Shuanglin Co., Ltd. has recently submitted its prospectus to the Hong Kong Stock Exchange, aiming to list on the main board with CITIC Securities and GF Securities acting as joint sponsors.
As a manufacturer of intelligent drive components, Shuanglin Co., Ltd. derived 58.9% of its revenue in the first half of 2025 from these components, demonstrating relative stability. Notably, its revenue from new energy driving systems saw a significant increase, rising by 6.6 percentage points year-on-year to 17.4%.
In the first half of 2025, the company achieved a revenue of 2.525 billion yuan, representing a 20.1% year-on-year growth, with a profit of 287 million yuan, up 15.5% from the previous year. Analysis indicates that revenue from the top five customers accounted for 54.3% of the total, highlighting a relatively high concentration.
Shuanglin Co., Ltd. focuses on manufacturing intelligent drive components. Its product offerings include drive components, interior and exterior fixtures, with drive components contributing significantly to its revenue, generating 1.487 billion yuan in the first half of 2025. The revenue share from new energy driving systems increased notably, reaching 17.4%.
Regionally, the domestic market remains Shuanglin’s primary revenue generator, with domestic income amounting to 2.318 billion yuan, accounting for 91.8% of total revenue, a figure that has been steadily increasing.
According to Frost & Sullivan, Shuanglin Co., Ltd. ranks as the second-largest global supplier of horizontal automotive seat actuators (HDM) based on 2024 income, commanding a 15.1% market share, while being the largest supplier in China, with a market share of 32.8%.
While enjoying significant growth, the company has experienced a high customer concentration, with its largest single customer contributing 27.4% of its revenue, slightly up from 26.8% in 2024. Although stable partnerships provide consistent orders, high customer concentration poses operational risks.
As of June 30, 2025, Shuanglin had cash and cash equivalents amounting to 530 million yuan, with trade and other receivables at 1.314 billion yuan and short-term bank loans of 861 million yuan, leading to potential short-term liquidity pressures.
The company plans to pursue a dual A+H market listing. Shuanglin’s equity structure is relatively concentrated, with its controlling shareholder, Shuanglin Group, and its concert parties holding approximately 48.95% of the shares as per the latest prospectus disclosure.
Previously listed on the Shenzhen Stock Exchange’s ChiNext since August 2010, Shuanglin's A-share price closed at 40.55 yuan per share on October 15, 2025, giving it a market capitalization exceeding 23 billion yuan.
Funds raised through the Hong Kong IPO are intended to enhance overseas production capacity, establish an international sales network, and strengthen global presence. The investments will also cover industrial developments in emerging fields, particularly in humanoid robotics and core components for new energy vehicles, along with forward-looking technology research in areas such as robotics, smart vehicles, and low-altitude economy.
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