Green Control Transmission's GEM IPO has been accepted, focusing on electric drive systems for new energy commercial vehicles

The Zhitong Finance App learned that on December 16, Suzhou Green Control Transmission Technology Co., Ltd. (abbreviation: Green Control Transmission) Shenzhen Stock Exchange GEM IPO was accepted. As its sponsor, CICC plans to raise 1.58 billion yuan.

According to the prospectus, Green Control Transmission is one of the domestic electric drive system companies for new energy commercial vehicles. It provides customers with electric drive systems, components and related technology development and services based on technological innovation related to electric drive systems.

The company's main products are electric drive systems for new energy commercial vehicles. The products are mainly used in the fields of pure electric, hybrid and fuel cell commercial vehicles and non-road mobile machinery.

In terms of production, the raw materials and components required by the company mainly include motor controllers, magnets, gears, shells, enameled wires, silicon steel, bearings, chips, etc.

The company has become the main powertrain system supplier for leading manufacturers in the NEV industry. Its main customers include XCMG Group, Sany Group, Dongfeng Motor, Xiamen Jinlong, BAIC Foton, Sinotruk, and Zhonglian Heavy Industries.

Among them, Sany Group and XCMG Group ranked in the top two in the 2024 NEV sales rankings, with a combined market share of 34.77%.

As one of the leading companies in electric drive systems for new energy commercial vehicles in China, the company occupies an important market position in the field of new energy heavy trucks. According to Cree Consulting's research statistics, in 2022, 2023 and 2024, the company continued to rank first in the industry in the supporting market share of new energy heavy truck motors, and its leading edge in the industry is obvious.

In the reporting period, by product category, electric drive systems contributed more than 90% of revenue and were the company's main source of revenue.

The net amount of capital raised in this offering after deducting the issuance fee is to be invested in the following projects:

On the financial side, in 2022, 2023, 2024, and January-June 2025, Green Control Transmission achieved operating revenue of approximately RMB 712 million, RMB 770 million, RMB 1,328 million, and RMB 1,219 billion.

For the same period, net profit was -994.282 million yuan, -12.3338 million yuan, 4.80427 million yuan, and 68.295,500 yuan, respectively.