As a global top 100 automotive parts supplier, the company is expanding into robotics, liquid cooling, and other fields.
The largest shareholder, Zhongding Group, is a multinational private enterprise group focused on mechanical base parts and automotive components. Established in 1980 and headquartered in Ningguo, Anhui, Zhongding Group has grown over 40 years into a multinational group with over 100 domestic and overseas companies. It leads the domestic industry in various operational metrics and ranks among the "Global Top 8 Non-Tire Rubber Products Manufacturers," "Global Top 100 Automotive Parts Suppliers," and "China's Top 500 Manufacturing Enterprises." Zhongding's industries span rubber products, machinery and mold manufacturing, information technology, eco-friendly materials, and new energy vehicles. Its flagship "Dinghu" brand rubber seals and specialty rubber products are widely used in automotive, engineering machinery, petrochemicals, railways, and shipbuilding, and are expanding into new areas like humanoid robots and data thermal management. With strong R&D and innovation capabilities, supported by research centers in China, Europe, and the US, the company meets synchronous development needs for major OEMs, holding leading global positions in automotive sealing systems, NVH and smart chassis systems, fluid and thermal management systems, and intelligent suspension systems.
The company has developed five main business segments to comprehensively support global clients' synchronous development needs. Listed on the Shenzhen Stock Exchange Main Board in 1998, its business matrix now includes traditional non-tire rubber products like sealing and chassis NVH components, as well as growth products aligned with electrification and smart trends, such as air suspension systems, lightweight chassis systems, and thermal management systems. The company is also actively developing products for the robotics sector. According its 2025 interim report, it continues to rank among the "Global Top 100 Automotive Parts Suppliers" (at 87th place).
Key products are detailed as follows: (1) Smart Chassis System - Air Suspension System: This system provides both car-like comfort and off-road vehicle handling. It comprises an air compressor, control unit, multi-system sensors, air springs, and shock absorbers. (2) Smart Chassis System - Lightweight Chassis System: This segment focuses on chassis components like aluminum alloy control arms, which are core to vehicle lightweighting, enhancing handling stability and comfort, with high per-vehicle value. (3) Thermal Management System: This provides integrated thermal management piping systems for new energy vehicles, utilizing new materials like nylon tubes and TPV for lightweight, cost-effective, and flexible assembly. The company is also expanding into thermal control systems for energy storage and supercomputing centers. (4) Sealing System: Specializing in high-performance seals, particularly dynamic sealing products like high-speed oil seals for new energy vehicle motors, representing top-tier industry technology and supplying major domestic and international new energy platforms. (5) Humanoid Robotics Business: Positioned as a future core strategic business, the company currently focuses on producing harmonic reducers while simultaneously developing components like robot seals, rubber parts, and connecting rods, with the goal of manufacturing complete robot joint assemblies.
The company has a clear ownership structure and a global business footprint. As of Q3 2025, its largest shareholder, Anhui Zhongding Holding (Group) Co., Ltd., holds a 40.46% stake, and the ultimate controller, Xia Dinghu, holds 53.74% of Anhui Zhongding Holding (Group) Co., Ltd. Beyond its Ningguo headquarters, the company has established industrial bases in Shanghai, Tianjin, Jiangsu, and Guangdong. Through overseas acquisitions, it owns over 20 specialized "hidden champion" enterprises in the US, Germany, and elsewhere, including KACO, WEGU, AMK, and TFH.
The company demonstrates stable and rising profitability with continuously optimizing gross margins. Revenue has grown steadily since 2020, increasing from 11.548 billion RMB in 2020 to 18.854 billion RMB in 2024, representing a compound annual growth rate of approximately 13.04%. For the first three quarters of 2025, revenue reached 14.555 billion RMB, a year-on-year increase of 0.41%. Net profit attributable to shareholders grew from 493 million RMB in 2020 to 1.252 billion RMB in 2024, with a CAGR of about 26.24%, driven by ongoing cost control and refined management at overseas plants, including workforce reductions, expense control, and cost optimization. By focusing on core businesses and enhancing competitiveness, the company has accelerated the recovery and certainty of its overseas operations. With both domestic and international businesses showing positive growth trends, overall profits are expected to continue recovering and growing. For the first three quarters of 2025, net profit attributable to shareholders was 1.307 billion RMB, up 24.26% year-on-year. Looking ahead, with stable core business growth and accelerated expansion into liquid cooling and robotics, revenue and earnings are poised to maintain their growth trajectory.
The core traditional business remains stable while growth businesses show strong development momentum. Traditional businesses include NVH rubber parts and sealing systems, while growth businesses comprise air suspension systems, lightweight chassis systems, and thermal management systems. In H1 2025, traditional businesses accounted for 40.46% of the total, while the new growth businesses accounted for approximately 47.94%. While maintaining steady growth in traditional segments, the company continues to promote the development of its growth businesses, which currently exhibit favorable momentum. Concurrently, the company is actively advancing its presence in new sectors such as humanoid robotics, low-altitude economy, AI, and data center thermal management, with humanoid robotics designated as a core strategic objective.
The proportion of domestic business is steadily increasing as the company continues to deepen its internationalization strategy. The internationalization strategy initiated in 2008 is gradually yielding results. As of 2024, production was distributed across Asia (65.25%), Europe (24.41%), and the Americas (10.34%). Meanwhile, driven by the rapid development of China's new energy vehicle sector, the domestic business share is rising. In H1 2025, domestic revenue was 5.453 billion RMB, a 9.72% year-on-year increase, accounting for 55.38% of total revenue; international revenue was 4.394 billion RMB, down 6.51% year-on-year, accounting for 44.62%. The company has progressed through three phases of overseas M&A: "Global Acquisition," "China Integration," and "Overseas Management Control," accumulating extensive international management experience. It is now in the third phase, focusing on expense control and cost optimization at overseas subsidiaries to improve profitability and boost the overall segment's profit margin.
Product structure optimization is leading to continuously improving gross margins. The company's gross margin was 22.82% in 2024 (up 0.87 percentage points year-on-year) and reached 24.29% for the first three quarters of 2025 (up 1.99 percentage points year-on-year). This optimization is primarily attributed to improved management and cost efficiency in overseas operations, coupled with sustained profitable growth domestically.
Operating expenses are well-controlled, while R&D investment continues to increase. From 2020 to the first three quarters of 2025, the operating expense ratio was 17.63%, 15.23%, 13.75%, 14.11%, 13.62%, and 14.01% respectively, showing an overall declining trend, indicating effective expense management. Simultaneously, R&D spending is being strengthened, with the R&D expense ratio reaching 5.14% in Q1-Q3 2025 (up 0.51 percentage points year-on-year).
Traditional businesses, including air suspension systems, lightweight chassis systems, thermal management systems, and sealing systems, are experiencing steady growth.
The penetration rate of air suspension systems is gradually increasing, and the order backlog is substantial.
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