Elight has applied for a listing on the Shanghai Main Board, with its application materials accepted by the exchange on June 28.
The company plans to raise 1.192 billion yuan through the IPO, with Zhongtai Securities acting as the sponsor.
Elight primarily manufactures ring forgings such as flange forgings, which are used in various fields including clean energy and engineering machinery.
The company's technology and product capabilities are notable, with its ring forging products having broken Guinness World Records on two separate occasions, and its equipment and processing capabilities in the wind power ring forging sector rank among the global leaders.
In 2025, its top five customers were VESTAS, CRRC, ACEK, PROESMMASADECV, and Tianneng Heavy Industry (Guangdong) Supply Chain Technology Co., Ltd., predominantly leading enterprises in the domestic and international wind power industry.
Leveraging its significant competitive advantages, Elight achieved relatively stable revenue performance in 2023 and 2024 despite intense market competition, demonstrating operational resilience, followed by a swift rebound in performance as the market recovered in 2025.
Revenue for 2025 was 4.8 billion yuan, with net profit attributable to the parent company reaching 610 million yuan, a substantial increase of 272% year-on-year.
Ring Forging Products Twice Set Guinness World Records
Elight is a manufacturer of ring forgings, with main products including flange forgings, gear ring forgings, engineering machinery forgings, heavy energy equipment forgings, and wear-resistant materials, widely used in various sectors such as clean energy, engineering machinery, offshore equipment, and metal mining.
Elight's ring forging products have twice broken Guinness World Records.
In May 2022, the company forged an austenitic stainless steel integral ring forging with a diameter of 15.673 meters, setting a Guinness World Record at the time; this product has been deployed as a core component in China's fourth-generation nuclear power units.
In January 2026, following an upgrade to the world's largest ring-rolling and cylinder-rolling machine, the company successfully forged a seamless, integrally-formed ring with a diameter of 21.029 meters, breaking the Guinness World Record once again.
Regarding technical capabilities, Elight's equipment and processing capacity for wind power ring forgings are among the foremost globally.
According to its prospectus, the company is one of the few worldwide with the capability for integral ring rolling of diameters exceeding 16 meters and mastery of ring-rolling processes for diameters over 20 meters.
It has mastered several core technologies including "Precision Rolling Forming Technology for Super-Large Ring Forgings," "Near-Net Shape Forming Technology for Super-Large Ring Forgings via Profiled Rolling," "High-Quality, Short-Process Manufacturing Technology for Super-Large Diameter and Super-Large Wall Thickness Cylinder Forgings," and "Shaping Process Technology for Large Ring Forgings."
The company has led or participated in the formulation of 4 national standards, 6 industry standards, and 14 group standards.
In terms of R&D structure, the company operates a national-level enterprise technology center, has established an academician workstation with Academician Li Yiyi of the Chinese Academy of Sciences, and maintains stable collaborations with institutions such as the Institute of Metal Research, Chinese Academy of Sciences, Tsinghua University, and other universities and research organizations.
By the end of 2025, it had 135 R&D personnel, accounting for 5.42% of its domestic workforce.
R&D expenses in 2025 reached 141 million yuan.
Key Clients Include Leading Wind Power Firms Like CRRC
Thanks to its industry-leading ring forging manufacturing capabilities, Elight has accumulated a portfolio of high-quality, leading clients globally.
In 2025, its top five customers were VESTAS, CRRC, ACEK, PROESMMASADECV, and Tianneng Heavy Industry (Guangdong) Supply Chain Technology Co., Ltd., mostly prominent players in the wind power sector both inside and outside China.
Specifically, Vestas (VESTAS) is a long-established European wind turbine manufacturer headquartered in Denmark, with an extensive tower supply system across global regions.
CRRC is one of the world's largest rail transportation equipment manufacturers, and its wind power business is also among the leading domestic wind turbine OEMs and major wind power equipment suppliers.
GRI, under ACEK, is a leading global manufacturer of wind turbine towers and flanges based in Spain, serving its tower manufacturing and flange processing enterprises located in Spain, Turkey, Brazil, and elsewhere.
PROESMMASADECV is a steel ball trader based in Mexico.
Tianneng Heavy Industry (Guangdong) Supply Chain Technology Co., Ltd. is a wholly-owned subsidiary of Tianneng Heavy Industry (300569.SZ).
Benefiting from strong product capabilities and a robust client base, Elight's operational performance has demonstrated notable resilience, navigating industry cycles.
Information shows that in 2023 and 2024, the supply-demand imbalance in the wind power installation industry, partly due to demand being pulled forward by a "rush-to-install" wave, led to fierce market competition for flange forgings.
For instance, data indicates that the Dingxiang Wind Power Flange Price Index as of December 31, 2023, fell by 24.1% compared to the same period the previous year.
Amidst this industry competition in 2023 and 2024, Elight leveraged its mastery of core technologies such as systematic rolling technology for the integral forging of large ring forgings and manufacturing of tower flanges for high-power offshore wind turbines.
This allowed it to capture market opportunities as the wind power market entered the era of "large-megawatt" turbines, driving sustained growth in sales volume for its flange forging products.
The company's financial performance directly reflects its ability to withstand cyclical downturns.
Its revenues for 2023 and 2024 were 4.1 billion yuan and 3.8 billion yuan, respectively, maintaining relative stability.
By 2025, as downstream demand recovered, the company's performance rebounded rapidly, with annual revenue increasing to 4.8 billion yuan and net profit attributable to the parent company reaching 610 million yuan, a significant 272% year-on-year increase.
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