On December 18, Shenzhen Shangshui Intelligent Equipment Co., Ltd. (Shangshui Intelligence) updated its IPO application status on the Shenzhen Stock Exchange's ChiNext board to "submitted for registration." Guolian Minsheng Securities serves as the sponsor, aiming to raise RMB 587.39 million.
According to the prospectus, the company has over a decade of expertise in the intelligent equipment sector, developing integrated technological capabilities centered on "core machinery + intelligent control systems + process packages." Its core operations focus on micro-nano powder processing, precise liquid-powder metering, powder-liquid mixing and dispersion, and functional film preparation. Its products are widely used in industries such as new energy batteries, advanced materials, chemicals, food, pharmaceuticals, and semiconductors.
Currently, Shangshui Intelligence primarily serves the new energy battery electrode manufacturing and advanced materials preparation sectors, specializing in R&D, design, production, and sales of intelligent equipment with integrated process capabilities. Through continuous innovation, a comprehensive product portfolio, and high-quality customer service, the company has established a strong competitive position in the front-end intelligent manufacturing equipment market for new energy batteries.
In the battery electrode manufacturing segment, its self-developed cyclic high-efficiency slurry system pioneered parallel powder-liquid mixing and high-speed dispersion, significantly improving slurry consistency, production efficiency, and energy savings. This innovation introduced a new high-efficiency, low-consumption, large-capacity slurry production method.
Per GGII data, in 2024, the company held a 60% domestic market share in cyclic high-efficiency slurry systems, ranking first, while its lithium battery slurry systems accounted for 12.77%, securing third place.
Shangshui Intelligence has partnered with leading battery and EV manufacturers, including BYD (002594.SZ), Eve Energy (300014.SZ), CATL (300750.SZ), CALB (03931), Amperex Technology, REPT BATTERO (00666), Truenergy, Sunwoda (300207.SZ), Envision AESC, Great Power (300438.SZ), Xingheng Power, Tianjin Lishen, and GAC Aion. It also collaborates with overseas battery giants like Samsung SDI, LG Energy Solution, Panasonic, and SK On.
In advanced materials preparation, the company has systematically developed processes for mixing, dispersing, grinding, coating, drying, and film preparation. Its product lineup includes optical film precision coaters, dual-drive coating machines, and dry-media stirred mills, with full-line powder engineering delivery capabilities.
Its versatile and scalable materials preparation platform serves applications in battery anode/cathode materials, functional films, semiconductor packaging, and ceramic materials. Clients include BTR New Material (835185.BJ), Yunnan Energy New Material (002812.SZ), Wanhua Chemical (600309.SH), Boyi Xincheng, Huahai Chenke (688535.SH), and Sanhuan Group (300408.SZ).
Financially, the company reported revenues of approximately RMB 397 million, 601 million, 637 million, and 398 million for 2022, 2023, 2024, and H1 2025, respectively. Net profits were RMB 97.72 million, 234 million, 153 million, and 93.71 million for the same periods.
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