Xinpa Intelligent IPO Approved, Plans to Raise 280 Million Yuan for High-End Equipment Base

Shanghai Xinpa Intelligent Technology Co., Ltd. (securities abbreviation: "Xinpa Intelligent") has successfully passed its IPO review, becoming the latest "Specialized and New" (专精特新) enterprise in the wind power industry chain to list on the Beijing Stock Exchange.

The company plans to publicly issue no more than 18,081,200 ordinary shares (RMB-denominated) and raise approximately RMB 280 million. The funds will be directed toward a high-end equipment manufacturing base project, including:

• RMB 196 million for the industrial intelligent equipment industrialization base construction project
• RMB 85 million for the R&D center construction project

These investments aim to address production capacity bottlenecks and strengthen R&D capabilities.

Company Overview

According to public information, Xinpa Intelligent is a high-tech enterprise specializing in the R&D, design, production, sales, and service of industrial intelligent equipment with independent intellectual property rights. The company focuses on the wind turbine blade intelligent equipment sector, with core products covering:

• Intelligent infusion equipment
• Intelligent mixing equipment
• Web tooling
• Automatic UT (ultrasonic testing) equipment for blades
• 3D laser projection systems for blade layup

These products address key manufacturing processes for wind turbine blades. Leveraging its intelligent technology R&D platform, the company has also independently expanded into semiconductor packaging and testing equipment.

2025 Financial Highlights:

• Operating revenue: RMB 277 million
• Net profit attributable to parent company: Approximately RMB 71.70 million
• Gross margin: 46.97% (indicating strong profitability)

1. Deep Technological Moat: Patent Portfolio and Core Technologies Build First-Mover Advantage

Xinpa Intelligent places technology R&D at the core of its operations, driven by customer needs and R&D design. As of the prospectus signing date, the company holds:

• 101 patents (including 22 invention patents)
• 42 software copyrights

More critically, the company has mastered 10 high-value core technologies related to wind turbine blade manufacturing processes, including:

• Automatic infusion control technology for wind turbine blades
• High-precision dual-component mixing control technology
• Ultrasonic testing technology for blade nondestructive inspection
• Laser projection technology for layup
• Automatic surface grinding control technology for blades
• Resin回流 system control technology

The company deeply integrates these core technologies into its main products, enabling intelligent operation of key blade production processes. For example, it has innovatively applied control circuits and software to mixing and infusion equipment, enabling real-time data collection, backend analysis, and PID algorithm-based intelligent correction, allowing customers to remotely monitor equipment operation in real time.

Recognition and Awards:

• 2021: Recognized as a Ministry of Industry and Information Technology "Little Giant" Specialized and New enterprise (re-certified in 2024)
• Intelligent infusion equipment, intelligent mixing equipment, web tooling, and automatic UT testing equipment: Recognized as "Shanghai High-Tech Achievement Transformation Projects"
• Intelligent infusion equipment: Awarded "2020 Shanghai First Set of High-End Intelligent Equipment Breakthrough"
• 3D laser projection system for blade layup: Recognized as "2025 Jiaxing City First Set (Set) of Manufacturing Equipment"

2. Continuous R&D Investment: Stable Team Supports Long-Term Technology Iteration

Sustained R&D investment underpins Xinpa Intelligent's technology leadership. During the reporting period:

• R&D expenditure as a percentage of operating revenue: 9.36%, 8.61%, and 7.32% (consistently high)
• R&D personnel as a percentage of total employees (as of end of 2025): 24.71%

The company has cultivated a highly skilled, experienced, and low-turnover core R&D team, establishing an efficient R&D management process led by the design department, with coordinated support from the technical service and process quality departments.

Through its intelligent technology R&D platform, the company integrates fluid control, precision algorithms, remote control, visual recognition, and fault diagnosis technologies, enabling innovation and integration of key technologies across different products. This effectively reduces R&D risks for new products and accelerates time-to-market.

Notable Ongoing R&D Projects:

• Semi-automatic production line for blade root prefabrication
• Automatic blade infusion machine (positive pressure type)
• Gantry truss for post-process blade manufacturing
• Dual-posture intelligent grinding machine for blades

The company also collaborates with institutions such as Shanghai Aoma Information Technology Service Co., Ltd., continuously building momentum toward its long-term vision of a fully intelligent production line for wind turbine blades.

3. Comprehensive Product Performance Leadership: Key Indicators Outperform International Counterparts

Product performance is the core of Xinpa Intelligent's market competitiveness. According to certifications from the Shanghai Pudong Intellectual Property Technology Service Center and the Zhejiang Provincial Science and Technology Information Institute, the company's wind turbine blade intelligent equipment demonstrates significant technical advantages over domestic and international counterparts.

For core products such as intelligent infusion equipment, intelligent mixing equipment, web tooling, automatic UT testing equipment, and 3D laser projection systems, the company outperforms domestic competitors in key technical indicators including:

• Output volume
• Positioning accuracy
• Testing speed
• Control methods
• Safety protection

Some parameters even reach internationally leading levels.

Specific Advantages:

• Intelligent infusion equipment: Significant improvements in output volume, mixing ratio adjustment, and vacuum degassing capacity, effectively saving raw materials
• Web tooling: High-precision positioning and anti-slip clamping technology, significantly outperforming traditional tooling in positioning accuracy
• Automatic UT testing equipment: Leading in testing speed, coverage width, and automation level

Beyond superior performance parameters, the company's products offer stable operation, low failure rates, and high reliability, ensuring production continuity for downstream customers and building a solid foundation for sustained customer trust.

4. Leading Market Position: High-Quality Customer Base and Dual Domestic-International Growth

Xinpa Intelligent is one of the earliest domestic enterprises specializing in wind turbine blade manufacturing equipment. Through years of深耕, it has established a leading market position in this niche.

Customer Coverage:

• Core products (intelligent infusion and mixing equipment) cover the vast majority of domestic wind turbine blade manufacturers
• Key customers include: Sinomat Science & Technology, Times New Material, Envision Energy, Mingyang Smart Energy, Sany Renewable Energy, Dongfang Electric, Ailang Technology, and Chengfei New Materials
• Many customers are A-share listed companies or China Top 500 enterprises

This high-quality customer base ensures stable revenue streams and creates favorable conditions for business expansion.

International Expansion:

• Successfully entered the qualified supplier lists of internationally renowned wind power companies such as LM and Nordex
• End customers located in Spain, Brazil, India, Morocco, and other countries

By leveraging both domestic and international markets, the company effectively mitigates the impact of regional market fluctuations and reserves ample space for the global expansion of wind turbine blade intelligent equipment, further consolidating and enhancing its market share and industry position.

5. Efficient Business Model: Asset-Light Operations Driving Intelligent Manufacturing Upgrades

Xinpa Intelligent adopts an asset-light business model, focusing its core efforts on:

• Product R&D and design
• Key component production
• Final product assembly

The company operates on a "production based on sales" model, effectively avoiding the operational risks associated with heavy asset investments. Through its intelligent technology R&D platform, the company can rapidly expand the application of industrial intelligent equipment across different process stages, significantly shortening the cycle from new product R&D to market introduction.

The company's market recognition and leading position in wind turbine blade intelligent equipment also provide natural advantages for new product promotion, creating a positive feedback loop of "R&D → Market → Further R&D."

Operational Results:

• Maintains a high and relatively stable gross margin
• Net profit shows sustained and rapid growth
• Profitability ranks among the leading levels in the specialized equipment manufacturing industry

These results fully validate the effectiveness and sustainability of this business model.

2026 Forecast (January–September):

• Operating revenue: RMB 230–240 million (year-on-year growth of 4.91%–9.47%)
• Net profit attributable to parent company: Year-on-year growth of 6.33%–15.05%

Conclusion

Overall, Xinpa Intelligent has built a comprehensive competitive advantage in the wind turbine blade intelligent equipment niche through:

• Deep technological accumulation
• Sustained R&D investment
• Superior product performance
• High-quality customer resources
• An asset-light business model

The successful IPO review not only represents capital market recognition of the "Little Giant's" core competitiveness but also provides a critical opportunity for the company to leverage capital to address production capacity bottlenecks and accelerate its progress toward a fully intelligent wind turbine blade production line.

Note: This article is compiled based on publicly available information. For any feedback, please contact Panorama Network for clarification.