Yongmotor Tech's ChiNext IPO to Be Reviewed on Sept 22

The Shenzhen Stock Exchange has announced that the ChiNext IPO application of Suzhou Langao High-Tech Motor Co., Ltd. ("Langao High-Tech") will be reviewed on September 22. As a company specializing in the R&D and production of high-performance permanent magnet synchronous motors (PMSM), Langao High-Tech's main products are applied in new energy commercial vehicles.

I. Serving National Strategic Needs, Driving Advanced Manufacturing Toward High-End, Intelligent, and Green Transformation

As the "power heart" and "efficiency engine" of modern industry, motor performance determines the core indicators of downstream equipment. Compared with traditional asynchronous motors, permanent magnet synchronous motors offer significant advantages such as higher energy efficiency, higher power density, higher control precision, and lower maintenance costs. They effectively address pain points such as high energy consumption and large size in traditional equipment, spanning from new energy vehicles to various industrial applications.

In September 2026, the National Advanced Manufacturing Conference was held in Beijing, further clarifying that advanced manufacturing should pursue intelligent, green, and integrated development, accelerating the construction of a modern industrial system with advanced manufacturing as the backbone. The development of the PMSM industry is a key factor in enabling downstream advanced manufacturing sectors to achieve intelligent, green, and integrated growth. The industry has received strong support from national policies. In March 2026, the "15th Five-Year Plan" outlined "high-performance motors and control systems" as a key攻坚 area for enhancing industrial foundation capabilities and competitiveness. In April 2026, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Higher-Standard and Higher-Quality Energy Conservation and Carbon Reduction," explicitly calling for accelerated promotion and application of advanced equipment such as permanent magnet motors.

Having深耕 the high-performance PMSM field for 20 years, Langao High-Tech has grown into a national-level "Specialized and New" industry leader in this sector.

II. Sustained Market Demand Release, Leading Industry Position, and Rapid Performance Growth

Driven by policy incentives and economic benefits, the industry track in which Langao High-Tech operates is experiencing a golden period, covering areas such as new energy commercial vehicles, new energy non-road mobile machinery, and industrial high-efficiency energy saving. In the new energy commercial vehicle and non-road mobile machinery sectors, from 2025 to 2030, Langao High-Tech is focusing on key segments including new energy heavy trucks, buses, mining trucks, and construction machinery.

Leveraging the high-performance advantages of its core products, Langao High-Tech has established a dominant position in key scenarios within new energy commercial vehicles and non-road applications. According to Frost & Sullivan statistics, in 2025, the company's new energy mining truck drive motor sales accounted for a 70% share of the domestic market, ranking first. In the new energy heavy truck drive motor segment, the company held approximately a 28% market share in 2025, ranking second in the industry. Meanwhile, Langao High-Tech has been deploying in the industrial sector for several years, with its brand influence gradually taking shape. From 2023 to 2025, the company's industrial sector revenue achieved a compound annual growth rate of 45.70%. In the first half of 2026, the company's industrial sector sales revenue increased by over 80% year-on-year, demonstrating rapid growth.

This leading position in niche markets has directly driven the continuous expansion of the company's business scale. According to the prospectus, from 2023 to 2025, the company's operating revenue was RMB 385 million, RMB 768 million, and RMB 1.447 billion, respectively. In the first half of 2026, the company achieved operating revenue of RMB 823 million, a year-on-year increase of 26.20%; net profit attributable to the parent company was RMB 86.6819 million, a year-on-year increase of 46.58%.

III. Strong Technology Reuse Capability, Multi-Scenario Applications Creating a Second Growth Curve

After 20 years of development, Langao High-Tech has accumulated leading underlying PMSM technology and cross-scenario product development experience, forming the ability to reuse and optimize for application characteristics in different fields. In recent years, beyond its advantageous products in new energy mining trucks, Langao High-Tech has continuously extended into areas such as high-speed refrigeration compressor motors, industrial high-efficiency energy-saving motors, and motors for emerging transportation scenarios like eVTOL, creating a second growth curve. With this ChiNext listing, the company plans to leverage the capital market to enhance its R&D and industrialization capabilities. The raised funds will be directed toward industrialization projects including new energy drive motor intelligent manufacturing, high-speed refrigeration compressor motors and industrial high-efficiency drive systems, and an R&D center, aiming to further improve product structure and scenario delivery capabilities, providing support for existing business and future market expansion.

Industry insiders believe that against the backdrop of the continuous development of new energy commercial vehicles and non-road mobile machinery industries, drive motor products are constantly upgrading toward higher efficiency and higher reliability. With its existing market share and technological accumulation, Langao High-Tech is well-positioned to capitalize on this trend. The ChiNext listing will provide capital support for the company's subsequent R&D investment and scenario expansion, driving continuous improvement in operating performance and core competitiveness, steadily enhancing sustainable development capabilities, and contributing advanced technology and unique value to the global wave of electrification.

(Source: Times Weekly)