Wind blade smart equipment maker Xinpa Intelligent passes IPO review, plans to raise 280 mln yuan

Shanghai Xinpa Intelligent Technology Co., Ltd. (securities abbreviation: "Xinpa Intelligent") has successfully passed its IPO review, becoming the latest "Specialized and New" 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), with total funds raised of approximately RMB 280 million. The proceeds will be directed toward a high-end equipment manufacturing base project, including:

• Industrial intelligent equipment industrialization base construction: ~RMB 196 million
• R&D center construction: ~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: ~RMB 71.70 million
• Gross margin: 46.97%

These figures demonstrate strong profitability.

1. 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 prospectus signing date, the company holds:

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

The company has mastered 10 core technologies critical to wind turbine blade manufacturing, 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 technologies are deeply embedded in the company's main products, enabling intelligent operation of core blade manufacturing 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.

Recognition and Awards:

• 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: Designated as "Shanghai High-Tech Achievement Transformation Projects"
• Intelligent infusion equipment: Awarded "2020 Shanghai First Set of High-End Intelligent Equipment"
• 3D laser projection system for blade layup: Recognized as "2025 Jiaxing First Set of Manufacturing Equipment"

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

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

• R&D expenditure as a percentage of revenue: 9.36%, 8.61%, and 7.32%
• 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, supported by an efficient R&D management process led by the design department, with coordination from 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, enabling innovation and integration of key technologies across different products. This approach effectively reduces the risk of new product development and accelerates time-to-market.

Ongoing R&D Projects:

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

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

3. Comprehensive Product Performance Advantage: Key Metrics Surpass International Competitors

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 Research Institute, the company's wind turbine blade intelligent equipment holds 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
• Detection 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, 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 detection speed, coverage width, and 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 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 enterprises in China specializing in wind turbine blade manufacturing equipment. Through years of深耕, it has established a leading market position in this niche.

Core Product Coverage:

• Intelligent infusion equipment and intelligent mixing equipment have achieved sales coverage for the vast majority of domestic wind turbine blade manufacturers

Key Customers:

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

These include A-share listed companies and China Top 500 enterprises. This high-quality customer base ensures stable revenue streams and creates favorable conditions for continued 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 intelligent wind turbine blade 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, design, key component production, and final assembly. The company operates on a "production based on sales" model, effectively avoiding the operational risks associated with heavy asset investment.

Key Advantages:

• Rapid expansion of industrial intelligent equipment applications across different process stages via its intelligent technology R&D platform
• Significantly shortened R&D and market introduction cycles for new products
• Market recognition and leading position in wind turbine blade intelligent equipment provide natural advantages for new product promotion, creating a positive "R&D → Market → R&D" flywheel

Operational Results:

• Maintained a high and relatively stable gross margin
• Net profit showing 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

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 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.