Group 1 - The China Securities Regulatory Commission has approved Shenzhen Shangshui Intelligent Co., Ltd.'s application for an initial public offering, with plans to raise 587.39 million yuan [1][2] - Shangshui Intelligent aims to list on the Shenzhen Stock Exchange's ChiNext board, with Guolian Minsheng Securities as its sponsor [1][2] Group 2 - The company focuses on the manufacturing of new energy battery electrode sheets and new material preparation, providing intelligent equipment for research, design, production, and sales [4] - Shangshui Intelligent's self-developed efficient pulping system has achieved a 60% market share in the domestic market for pulping systems, ranking first, while its lithium battery pulping system holds a 12.77% market share, ranking third [4] - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and Samsung SDI, among others [4][5] Group 3 - In the new material preparation sector, the company has developed a comprehensive system for mixing, dispersing, grinding, coating, drying, and film preparation, with products applied in various fields such as battery materials and semiconductor packaging [5] - Shangshui Intelligent has created a new material preparation platform that is both versatile and scalable, serving multiple industries and applications [5]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has applied for IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 587.39 million yuan, with a focus on the intelligent equipment industry, particularly in the fields of new energy battery and new material preparation [1] Group 1: Company Overview - The company has over ten years of experience in the intelligent equipment industry, developing a comprehensive technical capability system based on "core single machine + intelligent control system + process package" [1] - Main business activities include micro-nano powder processing, precise measurement of powder-liquid, powder-liquid mixing and dispersion, and functional film preparation, with applications across various sectors such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [1] Group 2: Market Position and Products - In the new energy battery electrode manufacturing sector, the company has developed a high-efficiency pulping system that significantly enhances slurry consistency, efficiency, and energy efficiency, achieving a 60% market share in China, ranking first [2] - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and Samsung SDI, among others [2] Group 3: New Material Preparation - The company has a systematic layout for micro-nano material processing, including mixing, dispersion, grinding, coating, drying, and film preparation, forming a smart equipment system with delivery capabilities [3] - Products are utilized in various applications, including new energy battery materials, functional films, semiconductor packaging materials, and functional ceramics, serving clients such as BETTERI and Wanhua Chemical [3] Group 4: Financial Performance - The company reported revenues of approximately 397.7 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.71 million yuan [3] - Total assets increased from 1.356 billion yuan in 2022 to 2.049 billion yuan by June 30, 2025, while the equity attributable to the parent company rose from 181.94 million yuan to 665.63 million yuan during the same period [4]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has successfully passed the listing committee meeting of the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 587.39 million yuan [1] Group 1: Company Overview - The company has over ten years of experience in the intelligent equipment industry, focusing on core processes such as micro-nano powder treatment, precise measurement of powder-liquid, powder-liquid mixing and dispersion, and functional film preparation [1] - Its products are widely applicable in industries including new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [1] Group 2: Business Segmentation - The main business revenue composition for the reporting period includes: - Intelligent equipment for new energy battery electrode manufacturing: 38,506.73 million yuan (96.85% of total revenue) for the first half of 2025 [2] - Intelligent equipment for new material preparation: 324.48 million yuan (0.82% of total revenue) for the first half of 2025 [2] - Accessories and modification services: 926.49 million yuan (2.33% of total revenue) for the first half of 2025 [2] Group 3: Market Position and Partnerships - The company holds a 60% market share in the domestic market for its efficient pulping systems, ranking first, and a 12.77% market share for lithium battery pulping systems, ranking third [3] - It has established partnerships with major companies in the new energy battery and vehicle sectors, including BYD, CATL, and international manufacturers like Samsung SDI and LGES [3] Group 4: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan respectively [3] - Net profits for the same periods were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.71 million yuan respectively [3] - Total assets as of June 30, 2025, are reported at 2.049 billion yuan, with a debt-to-asset ratio of 65.35% [4]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. (Shangshui Intelligent) is heavily reliant on BYD, which is both a major shareholder and the largest customer, contributing 65.78% of its revenue in 2024, indicating a significant business risk due to this dependency [2][4][8]. Group 1: Company Overview - Shangshui Intelligent was founded in 2012, focusing on micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, with applications in the new energy battery sector [4]. - The company has established partnerships with major players in the new energy battery industry, including BYD, Yiwei Lithium Energy, and CATL, as well as international manufacturers like Samsung SDI and LGES [4]. Group 2: Financial Performance - Shangshui Intelligent's revenue has shown strong growth over the past three years, with annual revenue of 397 million, 601 million, 637 million, and 398 million yuan, and a compound annual growth rate of 26.70% from 2022 to 2024 [4][5]. - Despite revenue growth, net profit has shown signs of decline, with a significant drop of 34.90% in 2024 compared to 2023, attributed to factors such as changes in VAT policies and fluctuations in gross profit [5][6]. Group 3: Dependency on BYD - The company has a significant dependency on BYD, with sales to the top five customers accounting for over 89% of total revenue, and sales to BYD alone representing 36.29% in the first half of 2025 [8][9]. - A strategic cooperation agreement was signed with BYD, extending the lock-up period for BYD's shares in Shangshui Intelligent to 36 months, indicating a long-term commitment [8]. Group 4: Risks and Challenges - Shangshui Intelligent faces risks related to its heavy reliance on BYD, as any changes in BYD's procurement strategy or market conditions could adversely affect its business [9]. - The company has reported a significant increase in inventory levels, which poses a risk of capital inefficiency and potential financial strain if not managed effectively [9]. - The gross profit margin has fluctuated, with rates of 48.10%, 57.08%, 48.72%, and 53.65% over the reporting periods, indicating potential pressure from cost control demands from clients and market competition [10][11].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is pursuing an IPO on the ChiNext board, backed by BYD, which plays a crucial role in its equity structure and business operations [2][6] Group 1: IPO Details - Shangshui Intelligent's IPO application was accepted on June 19, 2025, and is scheduled for review on December 16, 2025, with a fundraising target of approximately 587 million yuan [2] - The funds raised will be primarily used for the construction of a manufacturing base for high-precision intelligent equipment, a research and development center, and to supplement working capital [2] Group 2: Business Overview - Founded in 2012, Shangshui Intelligent specializes in micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, with applications in the new energy battery sector [3] - The company has established partnerships with major players in the new energy battery industry, including BYD, Yiwei Lithium Energy, and CATL, as well as international manufacturers like Samsung SDI and LGES [3] Group 3: Financial Performance - Shangshui Intelligent's revenue has shown significant growth over the past three years, with annual revenue of 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan reported [3] - However, net profit has started to decline, with figures of 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.71 million yuan for the same periods, indicating a 34.90% decrease in 2024 compared to 2023 [4][5] Group 4: Dependency on BYD - The company has a significant reliance on BYD, with sales to BYD accounting for 65.78% of its revenue in 2024 [6] - A strategic cooperation agreement was signed in November 2025, ensuring that BYD will prioritize purchasing from Shangshui Intelligent for specific equipment [6] Group 5: Cash Flow and Inventory Concerns - Shangshui Intelligent has reported negative net cash flow from operating activities in 2023 and 2024, despite positive net profits, indicating potential liquidity issues [5] - The company has a growing inventory balance, which poses risks related to capital efficiency and financial health [7] Group 6: Margin Pressures - The gross margin for Shangshui Intelligent has fluctuated, with rates of 48.10%, 57.08%, 48.72%, and 53.65% reported during the review period, indicating potential pressures from cost control demands from clients [8] - The company anticipates that increased competition and cost pressures could further impact its gross margins in the future [8]

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 587.39 million yuan, focusing on the intelligent equipment industry with a strong emphasis on the new energy battery and new materials sectors [1]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, developing a comprehensive technical capability system centered around "core single machines + intelligent control systems + process packages" [1]. - The company specializes in micro-nano powder processing, precise measurement of powder-liquid mixtures, and the preparation of functional films, with applications across various industries including new energy batteries, chemicals, food, pharmaceuticals, and semiconductors [1]. Group 2: Market Position and Products - In the new energy battery sector, Shangshui Intelligent's self-developed high-efficiency pulping system has achieved a 60% market share in China, ranking first, while its lithium battery pulping system holds a 12.77% market share, ranking third [1]. - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and international manufacturers like Samsung SDI and LGES [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Shangshui Intelligent reported revenues of approximately 400 million yuan, 601 million yuan, and 637 million yuan, respectively, with net profits of about 97.72 million yuan, 234 million yuan, and 153 million yuan [4]. - The company's total assets are projected to reach approximately 1.8 billion yuan by the end of 2024, with a significant increase in equity attributable to shareholders [5]. Group 4: Fundraising and Investment Plans - The funds raised from the IPO will be allocated to several projects, including the construction of a high-precision intelligent equipment manufacturing base in South China and the establishment of a research and development center, with a total investment of approximately 951.78 million yuan [4].

Core Viewpoint - The Chinese lithium battery slurry system market is projected to reach approximately 4.7 billion yuan in 2024, reflecting a year-on-year decline of over 15% due to a slowdown in the overall expansion pace of the lithium battery industry. However, the market is expected to exceed 6 billion yuan by 2027, driven by the growth of the new energy vehicle and energy storage markets [3]. Market Size and Forecast - The market size of the lithium battery slurry system in China is estimated to be around 4.7 billion yuan in 2024, with a decline of more than 15% compared to the previous year. The slowdown is attributed to a deceleration in the expansion of the lithium battery industry [3]. - By 2027, the market size is anticipated to surpass 6 billion yuan, supported by the recovery of production capacity in the lithium battery sector, which is expected to exceed 350 GWh [3]. Technology Trends - The slurry equipment sector is characterized by multiple technological routes, with the penetration rate of high-efficiency slurry systems increasing. The dual-planetary mixing system remains the mainstream choice due to its stability and adaptability, although efficiency and energy consumption issues are key areas for optimization [6]. - The circular mixing system is gaining traction among leading lithium battery manufacturers due to its high efficiency and low energy consumption, becoming a critical technology direction for improving slurry efficiency [6]. - The dual-screw mixing system is still in the experimental stage in certain niche applications, requiring further technological iterations to meet commercial demands [6]. Market Share and Competition - The market concentration is increasing, with leading companies accelerating their production, which enhances the competitive barriers for top equipment manufacturers. In 2024, the market share of the leading company, Lichi Intelligent, is expected to exceed 40% [8]. - Shangshui Intelligent has seen its market share rise to third place, leading the circular high-efficiency slurry system segment due to its technological advantages and early market entry [8]. Downstream Application Trends - The core development direction of the lithium battery slurry system is to ensure product quality stability while helping companies reduce costs and increase efficiency. This includes enhancing production efficiency, reducing slurry preparation time, and maintaining the stability of the slurry [10]. - The system supports the stable preparation of high-solid content slurries, which can improve the energy density of electrode sheets and reduce drying energy consumption, contributing to energy optimization [11]. - The push towards automation and intelligent upgrades in slurry systems aims to lower labor costs, improve production yield, and enhance overall system stability and production flexibility [11].