Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to become the first publicly listed company in the civil drone motor sector [2][3]. Company Overview - Established in 2009, Sanrui Intelligent specializes in the manufacturing of drone and robot power systems, focusing on the research, production, and sales of electric power systems for drones and robots [2]. - According to a Frost & Sullivan industry report, Sanrui is projected to hold a 7.1% market share in the global civil drone electric power system market in 2024, ranking second globally after DJI [2]. Financial Performance - The company plans to raise approximately 769 million yuan through the IPO, with funds allocated to three projects: expansion of drone and robot power systems, construction of a research center and headquarters, and upgrades to information technology and smart warehousing [3]. - Revenue figures for the years 2022, 2023, and 2024 are reported as 361 million yuan, 533 million yuan, and 831 million yuan, respectively, with net profits of 100 million yuan, 161 million yuan, and 320 million yuan after excluding non-recurring gains [3]. Pricing Trends - The average selling price of the motors has been declining, with prices dropping from 295 yuan per unit in 2022 to 148 yuan per unit in 2024, and further down to 110.4 yuan in the first half of 2025, representing a 62.57% decrease from 2022 [4]. - The price of robot power system motors also decreased significantly, from 1,455.31 yuan per unit in 2022 to 615.26 yuan per unit [4]. Export and Market Risks - The company has seen rapid growth in revenue and net profit, but faces challenges such as international trade tensions, fluctuations in raw material prices, and declining prices of core products [5]. - Export revenue for the years 2022, 2023, 2024, and the first half of 2025 was 235 million yuan, 382 million yuan, 426 million yuan, and 213 million yuan, respectively, with a significant portion of exports going to Europe and Asia [5]. - The company has been affected by increased tariffs on imports to the U.S. since 2025, which has raised procurement costs for customers and weakened competitiveness in the U.S. market [5]. Tax Benefits - Sanrui is recognized as a national high-tech enterprise, benefiting from a reduced corporate income tax rate of 15% and other tax incentives, which contributed to tax savings of 16.18 million yuan, 28.84 million yuan, 46.99 million yuan, and 24.49 million yuan during the reporting period [6]. - The proportion of tax benefits to total profit was 12.13%, 14.28%, 12.04%, and 13.01% for the respective years [6]. Dividend Policy - The company declared cash dividends of 130 million yuan in 2023 and 40 million yuan in 2025, totaling 170 million yuan [7]. Future Outlook - Sanrui acknowledges potential risks related to macroeconomic changes, unfavorable adjustments in industrial policies, and challenges in technology development and customer acquisition, particularly concerning the market penetration of new products [8].

Core Viewpoint - Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) has received acceptance for its IPO on the ChiNext board, aiming to raise 769 million yuan, potentially becoming the first publicly listed company in the "civil drone motor" sector in China [1][3]. Financial Performance - Sanrui Intelligent's total assets are projected to reach 954.22 million yuan by the end of 2024, up from 573.37 million yuan in 2023 and 450.33 million yuan in 2022 [2]. - The company's revenue is expected to grow from approximately 362 million yuan in 2022 to 831 million yuan in 2024, with net profits increasing from about 113 million yuan to 333 million yuan during the same period [3][4]. - The company reported a cash dividend of 130 million yuan in 2023, which accounted for over 70% of its net profit for that year [3][4]. Market Position - In 2024, Sanrui Intelligent is projected to hold the second-largest market share in the global civil drone electric power system industry, following DJI [3]. - The company has no direct comparable listed companies in China, with major competitors being non-listed firms [3]. Investment and Growth Strategy - The funds raised from the IPO will be allocated to expanding production capacity for drone and robot power systems, constructing a research and development center and headquarters, and upgrading information technology and smart warehousing [4]. Supplier Relationships - Sanrui Intelligent's fourth-largest supplier, Ningbo Xindongda Materials Co., Ltd. (Xindongda), was established in 2017, and the company has been purchasing significant amounts of magnetic materials from them since then [5][6]. - The procurement from Xindongda in 2024 is approximately 14.65 million yuan, accounting for 4.56% of total purchases [6]. Customer Base Dynamics - The company has experienced significant changes in its top five customers over the years, with only one familiar name remaining in 2023 and 2024 [10][11]. - The fluctuation in major customers is attributed to the diverse and global nature of the drone manufacturing market, which has seen rapid growth with a compound annual growth rate of 24.14% over the past five years [11].