On January 5th, Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) saw the status of its application for an IPO on the Shenzhen Stock Exchange's ChiNext board change to "registration submitted." Guotai Haitong Securities is the sponsor for the offering, which plans to raise 768.88 million yuan.
According to the prospectus, Sanrui Intelligent is a manufacturer of power systems for drones and robots; its principal business involves the R&D, production, and sales of electric power systems for unmanned aerial vehicles and robotic platforms, with active development in electric vertical take-off and landing (eVTOL) aircraft power systems.
For its UAV electric power systems, the company's product portfolio encompasses the full spectrum of electric propulsion components, including motors, electronic speed controllers, propellers, and integrated power systems. These are ultimately deployed across diverse verticals such as agricultural plant protection, industrial inspection, surveying and mapping, express logistics, emergency response, and security surveillance, and are compatible with various drone types including multi-rotor, fixed-wing, and hybrid-wing models.
The company's products are sold to over 100 countries and regions across Asia, Europe, the Americas, Africa, and Oceania. Its downstream direct sales clientele is notably fragmented and extensive, with major customers generating sales exceeding 1 million yuan including prominent industry names like China Aerospace Times Electronics Co.,Ltd. (600879.SH), Chengdu Jouav Automation Tech Co.,Ltd. (688070.SH), Shanghai Huace Navigation Technology Ltd (300627.SZ), and Japan's NTT (9432.T).
In the robotics power system sector, the company established its autonomous brand, CubeMars, in 2018, focusing specifically on robotic joints. It has since achieved full in-house R&D and manufacturing capabilities for core components within robotic power modules, including motors, driver boards, and planetary gear reducers.
These products find application in numerous emerging fields such as humanoid robots, exoskeletons and wearable devices, and quadruped robots. The prospectus highlights certain risks, noting that during the reporting period, direct materials constituted 76.28%, 75.43%, 74.76%, and 72.67% of the main business cost, respectively. This high proportion means significant future increases in raw material prices could exert cost pressures and subsequently impact the company's operational performance.
After deducting issuance expenses, the net proceeds from this offering are intended to be fully allocated to projects related to the company's main business.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, Sanrui Intelligent reported operating revenues of approximately 362 million yuan, 534 million yuan, 831 million yuan, and 436 million yuan, respectively. Correspondingly, net profits for the same periods were approximately 113 million yuan, 172 million yuan, 333 million yuan, and 161 million yuan.
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