北京商报讯(记者马换换李佳雪)近期，深交所官网显示，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注册生效。 本次冲击上市，三瑞智能拟募集资金约7.69亿元，扣除发行费用后拟投资于无人机及机器人动力系统扩 产项目、研发中心及总部建设项目、信息化升级及智能仓储中心建设项目。 据了解，三瑞智能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，当年6月15日进入问询阶 段；2025年12月26日公司上会获得通过，于今年1月5日提交注册。 ...

智通财经APP获悉，1月23日，中国证监会发布《关于同意南昌三瑞智能科技股份有限公司首次公开发行股票注册的批复》。据悉，三瑞智能拟在深交所创 业板上市，国泰海通证券为保荐机构，拟募资7.6888亿元。 在无人机电动动力系统方面，公司产品包括电机、电子调速器、螺旋桨及一体化动力系统等电动动力系统全品类，终端应用于农林植保、工业巡检、测绘地 理信息、快递物流、应急救援、安防监控等各垂直细分领域，产品可适配于多旋翼、固定翼、复合翼等各类型无人机。 在机器人动力系统方面，公司自2018年建立自主品牌CubeMars，专注于机器人关节领域，目前已实现机器人动力模组中电机、驱动板、行星减速器等核心 部件全部自研自产。公司产品可应用于人形机器人、外骨骼及穿戴设备、四足机器人等众多新兴领域。 据招股书，三瑞智能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，并积极布局电动垂直起降 飞行器(eVTOL)动力系统产品。 ...

Group 1: IPO Approvals and Registrations - During the week of January 5 to January 11, two companies were approved for listing, four submitted registration, and two registrations became effective on the Shanghai and Shenzhen Stock Exchanges [1] - The two companies approved for listing are Zhoushan Chenguang Electric Machine Co., Ltd. and Guangdong Banzhe Chuangke Electric Co., Ltd., both of which had their applications accepted in June 2025 and were approved in early January 2026 [1] Group 2: Company Performance and Governance Concerns - Chenguang Electric was questioned about its performance stability and internal governance, specifically regarding its core competitiveness compared to major competitors, customer cooperation stability risks, and measures to address potential declining gross margins [1] - Banzhe Chuangke faced inquiries about the authenticity and sustainability of its profit growth, particularly the significant increase in net profit and the inconsistency between net profit and revenue growth [1] Group 3: Registration Details of Other Companies - Among the four companies that submitted registration, two are applying to the Shenzhen Stock Exchange: Beijing Weitongli Electric Co., Ltd. and Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) [2] - Sanrui Intelligent's main business involves the R&D, production, and sales of drone electric power systems and robotic power systems, with sales to its top five customers accounting for 18.30% to 33.09% of its main business revenue from 2022 to the first half of 2025 [2] Group 4: Customer Relationship Concerns - Sanrui Intelligent's first major customer, Nanchang Linglai Technology Co., Ltd., raised concerns due to its small registered capital of 100,000 RMB and limited employee count, questioning its ability to generate over 100 million RMB in sales [2] - There are also issues regarding shared addresses and email accounts among Sanrui Intelligent's subsidiaries and its customers, indicating potential governance and operational risks [3] Group 5: Additional Companies Registered - Two other companies that registered successfully are Luoyang Shenglong Mining Group Co., Ltd. and Gude Electric Material System (Suzhou) Co., Ltd. [7] - Shenglong Mining highlighted risks related to a lack of product diversification, as its revenue primarily comes from molybdenum products, making it vulnerable to price fluctuations [7] - Gude Electric Material reported a decline in gross margin for the first half of 2025, attributed to fluctuations in terminal vehicle sales and changes in tariff policies affecting its high-margin export sales [7]

Group 1 - The core point of the news is that Nanchang Sanrui Intelligent Technology Co., Ltd. has changed its IPO review status to "submitted for registration" on the Shenzhen Stock Exchange's ChiNext board, with Guotai Junan Securities as the sponsor [1] - Sanrui Intelligent was established in 2009 and primarily engages in the research, production, and sales of electric power systems for drones and robotic power systems [2] - The shareholding structure indicates that Wu Min controls 81.06% of the voting rights, holding 43.17% of the shares directly and controlling additional shares through family members and an investment partnership [2] Group 2 - The company has distributed dividends of 170 million yuan before its IPO, with Wu Min's family receiving over 100 million yuan based on their shareholding [2] - Revenue for the periods from 2022 to 2025 is reported as 362 million yuan, 534 million yuan, 831 million yuan, and 436 million yuan, respectively, while net profit attributable to the parent company is 113 million yuan, 172 million yuan, 333 million yuan, and 160 million yuan [2] - The average selling price of electric motors has decreased from 295 yuan per unit in 2022 to 110.40 yuan per unit in the first half of 2025, attributed to a higher proportion of small motor sales and a shift to processing cooperation with clients [3] Group 3 - The company experienced a revenue growth slowdown to 28.83% in the first half of 2025, which is explained as a short-term impact due to high capacity utilization and external market influences [4] - As of October 31, 2025, the company reported an order backlog of 177 million yuan, indicating a stable performance outlook despite the slowdown [4] - The company’s inventory values at the end of each reporting period were 92.52 million yuan, 106 million yuan, 156 million yuan, and 204 million yuan, with declining turnover rates noted [4]

Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. has applied for a change in its IPO review status to "submitted for registration" on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 768.88 million yuan [1] Group 1: Company Overview - Sanrui Intelligent specializes in the manufacturing of drone and robot power systems, focusing on the research, production, and sales of electric power systems for drones and robots, and is actively developing eVTOL power systems [1] - The company's drone electric power systems include motors, electronic speed controllers, propellers, and integrated power systems, applicable in various sectors such as agriculture, industrial inspection, mapping, logistics, emergency rescue, and security monitoring [1] - Sanrui's products are sold to over 100 countries and regions across Asia, Europe, America, Africa, and Oceania, with a diverse customer base including notable clients like Aerospace Electronics, Zongheng Co., and NTT Japan [1] Group 2: Robotics Power Systems - Since 2018, the company has established its own brand, CubeMars, focusing on the robotics joint field, achieving self-research and production of core components such as motors, driver boards, and planetary gearboxes [2] - The products are applicable in various emerging fields, including humanoid robots, exoskeletons, wearable devices, and quadruped robots [2] Group 3: Fundraising and Financials - The funds raised will be allocated entirely to projects related to the company's main business, including expansion of drone and robot power systems, construction of a research center and headquarters, and upgrades to information technology and smart warehousing [2] - Financial projections indicate revenues of approximately 362 million yuan, 534 million yuan, 831 million yuan, and 436 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of approximately 113 million yuan, 172 million yuan, 333 million yuan, and 161 million yuan for the same periods [2] Group 4: Financial Metrics - As of December 31, 2022, total assets were approximately 450.33 million yuan, with a projected increase to 1.09373 billion yuan by June 30, 2025 [3] - The company's equity attributable to shareholders is expected to grow from approximately 320.72 million yuan in 2022 to about 891.66 million yuan by mid-2025 [3] - The asset-liability ratio is projected to decrease from 28.14% in 2022 to 18.28% by mid-2025, indicating improved financial stability [3]

Core Viewpoint - Nanchang Sanrui Intelligent Technology Co., Ltd. has submitted its IPO registration for the ChiNext board, focusing on the development, production, and sales of drone electric power systems and robotic power systems, with plans to expand into eVTOL power systems [1] Company Overview - The company specializes in the research and development of electric power systems for drones and robots [1] - It is actively laying out products related to electric vertical takeoff and landing (eVTOL) power systems [1] IPO Details - The IPO was accepted on May 30, 2025, entered the inquiry stage on June 15, 2025, and was approved on December 26, 2025 [1] - The company aims to raise approximately 769 million yuan, which will be allocated to expansion projects for drone and robotic power systems, the construction of a research and development center and headquarters, as well as upgrades to information technology and the establishment of an intelligent warehousing center [1]

Group 1 - The core viewpoint of the article is that Nanchang Sanrui Intelligent Technology Co., Ltd. has received approval for its IPO on the ChiNext board, marking a significant step for the company as a leading manufacturer in the drone and robot power systems industry [1] - Sanrui Intelligent specializes in the research, production, and sales of electric power systems for drones and robots, and is also developing power systems for electric vertical takeoff and landing (eVTOL) aircraft [1] - The company plans to raise 769 million yuan through its IPO [2]

Core Viewpoint - Sanrui Intelligent, the second-largest player in the global civil drone power system market, has received approval for its IPO on the Shenzhen Stock Exchange, marking its entry into the A-share market by the end of 2025. The market is scrutinizing the sustainability of its high growth performance [2][5]. Financial Performance - Sanrui Intelligent has shown rapid revenue growth, with reported revenues of 362 million yuan, 534 million yuan, and 831 million yuan for the years 2022, 2023, and 2024, respectively, resulting in a compound annual growth rate of 51.64% over the last three years [5]. - The company's net profit attributable to shareholders, after deducting non-recurring gains and losses, was 101 million yuan, 162 million yuan, and 321 million yuan for the same years. For the first half of 2025, the company achieved a revenue of 436 million yuan and a net profit of 153 million yuan [6]. - For the full year of 2025, Sanrui Intelligent expects revenues between 1.03 billion yuan and 1.1 billion yuan, representing a year-on-year growth of 23.88% to 32.29%. The net profit is projected to be between 400 million yuan and 430 million yuan, indicating a growth of 24.80% to 34.16% [6]. Business Structure - The company's revenue from motor products consistently accounted for over 42% of total revenue during the reporting period. The robot power system segment, established in 2018, has seen rapid growth but remains a minor contributor to overall revenue, with proportions of 7.21%, 6.38%, 5.26%, and 8.45% [7]. - The revenue concentration among the top five customers has increased, with their contributions to total revenue rising from 18.30% to 33.09% over the reporting period. The company maintains a diverse customer base, which can mitigate risks but may also increase management costs [7]. Fundraising and Investment Plans - The IPO proceeds will be fully allocated to projects related to the company's main business, including 406.55 million yuan for expanding drone and robot power system production, 257.76 million yuan for building a new headquarters and R&D center, and 104.58 million yuan for upgrading information systems and smart warehousing [8][10]. - The company has a high capacity utilization rate for its motor products, increasing from 73.79% in 2022 to 123.26% in 2024, indicating a necessity for expansion [10]. Cash Dividends and Financial Position - Sanrui Intelligent has distributed significant cash dividends, totaling 130 million yuan in 2023 and 40 million yuan in the first half of 2025, amounting to 170 million yuan. The major beneficiary of these dividends is the controlling shareholder, who holds 81.06% of the voting rights [11]. - Despite having ample liquid assets, the rationale behind raising funds while distributing dividends has raised questions regarding the company's financial strategy and necessity for additional capital [12].

IPO Review and Registration Progress - Last week, 9 IPO applications were approved, including companies like Shenglong Co., Fuen Co., and others aiming for various stock exchanges [2] - Dapu Micro, the first unprofitable company to be accepted for the ChiNext board, plans to raise approximately 1.878 billion yuan for R&D and production projects [2] - The listing committee questioned Dapu Micro about the sustainability of its performance growth, projecting a potential turnaround to profitability by 2026 [2] - Vision Technology, aiming to raise 2.015 billion yuan, is focused on silicon-based OLED micro-displays and has not yet achieved profitability [3] - Sanrui Intelligent, a manufacturer of drone and robot power systems, reported expected revenue of 8.09 billion yuan and net profit of 3.18 billion yuan for the first three quarters of 2025 [3] New IPO Applications and Market Dynamics - A total of 29 new IPO applications were accepted last week, with over 40% from the ChiNext board [9] - Notable companies include Hengyi Energy and Youbang Technology, which are pursuing the first set of listing standards [9] - The Science and Technology Innovation Board saw five companies apply, including Xinnoway, which focuses on innovative drug development [9][10] - The North Exchange welcomed nine new IPO applications, with companies like Jiren Pharmaceutical and Guogui Technology participating [10] Upcoming IPOs and New Stock Listings - This week, four new stocks are set to be listed, including Yufan Technology and Qiangyi Co., with respective issue prices of 22.29 yuan and 85.08 yuan [12][13] - Qiangyi Co. focuses on probe cards for wafer testing, projecting revenue of 6.47 billion yuan for the first three quarters of 2025 [13] - The previous week saw five new stocks listed, all achieving significant first-day gains, with Nabaichuan's stock price increasing by 408.18% [12]

Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. has successfully passed the IPO review and is expected to become the "first stock of drone power systems" in China, despite concerns over the sustainability of its performance growth due to significant price reductions in its core products [1][3]. Group 1: Company Performance - Sanrui Intelligent has been deeply engaged in the drone and robot power system sector for over a decade, showing impressive financial performance with revenues of 3.62 billion yuan, 5.34 billion yuan, 8.31 billion yuan, and 4.36 billion yuan from 2022 to the first half of 2025 [3]. - The company achieved a net profit attributable to shareholders of 1.13 billion yuan, 1.72 billion yuan, 3.33 billion yuan, and 1.6 billion yuan during the same period, indicating a strong growth trend [3]. - The company holds a 7.1% market share in the global civil drone electric power system market (excluding batteries) in 2024, ranking second after DJI [3]. Group 2: Pricing and Competition - The average selling price of Sanrui's drone motors has decreased from 295 yuan per unit to 110.40 yuan per unit over three and a half years, representing a decline of 62.57% [4]. - The price of the robot power system motors also fell from 1,455.31 yuan per unit in 2022 to 615.26 yuan per unit in the first half of 2025, a drop of over 57% [4]. - The company has adopted a "price for volume" strategy in response to intensified competition, leading to concerns about the sustainability of this growth model [3][4]. Group 3: Research and Development - Sanrui's R&D expense ratio has declined to 4.27%, contrasting with its high growth and profitability, raising market skepticism about its commitment to innovation [6]. - The company spent 1.86 million yuan on R&D in the first half of 2025, which is significantly lower than its competitors [6]. - As of the first half of 2025, Sanrui holds 368 domestic patents, with only 45 being invention patents, indicating a relatively weak core technology patent barrier [6]. Group 4: Financial Health - As of June 2025, Sanrui's debt-to-asset ratio is only 12.33%, significantly lower than the industry average, and it has maintained positive operating cash flow from 2022 to 2024 [7]. - The company has a total of 683 million yuan in cash and trading financial assets, nearly matching the total amount it aims to raise through the IPO [7]. - Despite having sufficient funds for business development and R&D, the company plans to raise 769 million yuan, which raises questions about the rationale behind this fundraising [8]. Group 5: Production Capacity - Of the funds raised, 258 million yuan is intended for the "R&D center and headquarters construction project," while 407 million yuan is allocated for expanding production capacity, despite underutilization of existing capacity [9]. - In 2024, the utilization rate of the electronic speed controller production capacity was only 44.97%, even though it is expected to rise to 87.08% in the first half of 2025, which remains below industry averages [9].