---
title: "New Stock Outlook | Controlling shareholder spins off subsidiary to Hong Kong, Zhongding Intelligent brings 1.8 billion in revenue to the table seeking change?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/239948801.md"
description: "Zhongding Intelligent has submitted a listing application to the Hong Kong Stock Exchange, planning to raise funds independently, while NOBLELIFT will still maintain its controlling stake. Zhongding Intelligent ranks first in the field of new energy lithium-ion batteries in China and fourth in the intelligent on-site logistics solutions industry. The company's core product is intelligent on-site logistics solutions, with total revenue expected to grow year by year from 2022 to 2024, primarily sourced from new energy clients. This spin-off listing will have a significant impact on the future development of Zhongding Intelligent"
datetime: "2025-05-13T03:01:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/239948801.md)
  - [en](https://longbridge.com/en/news/239948801.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/239948801.md)
generator: "portal-rs"
---

# New Stock Outlook | Controlling shareholder spins off subsidiary to Hong Kong, Zhongding Intelligent brings 1.8 billion in revenue to the table seeking change?

NOBLELIFT (603611.SH) may face significant changes in its capital landscape. Recently, NOBLELIFT's holding subsidiary Zhongding Intelligent (Wuxi) Technology Co., Ltd. (hereinafter referred to as "Zhongding Intelligent") officially submitted its listing application to the Hong Kong Stock Exchange. According to previous announcements, after the spin-off listing is completed, NOBLELIFT will still maintain control over Zhongding Intelligent.

Based on 2024 revenue, Zhongding Intelligent ranks first among intelligent on-site logistics solution providers in the Chinese new energy lithium-ion battery sector; if the scope is appropriately expanded, it also holds the fourth position in the domestic intelligent on-site logistics solution industry.

What considerations lie behind Zhongding Intelligent's "turnaround" from being part of an A-share listed company to independently seeking financing in Hong Kong? If Zhongding Intelligent can realize its dream of listing on the Hong Kong Stock Exchange, what will it mean for this industry-leading provider of intelligent on-site logistics and warehouse automation solutions?

## **Main Business Revenue Accelerates, Profitability Needs Improvement**

Zhongding Intelligent was established in 2009, and in 2016, NOBLELIFT "set its sights" on Zhongding Intelligent and acquired 90% of its shares. After years of development, Zhongding Intelligent has become a leading enterprise in its niche. The company's core product is intelligent on-site logistics solutions, which coordinate the handling and storage of goods in warehouses, factories, and production lines across various industry verticals by integrating intelligent on-site logistics management software with stackers, shuttles, conveyors, sorters, and robots.

From 2022 to 2024, Zhongding Intelligent's total revenue was RMB 1.643 billion, RMB 1.695 billion, and RMB 1.798 billion, respectively. In terms of structure, intelligent on-site logistics solutions have always been the main source of revenue for Zhongding Intelligent, accounting for as much as 97.3%, 94.6%, and 96.1% of revenue from 2022 to 2024. During the same period, the company also generated a small portion of revenue from after-sales services and sales of on-site logistics equipment and others.

![图片 1.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250513/1747104825445464.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

Furthermore, new energy customers are the largest contributors to Zhongding Intelligent's revenue. From 2022 to 2024, the revenue from intelligent on-site logistics solutions provided to this industry accounted for over 75% of the total revenue from this business. In addition, the automotive parts, healthcare, food, and other industries, including chemicals, electronics, new materials, textiles, and equipment manufacturing, are also target customer groups for Zhongding Intelligent.

It is worth mentioning that in 2024, the revenue from Zhongding Intelligent's core business increased by 7.8% year-on-year, a significant increase compared to the previous year. Analyzing the trend of changes, this is attributed to the revenue growth recorded from the company's new energy industry customers, automotive parts industry customers, and chemical industry customers.

![图片 2.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250513/1747104843962537.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) Against the backdrop of accelerated growth in its main business, Zhongding Intelligent's total revenue growth in 2024 also outperformed the previous year. However, it is noteworthy that during this period, the company's gross profit margin did not increase in tandem. Data shows that from 2022 to 2024, Zhongding Intelligent's gross profits were 231 million yuan, 238 million yuan, and 236 million yuan, corresponding to gross profit margins of 14.1%, 14%, and 13.1%. In the year 2024, when the company's total revenue accelerated, Zhongding Intelligent's overall gross profit margin actually experienced a more severe negative growth.

Ultimately, the decline in Zhongding Intelligent's profitability is still due to the decrease in the gross profit margin of its core business. The prospectus indicates that in 2024, the gross profit margin of Zhongding Intelligent's intelligent on-site logistics solutions was approximately 12.2%, a decrease of 1.2 percentage points from 13.4% in 2022.

Looking at specific scenarios, except for clients in the new energy industry, the gross profit margins of all other industries for Zhongding Intelligent in 2024 showed varying degrees of decline, with the gross profit margin for automotive parts clients even being negative. According to the company, the significant fluctuations in gross profit margins for solutions in the automotive parts and healthcare industries are due to the relatively small number of solutions delivered and accepted, making the profit margins more susceptible to changes in the profitability of individual solutions.

![图片 3.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250513/1747104863291869.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## **Customer Concentration May Limit Growth Potential**

By reviewing Zhongding Intelligent's financial data in recent years, it is not difficult to see that the company is facing practical issues such as the mismatch between revenue and profitability changes, and the urgent need to enhance growth momentum.

In 2024, after managing to raise revenue growth to 6.1%, Zhongding Intelligent's gross profit margin fell below 14%, which indirectly suggests that the company's bargaining power is relatively limited. In fact, a closer examination of Zhongding Intelligent's fundamentals reveals that the company indeed faces issues such as high concentration of downstream clients' industries and relative client concentration.

According to the prospectus, from 2022 to 2024, Zhongding Intelligent's sales to its top five clients were 1.212 billion yuan, 1.269 billion yuan, and 1.284 billion yuan, accounting for 73.8%, 74.9%, and 71.4% of total revenue for those years, respectively. Moreover, during this period, most of Zhongding Intelligent's top five clients belonged to the new energy industry, with lithium-ion battery manufacturers being the primary clients.

In contrast, the revenue share from clients in other sectors, including automotive parts, healthcare, food, as well as chemicals, electronics, new materials, textiles, and equipment manufacturing, accounted for less than 30% combined. Perhaps it is precisely because Zhongding Intelligent has relatively little influence in industries outside of new energy that, in order to compete for contracts, it may inevitably need to make concessions through a "price-for-volume" approach, which also explains why, against the backdrop of a rebound in gross profit margins for new energy industry solutions in 2024, the gross profit margins for solutions in other industries have all declined It is also worth noting that in recent years, Zhongding Intelligent's bid winning rate has shown high volatility. From 2022 to 2024, the company submitted 112, 90, and 128 bids for intelligent on-site logistics solution projects, corresponding to bid winning rates of 41%, 24%, and 27%.

Given that Zhongding Intelligent will consciously expand into diversified business areas in the coming years, how to maintain a high bid winning rate and profit level in the face of fierce market competition will likely pose a challenge for the company.

Looking at longer-term development opportunities, international expansion may also be one of the decisive factors for Zhongding Intelligent's growth prospects. Compared to the domestic market, the overseas intelligent on-site logistics solution market is equally vast, but the intensity of competition is significantly lower, resulting in relatively higher profit margins. In 2023, Zhongding Intelligent provided relevant solutions for a textile company in Pakistan, with a notably high contract profit margin at that time. Next, Zhongding Intelligent plans to gradually establish local business teams overseas to expand into international markets. As of now, Zhongding Intelligent has set up subsidiaries in Hungary, Singapore, and Malaysia to support the international expansion of Chinese enterprises and attract international clients.

Based on the above situation, looking back at Zhongding Intelligent's application to list on the Hong Kong Stock Exchange, it is not difficult to see that for a company aiming for global development, listing in Hong Kong indeed aligns more closely with its practical needs. However, whether Zhongding Intelligent can seize the current time window to complete its listing and achieve high-quality business development through effective means will likely be another story

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**