On August 26, Temb Intelligent Technology (Shandong) Co., Ltd. (603448.SH) launched its IPO subscription on the Shenzhen Stock Exchange, with an offering price of 62.65 yuan per share, a maximum subscription limit of 9,500 shares, and a price-to-earnings ratio of 21.43 times. CITIC Securities serves as the sponsor for the listing.
According to the prospectus, Temb Intelligent is a well-known manufacturer of automotive thermal management system components in the industry, which has also expanded into businesses such as automotive acoustic components. The company's main products are primarily applied in the automotive sector. Leveraging decades of deep industry expertise and accumulation, the company's customer base now covers most domestic original equipment manufacturers (OEMs). It boasts extensive and high-quality customer resources alongside significant brand influence. Notably, all of China's top ten automaker groups by sales volume in 2025 were customers of the company during that period. In non-automotive fields such as energy storage and AI data center servers, the company's thermal management products have also seen expansion in recent years, with partnerships established with several well-known enterprises in these sectors.
Temb Intelligent has long focused on automotive temperature control components represented by thermostats and intelligent water valves, automotive sensing components represented by temperature sensors, and automotive electro-acoustic components represented by AVAS products, holding a prominent position in both the industry and the market. The company's main products include temperature control, sensing, electro-acoustic, and switch components. Additionally, it operates a small line of automotive spring and valve components to meet customers' one-stop purchasing needs.
Driven by the rapid development of China's new energy vehicle industry, the domestic automotive thermal management and acoustic components sector is witnessing broader growth prospects. The architectural innovation in thermal management and acoustic systems for new energy vehicles has broken traditional technological path dependencies, presenting a historic opportunity for domestic suppliers of thermal management and acoustic components. Some outstanding domestic leaders are beginning to emerge, steadily increasing the domestic substitution rate and reshaping the competitive landscape of the industry.
According to certification from the China Association of Automobile Manufacturers, within its statistical scope, the company's sales of automotive thermostats and automotive temperature sensors ranked first and fourth domestically, respectively, in 2024. Based on research by Frost & Sullivan, the company's revenue from automotive thermostats ranked third globally and first domestically in 2024. In the same year, its sales revenue from automotive intelligent water valves, automotive temperature sensors, and AVAS products ranked second, fourth, and second domestically, respectively. Furthermore, the company is one of the drafting units for industry standards covering four products, including wax-type thermostats and automotive temperature sensors, and national standards for three products, including AVAS.
Financially, for the years 2023, 2024, and 2025, the company recorded operating revenues of approximately 1.27 billion yuan, 1.693 billion yuan, and 1.961 billion yuan, respectively. During the same periods, it reported net profits of approximately 117 million yuan, 332 million yuan, and 361 million yuan.
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