文 | 融中财经

qingnengchanye，youdanshengyigeipo。

12yue6ri，zhongsunengyuan（02570.hk）zhengshidenglugangjiaosuo，shangshishourikaibao148.9gangyuan/gu，jiaoshangshifashoujia147gangyuanweizhang1.29%，zongshizhiyue130yigangyuan。

chengliyu2015niandezhongsunengyuan，shiyenei“mingxingdujiaoshou”——9nianshijianli，zhongsunengyuanyizhizhiliyuqingranliaodianchijishudeyanfaheshangyehuayingyong。pingjiezaijishuchuangxinshangdebuxienuli，zhongsunengyuanchengweixingyeshoujiaquanmianshixianranliaodianchixitong、diandui、modianji、shuangjibanziyanjiliangchandeqingnengkejiqiye，zaizhangshouming、gaokekao、huanjingshiyingxingdengshangyongcheranliaodianchihexinjishufangmianyidadaoguojixianjinshuiping。

furuositeshaliwenziliaoxianshi，an2023nianqingranliaodianchixitongdexiaoshoushuchugonglvji，zhongsunengyuanweijuzhongguoqingranliaodianchixitongshichangdiyi，shichangfenewei23.8%；an2023nianzhongkadazaideqingranliaodianchixitongdezongxiaoshoushuchugonglvji，gongsiweijuzhongguoqingranliaodianchixitongshichangdiyi，shichangfenewei42.4%；an2023nianzhongkadazaideqingranliaodianchixitongdezongxiaoshoueji，gongsiweijuzhongguoqingranliaodianchixitongshichangdiyi，shichangfenewei29.4%。

chenglizhijin，zhongsunengyuanyewanchengshulunrongzi。zhaogushuxianshi，zhongsunengyuanzaiipoqiangongjinxingle8lunrongzi，rongzijineheji39.39yiyuan。qiejiezhi2022nianzuihouyilunrongzihou，zhongsunengyuandeguzhiyigaoda108.6yiyuan，shiqingnenglingyumingfuqishidechaojidujiaoshouqiye。

zaizhongsunengyuanshenhou，gengshijijieleyizhipangdadetouzizhenying。jutilaikan，zhongsunengyuanyuzhongguoshihua、yiqijiefangjituan、zhengtaijituan、dubang、shefule、fengtianqichedengguoneiwaizhimingqiyejianlilezhanlvehezuoguanxi，binghuodelezhongguoshihuaziben、guojiazhizaoyezhuanxingshengjijijin、yiqijiefangjituan、yutongjituan、fengtiantongshang、hongshanziben、gaolingziben、chunyangzibendengchanyezibenhezhimingjigoudetouzi。

zhideyitideshi，zhongsunengyuanciciipozhaoguhaiyinru1mingjishitouzizhe，jiujiangshiguoziweiqixiajiujiangdingchuangrengou3yiyuandefashougufen，yizhaogujiajisuan，yuezhanfashougufenyue43.4%。

gengjuyiyideyimushi，zaigangjiaosuohuiqiqiaozhongbaochuidezhongsunengyuan，yeshijiyihuatong、guohongqingneng、jinyuanqinghua、guofuqingnengshangshizhihou，xinxianchuludeguonei“qingnengdiwugu”。

muguangshunzhezhongsunengyuanshenhouwangqu，qingnengsaidaoshangzhengyouyuelaiyueduodeqiyezaikouxiangipodamen。

80后上饶小伙，在上海干出一个IPO

zhongsunengyuandegushi，yeshiyigejiangxishangrao80houzaishanghaidapinfazhandegushi。

jinnian43suidelinqi，shizhongsunengyuandechuangshiren。

1981nianshengyujiangxishangrao，2000niandaojiangxinanchangshangdaxue，yizhidaodaxuebiyeqian，shengyujiangxizhangyujiangxidelinqi，zoudemeiyibudouxunguidaoju。danmingyundechilun，quewuxingjianzai2004nianlinqitachuxiangyatadeneiyikekaishizhuandong。

2004nian，huodenanchangdaxueruanjiangongchengxueshixueweidelinqi，xuanzejinruleyige“mingzhiqiantuwuliang，xianshiquehengugan”dexiaozhongxingye——qingranliaodianchi。2004nian12yuedao2010nian1yueqijian，linqizaiyijiazhuyaocongshiranliaodianchijishukaifajichanyehuagongsi“shanghaishenlikejiyouxiangongsi”gongzuo，danrengongchengshi，zhuyaofuzekaifaranliaodianchikongzhixitong。

bishi，quanqiufanweineideqingnenggongsijiaqilaidoubudao10jia，dangshidezhongguoyezhiyou2jiagongsizaikaizhanjishutansuo，haidoutingliuzaishifanxiangmudechangshijieduan，lishichangyingyonghaihenyuan。

danzai“ranliaodianchi”zheigexiaozhongxingyeli，linqiyidai，jiushiershinian。

zhongtulinqibingfeimeiyouguodongyao，danjuqishihouhuiyi，dangshilianggexingyede“gaoguangshike”yingxiangletacihoudechuangyexuanze，yishi2008nianbeijingaoyunhuikaimushishang，yiliangqingranliaodianchiqichekaijinleniaochao；lingyigeshi2011nian，daimulebenchiqidongleyichangranliaodianchiqichequanqiuyou。

2010nian1yue，linqicongshanghaishenlikejilizhi，tongnian3yue，linqijinrushangqijituan，danrenxitonggongchengshi，zhuyaofuzeranliaodianchikongzhixitongkaifa。ershangqijituan，yeshizaonianshezuranliaodianchizheiyixiaozhonglingyudexianxingzhezhiyi。

2001nian，shangqijituanneibujiuqidongleranliaodianchiqichedeyangcheyanzhigongzuo；2006niankaishi，shangqijituangengshichengdanleduoxiangranliaodianchiqichekaifaketi，yugaoxiaozhankaichanxueyandehezuojinxingranliaodianchizhengchejichengjishudeyanfa。bingzai2010nian，shangqijituansuoyanzhideranliaodianchiqichehaichenggongchengdanleshanghaishibohuijiedairenwu。

zhidezhuyideshi，shangqijituanzai2018nianfenchaichuleyijiamingwei“jieqingkeji”deqingnengchedianchigongyingshang，houzhexianjingengshizhangchengleqingnenglingyudeyikexinxing。zaonianzaishangqijituancongshiranliaodianchixiangguanyewudeyanfarenyuanzhong，chulizhihuojinggangweidiaozhenghoubuzaicongshiranliaodianchixiangguanyewuderenyuanwai，junyitongguoshichanghua、shuangxiangxuanzedefangshijiarulejieqingkeji。

linqimeiyoudengdaoshangqijituanjiangjieqingkejifenchaizhishi。2014nian，haizaishangqijituandelinqi，hedangshitongshijinxingshizhiqingranliaodianchiqichequanguozijialucedeyiduangongzuojinglizhong，shizhichedeshangchengbiaoxianchuhuletayiliao。bishidelinqibianmingqueyishidao，qingranliaodianchizheixiangjishuyijingchengshu，keyizouchushiyanshile。

yushizai2015nian9yue，linqicongshangqijituanlizhi，tongyuechuanglilezhongsunengyuan，zhugongqingranliaodianchi。youyongjiunianshijian，linqidailingzhezhongsunengyuanzoudaoerjishichangmenqian。

zhideguanzhudeshi，gangjiaosuobingfeizhongsunengyuanshouxuan，zaozai2021nian3yue，zhongsunengyuanbianxiangshangjiaosuokechuangbandijiaoshangshishenqing，danzaitongnian8yue，zhongsunengyuanyin“kaolvweilaiyewuzhanlvedingweijizijinguihua”，chehuilefaxingshangshishenqing。houzai2022nian10yue，zhongsunengyuanyoutijiaolefudaobeian，danjiezhizuihoushijikexingriqi，rengzaipingguqianzaishangshihaochudezhongsunengyuan，bingweixiangshangjiaosuokechuangbantijiaorenhezhengshishangshishenqing。

zuihou，zhongsunengyuanxuanzelegangjiaosuo。ruqisuoyan，“quanqiufashoujiangweiwomentigongbiyaodezijin，xiezhuwomenkuodayewu，tuokuoyewuqianjing，congertigaowomendejingzhengli，qiezailianjiaosuoshangshijianghuitigaowomendepinpaixingxiangjishichangzhimingdu，weiwomentigongjinyibukuodatouzizhejichudejihui”。

cong2004nianzhijin，zhuanyanjian20nianguoqu，zairanliaodianchixingyeshengengduoniandelinqi，zaijintianzhongyuchenggongtuikaileerjishichangdamen，bingshouhuolerenshengzhongdediyigeipo。

8轮融资39亿，身后投资大咖云集

congchenglidaoshangshi，zheitiaoluzhongsunengyuanzoule9nianshijian。

danxingyundeshi，zaizouxianggangjiaosuozheitiaolutuzhong，zhongsunengyuanshenhoubuqueyuzhixiangbanduoniandetouzirenduiwu。zhaogushushujuxianshi，zhongsunengyuanzaiipoqianhuode8lunrongzi，hejirongzijine39.39yiyuan。zai2022niane-2lunrongzihou，zhongsunengyuandetouhouguzhidadao108.6yiyuan，shimingfuqishideqingnengranliaoxingyelongtouqiyehechaojidujiaoshou。

图/重塑能源IPO前投资概述，来源/重塑能源招股书

jutilaikan，2016nian6yue，chenglibudao1nianshijiandezhongsunengyuan，bianhehuifengqingnengqianshule《zengzixieyi》，yuedinghuifengqingnengyi2000wanyuanrenjiaochuzi130wanyuan，zhanzhucezibendebiliwei4.94%，shengyu1870wanyuanjiruzibengongji。

2017nian，zhongsunengyuanwanchenglepre-alunrongzijialunrongzi，mujizijin2.2yiyuan。zuoweizaoqitouzizhezhiyidechunyangziben，bianshizhongsunengyuanaluntouziren，shenzhialunkaishiyizhiduixiangmujinxingjiazhu，qianhouduizhongsunengyuanjinxinglesicitouzi。

congzhongsunengyuanchuanglichuqiqibianyizhipeibanqizuoyoudechunyangziben，chengliyu2014nian，shiguoneizuizaozaiqingnenglingyubujudejigouzhiyi。zai2017nianbiankaishibujuqingnengxingye，congzhiqing、chuqing、yunqingjiqingdeyunyingjinxinglequanchanyeliandetouzi。chulezhongsunengyuanwai，haitouziguo“qingnengdiyigu”yihuatong，yijidongdeshiye、dongyueweilai、kawoluodengyouxiudeqingnengqiye。

“chuangshituanduishengengxingyeduonian，jijubeizhashidejishujichu，youshuxiqingnengchanyeliandeyunzuoluoji。zheizhongzonghebeijingrangtamennenggouminruibuzhuoxingyejihui，kuaisutuidongjishuyingyongyushangyehualuodi，weixiangmuchenggongdiandinglejianshijichu。”chunyangzibenxiangrongzhongcaijingzhiyan，zhongsunengyuanchuangshituanduidechanyelianfuhebeijinghexiangmuluodinenglishichunyangzibenzuiweikanzhongdehexinyoushi。

zailinqiyindaohaiyoushenhougudongzhichixia，zhongsunengyuanhenkuaibianxingshizaizhengquefazhanguidaoshang。

2017nian，zhongsunengyuantuichucavenxilieranliaodianchixitongbingkaishiliangchan，tongnianzaijianadawengehuasheliyanfazhongxin；2018nian，gongsizaizhongguochenglishougeranliaodianchiqicheshouhoufuwuzhongxin，jiaruguojiqingnengweiyuanhui，binggengmingweishanghaizhongsunengyuanjituanyouxiangongsi。

2019nian3yue，qingnengshoucibeixieru《zhengfugongzuobaogao》——“yaotuidongchongdian、jiaqingdengsheshijianshe”。yinci，qingnengchanyefazhansuduxianzhujiakuai，jingenfengkoudeyijishichangtongyangwenshengerdong。

bunankanchu，zi2019nianqi，zhongsunengyuanderongzimijizhankai。

2019nian，zhongsunengyuanwanchengleblunrongzijib+lunrongzi，mujizijinyue7.92yiyuan。qizhong，youweizhongbangdeshi，zhongshihuazibenyi4.9yiyuantouzijinrublunrongzi，zengziwanchenghouchiyouzhongsunengyuan21%gufen，bingjiuciyueshengweigongsidierdagudong。zhidaomuqianweizhi，zhongshihuazibenrengshizhongsunengyuandedierdagudong，danchigubilizaiduolunrongzihouyou21%xishiweiipoqiande14.33%，ipohou，haijiangjinyibuxishidao13.53%。

2020nian，zhongsunengyuanwanchengleclunhedlunrongzi，mujizijinyue7.48yiyuan；2022nian，zhongsunengyuanqidongleelunrongzi，zheiyeshigongsiyoushiyilaizuidajinederongzilunci，gongmujizijinyue21.78yiyuanrenminbi。

qizhonge-1hee-2luntouzizhenrongbaokuoguojiazhizaoyejijin、zhongyintouzi、yutongkeche、wuchanzhongdatouzi、hongshanzhongguo、zhemintou、wotutouzi、shanghaiguoshengziben、binfuziben、gaoling、yiqijiefangdengershiduojiaguoneizhimingjigou。

raner，jinguanshenhouzibendakayunji，zhongsunengyuanzhijinrenghaichuzaikuisunzhuangtai。

2021nianzhi2024nianqian5geyue，zhongsunengyuanshixiandeyingyezongshourufenbiewei5.24yiyuan、6.05yiyuan、8.95yiyuan、1252.1wanyuan；dantongqifenbiekuisun6.54yiyuan、5.46yiyuan、5.78yiyuan、4.09yiyuan。huanyanzhi，guoqusannianshijianleijikuisuneyichao20yiyuan。

duiyujingkuisundeyuanyin，zhongsunengyuanbiaoshi，zhuyaoshibaogaoqineiyewuguimochixukuoda，daozhikaizhijiyuancailiaochengbenzengjia；querenmaoyiyingshoukuanxiangzhongdajianzhisunshi，yijiranliaodianchixitongxianggaogonglvfangxiangdekuaisudiedaijishichangjiagexiadiegongtongdaozhizhongdacunhuojianzhisunshisuozhi。

zhongsunengyuanjinyibubiaoshi：“kaolvdaoxingyefazhanchuyuzaoqijieduanyijiwomenchixujiadayanfakaizhi、shengchanchengbendengzhichu，yihuoqushichangfene，tigaochanpinjingzhengli。”danduiyu2024nianjingyingqingkuang，yijiushibiaoshi，“womenyuji2024nianjiangludejingkuisun。”

danhaozai，zhongsunengyuansuochusaidaoyouzheguangkuochengzhangkongjian，bingqie，zhongsunengyuanzaiqingranliaodianchixitonglingyuqudelelingxianyoushi。

zaizhongguoqingranliaodianchilingyunei，zhongsunengyuanshishoujiatongshishixianzizhuyanfajiliangchanqingranliaodianchixitong、ranliaodianchidiandui、modianji、shuangjibandeqiye，gongsiyongyoupemjialkdianjiechanpin。tongshi，zhongsunengyuanshizhongguoqingranliaodianchilingyushoujiashixianlezhuanyouqingranliaodianchixitonghaiwaishangyehuayingyongdegongsi，huodeleduoxiangguojirenzheng。jiezhi2024nian5yue31ri，qiqingranliaodianchixitongyiweizhongguochaoguo5900liangranliaodianchiqichetigongdongli，gaidengqichedeleijixingshilichengshuyue2.1yigongli，jianshaotanpaifangyue11.69wandun。

zuoweizhangqizhichizhongsunengyuandezaoqitouzizhechunyangziben，yexiangrongzhongcaijingbiaodaleqiduizhongsunengyuanjiandingbuyidezhichitaidu，“weilai，suizheguojiazhanlvedezhengcezhichi，yijiduilvseqingjienengyuandeyaoqiu，youzheduonianjileidejishuchubeijijieduanxingdeshangyehuachengguo，zhongsunengyuanhaijiangzhanjugengdadeshichangfene，womenjiandingkanhaoqiyeweilaifazhan。”

国内氢能第五股，来了

qingnengsaidaoshang，youyuelaiyueduodeqiyezhengkouxiangipodamen。

ciqian，qingnengbeiyuwei“21shijizhongjinengyuan”，shiyizhongtongshijubeiqingjie、gaoxiao、anquanhekechixuyoudiandeercinengyuan。zaozai2021nian，zaiyifenyoumaikenxigongsiweiqingnengweiyuanhuizhuanxiedebaogaozhongzhichu，2050nianqingduiquanqiutanjianpaidegongxianjiangchaoguo20%。bingyujiweilai30niannei，qingnenggoubangzhutanpailiangdadechanyeleijijianshao800yidundeeryanghuatanpaifang。

zai“tandafeng”“tanzhonghe”mubiaoxia，gedifangzhengfuzhichizhengcechixujiama，zhengcefugaizhiqing、chuqing、yunqing、jiaqingzhanjianshebutie、hexinlingbujian、ranliaodianchiqichegouzhibutie、ranliaodianchiqicheyunyingdenggegezhongyaohuanjie。

jinnian，qingnengchanyegengshishoucijinru《zhengfugongzuobaogao》——“jiakuaiqianyanxinxingqingneng、xincailiao、chuangxinyaodengchanyefazhan”。yucitongshi，youchaoguo20geshengfenjiangqingnengyuanfazhanlieweidangdishouyaofazhanrenwuzhiyi。

zaiguojiadalituijinqingjienengyuan、ditanfazhandezhengcefuchixia，kezaishenglvsenengyuanxingyezhengzaixunsujueqi。

guoqujinian，woguodelidianchanyeyijingxingchengwanzhengdechanyeliantixi，qijiangengshidanshengduogezaofushenhua。qizhongpaochude“wanyi”ningdeshidai，gengshizaizibenshichangbeiyuwei“ningwang”。

tongyangshiqingjienengyuanzhiyideqingneng，zaijishudebuduanjinbuhezhengcedejijiyindaoxia，beiwaijieyejiyuhouwang，chengzaiweilaiyouwangchengweixiayige“lidian”。

xuyaozhuyideshi，suiranzhongguoqingnengchanyelianchuxingyijingxingcheng，danxiangbilidianchanyelianjiegoubujudeqingxi，qingnengchanyelianxiangduigengweifuza，meiyigejutihuanjiedouyouhenduogongsisheji，jinzaiqingnengyuan“zhi、chu、yun、jia、yong”huanjieshangbujudeshangshigongsijiashujiuyijingchaoguole200yujia。

he“xiayigelidian”fengkouruyingsuixingde，vc/peruchang，tongyangshibukedang。

reqianyongruqingnengsaidao，qijianbufaguoyiyuandedaerongzi，qingnengdujiaoshougengshijielianpaochu。《2023zhongguoqingnengdujiaoshouqiyefazhanbaogao》xianshi，2023nianzhongguoqingnengdujiaoshouqiyegongyou6jia，zongguzhiwei491yiyuan，lingyouzhongguoqingnengyinxingdujiaoshouqiye84jia。

2024nianyishi，qingnenglingyubianzaicipaochuyizhidujiaoshou。1yueshichangxiaoxixianshi，yuanchengxinnengyuanshangyongchejituanqixiachunqingkejixuanbu，yinruduojiazhanlvetouzizhehezhimingtouzijigou，rongzijine1yimeiyuan，touqianguzhi10yimeiyuan。

qijianjielianyouqingnengqiyechongjizibenshichang。

shenzhizaijinnian10yue，“qingnengdisigu”hualuosheijiahaiyinlaizhongrencaice。bishi，erjishichangyishangshideqingnengguzhiyouyihuatong、guohongqingneng、jinyuanqinghuazheisanjia，danpaiduiipoyeyouhaojijia。

qizhong，9yueshichangshujuxianshi，dongyueqingnengzhengjianjubanlifudaobeiandengji，fudaojigouweizhongxinjiantou；10yue，zhongsunengyuanfuxiangganglianjiaosuoiposhangshiyizhengshihuodezhongguozhengjianhuibeian。

zuizhong，haishi3yueshoucidibiaogangjiaosuodeguofuqingnenglingxianyibu，zai10yue28ri，tongguoleipolingxun。bingzai11yue7riqidonggangguzhaoguliucheng，bingshunliyu11yue15ridenglugangjiaosuo，yijunaxia“qingnengdisigu”guiguan。

jinri，suizheshangshizhongshengxiangqi，erjishichangyeyinglaile“qingnengdiwugu”zhongsunengyuan。erziben，zaiqidaiqingnengchengweixiayigelidiandetongshi，yezaiqidaixiayigeqingneng“ningwang”dechuxian。