12月26日，南昌三瑞智能科技股份有限公司(以下简称"三瑞智能")创业板IPO成功过会，有望成为"无人 机动力系统第一股"。 实际上，三瑞智能"不差钱"，截至2025年6月末，公司资产负债率仅12.33%，账面货币资金及交易性金 融资产合计6.83亿元，已接近本次IPO的募资总额。 而在IPO前，三瑞智能现金分红1.7亿元，实控人吴敏及其一致行动人落袋约1.38亿元。 电机售价三年半跌超62% 据了解，三瑞智能成立于2009年，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，并积极布局电动垂直起降飞行器(eVTOL)动力系统产品。公司IPO于2025年5月30日获得受理，6月 15日进入问询阶段，12月26日上会获得通过。 从财务数据来看，三瑞智能过去几年的表现颇为出色。据弗若斯特沙利文行业研究数据，2024年三瑞智 能在全球民用无人机电动动力系统(不含电池)市场占有率达7.1%，仅次于大疆创新，位居全球第二。 2022年—2025年上半年(下称"报告期")，三瑞智能的营业收入分别为3.62亿元、5.34亿元、8.31亿元、 4.36亿元；归母净利润分别为1.13亿元、1.72亿元、3.33 ...

Core Viewpoint - A total of 10 companies are set to present their IPO applications, with significant fundraising amounts and diverse industry focuses, indicating a robust pipeline for new listings in the Chinese market [1] Group 1: Upcoming IPOs - The company with the highest expected fundraising is Visionary Technology, aiming to raise 2.015 billion yuan for projects related to high-resolution silicon-based OLED micro-displays and R&D center construction [1] - Other notable companies include Dapu Micro, seeking to raise 1.878 billion yuan, and Weitongli, with a target of 1.594 billion yuan [1] - The geographical distribution shows that Zhejiang Province has 4 companies, Guangdong has 2, while Jiangxi, Liaoning, Anhui, and Beijing each have 1 [1] Group 2: Company Profiles - Weitongli specializes in the R&D, production, and sales of electrical connection products and synchronous decomposers [2] - Dapu Micro focuses on the R&D and sales of enterprise-level SSD products for data centers [3] - Sanrui Intelligent is engaged in the R&D, production, and sales of electric power systems for drones and robots [4] - Visionary Technology is a leading provider of micro-display solutions, focusing on silicon-based OLED micro-displays and offering strategic product development and optical systems [5] - Longyuan Co. specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts [6] - Puang Medical is involved in the R&D, production, and sales of medical devices for diabetes care and minimally invasive interventions [7] - Xinhengtai focuses on the R&D, manufacturing, and sales of plastic foaming materials [8] - Guantai Vacuum is a high-tech enterprise engaged in the R&D, manufacturing, and sales of vacuum equipment, serving various industries [8] - Peicheng Technology operates in the lithium battery new energy sector, providing third-party battery management systems and related solutions [8]

Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, focusing on the development and production of drone power systems and electric vertical takeoff and landing (eVTOL) power systems [1] Company Overview - Haoying Technology is primarily engaged in the research, production, and sales of drone power systems [1] - The company is significantly investing in the eVTOL power system sector [1] IPO Details - The IPO application was accepted on October 23, 2025 [1] - Haoying Technology aims to raise approximately 1.96 billion yuan, with the net proceeds after issuance costs to be fully invested in the high-end power system intelligent industrial park project (Phase I), the upgrade of the Haoying R&D center, and to supplement working capital [1]

Core Viewpoint - The IPO of Shenzhen Haoying Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange, marking a significant milestone for the leading domestic enterprise in the drone power system sector as the industry experiences rapid growth driven by low-altitude economic policies [1][3]. Industry Overview - The global drone power system market is projected to grow from 4.311 billion yuan in 2019 to 10.308 billion yuan by 2024, with a compound annual growth rate (CAGR) of 19.05%. By 2029, the market size is expected to reach 21.593 billion yuan, maintaining a CAGR of 16.26% from 2025 to 2029 [4]. - The competitive landscape of the drone power system industry is characterized by low market concentration and numerous participants, leading to ongoing price wars, technology battles, and patent disputes [4][6]. Company Positioning - Haoying Technology holds a 4.12% global market share among third-party suppliers, placing it in the first tier of the industry. However, this leading position is not secure in a highly fragmented market [6][7]. - The company faces competition from two main camps: first, the self-research camp represented by leading manufacturers like DJI, which have developed their own power systems, and second, the professional third-party suppliers, where Haoying Technology is positioned [4][6]. Financial Performance - Haoying Technology's revenue is projected to grow from 468.0182 million yuan in 2022 to 739.9737 million yuan in 2024, reflecting a growth rate of 35.3% compared to 2023 [8][9]. - The company has expanded its workforce from 859 to 1,407 employees, a growth of 63.8%, raising concerns about whether this rapid expansion aligns with revenue growth and the impact of labor costs on profits [9][10]. Strategic Challenges - The company holds 306 patents, including 86 invention patents, but the quality and coverage of these patents may not be sufficient to withstand competition from larger players [7]. - High customer dependency on major clients could weaken bargaining power, as these clients may consider developing their own power systems for reasons of supply chain security and cost efficiency [7][12]. Future Outlook - Haoying Technology aims to transition from being a pure technology supplier to an ecosystem builder, focusing on establishing irreplaceable technological advantages in specific niches and fostering deeper collaborations with manufacturers [12][13]. - The company's IPO is seen as a strategic opportunity for transformation, with the potential to evolve into a key player in the low-altitude economy [13].

Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has submitted its application for listing on the Sci-Tech Innovation Board, indicating a significant move in the drone power system manufacturing sector [1] Company Overview - Haoying Technology, established in 2005, has transitioned from aviation model electronic control to drone power systems, with a focus on integrated power systems and eVTOL power systems [2][4] - The company's revenue from drone power systems has grown significantly, with projections showing a rise from 1.77 billion yuan in 2022 to 4.34 billion yuan by mid-2025, accounting for 75.57% of total revenue [2][4] Market Dynamics - The global market for drone power systems (excluding batteries) is expected to grow from approximately 10.31 billion yuan in 2024 to 21.59 billion yuan by 2029, with Haoying Technology holding a market share of 4.12% in 2024 [4] - The company is facing intense competition in a rapidly developing market characterized by low concentration and numerous players [4][7] Pricing Strategy - Haoying Technology has adopted a "price-for-volume" strategy, leading to a significant reduction in product prices, with drone motor prices dropping over 50% since 2023 [1][5] - The average selling price of drone motors decreased from 343.57 yuan to 150.56 yuan, a decline of 56.18% [5] Financial Performance - The company reported revenues of 4.68 billion yuan, 5.46 billion yuan, and 7.38 billion yuan for the years 2022, 2023, and 2024, respectively, with a projected revenue of 5.8 billion yuan for the first half of 2025 [4] - Net profits for the same periods were 818.88 million yuan, 941.81 million yuan, and 1.52 billion yuan, with a projected profit of 1.39 billion yuan for the first half of 2025 [4] Research and Development - R&D expenses have increased, amounting to 321.38 million yuan in 2022 and projected at 376.87 million yuan for the first half of 2025, representing 6.87% to 9.26% of total revenue during the reporting period [4] Competitive Landscape - Haoying Technology is positioned among the top suppliers in the drone power system sector, alongside Sanrui Intelligent, which has a higher market share of 7.1% in 2024 [3][8] - The gross profit margin of Haoying Technology has been consistently lower than that of its competitors, with margins of 44.88% to 47.41% compared to Sanrui Intelligent's 52.60% to 59.79% [7][8] International Expansion - The company is increasing its focus on overseas markets, with international sales growing by 230.1% in the first half of 2025 [10] - The proportion of overseas sales in total revenue has risen from 21.9% in the first half of 2025 to 30.1% in 2022 [10][11] Production Capacity - Haoying Technology's production capacity utilization rates for various products exceeded 100%, indicating strong demand and ongoing expansion efforts [12] - Despite high utilization, the company has not yet achieved full production capacity across all product lines, except for propellers [12] IPO Plans - The company plans to issue up to 19.6 billion yuan in its IPO, with funds allocated for high-end power system projects and R&D upgrades [13]

Core Viewpoint - Haoying Technology, a leading manufacturer of drone power systems, has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.96 billion yuan [1][4]. Group 1: Company Overview - Haoying Technology specializes in the research, production, and sales of drone power systems, including integrated power systems, electronic controls, motors, and propellers [4]. - The company is also expanding into electric vertical takeoff and landing (eVTOL) power systems, focusing on self-research and development to achieve domestic production and technological autonomy [4][6]. - The sales model primarily relies on direct sales, supplemented by distribution and trade, with major clients including FALCON, Sanrui Intelligent, and Jimu Robotics [4]. Group 2: Market Position - Haoying Technology holds a leading position in the drone power industry, with a global market share of 4.12% for its drone power products projected for 2024 [5]. - In the competitive arena of racing car (boat) models, the company is the market leader, with a global market share of 23.09% for its power systems in this sector, ranking first worldwide [5]. Group 3: Financial Performance - The company reported revenues of 546 million yuan, 738 million yuan, and 580 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 94 million yuan, 152 million yuan, and 139 million yuan during the same periods [6]. - The funds raised from the IPO will be allocated to three projects: the high-end power system smart industrial park (Phase I), the upgrade of the Haoying R&D center, and to supplement working capital [6].