Shangshui Smart GEM IPO passed the listing committee meeting to raise nearly 588 million yuan

The Zhitong Finance App learned that on December 16, Shenzhen Shangshui Intelligence Co., Ltd. (abbreviation: Shang Shui Intelligence) passed the Shenzhen Stock Exchange GEM Listing Committee meeting. Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd. is the sponsor and plans to raise 587.39 million yuan.

According to the prospectus, the company has been deeply involved in the intelligent equipment industry for more than ten years and has built comprehensive technical capabilities based on the “core stand-alone machine+intelligent control system+process package”. The main business revolves around core process links such as micro-nano powder treatment, precise measurement of powder liquid, powder and dispersion, and functional film preparation. The products can be widely used in new energy batteries, new materials, chemicals, food, medicine, semiconductors and other industries. Currently, the company mainly targets the manufacturing of new energy battery electrodes and the preparation of new materials, and specializes in R&D, design, production and sales of intelligent equipment integrating process capabilities.

The composition of Shang Shui Intelligence's main business revenue during the reporting period was as follows:

According to GGII statistics, in 2024, the company's recirculating high-efficiency pulping system had a 60% share in the domestic market, ranking first, while the share of the company's lithium battery pulping system in the domestic market was 12.77%, ranking third in the market. In the field of new energy battery electrode manufacturing, the company has established cooperative relationships with BYD (002594.SZ), Everweft Lithium Energy (300014.SZ), Ningde Era (300750.SZ), China Airlines (03931.HK), Ningde New Energy, Ruipu Lanjun (00666.HK), Chuneng New Energy, Sunwanda (300207.SZ), Envision Power, Penghui Energy (300438.SZ), Xingheng Power (300438.SZ), Tianjin Lishen, GAC Aian, etc., and with Samsung SDI, LGES Overseas NEV battery manufacturers such as Panasonic, and SKon develop business cooperation.

On the financial side, in 2022, 2023, 2024, and January-June 2025, Youyan Composite's revenue was approximately 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan, respectively; for the same period, net profit was 97.721 million yuan, about 234 million yuan, about 153 million yuan, and 93.7062 million yuan, respectively.