On January 14th, the listing application status of Hangzhou Wolei Intelligent Technology Co., Ltd. (Wolei Intelligent) for the Shanghai Stock Exchange's STAR Market was updated to "under inquiry," with China Securities Co., Ltd. acting as its sponsor. The company plans to raise 1.004 billion yuan. According to its prospectus, Wolei Intelligent is primarily engaged in the R&D, production, sales, and service of intelligent testing equipment and intelligent manufacturing production lines, providing overall intelligent manufacturing solutions for emerging industries such as new energy vehicles and power semiconductors. It is a national-level "Little Giant" enterprise in this field. The company is a leading domestic provider of overall solutions for intelligent testing and intelligent manufacturing that covers the entire lifecycle of automotive electronic product R&D verification, online testing, and automated production. Wolei Intelligent focuses on advanced testing technologies and intelligent control technologies. Through years of sustained independent R&D and innovation, it has overcome technical challenges related to the complexity, scenario diversity, and multi-domain signals of automotive electronic testing systems. It has developed an automotive electronic testing technology platform with independent intellectual property rights, with related technologies reaching domestically leading levels and some achieving internationally advanced levels. Based on this, it has created industry-leading automotive electronic testing equipment, breaking the long-term monopoly of foreign technologies and products and strongly promoting the domestic substitution of intelligent manufacturing equipment in the new energy vehicle industry chain. The company has established six core technologies: multi-parameter hybrid testing technology for automotive electronics, a full-stack software platform technology for automotive electronic testing, electromechanical joint measurement and control technology, high-precision integrated intelligent testing and control assembly technology for automotive electronics, power semiconductor module packaging and testing technology, and intelligent manufacturing digital information software technology. These technologies have been deeply applied to the company's main business, supporting the construction of a complete product matrix ranging from testing equipment to intelligent manufacturing production lines. Wolei Intelligent has gained high recognition and a strong market reputation within the industry, having served hundreds of leading domestic and international automakers, renowned automotive parts companies, and power semiconductor enterprises. Its client list includes BYD Company (01211), Great Wall Motor (02333), SAIC Motor (600104.SH), Chongqing Changan Automobile (000625.SZ), Geely Auto (00175), Seres Group (601127.SH), Bosch, Denso, ZF Friedrichshafen, United Nova Technology (688469.SH), Hangzhou Silan Microelectronics (600460.SH), Starpower Semiconductor (603290.SH), and Inovance Technology (300124.SZ). It provides these clients with intelligent testing equipment, production lines, and overall intelligent manufacturing solutions, receiving high praise from customers. The company's products already cover important application areas such as automotive electronic control units, intelligent driving domain controllers, and brake-by-wire systems, and it holds a significant market share in these niche markets. According to statistics from Frost & Sullivan, the company held a 10.2% market share in production-level intelligent driving domain controller testing equipment in the first half of 2025, ranking first among domestic third-party testing equipment manufacturers. As of the first half of 2025, the company was the sole strategic supplier providing batch production-level testing equipment for domain controllers used in BYD's "God's Eye" intelligent driving system. According to data from Gaogong Intelligent Automotive Research Institute, the company's market share for brake-by-wire system testing equipment was ranked first in the industry from 2022 to 2024, with a market share of 42% in 2024. In 2024, the company's market share for brake-by-wire system production line equipment was 31%, surpassing well-known foreign manufacturers to rank first in the industry. Among domestic equipment providers, Wolei Intelligent accounted for 50% of the market, having supplied major clients like BYD and Great Wall Motor, making it a primary contributor to the localization of equipment in this sector. The net proceeds from the issuance, after deducting underwriting fees, are intended to be used for the following projects: Financially, for the years 2022, 2023, 2024, and the first half of 2025, the company reported operating revenues of approximately 262 million yuan, 377 million yuan, 734 million yuan, and 267 million yuan, respectively. During the same periods, the company achieved net profits of approximately 26.7992 million yuan, 34.8226 million yuan, 84.9174 million yuan, and 20.2495 million yuan, respectively.
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