On June 22nd, the application status of Qingdao Mijin Intelligent Technology Co., Ltd. (referred to as Mijin Technology) for listing on the Shenzhen Stock Exchange's ChiNext board was updated to "under inquiry." Huaxing Securities is acting as the sponsor for the IPO, which aims to raise approximately 749.29 million yuan. According to its prospectus, Mijin Technology is a high-tech enterprise specializing in the smart cycling sector, with its core business being the research, development, production, and sales of intelligent products for cycling sports.
Since its establishment in 2015, against the backdrop of the global transformation towards intelligence and electrification in bicycle hardware and cycling sports, the company has been dedicated to providing integrated smart hardware and software products and solutions for cycling enthusiasts worldwide. Leveraging its self-developed core technologies in high-precision sensing, motion algorithms, and intelligent control, the company has created a product and service matrix that integrates multi-dimensional perception, multi-terminal data connectivity, intelligent control, and content services through the intelligent interconnection of its hardware and software products. This matrix offers comprehensive sports solutions for a wide range of users in various scenarios.
In terms of business layout, the company has developed a complete product portfolio covering indoor smart cycling terminals, outdoor smart cycling terminals, and bicycle electronic shifting system kits. These are complemented by software platforms such as "Wanlu Competition" and "Wanlu Sports," forming a comprehensive "hardware + software + data service" solution capability. An industry report from Frost & Sullivan indicates that the company's smart cycling trainer products rank first globally in terms of manufacturer shipment volume. Its smart cycling computer products are leading among domestic brands, and its electronic shifting kits have successfully broken the monopoly of international brands, achieving a breakthrough in domestic substitution. Mijin Technology holds a strong competitive position in the smart cycling product industry.
The company has established deep cooperative relationships with international brands such as Wahoo Fitness. According to the Frost & Sullivan report, in the smart cycling trainer segment, the company ranks first globally by manufacturer shipment volume. In the smart cycling computer segment, its products are leading among domestic brands and rank among the top globally in sales. In the electronic shifting system kit segment, the company has successfully launched domestically produced electronic shifting kits, breaking the long-standing monopoly of international brands like Japan's Shimano and the US's SRAM, thereby achieving a domestic substitution breakthrough.
Relying on the product characteristics of "integrated hardware and software, intelligent product interconnection," and based on the golden triangle data model of power, heart rate, and cadence, the company has built an industry-leading cycling performance evaluation system. Utilizing an intelligent analysis module trained on a dataset of over 26 million cycling records, ordinary users can access data support at the level of professional cycling teams, transforming traditional experience-based training into a quantifiable, traceable, and reproducible scientific process. Based on the "sensing-computation-service" business model, the company is not only an equipment manufacturer but also a sports data service provider, securing a core market position in the wave of intelligent transformation within the cycling sports industry.
The proceeds from this IPO will be invested in the second-phase construction of the production base, production line upgrades and logistics automation projects, smart cycling product research and development projects, digitalization and brand marketing projects, and to supplement working capital.
Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 228 million yuan, 543 million yuan, and 800 million yuan, respectively. During the same periods, it recorded net profits of approximately -8.4727 million yuan, 80.3578 million yuan, and 122 million yuan, respectively.
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