Group 1 - The China Securities Regulatory Commission has approved Shenzhen Shangshui Intelligent Co., Ltd.'s application for an initial public offering, with plans to raise 587.39 million yuan [1][2] - Shangshui Intelligent aims to list on the Shenzhen Stock Exchange's ChiNext board, with Guolian Minsheng Securities as its sponsor [1][2] Group 2 - The company focuses on the manufacturing of new energy battery electrode sheets and new material preparation, providing intelligent equipment for research, design, production, and sales [4] - Shangshui Intelligent's self-developed efficient pulping system has achieved a 60% market share in the domestic market for pulping systems, ranking first, while its lithium battery pulping system holds a 12.77% market share, ranking third [4] - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and Samsung SDI, among others [4][5] Group 3 - In the new material preparation sector, the company has developed a comprehensive system for mixing, dispersing, grinding, coating, drying, and film preparation, with products applied in various fields such as battery materials and semiconductor packaging [5] - Shangshui Intelligent has created a new material preparation platform that is both versatile and scalable, serving multiple industries and applications [5]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has made significant strides in the lithium battery slurry preparation sector, leading to its successful IPO application on the ChiNext board, with the application accepted on June 19, 2025, and approval received on December 16, 2025 [1][3]. Group 1: Company Overview - Shangshui Intelligent specializes in the research and manufacturing of intelligent equipment, particularly in the lithium battery production process [2]. - The company holds a leading position in the domestic market, with a 60% market share in the efficient slurry preparation system and a 12.77% share in the lithium battery slurry system, ranking third [3]. Group 2: Financial Performance - Revenue growth has slowed, with a compound annual growth rate (CAGR) of 90.43% from 2020 to 2022, but only 26.7% from 2022 to mid-2025 [14]. - In 2023, the company's revenue increased by 51.46%, but the growth rate is expected to drop to 5.99% in 2024 [15]. - Net profit showed a CAGR of 235.4% from 2020 to 2022, but the growth rate decreased to 25.1% from 2022 to 2024, with a significant drop of 34.62% in 2024 [16]. Group 3: Customer Dependency - Over 90% of the company's revenue is derived from its top five customers, with a significant reliance on BYD, which accounted for 49.04% to 65.78% of sales in recent years [18][19]. - The concentration of revenue from a few clients poses a risk, as changes in customer relationships could significantly impact financial performance [18]. Group 4: Inventory and Debt Concerns - The company has over 1 billion in inventory, with a rising trend in inventory value and a high inventory-to-current asset ratio, indicating potential liquidity issues [23][24]. - Shangshui Intelligent's asset-liability ratio is concerning, with figures of 86.59% in 2022 and 72.7% in 2024, exceeding industry averages [28][29]. - The company has seen an increase in both short-term and long-term borrowings, raising concerns about its debt burden and financial health [30]. Group 5: Management and Governance - The company has experienced significant changes in its management team, with several key personnel leaving due to differing views on the company's direction [33]. - The stability of the governance structure is crucial for the company's long-term success, especially as it navigates the challenges of its IPO and market competition [34].

Core Insights - Shenzhen Shangshui Intelligent Co., Ltd. is gaining attention as it progresses to the registration stage of its IPO, with its value anchored in a globally pioneering technology that defines a niche market and supports its capital market ambitions [1] Group 1: Technological Innovation - The company has developed a "circular high-efficiency pulping system," which integrates pre-mixing and high-speed dispersion in a closed-loop, addressing inefficiencies and high energy consumption in traditional pulping methods [2] - This innovative system has been recognized and patented in multiple countries, including China, the USA, Europe, Japan, and South Korea, establishing the company as a leader in the lithium battery wet pulping process [3] Group 2: Market Position - The company holds a 60% market share in the domestic market for its pulping system, confirming its status as the industry leader and the driving force behind the establishment of this technology as the industry standard [3] Group 3: Future Growth Strategies - The company is proactively investing in next-generation technologies, such as semi-dry and dry electrode preparation processes, aimed at reducing or eliminating solvent use, which aligns with the future of solid-state battery systems and green manufacturing [4] - Additionally, the company is expanding its platform technology into new materials preparation, applying its precision measurement and intelligent control technologies across various high-end fields, creating new business growth opportunities [4] Group 4: Research and Development Commitment - The company has committed 8.96% of its revenue to research and development, resulting in 174 domestic patents and recognition as a national-level "specialized and innovative" enterprise [5] - This sustained investment in innovation underpins the company's ability to define the industry and maintain its leading position, showcasing a development logic driven by core technological advancements [5]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has applied for IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 587.39 million yuan, with a focus on the intelligent equipment industry, particularly in the fields of new energy battery and new material preparation [1] Group 1: Company Overview - The company has over ten years of experience in the intelligent equipment industry, developing a comprehensive technical capability system based on "core single machine + intelligent control system + process package" [1] - Main business activities include micro-nano powder processing, precise measurement of powder-liquid, powder-liquid mixing and dispersion, and functional film preparation, with applications across various sectors such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [1] Group 2: Market Position and Products - In the new energy battery electrode manufacturing sector, the company has developed a high-efficiency pulping system that significantly enhances slurry consistency, efficiency, and energy efficiency, achieving a 60% market share in China, ranking first [2] - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and Samsung SDI, among others [2] Group 3: New Material Preparation - The company has a systematic layout for micro-nano material processing, including mixing, dispersion, grinding, coating, drying, and film preparation, forming a smart equipment system with delivery capabilities [3] - Products are utilized in various applications, including new energy battery materials, functional films, semiconductor packaging materials, and functional ceramics, serving clients such as BETTERI and Wanhua Chemical [3] Group 4: Financial Performance - The company reported revenues of approximately 397.7 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.71 million yuan [3] - Total assets increased from 1.356 billion yuan in 2022 to 2.049 billion yuan by June 30, 2025, while the equity attributable to the parent company rose from 181.94 million yuan to 665.63 million yuan during the same period [4]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has successfully passed the listing committee meeting of the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 587.39 million yuan [1] Group 1: Company Overview - The company has over ten years of experience in the intelligent equipment industry, focusing on core processes such as micro-nano powder treatment, precise measurement of powder-liquid, powder-liquid mixing and dispersion, and functional film preparation [1] - Its products are widely applicable in industries including new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [1] Group 2: Business Segmentation - The main business revenue composition for the reporting period includes: - Intelligent equipment for new energy battery electrode manufacturing: 38,506.73 million yuan (96.85% of total revenue) for the first half of 2025 [2] - Intelligent equipment for new material preparation: 324.48 million yuan (0.82% of total revenue) for the first half of 2025 [2] - Accessories and modification services: 926.49 million yuan (2.33% of total revenue) for the first half of 2025 [2] Group 3: Market Position and Partnerships - The company holds a 60% market share in the domestic market for its efficient pulping systems, ranking first, and a 12.77% market share for lithium battery pulping systems, ranking third [3] - It has established partnerships with major companies in the new energy battery and vehicle sectors, including BYD, CATL, and international manufacturers like Samsung SDI and LGES [3] Group 4: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan respectively [3] - Net profits for the same periods were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.71 million yuan respectively [3] - Total assets as of June 30, 2025, are reported at 2.049 billion yuan, with a debt-to-asset ratio of 65.35% [4]

Group 1 - The article discusses the approval of two companies for IPO, one on the Sci-Tech Innovation Board and one on the Growth Enterprise Market [1] - China Electronics Technology Group Corporation holds 84.50% of the voting rights in China Electronics Blue Sky Technology Co., Ltd., making it the controlling shareholder [2][4] - The revenue for China Electronics Blue Sky Technology Co., Ltd. during the reporting period was 2,521.11 million, 3,524.04 million, 3,127.02 million, and 1,113.41 million yuan, with net profits of 199.44 million, 147.42 million, 289.62 million, and 37.34 million yuan respectively [8] Group 2 - Shenzhen Shangshui Intelligent Co., Ltd. specializes in the research, design, production, and sales of intelligent equipment for integrated process capabilities [3][13] - The revenue for Shenzhen Shangshui Intelligent Co., Ltd. during the reporting period was 396.54 million, 600.60 million, 636.59 million, and 397.71 million yuan, with net profits of 95.77 million, 234.29 million, 152.52 million, and 93.61 million yuan respectively [16] - The company has a significant dependency on BYD, with sales to BYD accounting for 49.04%, 48.39%, 65.78%, and 36.29% of total sales during the reporting periods [20][21] Group 3 - The company expects a net profit of over 150 million yuan in 2024, but has a relatively single product structure [3][16] - The company’s inventory value exceeded 1 billion yuan, while the expected revenue for 2024 is only around 640 million yuan [39][40] - The average acceptance cycle for major projects has been increasing, reaching 26.75 months in the first half of 2025 [45]

Core Viewpoint - The successful IPO of Shangshui Intelligent on the ChiNext board could yield significant returns for BYD, which has heavily invested in the company, while also benefiting other stakeholders, particularly the actual controllers of Bozhong Precision Engineering, who will continue to profit from this capital venture [2][13]. Group 1: IPO Journey - Shangshui Intelligent has made multiple attempts to enter the A-share market, including failed mergers and previous IPO applications, before finally targeting the ChiNext board [3][9]. - The company is primarily engaged in the manufacturing of new energy battery pole pieces and intelligent equipment for new material preparation, with its core product being a high-efficiency pulping system [3][9]. - After a failed attempt at a Sci-Tech Innovation Board IPO in 2023, Shangshui Intelligent shifted its focus to the ChiNext board and submitted its IPO application in June 2025 [9][10]. Group 2: Financial Performance - From 2020 to 2024, Shangshui Intelligent's revenue grew from approximately 100 million to 636 million, with net profit increasing from under 9 million to over 200 million [10][11]. - In 2023, the company achieved its highest revenue of over 600 million and a net profit of 219 million [10]. - BYD has significantly contributed to Shangshui Intelligent's revenue, with sales from BYD increasing from 31.73% of total revenue in 2020 to 65.78% in 2024 [11][12]. Group 3: Shareholder Dynamics - BYD holds a 7.69% stake in Shangshui Intelligent, having invested in the company after the termination of its merger plans in early 2022 [12][19]. - The entry of BYD as a major shareholder has raised questions about potential conflicts of interest and the company's dependency on BYD for revenue [12][19]. - The actual controllers of Bozhong Precision Engineering, who invested in Shangshui Intelligent, are expected to benefit significantly from the company's IPO, potentially increasing their wealth substantially [30][32].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is preparing for an IPO on the ChiNext board, focusing on the manufacturing of new energy battery electrode sheets and intelligent equipment in the new materials field. The company has a significant market share in its sector but faces challenges due to reliance on a limited product structure and major customer dependency, particularly on BYD [1][8]. Financial Performance - In 2024, the company reported a net profit exceeding 150 million yuan, with revenues of 396.54 million yuan, 600.60 million yuan, 636.59 million yuan, and 397.71 million yuan across different periods. The gross profit margins for its main business were 48.10%, 57.08%, 48.72%, and 53.65% respectively [2]. - The total assets as of June 30, 2025, were 2.05 billion yuan, with a debt-to-asset ratio of 65.35%. The company's net profit for the first half of 2025 was 93.71 million yuan, with a projected total for the year of 161.12 million yuan, reflecting a 5.64% increase from the previous year [3][5]. Product Structure and Market Position - The company's main product, the cyclic efficient pulping system, accounted for 89.89%, 90.21%, 93.48%, and 93.96% of its revenue in the respective years, indicating a heavy reliance on a single product line. The market share for this product has decreased from 89% in 2022 to 60% in 2024 due to increased competition [6]. - The company has invested 182.04 million yuan in R&D, representing 8.96% of total revenue, with 116 R&D personnel making up 19.33% of the workforce [6]. Customer Dependency - The company has a significant dependency on BYD, with sales to the top five customers accounting for 91.48%, 91.76%, 89.86%, and 93.65% of total revenue in the respective years. Sales to BYD alone represented 49.04%, 48.39%, 65.78%, and 36.29% of total sales, indicating a critical reliance on this customer [8][11]. Accounts Receivable and Credit Risk - The accounts receivable balance has increased over the years, with a notable rise in overdue accounts, which accounted for 55.57%, 52.93%, and 81.20% of total receivables in the respective years. The increase in overdue accounts is attributed to extended payment cycles from customers in the lithium battery manufacturing sector [13][14]. - The company has not recognized any impairment for its "Dichain" receivables, which are used for sales to BYD, indicating low credit risk associated with these transactions [17][18]. Inventory Management - The company's inventory value exceeded 1 billion yuan, with a significant increase in the proportion of inventory to current assets, reaching 63.42% by the end of 2024. The inventory write-down provisions have also increased, reflecting a growing concern over inventory management [27][31]. Project Acceptance Cycle - The average project acceptance cycle has been increasing, reaching 26.75 months in the first half of 2025. This trend is attributed to the complex internal approval processes of major clients, particularly in the lithium battery sector, which has slowed down project completions [33][38].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has entered the inquiry stage of its IPO process on the ChiNext board after previously failing to list on the Sci-Tech Innovation Board due to financial data updates and related party transaction disputes [1][2]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, focusing on micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, with products used in sectors such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [4]. - The company's revenue heavily relies on new energy battery equipment, with over 90% of its revenue coming from this segment, reaching 95.20% in 2024 [4]. Group 2: Customer Dependency - Shangshui Intelligent has established partnerships with major clients like BYD, EVE Energy, and CATL, but shows a significant dependency on BYD, with sales to the top five customers accounting for 91.48%, 91.76%, and 89.79% of total revenue from 2022 to 2024 [4][5]. - Sales to BYD alone constituted 49.04%, 48.39%, and 65.78% of total revenue for the years 2022, 2023, and 2024, respectively, indicating a critical reliance on this single customer [5][7]. Group 3: Financial Performance - The gross profit margin from sales to BYD was relatively high, at 54.48%, 48.70%, and 66.67% from 2022 to 2024, with a significant procurement agreement worth 1.015 billion yuan signed in March 2025 [6]. - The company’s financial situation has deteriorated, with cash reserves dropping from 266.99 million yuan in 2022 to 171.58 million yuan in 2024, alongside an increase in short-term liabilities [12][13]. Group 4: IPO and Fundraising - The initial fundraising target for the IPO was 1 billion yuan, with plans to invest in a manufacturing base and R&D center, but the target has been reduced to approximately 587.39 million yuan for the ChiNext board [8][10]. - The company previously did not utilize its own funds for projects, raising questions about its financial strategy and the necessity of the IPO [11]. Group 5: Regulatory and Compliance Challenges - The underwriting firm, Minsheng Securities, has faced multiple warnings for project violations, which may lead to stricter scrutiny of Shangshui Intelligent's IPO application [14][18]. - The regulatory environment has tightened, with new rules increasing the complexity of the approval process, particularly for firms with a history of compliance issues like Minsheng Securities [18].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 587.39 million yuan, focusing on the intelligent equipment industry with a strong emphasis on the new energy battery and new materials sectors [1]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, developing a comprehensive technical capability system centered around "core single machines + intelligent control systems + process packages" [1]. - The company specializes in micro-nano powder processing, precise measurement of powder-liquid mixtures, and the preparation of functional films, with applications across various industries including new energy batteries, chemicals, food, pharmaceuticals, and semiconductors [1]. Group 2: Market Position and Products - In the new energy battery sector, Shangshui Intelligent's self-developed high-efficiency pulping system has achieved a 60% market share in China, ranking first, while its lithium battery pulping system holds a 12.77% market share, ranking third [1]. - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and international manufacturers like Samsung SDI and LGES [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Shangshui Intelligent reported revenues of approximately 400 million yuan, 601 million yuan, and 637 million yuan, respectively, with net profits of about 97.72 million yuan, 234 million yuan, and 153 million yuan [4]. - The company's total assets are projected to reach approximately 1.8 billion yuan by the end of 2024, with a significant increase in equity attributable to shareholders [5]. Group 4: Fundraising and Investment Plans - The funds raised from the IPO will be allocated to several projects, including the construction of a high-precision intelligent equipment manufacturing base in South China and the establishment of a research and development center, with a total investment of approximately 951.78 million yuan [4].