Core Viewpoint - The company, Shenzhen Hobbywing Technology Co., Ltd., is entering a critical phase as it prepares for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.96 billion yuan to expand its production capacity and enhance its R&D capabilities [1][5]. Company Overview - Founded by Zhang Jie, Liu Youhui, and Pan Ruixiang, the company has developed from a small player in the remote control model industry to an internationally recognized brand over 20 years [1][2]. - As of the end of June, the company reported a revenue of 580 million yuan and a cash balance of 491 million yuan, indicating strong financial health [1][6]. Market Position - The company has achieved a global market share of 4.12% in the drone power system sector, with revenues from this segment reaching 425 million yuan, accounting for 58.18% of total revenue [4]. - In the competitive landscape, Hobbywing ranks among the top third-party suppliers of drone power systems, alongside companies like Sanray Intelligent and Maxon [3][4]. Financial Performance - The company has shown consistent revenue growth, with revenues of 468 million yuan, 546 million yuan, 738 million yuan, and 580 million yuan from 2022 to the first half of 2025, reflecting a year-on-year growth rate of 76.57% in the first half of 2025 [2][3]. - Net profits have also increased steadily, with figures of 81.89 million yuan, 94.18 million yuan, 152 million yuan, and 139 million yuan during the same period [3]. Product Development - The company has successfully launched several series of brushless motors and electronic speed controllers, gaining recognition in both domestic and international markets [2]. - Hobbywing has expanded into the drone power system market since 2015, developing integrated power systems that have become essential for various applications [2][4]. Future Plans - The company plans to use the funds raised from the IPO to build a high-end power system smart industrial park, upgrade its R&D center, and supplement working capital [5][6]. - Future strategic plans include focusing on heavy-lift drones, eVTOL aircraft, and robotics, aiming to enhance its product offerings in these advanced fields [6].

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 Insights - The article highlights the rapid growth and opportunities in the drone power system sector, particularly focusing on the company Haoying Technology, which is preparing for an IPO to raise 1.96 billion yuan [3][4]. Company Overview - Haoying Technology, founded in 2005, has evolved from a model car power system provider to a key supplier of drone power systems, with products distributed in over 120 countries. The company aims for a revenue of 738 million yuan and a net profit of 152 million yuan in 2024, with drone power systems accounting for over 50% of its revenue [3][12]. - The founder, Zhang Jie, identified a gap in the market for domestic high-end brushless power systems, leading to the establishment of Haoying Technology [9][10]. Market Opportunities - **Scene Demand Explosion**: There is a significant increase in demand for high-capacity and long-endurance power systems in logistics, emergency response, and power inspection sectors, with a projected annual growth rate exceeding 45% over the next three years [5][15]. - **Core Technology Breakthrough**: The integration of AI with adaptive power systems is a key direction, potentially enhancing endurance by 20%-30% and reducing failure risks. The current technology conversion rate is below 30%, indicating substantial room for growth [6][15]. - **Policy Benefits**: The gradual relaxation of airspace regulations and simplified flight approvals are expected to boost the adoption of drones, thereby increasing the demand for power systems [7][15]. - **Market Structure Opportunities**: The global drone power market is still fragmented, with Haoying's market share at only 4.12% in 2024. Companies with comprehensive self-research capabilities and stable supply chains are positioned to capture more market share [8][14]. Industry Growth - The global civil drone market is projected to grow from 30.9 billion yuan in 2019 to 110.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 24.14%. The industry-level drone segment is expected to grow even faster at a CAGR of 33.33% [13]. - The drone power system market in China is anticipated to expand from 4.3 billion yuan in 2019 to 10.3 billion yuan in 2024, with a CAGR of 19.05% [13]. Competitive Landscape - The drone power system market consists of both integrated manufacturers like DJI and specialized third-party suppliers such as Haoying Technology. The market remains competitive with high entry barriers for new players [14].

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].

Group 1: Company Overview - Shenzhen is a significant base for China's high-tech industry, known as "China's Silicon Valley," housing major tech companies like Huawei and Tencent, and has over 400 A-share listed companies [1] - Haoying Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, with Guolian Minsheng Securities as the sponsor [1][19] - The company specializes in the research, production, and sales of drone power systems, which are critical components that determine the safety, reliability, and performance of drones [1][4] Group 2: Business Performance - From 2022 to the first half of 2025, the revenue share from drone power systems increased from 39.94% to 75.57%, while the share from other systems decreased [4][5] - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 468 million, 546 million, 738 million, and 580 million respectively, with net profits of about 82 million, 94 million, 152 million, and 139 million [15] - The comprehensive gross margin for the same periods was 44.88%, 45.68%, 47.41%, and 44.85%, indicating some fluctuations influenced by sales prices and production costs [15] Group 3: Market Dynamics - The global drone power system market is projected to reach 10.308 billion in 2024, with a compound annual growth rate (CAGR) of 19.05% from 2019 to 2024 [15] - The Chinese drone market is expected to reach 110.849 billion in 2024, accounting for 57.19% of the global market, with industry-level drones growing faster than consumer-level drones [11] - Haoying Technology holds a global market share of 4.12% in drone power products, ranking among the top tier of third-party suppliers [17] Group 4: Competitive Landscape - The consumer drone market is dominated by DJI, while the industry-level drone market is still developing with a diverse competitive landscape [17] - The company faces competition from both self-manufactured drone power systems by drone manufacturers and third-party suppliers [17] - The supply chain includes upstream raw material producers and downstream drone manufacturers, with potential risks from self-manufacturing by clients [6][7][8] Group 5: Future Prospects - The company plans to raise 1.96 billion for projects including a high-end power system smart industrial park and R&D center upgrades [20][22] - The company has a history of cash dividends, distributing approximately 20 million in 2022 and 2024, and 30 million in the first half of 2025 [20] - The company is positioned to benefit from the rapid rise of the low-altitude economy and the expansion of drone applications [20]

Core Viewpoint - The low-altitude economy is emerging, and Shenzhen Haoying Technology Co., Ltd. is preparing to list on the Sci-Tech Innovation Board, focusing on the research, production, and sales of drone power systems [1] Group 1: Business Performance - Haoying Technology has shown strong growth in operating performance, with projected revenues of approximately 468 million yuan, 546 million yuan, 738 million yuan, and 580 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods are expected to be 81.89 million yuan, 94.18 million yuan, 152 million yuan, and 139 million yuan [2] - The company holds a leading position in the drone power system industry, with a global market share of 4.12% projected for 2024, and a remarkable 23.09% share in the competitive model power system market, ranking first worldwide [2] Group 2: Business Structure and Risks - The company's reliance on the drone power system business is increasing, with its revenue share rising from 39.94% in 2022 to 75.57% in the first half of 2025, indicating a potential imbalance in business structure [3] - The traditional competitive model power system's revenue share has decreased from 43.19% in 2022 to below 20% in the first half of 2025, highlighting the risk of over-dependence on the drone sector [3] Group 3: Profitability and Competition - Haoying Technology faces volatility in gross margins, which fluctuated between 44.85% and 47.41% during the reporting period, influenced by sales prices, production costs, and product mix [4] - The gross margin for the drone power system in the first half of 2025 is significantly lower at 43.31% compared to a comparable company, indicating competitive disadvantages [4] - The company primarily serves domestic clients, with 85.59% of its revenue coming from domestic sales, making it sensitive to price fluctuations [4] Group 4: International Market Challenges - The company is exposed to uncertainties in expanding overseas markets due to international trade policy changes, with recent tariff uncertainties impacting sales [5] - The competitive model power system sales saw a slight decline in the first half of 2025, attributed to decreased export revenue from tariff impacts [5] - Haoying Technology's late entry into the overseas drone power market has resulted in a low revenue share from international operations, posing a competitive disadvantage [5]

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]

Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has received acceptance 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, development, production, and sales of drone power systems [1] - The company is significantly investing in the eVTOL power system sector [1] IPO Details - The company aims to raise approximately 1.96 billion yuan through this IPO [1] - After deducting issuance costs, the net proceeds will 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]