Since 2025, humanoid robots have remained one of the key themes in A-share technology sectors. Shuanglin Co.,Ltd. has emerged as a highly sought-after super stock in the market. As of the close on September 25, the company's total market capitalization reached approximately 26.3 billion yuan, representing a stock price increase of about 134% compared to last year. On September 24, Shuanglin Co.,Ltd. officially submitted its main board listing application to the Hong Kong Stock Exchange, marking a crucial step in its capital internationalization strategy. This IPO is jointly sponsored by CITIC Securities and GF Securities, signaling that this automotive parts supplier, which has been deeply rooted in the A-share market for years, is attempting to further broaden its financing channels through Hong Kong's capital market, enhance its international influence, and accelerate its strategic transformation in emerging technology sectors.
**Significant Net Profit Growth and Optimized Cash Flow Structure**
Shuanglin Co.,Ltd.'s main business encompasses the research, development, manufacturing, and sales of automotive transmission and drive intelligent components, interior and exterior precision parts, and new energy power systems, while also expanding into humanoid robots and low-altitude economy related components. The company's primary customers include domestic and international vehicle manufacturers (such as BYD, SAIC-GM-Wuling, Nissan) and tier-1 automotive parts suppliers (Faurecia, Adient, etc.).
According to Frost & Sullivan data, based on 2024 revenue, the company ranks as the world's second-largest automotive seat horizontal drive mechanism ("HDM") supplier with a global market share of 15.1%, and is China's largest automotive seat HDM supplier with a market share of 32.8%. The company is also the world's ninth-largest wheel hub bearing supplier with a global market share of 2.2%, and China's third-largest wheel hub bearing supplier with a domestic market share of 6.9%. Additionally, the company serves as the world's largest small new energy vehicle electric drive manufacturer, holding global and Chinese market shares of 6.4% and 9.5%, respectively.
Based on financial data disclosed in the prospectus, Shuanglin Co.,Ltd. demonstrated a solid revenue foundation and significant profit improvement trend over the past three complete fiscal years (2022-2024) and the most recent period (first half of 2024 and 2025).
In terms of operating revenue, the company achieved revenues of approximately 4.185 billion yuan, 4.139 billion yuan, and 4.91 billion yuan in 2022, 2023, and 2024, respectively. Although 2023 revenue declined by 1.11% year-over-year, primarily due to cyclical industry fluctuations and demand adjustments from certain customers, 2024 immediately saw an 18.65% year-over-year growth, reflecting the company's business resilience and market demand recovery. Notably, first-half 2025 revenue reached 2.525 billion yuan, representing approximately 20% growth compared to 2.103 billion yuan in the same period of 2024, indicating sufficient full-year growth momentum.
The surge in profitability represents the biggest highlight of Shuanglin Co.,Ltd.'s Hong Kong IPO attempt. From 2022 to 2024, the company's attributable net profit climbed from 76 million yuan to 82 million yuan, achieving a breakthrough growth to 498 million yuan in 2024, a year-over-year increase of 507.32%. This explosive growth primarily resulted from the company's continuous cost control optimization measures, product structure upgrades, and the release of scale effects. Gross margin also showed steady upward trends, rising from 15.7% in 2022 to 16.5% in 2023, and further increasing to 17.3% in 2024. First-half 2025 gross margin reached 20.2% (based on interim data estimates), indicating improved high-value-added product proportions and continued operational efficiency improvements.
A careful review of financial reports reveals that the core driver of the company's explosive profit growth in 2024 was a one-time "other income" item. This item reversed from -5.93 million yuan in 2023 to +157 million yuan in 2024, undoubtedly being the primary contributor to the 2024 profit surge. According to company public information, this mainly came from gains from disposing of loss-making assets (DSI transmission assets). This divestiture helped the company shed historical burdens and stop bleeding points.
Excluding the impact of this one-time gain, the actual improvement in core operating business becomes clear. 2024 adjusted operating profit approximately equals 540 million - 157 million = 383 million yuan. Compared to 153 million yuan in 2023, core operating profit still achieved substantial growth of about 150%. This indicates that even excluding asset disposal impacts, the company's main business profitability and operational efficiency achieved qualitative improvements.
The cash flow statement reveals the company's healthy operational cash generation capability. From 2022 to 2024, net cash from operating activities was 443 million yuan, 378 million yuan, and 701 million yuan respectively, with 2024 showing a substantial 85.5% increase, aligning with net profit growth trends and indicating high profit quality. In 2022-2023, the company's "net profit cash ratio" (operating cash flow/net profit) far exceeded 100%, even surpassing 400%, demonstrating very high cash conversion rates for core profits.
Investment activity cash flows show the company's continued capacity investment and technology upgrades, though 2024 investment expenditures narrowed somewhat, while first-half 2025 expanded again due to possible new project investments. Financing activity cash flows mainly involved loan repayments and dividend payments, reflecting financial structure optimization. Year-end cash and equivalents grew from 333 million yuan at end-2022 to 511 million yuan at end-2024, representing adequate capital reserves.
Through cash flow statement analysis, we clearly see Shuanglin Co.,Ltd. completed a full cycle: "Strategic contraction and financial optimization (2022-2023) → Performance release and cash accumulation (2024) → Targeting new tracks for proactive expansion (from 2025)."
**From "Traditional Components" to "Smart + New Energy" Drive: Can Humanoid Robots Spark New Growth?**
Shuanglin Co.,Ltd.'s core competitiveness is built upon a diversified and synergistically developed product matrix, primarily divided into four business segments: transmission and drive intelligent components, interior/exterior precision parts, new energy power systems, and wheel hub bearings.
Transmission and drive intelligent components serve as the company's absolute core business, with revenue proportions stable between 55%-60%, providing foundational stability. 2023 revenue declined somewhat but rebounded strongly in 2024 with 24.9% year-over-year growth, returning to growth trajectory. First-half 2025 achieved 21.9% year-over-year growth, exceeding overall revenue growth rates and demonstrating strengthened core positioning.
New energy power systems represent the company's most impressive growth engine, with revenue proportions climbing from 7.2% in 2021 to 17.4% in first-half 2025, becoming the company's second-largest business segment. First-half 2025 continued achieving 93.8% high-speed growth.
Wheel hub bearings, while traditionally advantageous business, see relatively declining importance.
Through revenue structure changes, we clearly see Shuanglin Co.,Ltd.'s strategic transformation path. First, optimizing product structure - company revenue no longer over-relies on traditional components like wheel hub bearings. High-value-added, high-growth "transmission and drive intelligent components" and "new energy power systems" combined proportions rose from 67.5% in 2021 to 76.3% in first-half 2025.
Second, successfully capturing new energy opportunities - the emergence of new energy power systems business represents concentrated embodiment of strategic success, bringing not only substantial revenue increases but also greatly enhancing market valuation expectations for the company.
Third, "intelligentization" and "electrification" dual-wheel drive - transmission and drive intelligent components represented by HDM benefit from trends toward automotive seat functionality complexity and intelligentization. New energy power systems directly benefit from new energy vehicle penetration rate improvements. These two trends represent core transformation directions in the current automotive industry, with Shuanglin Co.,Ltd.'s business layout highly aligned with them.
Humanoid robots represent an important reason for Shuanglin Co.,Ltd.'s strong investor favor. What are the company's advantages in this field?
Shuanglin Co.,Ltd.'s core competitiveness lies in successfully migrating precision transmission technology from automotive seat horizontal drive mechanisms (HDM) to robot joints. Precision manufacturing processes for worm gears, screws, and other components required for HDM products share common origins with planetary roller screw technologies needed for robot joints. The company has established reverse planetary roller screw pilot production lines with annual capacity of 12,000 sets, with product capabilities gaining customer recognition.
However, as of June 2025, robotics business has not generated substantial revenue. According to industry patterns, progression from sample validation to mass production requires 6-12 month cycles and must pass rigorous reliability and lifespan testing. The company expects possible small-batch revenue realization only in 2026, with short-term performance still relying on automotive main business.
Additionally, the company's 2024 R&D expenses reached 169 million yuan, with new robotics business requiring continuous investment. If commercialization progress lags, high R&D expenditures may erode profits. Second quarter 2025 already showed "revenue growth without profit growth" phenomena, with net profit declining 25.08% year-over-year, reflecting transformation period financial pressures.
The humanoid robot market indeed presents explosive potential (China market scale expected to grow from 2.2 billion yuan in 2024 to 24.3 billion yuan in 2029), but the current industry remains in preliminary stages of "demonstration applications first, large-scale commercialization later."
Shuanglin Co.,Ltd.'s value lies in: short-term automotive fundamentals, with transmission drive and new energy businesses supporting performance stability; medium-term sample conversion rates, with order fulfillment progress from automotive enterprise cooperation projects serving as key catalysts; long-term technological iteration capabilities, whether the company can maintain continuous leadership in core indicators like screw precision and lifespan.
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