Research Flash | Helen Weber Receives 20 Institutions Including Ansheng Fund; Energy Storage and Fire Protection Business Orders Explode, Production Capacity to Expand to 53,000 Units/Day

Basic Research Overview

On March 19, 2026, from 14:30 to 17:30, Helen Tech (300201.SZ) hosted a targeted research and on-site visit activity at the Science and Technology Park Conference Room and Factory Area of An Dun Firefighting Technology Co., Ltd. in Hubei. Participants included 20 institutions such as Anxin Fund, Fuguo Fund, Wanjia Fund, Yinfan Hengyuan, CICC招商, Eastmoney, BOC International, Longyue Investment, Huaxi Securities, Zhongtai Securities, GF Securities, Anci Capital, Qinghao Capital, Ruitian Private Equity Fund, GF Global Capital, Qianhai Datang, China Merchants Bank Yichang Branch, Hankou Bank Yichang Branch, Agricultural Bank Yao Ting Branch, Pudong Development Bank Yichang Branch, Bank of China Yichang Free Trade Zone Branch, among others. The company’s reception team included Vice General Manager and Board Secretary Zhang Yanbo, General Manager Li Xianjun, and Securities Specialist Xu Na.

Company Business and Performance Overview

Development History and Business Layout

Helen Tech was established in March 2005 and listed on the Shenzhen Stock Exchange ChiNext in April 2011, with a registered capital of 1.009 billion yuan. The company has expanded its business through multiple strategic acquisitions: in 2012, fully acquiring Shanghai Greman International Firefighting Equipment Co., Ltd., entering the military and firefighting vehicle sectors; in early 2026, acquiring a 51% stake in An Dun Firefighting Technology Co., Ltd. in Hubei for 739.5 million yuan in cash, officially entering the energy storage firefighting track, with the equity transfer completed at the end of January.

Currently, the main products include aerial work vehicles, power emergency support vehicles, emergency drainage vehicles, fire trucks, military special vehicles, robots, and energy storage firefighting extinguishing devices. Among these, aerial work vehicles lead the industry in lightweight and intelligent features, achieving domestication of insulating arms; the power emergency support vehicle has developed the world’s largest 3000kW onboard power generation equipment; emergency drainage and rescue equipment form a full series ranging from 500 to 6000 cubic meters per hour.

Subsidiaries include Shanghai Greman, a century-old firefighting enterprise and the birthplace of China’s firefighting vehicle industry, covering tank-type, special, lifting, and firefighting robots; and An Dun, a global leader in energy storage firefighting, holding nearly 1,000 patents (including over 200 international patents), and long-term suppliers for leading companies such as CATL, Sunshine Power, and Haichen Energy Storage.

Sustained Growth in Operating Performance

Financial data shows that in 2024, the company achieved operating revenue of 1.591 billion yuan, up 17.69%; net profit attributable to shareholders was 224 million yuan, up 8.64%; and net profit after deducting non-recurring gains and losses was 204 million yuan, up 48.17%, setting new records. In the first three quarters of 2025, the company continued its growth trend, with operating revenue of 1.29 billion yuan, up 28.95%; net profit of 176 million yuan, up 32.57%.

Focus on Energy Storage Firefighting Business in Core Q&A

Acquisition and Strategic Logic of An Dun

Helen Tech stated that the cooperation with An Dun is based on three main dimensions: first, entering a high-growth sector by leveraging An Dun’s leading position in energy storage firefighting to quickly capture key links in the global energy storage firefighting industry chain; second, resource complementarity—Helen Tech’s firefighting vehicles and robots can integrate R&D with An Dun’s extinguishing systems to develop comprehensive solutions, while An Dun can expand application scenarios through Helen Tech’s channels; third, enhancing competitive strength—An Dun’s technological and qualification barriers (the only company globally certified in the US, Europe, Australia, and China) will improve the company’s emergency industry layout.

Core Competitive Advantages of An Dun

An Dun’s advantages in energy storage firefighting are reflected in six aspects: six core technologies including pulse aerosol extinguishing, addressing industry pain points such as high spray temperatures and conductivity; cost control through scaled procurement; high-quality customer base with long-term cooperation with top companies like CATL; comprehensive certifications—globally the only company with multiple country approvals; strong business synergy with highly coordinated resources across segments; and providing full-chain services from design to after-sales.

Order, Capacity, and Expansion Plans

Benefiting from strong overseas energy storage market demand and An Dun’s ample current order backlog, production lines are operating at full capacity. Currently, the daily capacity of the battery pillar production line is 36,000 units, and the assembly line can produce 32,000 devices daily. The company is advancing a second-phase expansion, which is expected to increase the daily capacity of battery pillars to 56,000 units and the assembly line to 53,000 units, to meet ongoing market growth.

Market Outlook

In the domestic market, with the implementation of the 2025 version of GB/T51048 “Design Code for Electrochemical Energy Storage Power Stations” and updated acceptance standards across regions, the application of aerosol extinguishing devices is expected to increase. The energy storage firefighting business is likely to become a main growth driver in the coming years. Overseas, with the advantage of unique multi-country certifications, export share remains leading. As global energy storage demand rises, this will continue to be a key growth area. Additionally, An Dun is expanding into new scenarios such as new energy vehicle firefighting, data centers, and rail transit, leveraging Helen Tech’s channels for rapid penetration.

During this research, institutions also inquired about overseas energy storage firefighting certification barriers, customer structure (mainly large storage clients including CATL, Sunshine Power, etc.), and revenue recognition methods. Helen Tech stated that it will continue to focus on its dual main businesses of emergency equipment and energy storage firefighting, leveraging technological innovation and resource integration to seize opportunities in the new energy industry.

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