Core Viewpoint - Ningbo Dechang Electrical Machinery Co., Ltd. is preparing for a specific issuance of A-shares in 2025, focusing on its core business in small household appliances and automotive motors, particularly emphasizing its ODM/OEM operations and partnerships with global brands [1][2][3]. Company Overview - Company Name: Ningbo Dechang Electrical Machinery Co., Ltd. - Established: January 21, 2002 - Stock Exchange: Shanghai Stock Exchange - Registered Capital: 484,069,040 RMB - Main Products: Small household appliances, automotive electronic power steering motors, and braking system motors [1][2][24]. Main Business Introduction - The company primarily engages in the design, manufacturing, and sales of small household appliances and automotive motors, with a significant focus on ODM/OEM products [2][3]. - The small household appliance line, particularly vacuum cleaner manufacturing, is the main revenue source [2][24]. Financial Performance - Revenue for the reporting periods: - 2022: 193,803.01 million RMB - 2023: 277,512.64 million RMB - 2024: 409,493.45 million RMB - 2025 (Q1): 100,046.98 million RMB [4][9]. - Net profit for the same periods: - 2022: 29,854.89 million RMB - 2023: 32,218.09 million RMB - 2024: 41,082.60 million RMB - 2025 (Q1): 8,104.88 million RMB [4][9]. Key Clients and Market Position - The company has established strong relationships with major global brands such as Techtronic Industries, Shark Ninja, and Helen of Troy, securing significant business orders [2][24]. - The small appliance business primarily targets the US and European markets, maintaining a strong market position in vacuum cleaners and hair styling tools [3][24]. Production Capacity and Investment Plans - The company plans to increase production capacity through new projects, including a production line for 560 million automotive steering and braking system motors [17][11]. - The total investment for the new projects is estimated at 240,983.74 million RMB, with a maximum fundraising target of 154,031.30 million RMB [17][11]. Risk Factors - The company faces risks related to high customer concentration, with the top five clients accounting for over 90% of revenue, which could impact financial stability if any major client reduces orders [8]. - External factors such as international trade tensions and rising manufacturing costs in China may affect operational performance [7][8].