On January 23rd, Wuxi Liqi Intelligent Equipment Co., Ltd. (Liqi Intelligent) saw the status of its IPO application for the Shenzhen Stock Exchange's ChiNext board change to "registration submitted." With Guotai Haitong Securities acting as its sponsor, the company plans to raise 1.00816 billion yuan.
According to its prospectus, the company specializes in the field of automated material handling, including automatic material batching, dispersion and emulsification, and mixing and stirring, providing professional integrated solutions for intelligent material processing systems. It offers customers a one-stop service encompassing consultation, design, manufacturing, installation, commissioning, training, and after-sales support, with its products widely used in industries such as lithium battery manufacturing, fine chemicals, and composite materials.
Aligning with the industry trend of moving from single machines to complete system equipment, the company has focused since its inception on the R&D, manufacturing, and sales of customized, intelligent, integrated material handling system equipment. Its systems cover the entire material processing workflow, from feeding, metering, and conveying to pre-processing, and further to mixing, dispersing, reacting, and drying.
The company's products are equipped with an intelligent integrated control system that enables data exchange with factory MES systems. This provides functionalities such as real-time production data upload, automatic work order issuance, process analysis assistance, and proactive equipment maintenance, facilitating real-time production line monitoring and intelligent production management.
Leveraging the non-standard, customized nature of both single machines and integrated systems, the company independently develops and manufactures complete sets of intelligent material processing system equipment based on client requirements, while also providing a full suite of services including equipment installation, commissioning, and daily operation and maintenance.
The company's products utilize a self-developed integrated control system, enabling functions like precise material feeding, automatic conveying, high-precision metering, and efficient mixing, supporting 24-hour continuous production. This achieves a production environment characterized by reduced manpower, increased intelligence, and high integration.
Tailoring solutions to specific industry characteristics, material properties, and customer needs, the company has developed mature solutions including Intelligent Material Processing Systems for the lithium battery industry, fine chemical industry, and composite materials industry. Among these, its lithium battery material processing systems are primarily used in the lithium battery manufacturing process.
The market for lithium battery slurry preparation and feeding systems in China is highly concentrated. According to GGII statistics, the combined market share of the top three companies in this sector was 57% in 2023 and 71% in 2024. From 2023 to 2024, the lithium battery manufacturing industry had ample capacity, with expansion primarily concentrated among leading battery makers.
The company mainly supplies top-tier lithium battery customers such as CATL, BYD Company Limited, Sunwoda Electronic Co., Ltd., and Eve Energy Co., Ltd. Consequently, its market share increased from 27% in 2023 to 43% in 2024, ranking first in the industry for both years.
In the coming years, the company is actively exploring overseas markets. By keeping pace with technological trends in the lithium battery industry, and against the backdrop of increasing consolidation in lithium battery manufacturing and the ongoing globalization of China's lithium battery supply chain, its lithium battery material intelligent processing systems are expected to remain a key driver of profit growth.
In terms of financial performance, the company reported operating revenues of approximately 619 million yuan, 1.721 billion yuan, 2.173 billion yuan, and 1.189 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profit for the same periods was approximately 95.3497 million yuan, 242 million yuan, 299 million yuan, and 151 million yuan.
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