Core Viewpoint - The company, Xian Dao Intelligent (00470.HK), has set the offering price for its H-shares at HKD 45.80 per share, excluding various fees [1] Group 1: Offering Details - The company will issue and allocate an additional 14,042,400 shares, which represents approximately 15.0% of the total shares available for subscription under the global offering [1] - The company expects to announce the level of interest in the international offering, the application level for the Hong Kong public offering, and the allocation results on February 10, 2026 [1] - The global offering is anticipated to become unconditional by February 11, 2026, with H-shares expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM [1] Group 2: Trading Information - H-shares will be traded in board lots of 100 shares [1]

Group 1 - The company, XianDao Intelligent (00470), has set the offering price for its H shares at HKD 45.80 per share as of February 8, 2026 [1] - The overallotment option has been fully exercised, leading the company to issue and allocate an additional 14.0424 million shares, which represents approximately 15.0% of the total shares available for subscription under the global offering [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不構成在美國或任何其他司法管轄區境內購買或認購證券的任何要約 或招攬或組成其一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時修訂） （「《美國證券法》」）或美國任何州或其他司法管轄區證券法登記。證券不得在美國境內提呈發 售、出售、質押或以其他方式轉讓，惟根據《美國證券法》登記規定獲豁免且遵守任何適用州證 券法律則作別論，或(i)根據《美國證券法》的登記豁免僅可向「合資格機構買家」（定義見第144A 條）及(ii)於美國境外根據《美國證券法》S規例進行者則作別論。證券不得於美國境內進行公開 發售。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。有 意投資者於決定是否投資於就此提呈發售的H股前，務 ...

Group 1 - Leading Intelligent Equipment (先导智能) is the largest lithium battery intelligent equipment supplier globally and in China, with a market share of 15.5% in the global lithium battery intelligent equipment market and 19.0% in China [2] - The company plans to issue 93.616 million H-shares, with a maximum fundraising target of HKD 4.29 billion, and has received HKD 4.35 billion in subscription applications, indicating an oversubscription of 9.1 times [1] - Leading Intelligent Equipment's manufacturing solutions are utilized across various sectors, including lithium batteries, photovoltaic cells, smart logistics, hydrogen production, and automotive manufacturing, enhancing production efficiency and supporting green initiatives [1] Group 2 - According to Frost & Sullivan, the global new energy intelligent equipment market accounts for approximately 15% of the global intelligent equipment market, with Leading Intelligent Equipment being the second-largest supplier in this sector [2] - The company's client base includes major players in the lithium battery industry, such as CATL, Tesla, Volkswagen, BMW, and BYD, indicating a strong market presence and customer diversification [2] - The intelligent equipment provided by Leading Intelligent Equipment is equipped with industrial control software, facilitating the transition to highly automated factories, thereby reducing labor costs [1]

Group 1 - Three companies, XianDao Intelligent (00470), Woer Nuclear Materials (09981), and Haizhi Technology Group (02706), are currently in the process of public offerings [1] - As of February 5, a total of HKD 108.15 billion has been lent by brokers such as Futu and Huatai for XianDao Intelligent, with an oversubscription rate exceeding 25.22 times [1] - For Woer Nuclear Materials, HKD 6 billion has been lent, with an oversubscription rate exceeding 2.13 times [1] - Haizhi Technology Group has received HKD 13.94 billion in loans, with an oversubscription rate exceeding 17.76 times [1] Group 2 - The total amount raised for XianDao Intelligent is HKD 4.29 billion, with a subscription rate of over 25.22 times [2] - Woer Nuclear Materials has raised HKD 2.81 billion, with a subscription rate of over 2.13 times [2] - Haizhi Technology Group has raised HKD 0.7849 billion, with a subscription rate of over 17.76 times [4]

Group 1: IPO Information - The company XianDao Intelligent (00470.HK) is set to launch its IPO from February 3 to February 6, with a total issuance of 93.616 million shares, where 10% is for public sale and 90% for international placement [1] - The offering price is set at a maximum of 45.8 HKD per share, with a minimum subscription amount of 4,626 HKD [1] - The company has a market capitalization of 76.018 billion HKD and a price-to-earnings ratio of 249 times [1] Group 2: Company Overview - Founded in 2002, XianDao Intelligent is a leading provider of intelligent manufacturing solutions in the new energy sector, focusing on lithium batteries, photovoltaics, 3C, hydrogen energy, and intelligent logistics [2] - The company holds a 15.5% global market share in lithium battery intelligent equipment, with a 19.0% share in the Chinese market, making it the largest supplier in this segment [2] - XianDao Intelligent's client base includes major players in the new energy industry such as CATL, Tesla, Volkswagen, and BYD, ensuring stable order demand and continuous technological advancement [2] Group 3: Financial Performance - In 2024, XianDao Intelligent's revenue is projected to decline to 11.773 billion RMB, with a significant drop in net profit to 268 million RMB due to overcapacity in the lithium battery industry and reduced capital expenditures from downstream clients [3] - However, in the first three quarters of 2025, the company expects a strong rebound with revenue reaching 10.439 billion RMB, a year-on-year increase of 14.56%, and net profit of 1.186 billion RMB, up 94.97% [4] - The overseas revenue for the first three quarters of 2025 accounted for 20.15 billion RMB, representing 19.4% of total revenue, with a gross margin of 39.3%, significantly higher than domestic operations [4] Group 4: Market Position and Competition - The global lithium battery equipment industry has entered an "oligopoly" phase, with Chinese companies like XianDao Intelligent gaining a dominant position as Japanese and Korean firms lag in cost and iteration speed [6] - The acceleration of battery autonomy in Europe and the US is expected to favor equipment manufacturers that can provide comprehensive solutions, positioning XianDao Intelligent to capture a significant share of new overseas capacity orders [6] Group 5: Future Outlook - The company forecasts a net profit of 1.5 billion to 1.8 billion RMB for 2025, representing a year-on-year growth of 424.29% to 529.15%, driven by a recovery in the global power battery market and increased demand in the energy storage sector [7] - The current A-share market capitalization is 89.6 billion RMB, with a forward valuation of 54 times, which is considered high compared to the average dynamic PE of 30-40 times in the same sector [7] - If the profit growth can be sustained, the current PE ratio is expected to decrease to 20-30 times within a year, indicating that the market is pricing in the certainty of performance reversal [7]

Core Viewpoint - The company, Xian Dao Intelligent Equipment Co., Ltd., has launched a global offering plan for its H-shares, marking a significant step in its A+H dual capital platform strategy, with strong backing from top-tier cornerstone investors [1][2]. Group 1: Offering Details - The global offering period is from February 3 to February 6, with a share price set at HKD 45.80 per H-share, comprising 93,616,000 shares for public offering and 84,254,400 shares for international placement [1]. - The cornerstone investors include prestigious institutions such as Oak Tree Capital and Morgan Stanley, collectively committing approximately USD 275 million, which corresponds to about 55.56% of the international placement [1]. Group 2: Market Position and Competitive Advantage - Xian Dao is the largest provider of lithium battery intelligent equipment globally, holding 22.4% of the global market and 34.1% of the Chinese market as of 2024 [2]. - The company has established a unique full-process coverage model in the industry, making it one of the few firms capable of providing comprehensive solutions across all stages of lithium battery production [3]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 10.388 billion, a year-on-year increase of 14.9%, and a net profit of CNY 1.161 billion, reflecting a significant growth of 97.9% [7]. - The operating cash flow for the same period reached CNY 3.835 billion, marking a substantial turnaround from a net outflow of CNY 2.916 billion in the previous year [7]. Group 4: Research and Development - The company maintained high R&D expenditures, with CNY 1.231 billion spent in the first three quarters of 2025, and over 4,000 R&D personnel, accounting for 27.1% of the total workforce [5]. - As of the same period, the company had obtained 3,336 national patents, including 533 invention patents, showcasing its strong focus on innovation and technology development [5]. Group 5: Global Expansion and Market Strategy - The company achieved overseas revenue of CNY 2.015 billion in the first three quarters of 2025, representing approximately 19.4% of total revenue, with a gross margin of 39.3% in overseas operations [8]. - The global lithium battery intelligent equipment market is projected to grow from CNY 49.8 billion in 2024 to CNY 137.2 billion by 2029, with a compound annual growth rate of 22.5%, indicating a favorable environment for the company's international strategy [8]. Group 6: ESG Practices and Future Outlook - The company is committed to carbon neutrality, aiming to peak carbon emissions by 2030 and achieve carbon neutrality by 2035, supported by extensive renewable energy initiatives [9]. - The strategic focus on technology-driven growth and early positioning in emerging markets is expected to provide a competitive edge as the industry evolves [10][12].

Investment Rating - The report assigns a comprehensive score of "7.0" to the company, suggesting a recommendation for subscription [12]. Core Insights - The company is recognized as a leading manufacturer of intelligent equipment, particularly in the lithium battery sector, with significant market shares both globally and in China [1][4]. - Financial performance has shown volatility, but a notable recovery is expected in 2025, with projected net profit growth of 424%-529% year-on-year [2][12]. - The report highlights the company's strong international presence and diverse application areas, which position it well to capitalize on growth opportunities in various industries [4]. Company Overview - The company operates in multiple sectors, including lithium batteries, photovoltaic cells, and 3C manufacturing, and is the largest supplier of lithium battery intelligent equipment globally, holding a 15.5% market share [1]. - Key clients include major players such as CATL, Tesla, Volkswagen, BMW, and LG Energy [1]. Financial Performance - Revenue for the years 2022-2024 is projected at approximately RMB 138.36 billion, RMB 164.83 billion, and RMB 117.73 billion, with a 14.92% year-on-year increase in the first nine months of 2025 [2]. - Net profit for the same years is expected to be RMB 23.18 billion, RMB 17.74 billion, and RMB 2.86 billion, with a significant increase of 94.97% in the first nine months of 2025 [2]. Industry Status and Outlook - The global electric vehicle market is expected to reach 49.5 million units by 2029, with a compound annual growth rate (CAGR) of 22.8% from 2024 to 2029 [3]. - The annual installed capacity of global energy storage batteries is projected to reach 891.1 GWh by 2029, with a CAGR of 35.4% [3]. - The solid-state battery intelligent equipment market is anticipated to grow to RMB 15.6 billion by 2029, with a CAGR of 58.0% [3]. Advantages and Opportunities - The company benefits from being the largest supplier in the lithium battery sector, with a strong market share that allows it to leverage both incremental and existing market opportunities [4]. - It has a robust international strategy, positioning itself to capture growth in overseas markets with significant potential [4]. - The company employs a cross-industry development strategy to mitigate risks associated with cyclical fluctuations in any single industry [4]. Use of Proceeds - Approximately 40% of the net proceeds (or HKD 1.6664 billion) will be used to expand the global R&D, sales, and service network [6]. - About 30% (or HKD 1.2498 billion) will be allocated to deepen the platform strategy and expand the product portfolio in the new energy intelligent equipment sector [6].

Investment Rating - The report assigns a comprehensive score of "7.0" to the company, suggesting a recommendation for subscription [10]. Core Insights - The company is recognized as a leading smart equipment manufacturer, particularly in the lithium battery sector, with a significant market share of 15.5% globally and 19.0% in China [1]. - Financial performance has shown volatility, with total revenues projected at approximately RMB 138.36 billion, RMB 164.83 billion, and RMB 117.73 billion for the years 2022-2024, while net profits for the same period are expected to be RMB 23.18 billion, RMB 17.74 billion, and RMB 2.86 billion respectively [2]. - The global electric vehicle market is anticipated to reach 49.5 million units by 2029, with a compound annual growth rate (CAGR) of 22.8% from 2024 to 2029 [3]. Company Overview - The company operates in diverse application fields including lithium batteries, photovoltaic cells, 3C manufacturing, smart logistics, hydrogen production, fuel cell production, automotive manufacturing, and laser precision processing [1]. - It has established a strong customer base, including major players like CATL, Tesla, Volkswagen, BMW, Mercedes, LG Energy, and SK On [1]. Financial Performance - The company’s revenue for the first nine months of 2025 is reported at RMB 103.88 billion, reflecting a year-on-year increase of 14.92%, while net profit for the same period is RMB 11.86 billion, showing a significant growth of 94.97% [2]. - The projected net profit for the full year of 2025 is expected to be between RMB 15 billion and RMB 18 billion, indicating a year-on-year increase of 424% to 529% [10]. Industry Outlook - The global energy storage battery installation is expected to reach 891.1 GWh by 2029, with a CAGR of 35.4% from 2024 to 2029 [3]. - The solid-state battery smart equipment market is projected to grow to RMB 15.6 billion by 2029, with a CAGR of 58.0% [3]. Advantages and Opportunities - The company benefits from being the largest supplier of lithium battery smart equipment globally, with a strong market presence in both incremental and existing market opportunities [4]. - It has a leading international presence, allowing it to capitalize on growth potential in overseas markets [4]. - The company employs a cross-industry development strategy to capture growth opportunities across various sectors, effectively mitigating risks associated with industry cycles [4]. Use of Proceeds - Approximately 40% of the net proceeds (or HKD 1.664 billion) will be allocated to expanding global R&D, sales, and service networks [6]. - About 30% (or HKD 1.249 billion) will be used to deepen platform strategies and expand the product portfolio in the new energy smart equipment sector [6].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is a leading provider of intelligent equipment for emerging industries, focusing on lithium batteries, photovoltaic cells, and various manufacturing sectors, including 3C products, smart logistics, hydrogen production, and automotive manufacturing [1]. - The company is recognized as the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% in 2024, and the largest supplier of lithium battery intelligent equipment, holding a 15.5% market share [2]. - The customer base includes prominent companies such as CATL, Tesla, Volkswagen, BMW, and Panasonic, showcasing the company's strong industry connections [2]. - The company benefits from a robust international presence and a diversified development strategy, allowing it to capture growth opportunities across various industries while mitigating risks associated with single-industry cycles [3]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 138.36 billion RMB, which increased to 164.83 billion RMB in 2023, but is projected to decline to 117.73 billion RMB in 2024. The profit for the same periods was 23.18 billion RMB, 17.71 billion RMB, and is expected to drop to 2.68 billion RMB in 2024 [4].