A-shares Subscription | Huahui Intelligent (920289.BJ) opens for subscription, with main clients being companies in the lithium iron phosphate cathode material industry.

On August 24, Huahui Smart (920289.BJ) commenced subscription, with an issue price of 17.71 yuan per share, a subscription limit of 722,500 shares, and a price-earnings ratio of 14.99 times. It is listed on the Beijing Stock Exchange, with Guotai Junan Securities acting as its sponsor. According to the prospectus, Huahui Smart is a high-tech enterprise specializing in the research, design, production, and sales of intelligent equipment such as nano sand mills and their key components, aiming to become a world-class manufacturer of intelligent equipment. The company's main sales products include the grinding systems for positive electrode materials in lithium battery intelligent equipment, nano sand mills, as well as standalone equipment and key component mechanical seals. During the reporting period, the company's main clients were Hunan Yuneng New Energy Battery Material and Hubei Wanrun New Energy Technology, both of which are companies in the lithium iron phosphate positive electrode material industry, with market shares of approximately 40.66%, 38.00%, and 36.00% from 2023 to 2025, respectively. Regarding Hunan Yuneng New Energy Battery Material, public information shows that it has been the industry leader in shipment volume for six consecutive years, thanks to its outstanding technological advantages and product quality, maintaining a high capacity utilization rate of over 90%. According to public data, in 2025, Hunan Yuneng New Energy Battery Material ranks first in the shipment volume of lithium iron phosphate, with shipments around 1.07 million tons, accounting for 27% of the total shipments in China. Regarding Hubei Wanrun New Energy Technology, public information indicates that in 2025, Hubei Wanrun New Energy Technology ranks second in lithium iron phosphate shipment volume, with shipments of approximately 370,000 tons, accounting for 9% of the total shipments in China. Based on the shipment levels in the first half of the year, Hubei Wanrun New Energy Technology had a capacity utilization rate of 63%, showing significant recovery. According to publicly available research data, if Hubei Wanrun New Energy Technology's 2025 shipments mainly rely on old production lines using the "two grinding and two firing process" to produce third-generation and above high-pressure density products, its actual capacity would need to be reduced by 30%. Based on this estimate, Hubei Wanrun New Energy Technology's annual actual capacity utilization rate may reach around 90%. In terms of finances, for the years 2023, 2024, and 2025, the company expects to achieve operating revenues of approximately 300 million yuan, 427 million yuan, and 616 million yuan, respectively. During the same period, it recorded net profits of approximately 45.93 million yuan, 62.62 million yuan, and 75.87 million yuan.