The Shenzhen Stock Exchange's ChiNext board has accepted the initial public offering application of Dalian Auto Co., Ltd., as of June 17th. Guotai Haitong Securities is acting as the sponsor for the offering, which aims to raise approximately 1.1 billion yuan. According to the prospectus, the company is primarily engaged in the research and development, production, sales, and service of intelligent production lines and equipment for the automotive and energy storage industries. Its core products include intelligent body-in-white welding assembly lines, vehicle final assembly intelligent lines, flow battery intelligent production lines, and other smart equipment.
The firm has established a deep presence in the automotive intelligent equipment manufacturing sector, focusing on the high-end German automotive market as part of its international strategic layout. It leverages a suite of proprietary core technologies, including equipment manufacturing, software development, system integration, and intelligent services, to provide global clients with customized intelligent welding line system solutions for both traditional steel and lightweight aluminum vehicle bodies.
Beyond being a supplier of welding line systems to renowned German automotive brands such as Mercedes-Benz, BMW, Volkswagen, and Audi AG in China, the company is also recognized as one of the first domestic enterprises to export intelligent body-in-white welding production lines for branded vehicles overseas. It is considered a leader in the industry regarding the domestic substitution of intelligent body-in-white equipment.
Furthermore, building upon its core technology and industrial expertise in industrial automation, structural design, intelligent control, and system integration, the company is continuously expanding its industrial chain and venturing into emerging sectors. It strategically entered the embodied intelligence field in 2026, utilizing its existing smart manufacturing technology to develop and industrialize embodied intelligence-related equipment and scenario-based solutions. This move aims to cultivate new growth drivers and continuously broaden the scope of its smart manufacturing business and industry applications.
During the reporting period, the company's primary business revenue structure, categorized by product type, is as follows. Its clientele in the automotive industry primarily consists of globally renowned leading automakers. Domestic customers include Beijing Benz, BMW Brilliance, FAW-Volkswagen, SAIC Volkswagen, Volkswagen Anhui, Tesla, Jianghuai (Zunjie), NIO, Xiaomi, Leapmotor, and Li Auto, among others. Overseas clients mainly comprise Mercedes-Benz, BMW, Audi AG, Tesla, and Mercedes-Benz USA.
In each period of the reporting timeframe, sales revenue from the top five customers accounted for 87.86%, 75.90%, and 80.63% of total operating revenue, respectively. This high concentration is primarily attributed to the high consolidation within the downstream automotive industry and the company's receipt of substantial and consistent large-scale orders from automotive groups and new energy vehicle manufacturers.
Net proceeds from this offering, after deducting issuance expenses, will be invested in projects related to the main business, prioritized as follows. Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 1.536 billion yuan, 1.705 billion yuan, and 1.518 billion yuan, respectively. During the same periods, it recorded net profits of about 24.96 million yuan, 65.81 million yuan, and 112 million yuan.
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