Low-Altitude Economy + Robotics Dual-Wheel Drive, Unmanned Aerial Vehicle Propulsion System Leader Sanrui Intelligent Poised for IPO

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Currently, Nanchang Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as “Sanrui Intelligent,” 301696.SZ) has had its application for the initial public offering (IPO) and listing on the ChiNext Board approved by the Shenzhen Stock Exchange Listing Review Committee and has received registration approval from the China Securities Regulatory Commission. The company’s IPO is sponsored and underwritten by Guotai Huarong Securities, with plans to issue 40.01 million shares to raise funds for expanding production of drone and robot power systems, building R&D centers and headquarters, and upgrading information technology and smart warehousing centers.

Deeply engaged in drone and robot power systems, with industry-high prosperity characteristics

Sanrui Intelligent was founded in 2009 and is a leading manufacturer in the drone and robot power systems industry. Its main business involves R&D, production, and sales of electric power systems for drones and robots, and it actively develops power systems for electric vertical takeoff and landing (eVTOL) aircraft. The drone and robot industry, supported as a strategic emerging industry by the state and representing new productive forces, has broad downstream applications. It plays a crucial role in promoting China’s industrial transformation and upgrading, moving toward becoming a manufacturing powerhouse.

Further, the company’s main products include electric power systems for drones (motors, electronic speed controllers, propellers, integrated power systems) and robot power systems (motors, modules). From 2022 to 2024 and the first half of 2025, these products generated revenues of 335 million yuan, 480 million yuan, 772 million yuan, and 409 million yuan, respectively, accounting for over 90% of the company’s main business income.

Table: Main business revenue and composition; Source: Company Prospectus

Civil drone electric power systems are core subsystems of civilian drones, positioned at the heart of the drone industry chain, often called the “heart” of drones, responsible for providing power output. The company offers over 60 series and 400 models of drone electric power systems, including motors, electronic speed controllers, propellers, and integrated systems, widely used in agriculture, forestry, industrial inspection, surveying and mapping, logistics, emergency rescue, security monitoring, model aircraft, FPV racing, aerial photography, and light shows. These products are compatible with multirotor, fixed-wing, and hybrid drones, with performance parameters covering a broad range. Since 2019, the company has also been developing eVTOL power systems, providing scaled-down models and prototype electric power systems.

Figure: Position of the company in the drone industry chain; Source: Company Prospectus

From the industry development perspective, according to Frost & Sullivan data, the global civil drone market size grew from 65.74 billion yuan in 2019 to 193.83 billion yuan in 2024, with a CAGR of 24.1%. During the same period, the market size for civil drone electric power systems (excluding batteries) increased from 4.31 billion yuan to 10.31 billion yuan, with a CAGR of 19.1%. For Sanrui Intelligent, revenue from drone electric power systems grew from 309 million yuan in 2022 to 728 million yuan in 2024, with a CAGR of 53.6%. In 2024, the company’s market share in the global civil drone electric power systems (excluding batteries) industry reached 7.1%, ranking second after DJI Innovations. The company has become one of the leading and most competitive enterprises in this industry.

Figure: Global civil drone market size (billion yuan); Source: Frost & Sullivan, Company Prospectus

Regarding the robotics industry, with the integration and upgrading of AI, big data, and IoT technologies, robot functions are continuously expanding, with significant improvements in stability, operational efficiency, and intelligence. Meanwhile, the industry is accelerating its integration into manufacturing, logistics, healthcare, and specialized operations. In robot power systems, the company established its own brand CubeMars in 2018, focusing on robot joints, with over 10 series and 70 models. It has achieved self-research and manufacturing of core components such as motors, drive boards, and planetary reducers, applicable to humanoid robots, exoskeletons, wearable devices, quadruped robots, and other emerging fields. Notably, revenue from the robot power systems business has entered rapid growth, with first-half 2025 revenue increasing by 106% year-over-year.

Financial performance shows that from 2022 to 2024, the company achieved revenues of 362 million yuan, 534 million yuan, and 831 million yuan, with a CAGR of 51.6%, surpassing industry average growth. Net profit attributable to shareholders after non-recurring gains and losses was 101 million yuan, 162 million yuan, and 321 million yuan, respectively, more than doubling. According to audited financial data, the company expects 2025 revenues of 1.075 billion yuan (up 29.3%) and net profit of 406 million yuan (up 26.6%). Additionally, management forecasts that in the first quarter of this year, revenues will reach between 250 million and 300 million yuan (up 29.1% to 54.9%) and net profit between 94 million and 112 million yuan (up 29.2% to 54.0%), maintaining steady growth.

High recognition of products and broad customer base

The company emphasizes independent R&D. After years of continuous investment, it has mastered and broken through 13 core technologies with independent intellectual property rights, including integrated power module technology, electromagnetic design and optimization, thermal management, FOC vector control, lightweight high-strength composite materials, and high-precision servo control, covering R&D, software algorithms, manufacturing processes, and testing. As of June 2025, the company holds 368 authorized patents domestically (including 45 invention patents and 149 utility model patents) and 4 invention patents overseas.

Thanks to excellent product performance, reliable quality, and comprehensive technical services, the company’s products are sold to over 100 countries and regions across Asia, Europe, the Americas, Africa, and Oceania, serving approximately 1,800 customers annually. In the drone and robot power systems fields, the company has established deep partnerships with many industry leaders. Major customers with sales exceeding 1 million yuan include Aerospace Electronics (600879.SH), Zongheng Co., Ltd. (688070.SH), Huace Navigation (300627.SZ), and Japan’s NTT (9432.T).

The company values R&D investment, with R&D expenses of 21.91 million yuan, 34.76 million yuan, and 36.09 million yuan in 2022–2024, respectively, maintaining steady growth. As of June 2025, it has 141 R&D personnel, accounting for 12.2% of total employees, with backgrounds in electronics, computer science, electrical automation, electromagnetics, materials, and mechanical-electrical engineering.

Honors and certifications include being a national high-tech enterprise, a national specialized and innovative “Little Giant” enterprise, a national intellectual property advantage enterprise, a national green factory, and a provincial manufacturing single champion enterprise. The company has received industry awards such as the “Global Unmanned Systems Industry Golden Wing Award,” “5th World Drone Conference—Innovative Product Award,” and “6th World Drone Conference—Little Giant Award.” As one of the earliest companies in China to launch integrated power systems, it also participated in drafting the “Supplementary Requirements for Electric Aircraft Power Units” section of China’s civil aviation regulations.

Use of raised funds mainly for expanding related power system production capacity and strengthening R&D

The funds raised from this listing will be allocated to three projects: “Drone and Robot Power System Expansion,” “R&D Center and Headquarters Construction,” and “IT Upgrade and Smart Warehousing Center Construction.”

Table: Use of funds raised

Further details:

Drone and robot power system expansion project. Total investment of 407 million yuan, with a construction period of three years. The project involves building new production workshops and auxiliary facilities, introducing advanced manufacturing equipment, and adding 602 employees to expand production capacity (aiming for 1 million motors, 800,000 electronic speed controllers, and 800,000 propellers annually). This will further improve manufacturing automation, achieve scale effects, and strengthen the company’s competitive edge.

R&D center and headquarters construction. Total investment of 258 million yuan, planning to build a new integrated R&D, office, and testing building, and recruit more high-quality R&D personnel. The project will purchase 269 sets of advanced R&D and testing equipment and 166 software systems. It will focus on the development of next-generation drone and robot power systems to enhance the company’s technological R&D strength and overall competitiveness.

IT upgrade and smart warehousing center. Total investment of 105 million yuan, with a three-year construction period. The project involves purchasing advanced data center equipment, smart warehousing systems, auxiliary facilities, office equipment, and various information and warehousing software. It will employ 20 staff. This project aims to upgrade the company’s digital infrastructure and accelerate the construction of modern intelligent warehousing, improving storage capacity and transportation efficiency.