Core Viewpoint - Nanchang Sanrui Intelligent Technology Co., Ltd. is a leading manufacturer of drone and robot power systems, currently applying for an IPO, with significant reliance on a major customer, Nanchang Linglai Technology Co., Ltd., which is projected to generate over 100 million yuan in sales in 2024 [1][2]. Group 1: Company Overview - Nanchang Sanrui specializes in the R&D, production, and sales of drone and robot power systems, and is actively developing eVTOL power systems [1]. - The company is preparing for an IPO, indicating growth and expansion plans [1]. Group 2: Major Customer Insights - Nanchang Linglai Technology Co., Ltd. is the largest customer of Sanrui, with a procurement amount of 109 million yuan in 2024, accounting for over 80% of its business [1][2]. - The customer has seen significant growth, with its operating scale projected to be approximately 120.65 million yuan in 2024, up from 3.44 million yuan in 2022 and 4.30 million yuan in 2023 [2]. Group 3: Financial Performance - Nanchang Linglai's registered capital was reduced from 5 million yuan to 100,000 yuan in July 2024, and it reported zero paid-in capital by the end of 2024, raising concerns about its financial stability [1]. - Sanrui's wholly-owned subsidiary, Nanchang Kude Intelligent Technology Co., Ltd., established in May 2024, reported a net asset of -554,400 yuan by the end of 2024, with a matching net profit of -1,554,400 yuan [3]. - The subsidiary continued to incur losses in the first half of 2025, with a reported loss of 331,390 yuan, leading to a projected net asset of -386,830 yuan, although it reported -378,850 yuan, indicating discrepancies in financial accounting [3][4].

Core Viewpoint - Nanchang Sanrui Intelligent Technology Co., Ltd. has received acceptance for its IPO on the ChiNext board, aiming to raise 769 million yuan for expansion and R&D projects in the drone and robotics power systems sector [2]. Company Overview - Sanrui Intelligent was established in 2009 with a registered capital of 360 million yuan, focusing on the R&D, production, and sales of electric power systems for drones and robots [2]. - According to a Frost & Sullivan industry report, the company is projected to hold the second-largest market share in the global civil drone electric power system industry (excluding power batteries) in 2024, following DJI [2]. Fundraising Purpose - The company plans to use the proceeds from the IPO to expand its production capacity for drone and robotics power systems, as well as to construct a new R&D center and headquarters [2]. Shareholding Structure - The controlling shareholder and actual controller of the company is Wu Min, who holds a total of 81.06% of the voting rights [2]. Board of Directors - The board consists of 7 members, including 3 independent directors, with a term of 3 years for each election [4]. - Wu Min serves as the Chairman and General Manager from August 8, 2023, to August 7, 2026 [4]. - The board includes notable members such as Wan Zhijian (Vice General Manager) and Li Yi (CEO), all appointed by Wu Min [4]. Independent Directors - The board features independent directors such as Jiang Yang, who is a doctoral candidate at Nanjing University of Aeronautics and Astronautics, and Yang Lijuan, who holds a doctorate in accounting from Jiangxi University of Finance and Economics [5][6].

Company Overview - Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as Sanrui Intelligent) has received acceptance for its IPO on the ChiNext board, with Guotai Junan Securities as the sponsor [2] - Established in 2009, the company has a registered capital of 360 million yuan and specializes in the manufacturing of drone and robot power systems [2] - The company aims to raise 769 million yuan for the expansion of drone and robot power systems, as well as the construction of a research and development center and headquarters [2] Market Position - According to a report by Frost & Sullivan, Sanrui Intelligent ranks second globally in the market share of civil drone electric power systems (excluding power batteries) in 2024, following DJI [2] Financial Performance - The company's revenue is projected to grow from 362 million yuan in 2022 to 831 million yuan in 2024, with net profits increasing from 113 million yuan to 333 million yuan during the same period [7] - The gross profit margin is expected to improve from 52.54% in 2022 to 59.76% in 2024 [7] Shareholding Structure - The controlling shareholder and actual controller of the company is Wu Min, who holds 43.17% of the shares, along with family members who collectively control an additional 33.70% of the voting rights through a concerted action agreement [3][6] - Wu Min has a background in engineering and has held various positions in the technology sector before becoming the chairman and general manager of Sanrui Intelligent [5][6]