On May 20th, Suzhou Green Control Transmission Technology Co., Ltd. (Green Control Transmission) progressed to the "registration submitted" stage for its initial public offering on the Shenzhen Stock Exchange's ChiNext board. China International Capital Corporation Limited is the sponsor for the offering, which aims to raise 5.8 billion yuan.
According to its prospectus, the company is one of the foremost enterprises in China's new energy commercial vehicle electric drive system sector. It provides customers with complete e-drive systems, components, and related technology development and services, all built upon its own technological innovations in this field. As the core powertrain component for new energy vehicles and non-road mobile machinery, the company adheres to the philosophy of "defining e-drive with safety and efficiency." It has overcome numerous technical challenges in the pure electric and hybrid drive system domains for commercial vehicles. Its core products and components are characterized by high reliability, efficiency, integration, and lightweight design. These are widely applied across commercial vehicles and non-road mobile machinery utilizing various new energy technologies, including pure electric, plug-in hybrid (including range-extended), and fuel cell systems. The company holds a significant position within the new energy heavy-duty truck segment.
The company's primary products are e-drive systems for new energy commercial vehicles, used mainly in pure electric, hybrid, and fuel cell commercial vehicles as well as non-road mobile machinery. It sells products directly to customers, shipping directly to specified locations upon receiving orders. For some clients, a consignment model is used, where products are sent to designated third-party or customer warehouses per client instructions, with customers drawing from this consignment stock as needed.
During the reporting period, key customers included XCMG Construction Machinery Co.,Ltd., Sany Heavy Industry Co.,Ltd., Dongfeng Automobile Co.,Ltd., Xiamen King Long, Beiqi Foton Motor Co., Ltd., Sinotruk Jinan Truck Co.,Ltd., and Zoomlion Heavy Industry Science And Technology Co.,Ltd..
Participants in China's new energy commercial vehicle e-drive system industry include both vehicle manufacturers and third-party system suppliers. Major players in the domestic new energy heavy-duty truck e-drive market include Green Control Transmission, TBA, and Fast Gear. As China's commercial vehicle industry undergoes transformation and upgrades towards new energy technology applications, market demand for these systems continues to grow.
Leveraging its advantages in technology, manufacturing processes, and service, the company has become a mainstream powertrain system supplier for leading new energy commercial vehicle manufacturers like XCMG Construction Machinery Co.,Ltd., Sany Heavy Industry Co.,Ltd., Dongfeng Automobile Co.,Ltd., and Xiamen King Long. Notably, Sany Heavy Industry Co.,Ltd. and XCMG Construction Machinery Co.,Ltd. ranked first and second, respectively, in new energy heavy-duty truck sales for 2025, together holding a combined market share of 29.93%.
The company is a leader in China's new energy commercial vehicle e-drive systems and holds a crucial market position in the new energy heavy-duty truck sector. According to data from KRC Research, the company consistently ranked first in market share for new energy heavy-duty truck motor installations from 2023 to 2025, demonstrating a clear industry-leading advantage.
Financially, for the years 2023, 2024, and 2025, the company reported operating revenues of approximately 7.70 billion yuan, 13.28 billion yuan, and 33.54 billion yuan, respectively. Net profit for the same periods was approximately -123.338 million yuan, 480.427 million yuan, and 1.53 billion yuan.
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