Shenzhen Everwin Precision Technology Co.,Ltd. (300115.SZ, "Everwin Precision") has officially submitted an application for a main board listing on the Hong Kong Stock Exchange. The company, which started as a small precision hardware mold factory in Shenzhen, is making another push into the capital markets over a decade later.
As of the market close on May 13th, the company's stock price was 36.56 yuan, having fallen over 21% year-to-date, with a total market capitalization of 49.77 billion yuan. However, over the past year, the stock price of this Shenzhen manufacturer has surged more than 186%, solidly a multi-bagger. Market enthusiasm stems not only from a recovery in consumer electronics but also from its exposure to multiple hot concepts, including humanoid robotics, brain-computer interfaces, and commercial aerospace.
The story of Everwin Precision, however, is more than just a simple "trend stock" narrative when viewed over a longer timeline.
**1. The Founder's Journey from Public Servant to Entrepreneur**
Founder Chen Qixing, 66, from Nanjing, Jiangsu province, holds a college degree. His career path reflects the era of many first-generation Shenzhen manufacturing entrepreneurs. Originally not a native of Anhui, Chen moved to Anqing City, Anhui province in 1975. He began working at the Anqing Woolen Mill in 1984, later serving as deputy office director before being transferred to the Anqing Municipal Economic and Trade Commission as a propaganda cadre.
In 1992, amid a nationwide wave of civil servants leaving government posts for business, Chen resigned his secure job and ventured to Shenzhen. He initially joined an enterprise under the Yuehai Street Office in Nanshan District, rising to department manager. It was during this period that he met Chen Longfa, who is now the chairman of Feilingke (301191.SZ).
After accumulating management experience, Chen Qixing embarked on his entrepreneurial path. In April 1999, he, along with Chen Longfa and two others, invested 800,000 yuan to establish the predecessor of Feilingke. Chen Qixing contributed 400,000 yuan, representing a 50% stake. However, by August 2001, having chosen not to participate in day-to-day management, Chen decided to divest his investment in Feilingke to focus on other ventures he had invested in.
In April 2001, he and his sister Chen Meiling registered and established Shenzhen Everwin Investment Co., Ltd. (now known as Ningbo Everwin Yuefu Investment Co., Ltd., "Everwin Investment"). In 2003, Everwin Investment invested 4.8 million yuan to become the controlling shareholder of Shenzhen Furui Precision Hardware Co., Ltd., which was renamed Everwin Precision the same year.
Initially focused on manufacturing and selling precision hardware molds and components, the company later expanded into mobile phone connectors, single shielding parts, phone sliders, and composite shielding parts. With the proliferation of smartphones, the company pivoted to smart terminal metal casings in 2012, entering a phase of rapid growth. In a sense, Everwin Precision benefited from China's golden decade for smartphones.
The company entered the new energy battery sector in 2016, with this business segment accelerating from 2021 onward. In 2024, it delivered its first humanoid robot components. Today, Everwin Precision operates three main business segments: Precision Components for Smart Terminals and Electronic Products, Key Structural Components and Connection Components for New Energy, and Embodied Intelligence and New Technology Hardware.
According to its prospectus, the company now serves over 60 leading global clients across smart terminals and electronics, new energy, embodied intelligence, and satellite communications. Data from Frost & Sullivan indicates that based on 2025 revenue, Everwin Precision is the world's fifth-largest manufacturer of precision components for smart terminals and electronic products and the world's second-largest manufacturer of precision components for new energy batteries.
In early February, the company revealed during an analyst meeting that it has become a key supplier to industry leaders such as Apple, Samsung Electronics, and CATL (03750.HK, 300750.SZ).
**2. CATL Emerges as the Largest Client**
If Everwin Precision's early rise was powered by consumer electronics, today, its primary growth engine has shifted to new energy battery components. From 2023 to 2025, the company's revenue reached 13.722 billion yuan, 16.934 billion yuan, and 18.819 billion yuan, respectively, with corresponding annual profits of 151 million yuan, 840 million yuan, and 670 million yuan.
The prospectus shows that during this period, the revenue contribution from its New Energy Key Structural Components and Connection Components segment increased from 25.8% to 36.5%. Conversely, the share of revenue from Precision Components for Smart Terminals and Electronic Products declined from 69.2% in 2023 to 58.7% in 2025. This indicates a significant shift in Everwin Precision's revenue mix, reducing its reliance on traditional consumer electronics. The key client driving this transformation is CATL.
Although not explicitly named in the prospectus, "Customer B" is almost certainly CATL. In 2024 and 2025, this largest client contributed revenue of 3.155 billion yuan and 4.470 billion yuan, accounting for 18.6% and 23.8% of Everwin Precision's total revenue, respectively. According to the prospectus, Everwin Precision sells new energy key structural components and connection components to CATL, with cooperation beginning in 2018.
In 2023, CATL was only Everwin Precision's second-largest client, contributing 1.865 billion yuan in revenue, or 13.6% of the total for that year. Revenue from CATL grew by nearly 70% the following year and continued to grow by nearly 42% the year after. This signifies that Everwin Precision's fortunes are increasingly tied to the new energy industry.
For the first quarter of this year, Everwin Precision reported revenue of 5.131 billion yuan, a year-on-year increase of 16.74%, but a corresponding net profit attributable to shareholders of 125 million yuan, a decrease of 28.39% year-on-year. The company explained in its prospectus that the profit decline was due to continuous investment in R&D for new products in embodied intelligence and emerging technologies, which adversely affected net profit. This statement suggests the company is investing heavily in the embodied intelligence sector, seen as a trillion-yuan opportunity.
These investments are beginning to yield results. In 2025, the company delivered a cumulative 689,000 precision components for humanoid robots, with overseas clients accounting for about 80% of shipments, representing an estimated value of 100 million yuan. This compares to only 50,000 units delivered in 2024. Frost & Sullivan data shows that based on 2025 product value, Everwin Precision is now the world's fourth-largest manufacturer of precision components for humanoid robots.
While this business segment is not yet large in scale, the market values its significant growth potential. The humanoid robotics industry shares similarities with the smartphone industry of the past: once commercialization takes off, it will require massive quantities of precision structural parts and components—precisely what Everwin Precision excels at manufacturing.
**3. The Founder's Daughter Forges Her Own Path**
A key vehicle for Everwin Precision's embodied intelligence strategy is its investment in Guangdong Tianji Intelligent System Co., Ltd. ("Tianji Intelligent"). Public information shows Tianji Intelligent was founded in 2015, focusing on robots and control systems, committed to the application of embodied intelligence AGI, deeply involved in process technology, and serving both industrial and commercial sectors with standardized products and services. Its products are reportedly used in the 3C, automotive electronics, new energy, medical, home appliance, and food industries.
In July 2017, Tianji Intelligent and Yaskawa Electric China established a joint venture, Guangdong Tianji Robot Co., Ltd. ("Tianji Robot"), with the former holding a 65% stake. Corporate records show that in early 2019, the registered responsible persons for both Tianji Intelligent and Tianji Robot were changed to Chen Xi, daughter of founder Chen Qixing.
Chen Xi was born in Shenzhen in April 1987. She holds a Bachelor of Science in Mathematical Finance from the University of York, UK, and a Master's in Real Estate Finance from the University of Cambridge. From October 2010 to July 2011, she served as a project manager in the Investment Banking Capital Markets Department of Guosen Securities. Notably, Everwin Precision had just listed on the Shenzhen Stock Exchange's ChiNext board in early September 2010, with Guosen Securities as its listing sponsor.
In August 2011, Chen Xi moved to Anbang Asset Management Company, where she worked for a year as a researcher in the investment research department. In November 2012, she joined Everwin Precision as a director, serving until July 2015. During this period, in 2014, she founded an educational entertainment robotics products company, Shenzhen Doramigo Intelligent Technology Co., Ltd.
Chen Xi joined Tianji Intelligent in 2018, taking charge of the startup. In 2025, Tianji Intelligent began mass production of the world's first force-controlled humanoid dual-arm robot. As of March this year, orders for the company's Marvin series of force-controlled humanoid dual-arm robots had exceeded 10,000 units for the year.
From 2023 to 2025, Tianji Intelligent reported revenues of approximately 58.767 million yuan, 67.1249 million yuan, and 160 million yuan, respectively, with corresponding net losses of 26.8071 million yuan, 18.6813 million yuan, and 11.4325 million yuan. An Everwin Precision announcement in April disclosed that it expects to purchase industrial robots, parts, and services worth a total of 150 million yuan from Tianji Intelligent in 2026.
It is evident that under Chen Xi's leadership, Tianji Intelligent's revenue is growing year by year, losses are narrowing, and it is moving closer to profitability. In addition to serving as Chairman of Tianji Intelligent, Chen Xi is also a significant shareholder in Feilingke, despite her father's early exit from that company. Feilingke's latest quarterly report shows that as of the end of March this year, Chen Xi and her aunt Chen Meiling are the company's second and third-largest shareholders, holding 17.39% and 2.23% stakes, respectively.
It is understood that their shareholdings primarily originated from Shu Chilien, a native of Anqing who was the largest shareholder of Feilingke from 2005 to 2015. Shu Chilien was Chen Meiling's husband and passed away due to illness in June 2016.
**4. Controversies and Conclusion**
Everwin Precision's history is not without controversy. During its 2010 IPO process, the company was involved in the bribery cases of Sun Xiaobo and Han Jianmin, former members of the China Securities Regulatory Commission's (CSRC) ChiNext listing committee. The two were not internal CSRC officials but were hired consecutively as full-time members of the first, second, and third CSRC ChiNext listing committees starting in August 2009, serving as senior accountants.
According to relevant court documents, one day in June 2010 before Everwin Precision's listing committee hearing, Gao Guoliang, then the financial head of Everwin Investment, met Sun Xiaobo at a teahouse near Beijing's Financial Street. Gao requested Sun's favor during the review of Everwin Precision's IPO application and gave him 100,000 yuan. In the same month, Gao Guoliang, also a shareholder of Everwin Precision at the time, contacted Han Jianmin through a friend and gave him $20,000 for assistance.
On June 30, 2010, Everwin Precision successfully passed the review at the 44th working meeting of the ChiNext Listing Committee in 2010 and listed successfully in September of the same year. This episode remains a part of Everwin Precision's history that is difficult to avoid and was even revisited during discussions surrounding Feilingke's renewed attempt at a ChiNext IPO in 2021.
At 66, founder Chen Qixing has not stepped back but remains the executive director and chairman of Everwin Precision, firmly in control. As of May 8, 2026, he directly holds 0.25% of the shares and indirectly holds 32.63% through Everwin Investment, totaling approximately 32.88% of Everwin Precision's issued share capital. For its own funding arrangements, Everwin Investment proposed a share reduction plan in January, but it was not implemented during the planned period. Everwin Investment still holds a 32.6396% stake in Everwin Precision.
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