Wind Blade Smart Equipment Maker Xinpa Intelligent Passes IPO Review, Plans to Raise 280 Million Yuan

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 18.0812 million ordinary shares (RMB-denominated) and raise approximately RMB 280 million. The funds will be directed toward a high-end equipment manufacturing base project, including:

• Industrial intelligent equipment industrialization base construction project: Approximately RMB 196 million
• R&D center construction project: Approximately RMB 85 million

The initiative aims 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 key manufacturing processes such as:

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

The company has also independently expanded into the semiconductor packaging and testing equipment sector through its intelligent technology R&D platform.

2025 Financial Highlights:

• Operating revenue: RMB 277 million
• Net profit attributable to parent company: Approximately RMB 71.70 million
• Gross profit margin: 46.97%

I. Deep Technological Moat: Patent Portfolio and Core Technologies

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

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

The company has mastered 10 core technologies with high commercial value related to wind turbine blade manufacturing processes, including:

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

These core technologies are deeply embedded in the company's main products, enabling intelligent operation of critical blade production processes. For example, the company 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.

Key Recognitions:

• 2021: Recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology (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 of Manufacturing Equipment"

II. Sustained R&D Investment: Stable Team Supporting Long-Term Technology Iteration

Consistent R&D investment underpins Xinpa Intelligent's technological leadership. During the reporting period, R&D expenditure as a percentage of operating revenue was:

• 9.36%
• 8.61%
• 7.32%

As of the end of 2025, R&D personnel accounted for 24.71% of total employees. The company has cultivated a highly skilled, experienced, and low-turnover core R&D team, supported by an efficient R&D management process led by the design department and coordinated with technical services 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 to innovate and integrate key technologies across different products, effectively reducing R&D risks and accelerating time-to-market.

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. to advance its long-term vision of a fully intelligent production line for wind turbine blades.

III. Comprehensive Product Performance Advantage: Key Indicators Outperform International Peers

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.

Key Performance Comparisons (Core Products):

| Product | Key Advantages | |---|---| | Intelligent infusion equipment | Superior output volume, mixing ratio adjustment, and vacuum degassing; significant raw material savings | | Web tooling | High-precision positioning and anti-slip clamping technology; significantly better than traditional tooling | | Automatic UT testing equipment | Faster detection speed, wider coverage, and higher automation level |

In addition to superior key performance parameters, the company's products offer stable operation, low failure rates, and high reliability, ensuring production continuity for downstream customers.

IV. 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 and has established a leading market position in this niche segment.

Domestic Customers:

• Sinomat Science & Technology
• Times New Material
• Envision Energy
• Mingyang Smart Energy
• Sany Renewable Energy
• Dongfang Electric
• Ailang Technology
• Chengfei New Material

These include A-share listed companies and China Top 500 enterprises, providing stable revenue sources and supporting business expansion.

International Expansion:

• Successfully entered the qualified supplier lists of international 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 regional market volatility and reserves significant room for global expansion of wind turbine blade intelligent equipment.

V. Efficient Business Model: Asset-Light Operations Driving Smart Manufacturing

Xinpa Intelligent adopts an asset-light business model, focusing core efforts on R&D, design, key component production, and final assembly. The company operates on a "production based on sales" model, effectively avoiding risks associated with heavy asset investment.

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 R&D-to-market cycle.

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

Financial Performance:

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

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

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, and an asset-light business model. The successful IPO review not only validates the capital market's recognition of the "Little Giant" enterprise's core competitiveness but also provides a critical opportunity for the company to leverage capital to address production capacity bottlenecks and accelerate 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.