New Stock News | Shenzhen Inovance Technology (300124.SZ) submits listing application to the Hong Kong Stock Exchange, becoming the top Chinese manufacturer in the global industrial automation and digitalization field.

According to the disclosure on April 28 by the Hong Kong Stock Exchange, Shenzhen Inovance Technology Co., Ltd. (referred to as: Shenzhen Inovance Technology (300124.SZ)) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley, CICC, GUOTAI JUNAN I, and Bank of America Securities as joint sponsors. Company Overview According to Frost & Sullivan data, based on the 2025 operating revenue, Shenzhen Inovance Technology is the top-ranked Chinese manufacturer in the global industrial automation and digitalization field, and is among the top three third-party suppliers of new energy vehicle power systems globally. The company focuses on automation, digitalization, and intelligence in the industrial field, forming a seamless layout in the "digital layer, edge layer, control layer, drive layer, execution layer, and sensor layer". It covers products and solutions such as frequency converters, servo systems, control systems (PLC/HMI/CNC), high-performance motors, precision machinery, pneumatic components, sensors, industrial vision, elevator core components, as well as an all-scenario intelligent industrial control software platform and an integrated digital platform. The company is committed to providing high-quality electric drive and power system solutions for new energy passenger cars and commercial vehicles, and gradually expanding its research and development and business in intelligent chassis systems. The company's smart Siasun Robot & Automation business covers two main areas: industrial Siasun Robot & Automation and humanoid Siasun Robot & Automation. In the industrial Siasun Robot & Automation field, the company provides products such as SCARA Siasun Robot & Automation, six-axis Siasun Robot & Automation, collaborative Siasun Robot & Automation, and machine vision. In the humanoid Siasun Robot & Automation field, the company conducts business around core components and scenario-based solutions, covering core components such as seven-degree-of-freedom bionic arms, planetary rotary actuators, linear actuators, frameless torque motors, low-voltage DC drives, and planetary roller screws. The company's digital energy business focuses on the "source, grid, load, storage, and carbon" scenarios in the energy field, mainly providing core products such as energy storage inverters, integrated boosting machines, and energy storage systems. Through a digital energy management platform, the company builds a digital tool covering energy management, energy optimization, and energy operation. Relying on its deep technological accumulation and continuous cutting-edge innovation in the automation, digitalization, and intelligence fields, the company has established a business ecosystem that spans technology sources and synergistically develops in areas such as industrial automation and digitalization, new energy vehicle power systems, intelligent Siasun Robot & Automation, and digital energy. The company is dedicated to providing global customers with intelligent, efficient, green, safe comprehensive products and solutions. Based on sharp insights into customer needs and industry scenarios, the company has developed a comprehensive portfolio of industrial technology products and solutions for over 40 segmented industries, encompassing control, drive, execution, sensing, Siasun Robot & Automation, etc., as well as electric drive and power system solutions in the new energy vehicle field. The detailed income breakdown by business line is as follows: Financial Information Revenue: In the financial years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 30.392 billion, RMB 37.013 billion, and RMB 45.085 billion, respectively. Profit: In the financial years 2023, 2024, and 2025, the company recorded annual profits of approximately RMB 4.776 billion, RMB 4.346 billion, and RMB 5.173 billion, respectively. Gross profit margin: For the financial years 2023, 2024, and 2025, the company's gross profit margins were 31.7%, 27.9%, and 28.1%, respectively. During the past performance period, the company's overall gross profit margin decreased, mainly due to the increased contribution of revenue from new energy vehicle power systems, which have a relatively lower gross profit margin compared to industrial automation and digitalization businesses. Industry Overview From 2021 to 2025, the global industrial automation and digitalization market is expected to grow from RMB 1.6 trillion to RMB 1.9 trillion, with a compound annual growth rate of 3.9%. With the development of artificial intelligence technology and industrial intelligence, it is estimated that by 2030, the global industrial automation and digitalization market size will reach RMB 2.6 trillion, with a compound annual growth rate of 6.8% from 2025 to 2030. In 2025, the size of the industrial automation and digitalization market in China is estimated to be RMB 353.9 billion, accounting for 18.9% of the global market, and is expected to reach RMB 504.6 billion by 2030, with a compound annual growth rate of 7.4% from 2025 to 2030. Overall, the industrial automation and digitalization industry is expected to continue to grow moderately, with a slightly higher compound annual growth rate in the future compared to historical periods. This outlook is mainly driven by new technological innovations, including breakthroughs in AI and the growing demand from downstream manufacturing industries. Incorporating digital technology into core production processes has become a key strategy for industrial automation and digitalization companies to improve efficiency and enhance competitiveness. In recent years, both the global and Chinese automotive electric drive system markets have maintained a high-speed growth trend. In 2025, the global and Chinese markets for automotive electric drive systems were RMB 262.1 billion and RMB 145.3 billion, respectively. The compound annual growth rates from 2021 to 2025 were 36.8% and 40.7%, respectively. With the increase in penetration of new energy vehicles and the continuous upgrading of electric drive system technologies, it is expected that by 2030, the global and Chinese markets for automotive electric drive systems will increase to RMB 556.7 billion and RMB 248.3 billion, with compound annual growth rates of 16.3% and 11.3% from 2025 to 2030. The new energy vehicle power system affects the efficiency, speed, and safety of electric vehicle charging. In 2025, the global and Chinese markets for automotive power supply systems were RMB 69.9 billion and RMB 40.4 billion, respectively, with compound annual growth rates of 33.0% and 38.5% from 2021 to 2025. Benefiting from the widespread adoption of high-voltage platform technologies and the continuous improvement of battery energy density, it is expected that by 2030, the global and Chinese markets for automotive power supply systems will reach RMB 151.3 billion and RMB 65.3 billion, with compound annual growth rates of 16.7% and 10.1% from 2025 to 2030. With the advancement of advanced driver assistance systems, the increasing demand for vehicle safety and comfort from consumers, and the trend of evolving vehicle electronic and electrical architectures towards integrated control units, the global and Chinese markets for intelligent chassis systems are forecasted to reach RMB 427 billion and RMB 62.9 billion in 2025, with compound annual growth rates of 37.4% and 34.6% from 2021 to 2025. It is expected that by 2030, the global and Chinese markets for intelligent chassis systems will grow to RMB 1,224.5 billion and RMB 186.3 billion, with compound annual growth rates of 23.5% and 24.2% from 2025 to 2030. The global market for industrial Siasun Robot & Automation is accelerating in growth, with increasing penetration. From 2021 to 2025, the global market size for industrial Siasun Robot & Automation is expected to grow from RMB 93.9 billion to RMB 105.3 billion, with a compound annual growth rate of 2.9%. It is estimated that by 2030, the market size for industrial Siasun Robot & Automation will increase to RMB 173.8 billion, with a compound annual growth rate of 10.5% during the period. From 2021 to 2025, the market size for industrial Siasun Robot & Automation in China is projected to grow from RMB 40.4 billion to RMB 48.5 billion, with a compound annual growth rate of 4.7%. Benefiting from the continuous improvement of the national manufacturing infrastructure and the growth in demand for industrial system upgrades, as well as the continuous support of policies, it is projected that from 2025 to 2030, the related markets will further accelerate, growing from RMB 48.5 billion to RMB 91.1 billion, with a compound annual growth rate of 13.4%. In 2025, the global market size for humanoid Siasun Robot & Automation is estimated to be RMB 6.7 billion. With the continuous upgrade of industrial automation, the expansion of emerging application scenarios, and the long-term positive development prospects of global smart manufacturing, it is expected that the market will maintain strong growth momentum, achieving a compound annual growth rate of 95.9% from 2025 onwards and reaching a market size of RMB 191.9 billion by 2030. The Chinese market for humanoid Siasun Robot & Automation is also experiencing rapid growth. With the improvement of manufacturing efficiency and technological innovation, the Chinese market for humanoid Siasun Robot & Automation is expected to continue growing and reach RMB 43.6 billion by 2030, with a compound annual growth rate of 72.7% from 2025 to 2030. In 2025, the global investment in grid upgrades and power infrastructure is estimated to be RMB 10.8 trillion, and it is projected to reach RMB 15.4 trillion by 2030, with a compound annual growth rate of 7.5% from 2025 to 2030. Driven by factors such as rapid growth in PV and wind power capacity, improvements in electricity spot markets, and increasing demand for system peak shaving and frequency regulation, the global energy storage market is maintaining rapid growth. From 2021 to 2025, the annual shipment volume of global energy storage systems is expected to increase from 33.9GWh to 403.8GWh, with a compound annual growth rate of 85.8%. With the expansion of new energy installation capacity and the continuous application of energy storage on the power side, grid side, and user side, it is projected that the annual shipment volume of global energy storage systems will reach 1,149.3GWh by 2030, with a compound annual growth rate of 23.3% from 2025 to 2030. The rapid increase in the shipment volume of energy storage systems has driven the market demand for its core power conversion componentsenergy storage PCS. In 2025, the global energy storage PCS shipment volume is projected to be 185.1GW, with large-capacity energy storage PCS accounting for 89.1%. It is expected that by 2030, the global energy storage PCS shipment volume will reach 412.8GW. Benefiting from accelerated digital transformation, policy support, and the growing demand for energy management from enterprises and institutions, the global energy management market is developing rapidly. In 2025, the global energy management market size is estimated to be RMB 270.5 billion. With the further popularization and application of industrial Internet, Internet of Things, artificial intelligence, as well as the global energy transition and carbon neutral goals, it is projected that the global energy management market size will reach RMB 442 billion by 2030, with a compound annual growth rate of 10.3% from 2025 to 2030. Board of Directors Information The company's board of directors is composed of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors. Shareholding Structure Ms. Zhu has entrusted the voting rights attached to the following to Mr. Zhu: (i) 20,602,113 shares of A-shares directly held by her; and (ii) 21.70% equity in Huichuan Investment. Therefore, Mr. Zhu, Ms. Zhu, and Huichuan Investment collectively constitute the single largest shareholder group of the company. As of the last practicable date, the remaining 16.83% equity in Suzhou Inovance Automotive is held by its employee incentive platform and other A-shareholders, with none of them holding more than 5% of the total issued share capital of Suzhou Inovance Automotive. Intermediary Team Joint Sponsors: Morgan Stanley Asia Limited, CICC (China International Capital Corporation) Hong Kong Securities Limited, Guotai Junan Financing Limited, Merrill Lynch (Asia Pacific) Limited Company Legal Advisor: Hong Kong and US Law: Allen & Overy; Chinese Law: Jingtian & Gongcheng Legal Advisors for Joint Sponsors: Hong Kong and US Law: Clifford Chance; Chinese Law: King & Wood Mallesons Auditors and Reporting Accountants: Ernst & Young (Hong Kong) Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch