财务数据显示，2022年度、2023年度和2024年度，公司实现营业收入分别为3.61亿元、5.33亿元、8.31亿元，扣除非经常性损益后归属于母公司股 东的净利润分别为1亿元、1.61亿元、3.2亿元；2025年1-6月，公司实现营业收入4.35亿元，扣除非经常性损益后归属于母公司股东的净利润为1.53 亿元。 收入逐年增长的同时，公司电机单价连年走低。 2022年至2024年售价分别为295元/台、262元/台、148元/台，2025年上半年进一步降至110.4元/台。2025年上半年电机单价较2022年下降幅度高达 62.57%。此外，机器人动力系统电机单价也一路下滑，从2022年的1455.31元/台降至615.26元/台。 9月28日，据深交所披露的信息显示，南昌三瑞智能科技股份有限公司（以下简称"三瑞智能"）更新了招股书，公司拟在深交所创业板上市。 资料显示，三瑞智能成立于2009年，是无人机与机器人动力系统制造商，主营业务为无人机电动动力系统及机器人动力系统的研发、生产和销 售。 根据弗若斯特沙利文行业研究报告，按2024年销售额统计，公司2024年在全球民用无人机电动动力系统（不含动力电池）市 ...

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].

Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, aiming to leverage its strong growth in the drone and robotics power system manufacturing industry, which has seen significant revenue increases and a robust product lineup [1][2][5]. Group 1: Financial Performance - The company projects revenues of 831 million yuan in 2024, with a compound annual growth rate (CAGR) of 51.59% from 2022 to 2024, achieving revenues of 362 million yuan in 2022 and 534 million yuan in 2023 [2]. - The net cash flow from operating activities has been positive for the years 2022 to 2024, with net profits increasing year-on-year during the same period [2]. Group 2: Market Position - Sanrui Intelligent ranks second in the global market share for civil drone electric power systems (excluding power batteries), following DJI, and is recognized as one of the most competitive companies in the industry [2]. - The company serves approximately 1,800 customers globally, with products sold in over 100 countries and regions across Asia, Europe, America, and Africa [2]. Group 3: Technological Strength - The company holds 13 core technologies with independent intellectual property rights, including integrated power module technology and thermal management efficiency optimization [3]. - As of April 30, 2025, Sanrui has 357 authorized domestic patents, 4 overseas invention patents, and 26 registered software copyrights, all related to its main business [3]. Group 4: Product Portfolio - Sanrui has developed a diverse product matrix with over 300 products across more than 50 series in the drone electric power system sector, applicable in various fields such as agriculture, industrial inspection, and emergency rescue [4]. - In the robotics power system sector, the company offers over 60 products across more than 10 series, achieving significant breakthroughs in humanoid robots and exoskeletons [4]. Group 5: Future Plans - The company plans to raise approximately 769 million yuan through the IPO to enhance production capacity, invest in R&D, and upgrade information technology and smart warehousing [5]. - Sanrui aims to expand its product matrix and improve product performance while focusing on long-term development in the power system industry [6].