation and the energy storage BMS industry competition landscape are as follows:

Gote Electronics’ pre-IPO valuation has experienced significant growth. Based on the prospectus and public information:

• In March 2025, Fujian Lvfa transferred shares to Zhonghui Ouyue at RMB 12.02 per share, corresponding to a valuation of RMB 4.327 billion [1]
• Based on 2023 net profit excluding non-recurring gains and losses of RMB 98 million, the price-to-earnings ratio is approximately 35x [2]
• Huasu Technology, a comparable company in the industry, currently has a dynamic price-to-earnings ratio of nearly 90x and a market capitalization of approximately RMB 3.1 billion [2]

According to Zhiyan Consulting and industry research data, the domestic energy storage BMS industry presents a

According to the 2024 White Paper on the Development of China’s New Energy Storage Industry, Gote Electronics ranked first in the 2023 Top 10 Chinese New Energy Storage BMS Enterprises list [3].

• Third-party professional BMS manufacturers occupy a dominant market position in the new energy storage field by leveraging multiple advantages such as technology, cost, brand, and customer resources [5]
• Energy storage BMS products account for approximately 4%-6% of the energy storage system cost [4]
• In 2024, the market scale of BMS in China’s new energy storage field reached approximately RMB 3.448 billion, and the supporting output value of energy storage BMS was approximately RMB 8.164 billion [4]

1. Price Pressure
   : The average selling price of Gote Electronics’ energy storage BMS slave control modules dropped from RMB 349.02 per unit to RMB 315.10 per unit [3]
2. Customer Concentration Risk
   : Business from the top five customers accounts for approximately 45% [2]
3. Accounts Receivable Pressure
   : The company faces pressure from accounts receivable and cash flow [2]
4. Cyclical Fluctuations
   : Fluctuations in downstream energy storage project investment directly affect orders [2]

1. “Chip + Algorithm + Data” Technology Closed-loop
   : Gote Electronics has collaborated with domestic chip design enterprises to develop AFE information collection chips and active balancing chips, achieving import substitution [3]
2. AI Empowerment
   : AI is reshaping the safety concept of energy storage systems from “passive protection” to “active early warning” [5]
3. Localization Substitution
   : The core chips of BMS have broken the technological monopoly of foreign manufacturers [3]

• Leading position in the industry (ranked first in the 2023 Top 10 New Energy Storage BMS Enterprises list) [3]
• High growth with a revenue CAGR of 63.31% [3]
• Technological barriers: independent chip R&D, algorithm advantages [3]
• Policy dividends: national new energy storage installed capacity target of over 180 GW by 2027 [3]

• If the expectation of high performance growth is not met, there is a high risk of valuation bubble bursting [2]
• Need to address fundamental issues such as accounts receivable and gross profit decline [2]
• If the market does not meet expectations after the fundraising projects are completed, the company will face depreciation and amortization pressure [2]

The surge in Gote Electronics’ pre-IPO valuation reflects the market’s recognition of the energy storage BMS track and the company’s leading position. From the perspective of the industry competition landscape, third-party professional manufacturers, battery enterprises, and system integrators form a tripartite competitive pattern. Gote Electronics occupies a favorable position with its technical accumulation and market share, but attention should be paid to operational risks such as price competition, accounts receivable, and customer concentration. Investors should rationally evaluate the performance support capability behind its high valuation.

[1] Pedaily - “An Energy Storage IPO Emerges from Hangzhou, Zhejiang, with a Valuation of RMB 4.3 Billion” (https://news.pedaily.cn/202601/559715.shtml)

[2] Eastmoney Caifuhao - “From ‘Global Market Share Rising to 24.58% in Three Years’ to ‘System Bid Price Cut to RMB 0.63/Wh in Three Years’” (https://caifuhao.eastmoney.com/news/20260109233531458322440)

[3] National Business Daily - “Gote Electronics Sprinting for IPO: Breaking the Deadlock with BMS ‘Chipization’ to Lead the Value Leap in the Energy Storage Industry” (https://www.nbd.com.cn/articles/2026-01-09/4213652.html)

[4] Zhiyan Consulting - “2025 Research on China’s Energy Storage BMS Industry Industrial Chain, SWOT, Market Scale, Output Value, Competition Landscape and Development Trends” (https://www.chyxx.com/industry/1248816.html)

[5] Sina Finance - “Market Research and Development Trend Forecast Report of the Energy Storage BMS Industry during the 15th Five-Year Plan Period” (https://finance.sina.com.cn/roll/2025-11-10/doc-infwxhkx2975506.shtml)