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].