Xinmai Machinery's main board IPO on the Shanghai Stock Exchange has asked one of the few domestic companies that have achieved full-category self-production and full-process coverage

The Zhitong Finance App learned that on July 17, Xinmai Machinery (China) Co., Ltd. (abbreviation: Xinmai Machinery) changed its review status to “Inquired” when applying for listing on the main board of the Shanghai Stock Exchange. Sino-German Securities is its sponsor and plans to raise 539 million yuan.

According to the prospectus, Xinmai Machinery Co., Ltd. is a subsidiary ultimately controlled by Xinmai Enterprise, a retail company in Taiwan, China. It integrates R&D, production, sales and service of commercial baking equipment. The equipment it produces is used in the complete production process of various types of baked goods such as bread, toast, cakes, cookies, pizza, and pasta. Xinmai Enterprise and Xinmai Machinery have always focused on baking equipment for manufacturers, and have gradually improved their business model. Currently, their products cover commercial baking equipment such as machines, ovens, and evaporators.

Commercial baking equipment refers to commercial machinery and equipment used to produce various types of baked goods such as bread, toast, cakes, cookies, pizza, pasta, etc., and related display equipment. Downstream users of commercial baking equipment include bakery stores, supermarkets, restaurants, modern tea shops, hotels, canteens, central baking factories, food cooking training schools, etc.

The company is one of the few enterprises in China that can achieve full product customization and full process coverage. From small production equipment to large-scale automated production lines, from batch production to customized design, the company can provide corresponding solutions. As a leading enterprise in the domestic commercial baking equipment industry, the company has been continuously rated as a high-tech enterprise since 2009. In December 2023, it was recognized as a specialized and new small and medium-sized enterprise in Jiangsu Province. It has many certifications such as ISO9001 and ISO14001, and participated in drafting many industry standards.

The company's downstream customers include large supermarkets such as Walmart, Da Runfa, Yonghui, and Fat Donglai, Chinese Guochao pastry brands Luxihe, Zhan Ji, Master Bao, famous national chain brands Taoli, Haolilai, and Youhe, as well as global restaurant chains Pizza Hut and Salia.

The company has a complete sales network at home and abroad, covering nearly 100 countries or regions around the world. The SINMAG brand was founded in Taiwan in 1983. It first participated in the IBA exhibition in 1989, and continues to appear at world-renowned exhibitions. Currently, it enjoys a certain level of brand popularity in the international market.

The composition of the company's main business revenue by product category during the reporting period was as follows:

The company has successively won the HOTELEX 2017 Top 10 Hotel Equipment Best Supplier Award, entered the official baking equipment sponsor list for famous events such as the 2018 2nd World Bread Top 6 Classic, the 2019 7th World Bread Contest China Team Selection Contest, and acted as the sole designated sponsor for the final equipment of the 6th “Angel Yeast Cup” National Young Bakers Creative Bread Competition in 2025.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of approximately RMB 973 million, RMB 1,033 million, and RMB 1,074 million respectively; during the same period, net profit was approximately RMB 183 million, RMB 201 million, and RMB 193 million, respectively.