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。 ...

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 - 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].

Core Viewpoint - Sanrui Intelligent is set to undergo a review for its IPO on December 26, 2023, as a leading supplier of electric power systems for civil drones, attracting significant market attention [1] Group 1: Company Performance - Sanrui Intelligent is a leading manufacturer of drone and robot power systems, with a projected market share of 2024 sales in the global civil drone electric power system industry ranking second only to DJI [2] - The company's revenue is expected to grow from 362 million yuan in 2022 to 831 million yuan in 2024, with net profit increasing from 101 million yuan to 321 million yuan during the same period [2] - In the first half of 2025, the company achieved revenue of 436 million yuan, reflecting a year-on-year growth of 28.83% despite a high performance base [2] - The gross margin of the main business has risen to nearly 60%, indicating strong market competitiveness and pricing power [2] Group 2: Technological Advantages - Sanrui Intelligent has established a robust technological barrier with 13 core technologies in the power system field, ensuring high performance and reliability of its products [3] - As of June 30, 2025, the company holds 368 domestic patents and 4 overseas patents, along with 26 registered software copyrights, showcasing its strong technological foundation [3] - The company has received multiple recognitions, including being a national high-tech enterprise and a key "little giant" enterprise, affirming its leading technological position [3] Group 3: Product Diversification and Client Base - Sanrui Intelligent has successfully expanded its product matrix, offering over 400 products across more than 60 series in the drone electric power system sector, covering various applications [4] - The company has also entered the robot power system market with over 70 products across 10 series, creating a second growth curve [4] - Its products serve a wide range of high-end clients, including well-known domestic companies and international firms across over 100 countries [4][5] Group 4: Market Opportunities and Strategic Initiatives - The drone and robot industries are recognized as strategic emerging industries, with significant growth potential supported by government policies [6] - The global civil drone market is expanding rapidly, with an expected compound annual growth rate of over 30%, providing unprecedented market capacity for Sanrui Intelligent [7] - The company plans to use funds from its IPO to expand production capacity and enhance R&D capabilities, addressing current capacity constraints and adapting to evolving market demands [7] - The IPO is viewed as a strategic move for Sanrui Intelligent to accelerate its development and strengthen its competitive position in the drone and robot power system sectors [8]

Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. is applying for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 768.88 million yuan, with a focus on drone and robot power systems [1] Group 1: Company Overview - Sanrui Intelligent is a leading manufacturer of drone and robot power systems, specializing in the R&D, production, and sales of electric power systems for drones and robots, and is actively developing eVTOL power systems [1][2] - The company offers a full range of electric power systems, including 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 [2] Group 2: Market Presence - Sanrui Intelligent's products are well-recognized in the market, exported to over 100 countries and regions across Asia, Europe, America, Africa, and Oceania, with notable clients including Aerospace Electronics, Zongheng Co., Leica Geosystems, and NTT [2] Group 3: Robotics Division - The company established its own brand, CubeMars, in 2018, focusing on robotic joints, and has achieved self-research and production of core components such as motors, driver boards, and planetary gearboxes [3] - The robotics power system business has seen rapid revenue growth, serving clients like Jike Technology, Hexagon, Kinova, and prestigious research institutions such as Tsinghua University and MIT [3] Group 4: Financial Performance - For the fiscal years 2022, 2023, and 2024, Sanrui Intelligent reported revenues of approximately 362 million yuan, 534 million yuan, and 831 million yuan, respectively, with net profits of about 113 million yuan, 172 million yuan, and 333 million yuan [3] - As of December 31, 2024, the total assets are projected to be approximately 954.22 million yuan, with equity attributable to shareholders of approximately 767.46 million yuan, and a debt-to-asset ratio of 12.35% [4]