Wind Blade Smart Equipment Leader 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 (A-shares), with the aim of raising approximately RMB 280 million. The funds will be directed toward a high-end equipment manufacturing base project, which includes:

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

The primary objectives are to alleviate 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

Leveraging its intelligent technology R&D platform, the company has also independently expanded into the semiconductor packaging and testing equipment field.

Key Financial Data (2025):

| Metric | Value | | :--- | :--- | | Operating Revenue | RMB 277 million | | Net Profit Attributable to Parent | Approximately RMB 71.6979 million | | Gross Profit Margin | 46.97% |

This demonstrates strong profitability.

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

Xinpa Intelligent places technological 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

More critically, the company has mastered a suite of high-value core technologies centered on wind turbine blade manufacturing processes. These include 10 key technologies such as:

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

The company deeply integrates these core technologies into its main products, enabling intelligent operation of core blade production processes. For example, it creatively applies 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 (MIIT), successfully passing the review in 2024.
• Shanghai High-tech Achievement Transformation Project certification for its intelligent infusion equipment, intelligent mixing equipment, web tooling, and automatic UT testing equipment.
• 2020: Intelligent infusion equipment awarded the "Shanghai First Set of High-end Intelligent Equipment" title.
• 2025: 3D laser projection system for blade layup awarded the "Jiaxing First Set of Manufacturing Equipment" certification.

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

Sustained investment in R&D is the foundational support for Xinpa Intelligent's technological leadership. During the reporting period, the company's R&D expenditure as a percentage of operating revenue remained high:

• 9.36%
• 8.61%
• 7.32%

As of the end of 2025, R&D personnel accounted for 24.71% of the total workforce. The company has cultivated a highly skilled, experienced, and stable 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.

Leveraging its intelligent technology R&D platform, the company integrates technologies such as fluid control, precision algorithms, remote control, visual recognition, and fault diagnosis to innovate and integrate key technologies for different products. This effectively reduces the risk of new product development and accelerates time-to-market.

Notable ongoing R&D projects include:

• 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 on R&D with institutions like 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 Advantage: Key Metrics Surpass International Counterparts

Product performance is the core of Xinpa Intelligent's market competitiveness. Certified by 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 holds significant technical advantages over domestic and international counterparts.

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

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

Some parameters even reach internationally leading levels.

Specifically, the intelligent infusion equipment achieves significant improvements in output volume, mixing ratio adjustment, and vacuum degassing capacity, effectively saving raw materials. The web tooling, relying on high-precision positioning and anti-slip clamping technology, offers significantly better positioning accuracy than traditional tooling. The automatic UT testing equipment leads its peers in detection speed, coverage width, and automation level. Beyond superior performance parameters, the company's products are known for stable operation, low failure rates, and high reliability, ensuring production continuity for downstream customers.

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

Xinpa Intelligent is one of the earliest domestic enterprises dedicated to the field of specialized equipment for wind turbine blade manufacturing. Through years of deep cultivation, it has established a leading market position in this niche.

Its core products, intelligent infusion and mixing equipment, have achieved sales coverage for the vast majority of domestic wind turbine blade manufacturers. The customer base includes major domestic wind turbine blade and turbine manufacturers such as:

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

Many of these are A-share listed companies or China Top 500 enterprises. This high-quality customer base not only ensures stable revenue streams but also creates favorable conditions for business expansion.

Simultaneously, the company is actively expanding into overseas markets. It has successfully entered the qualified supplier lists of internationally renowned wind power companies like LM and Nordex, with 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 fluctuations in any single regional market and reserves ample space for the global expansion of its intelligent wind turbine blade equipment, further consolidating its market share and industry position.

5. Efficient Business Model: Asset-Light Operations Driving Smart 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. It operates based on a "production-on-demand" model, effectively avoiding the operational risks associated with heavy asset investment.

By relying on its intelligent technology R&D platform, the company can quickly expand the application of industrial intelligent equipment across different process stages, significantly shortening the cycle for new product R&D and market introduction.

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

Operational Results:

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

This fully validates the effectiveness and sustainability of this business model. The company forecasts operating revenue of RMB 230 million to 240 million for the period from January to September 2026, representing a year-on-year increase of 4.91% to 9.47%. Net profit attributable to the parent is expected to grow by 6.33% to 15.05% year-on-year.

Conclusion

In summary, Xinpa Intelligent has built a comprehensive competitive advantage in the niche track of wind turbine blade intelligent equipment through its deep technological accumulation, sustained R&D investment, superior product performance, high-quality customer resources, and asset-light business model. This successful IPO review not only represents capital market recognition of the "Little Giant's" core competitiveness but also provides a crucial opportunity for the company to leverage capital to resolve production capacity bottlenecks and accelerate its progress toward a fully intelligent wind turbine blade production line.

Note: This content is compiled based on public information. For any related feedback, please contact Panorama Network for clarification.