IPO Foresight | Zhejiang Mailing: Behind the 89% revenue surge, 68% customer dependency is hidden. What is the leading position in global shipping emission reduction?
On August 7, 2026, Zhejiang Zhejiang Mailing Green Aviation Technology Co., Ltd. (“Zhejiang Mailing”) once again submitted a listing prospectus to the Hong Kong Stock Exchange, with CITIC Securities and CMB International acting as joint sponsors.
This is the company's second attempt in half a year — the previous January 30 form submission has expired. From the end of the A-share listing counselling to the submission of Hong Kong stocks twice, the listing path led by Zhejiang Energy can be described as going through a few twists and turns.
According to reports, Zhejiang Energy Mailing was founded in 2028. The Zhejiang Energy Group, which is actually controlled by the Zhejiang Provincial State-owned Assets Administration Commission, was born out of ultra-low emission technology for onshore power plants. The company entered the ship exhaust purification circuit across the border, taking the top spot in the global market share of ship desulfurization systems in just a few years. On the one hand, there is the immediate needs of the industry brought about by the mandatory implementation of the IMO International Maritime Organization's emission reduction policy, and on the other hand, the company's explosive performance of nearly doubling revenue in the first five months of 2026; however, in the spotlight, shortcomings such as high customer concentration and fluctuations in overseas operations are also prominent.
When global shipping carbon reduction enters a mandatory cycle, and leading segments with high performance land in Hong Kong stocks, is the investment value actually a return on industry sentiment dividends, or is it an overdraft valuation of hidden operating risks?
Net revenue and profit both increased, and 68% of revenue depended on a single major customer
Zhitong Finance has observed that in order to meet the needs of global shipping groups, shipowners and shipyards, Zhejiang Energy has built a five-tier business structure with “exhaust purification as the basic system, energy efficiency systems as a growth pole, and supporting services as stickiness”.
The ship exhaust gas purification and desulfurization system (EGCS) is the company's basic market and is the foundation of the company. The marine energy efficiency gain system is the second gas growth curve, and it is also the core driving force behind the sharp rise in revenue in 2026. Meanwhile, ship modification, intelligent operation and maintenance, and ship energy are related supporting businesses. Among them, ship modification increases shipowners' stickiness, intelligent operation and maintenance is responsible for long-term benefits in the later stages, the new energy business layout transforms long-term shipping fuel, and improves the layout of the entire industry chain.
Looking further, in terms of revenue in 2025, the company is also the world's largest supplier of ship exhaust emission control and purification systems. Its main product, Exhaust Gas Purification System (EGCS), ranks first in the world in terms of revenue; the Greenhouse Gas Continuous Emissions Monitoring System (GHGCEMS) is the first related product in the world to obtain certification from a classification society. Also, in 2025, the company was the world's second-largest marine energy efficiency gain system provider in terms of revenue.
Under the leading effect combined with a diversified business structure, Zhejiang Energy's leading performance in 2026 also ushered in an inflection point in growth from stability to explosion.
According to the prospectus, in 2023, the company's revenue was 2,369 billion yuan and 2024 was 2,397 billion yuan, maintaining smooth operation for two years; in 2025, benefiting from the centralized release of ship refurbishment orders, the revenue increased sharply to 3,501 billion yuan, a year-on-year increase of 46%; revenue directly reached 2,507 billion yuan in the first five months of 2026, which surged 89.4% year on year. The explosive power of short-term performance was completely unleashed, and the marine energy efficiency gain business became the core growth engine.
At the same time, Zhejiang Mailing's profit side trend is also highly consistent with revenue. Net profit for 2023-2025 was 621 million yuan, 626 million yuan, and 773 million yuan respectively, and the main business profit was stable; net profit for the first 5 months of 2026 was 622 million yuan, almost equal to the profit level for the full year of 2025.
In terms of gross margin, 34.2% in 2023, 35.1% in 2024, 30.4% in 2025, and 34.8% in the first five months of 2026. The decline in 2025 may be due to the low initial gross margin of the new business, which has rebounded to 34.8% in 2026, indicating that the scale effect of the new business is showing.
Furthermore, as revenue and profits continue to grow, Zhejiang Energy also has a strong “base”: as of May 31, 2026, the company held 1.5 billion yuan in cash and cash equivalents, and a net current asset value of 1.69 billion yuan. Overall, cash flow is at an adequate level.
However, the high level of customer concentration may be the biggest “gray rhinoceros” on the way to leading the performance explosion.
According to the prospectus, in 2023, 2024 and 2025, and as of 2025 and May 31, 2026, the company's five major customers accounted for 84.7%, 69.5%, 77.0%, 71.6% and 88.1% of total revenue, respectively. Among them, revenue from the largest customers accounted for 36.9%, 57.3%, 66.0%, 57.6%, and 68.1% of total revenue, respectively. Performance is highly dependent on a single major customer, which means that the company's bargaining power is limited and the risk of revenue fluctuations is high. Once a major customer cuts the transformation budget, it will directly impact revenue stability.
Furthermore, Zhejiang Energy's large pre-listing dividends can also easily cause the market to question the capital allocation strategy. According to the prospectus, the company announced 223.5 million yuan in 2023, 350 million yuan in 2024, and 231.7 billion yuan in the first three quarters of 2025, totaling more than 800 million yuan.
From these various performances, it is easy to see that Zhejiang's biggest advantage is “number one in the world,” but the biggest risk is also “only one customer” — when 68% of revenue is in the hands of one family, even the brightest growth story requires a bit more prudence.
The 100 billion card racetrack harbors double risks under the “double crown” aura
From an industry perspective, the circuit where Zhejiang Mailing is located is a typical high-growth circuit: policy certainty is high, demand is rigid, and it is in the “1 to N” boom stage.
Sulphur oxide emissions have been drastically reduced since the implementation of the global “Sulphur Limit Order” in 2020. Meanwhile, EEXI (existing ship energy efficiency index) and CII (carbon intensity index) continue to increase, and the EU Carbon Emissions Trading System (ETS) has included the shipping industry in the carbon market. About 40% of the world's ships currently in service are over 25 years old, and the need for transformation is urgent and rigid. Regulations will only be stricter, not looser; this is the industry's greatest certainty.
Meanwhile, supported by resilient shipping trade demand, the number of global ships has continued to grow steadily in recent years. The number of ships in service worldwide increased from 106.2 thousand in 2021 to 115.7 thousand in 2025, with a compound annual growth rate of 2.2% from 2021 to 2025. Looking ahead, the global fleet size is expected to maintain a steady growth trend. It is expected to reach 128.2 thousand ships in 2030, with a compound annual growth rate of 2.1% from 2026 to 2030.
The global green shipping equipment and systems market is also booming as policies lock in channels due to multiple factors such as lower demand and irreversible shipping emission reduction trends.
According to Insight Consulting data, the global green shipping equipment and systems market will grow at a compound annual rate of 31.7% from 2025 to 2030, and the market size is expected to reach 151.6 billion yuan in 2030. The ship upgrading market reached 7.5 billion yuan in 2025, with a compound annual growth rate of 28.2% from 2026 to 2030.
Meanwhile, on the 100 billion class track of green shipping equipment, Zhejiang Mailing was not only a competitor, but also a frontrunner who was the first to cross the first corner.
In terms of revenue in 2025, Zhejiang Mailing is the world's largest provider of green shipping equipment and systems, with a market share of 8.9%. Specifically, the revenue from ship exhaust emission control and purification systems was 1.57 billion yuan, with a market share of 13.5%, ranking first in the world; revenue from marine energy efficiency enhancement systems was 855 million yuan, with a market share of 7.4%, second in the world.
At the same time, the company has established service outlets in China, Singapore, Turkey, Greece and other countries. Major competitors such as Feen Marine and Panasia Co. are unlisted companies — if successfully listed, Zhejiang Mailing will become the first public company of its kind.
However, it should be noted that the two major risks faced by Zhejiang Mailing are also worth paying attention to. On the one hand, there are multiple disruptions in overseas operations, that is, the share of overseas revenue is high, and fluctuations in the RMB exchange rate can easily cause exchange losses; overseas geographical conflicts, changes in national maritime policies, and rising cross-border compliance costs will disrupt overseas project delivery and profits; on the other hand, there is the risk of a slump in the shipping cycle: weak global trade, a sharp drop in shipping prices, shipowners reduce capital expenses for environmental transformation, delay equipment purchase orders, and the overall industry order decline.
epilogue
In summary, although Zhejiang Mailing is a “leading company on the 100 billion circuit, it still has significant structural flaws.
Namely, 100 billion racetrack, number one in the world, state-owned endorsement — these labels are enough to make any investor excited. However, true investment wisdom is often hidden in calm after excitement. Multiple uncertainties such as high customer concentration, concerns about surprise dividends before listing, and the risk of a sluggish shipping cycle also block its valuation space.
Therefore, for investors with a high risk appetite, this is a “green shipping first stock” worth paying attention to; for investors seeking stability, they need to wait for substantial progress in customer diversification and further clarification of business uncertainty.