After withdrawing its previous IPO application just over a year ago, Jiangsu Yihejie Automotive Technology Co., Ltd. (hereinafter referred to as "Yihejie") has regrouped and is making another attempt to list on the ChiNext board. Recently, the company's IPO application was accepted.
Financial data shows that Yihejie's revenue and net profit grew steadily from 2023 to 2025. However, over 80% of the company's revenue comes from overseas sales, and the gross profit margin of its main business has seen a slight decline for consecutive periods. Regarding control, the actual controller, Liu Quan, collectively controls 86.26% of the company's shares.
Overseas Sales Account for 86.33% of Revenue
Recently, the Shenzhen Stock Exchange website showed that Yihejie's ChiNext board IPO application has been accepted.
It is understood that Yihejie's main business is the research and development, manufacturing, and sales of turbochargers, serving both the global original equipment (OE) and aftermarket segments. Prior to this IPO acceptance, the company had a previous attempt to list on the ChiNext board. At that time, its IPO was accepted in June 2023 and entered the inquiry stage in July of the same year. However, after three rounds of review inquiries, that IPO attempt ultimately did not proceed to the listing committee hearing stage, and the application was withdrawn in March 2025.
Compared to the previous attempt, the proposed fundraising amount for this ChiNext IPO has increased from 712 million yuan to 1 billion yuan. The prospectus indicates that the net proceeds from this offering, after deducting issuance expenses, are intended to be fully used for the turbocharger production expansion project, the low-altitude and sports power core components production project, and the research and development center construction project.
Financial data shows that from 2023 to 2025, Yihejie's revenue and net profit both achieved steady growth. Specifically, during the reporting period, the company's operating revenues were approximately 631 million yuan, 789 million yuan, and 982 million yuan, respectively, with main business income accounting for 99.76%, 99.68%, and 99.62% of the total. The corresponding net profit attributable to the owners was approximately 109 million yuan, 130 million yuan, and 165 million yuan, respectively.
By product, from 2023 to 2025, within Yihejie's main business income, the revenue share of complete turbocharger units was 51.42%, 59.04%, and 66.61%, showing consecutive increases. The revenue share of turbocharger cartridges was 31.78%, 27.38%, and 22.88%, showing consecutive decreases. Additionally, the revenue share of turbocharger parts and other items was 16.79%, 13.58%, and 10.51%, respectively.
The prospectus shows that during the reporting period, the company's products were mainly exported to Europe, the United States, and South America, and its major customers remained stable. In each period of the reporting period, the proportion of overseas sales in the company's main business revenue was 89.93%, 89.07%, and 86.33%, respectively.
While revenue and net profit grew year by year, Yihejie's gross profit margin for its main business saw a slight consecutive decline. During the reporting period, the company's main business gross profit margin was 34.85%, 33.71%, and 31.01%, respectively. The company stated that this was mainly due to the increasing proportion of sales of complete turbocharger units, which have a relatively lower gross margin, within the product structure, as well as price reductions for turbocharger cartridges negotiated with customers in response to intensified market competition and the impact of RMB depreciation.
The turbocharger industry essentially follows a logic of "replacement of existing stock plus incremental hybrid demand," rather than being a high-growth track. Overall, the industry's short-term development is stable with support, but it may face structural differentiation in the medium to long term.
However, during the reporting period, Yihejie's main business gross profit margin consistently remained higher than the average of comparable companies in the same industry. The prospectus shows that from 2023 to 2025, the average gross profit margin for the same products or main business of comparable companies in the same industry was approximately 24.75%, 25.23%, and 25.76%, respectively.
Controlling Shareholder Holds 86.26% of Shares
Regarding control, Jinlang Investment directly holds 73.42% of Yihejie's shares, making it the controlling shareholder. The company's actual controller, Liu Quan, directly holds 5.24% of the company's shares, controls 73.42% of the shares through Jinlang Investment, and controls 7.6% of the shares through Deer League, collectively controlling 86.26% of the company's shares.
Further tracing the equity relationship of Jinlang Investment, it is jointly held by Liu Quan and his relatives Xiong Xinyuan and Cai Yongjun, with shareholding ratios of 56.5%, 27.8%, and 15.7%, respectively. It is worth noting that in terms of family relations, Xiong Xinyuan and Cai Yongjun are Liu Quan's brother-in-law and sister-in-law, respectively.
In the review inquiry letter for the previous IPO, the Shenzhen Stock Exchange had questioned Yihejie regarding cash dividends of 130 million yuan and 34 million yuan distributed in 2020 and 2022, respectively. The exchange required the company to explain the background, reasons, and rationale for the large cash dividends during the reporting period, the specific flow of the cash dividend funds, and whether there were any flows to major customers, suppliers, or related parties.
At that time, the company stated that, considering the financial condition during the reporting period, the company had a basis for cash dividends. Furthermore, to reward shareholders and enhance employee motivation, sharing the company's operating results, the cash dividends during the reporting period were reasonable. The main uses of the cash dividends received by shareholders were purchasing office buildings and bank wealth management products, and paying corresponding taxes. There was no flow to major customers, suppliers, or related parties, and there were no situations involving commercial bribery or covering up costs and expenses through off-balance-sheet funds.
According to the latest prospectus disclosed for this IPO, Yihejie again conducted cash dividends in both 2023 and 2025, with amounts of approximately 11.6705 million yuan and 27.2311 million yuan, respectively.
Additionally, in 2025, Yihejie's employee count saw significant growth. Specifically, at the end of 2023, 2024, and 2025, the company's number of employees was 422, 480, and 618, respectively. Calculated, the number of employees increased by 28.75% year-on-year in 2025.
Regarding the related situation, inquiries were sent to Yihejie, but as of the time of writing, no response has been received from the company.
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