LEAD INTELLIGENT (0470.HK) will conduct its IPO from February 3 to 6, planning to issue 93.616 million H shares, with 10% available for public offering in Hong Kong, at a maximum offering price of HKD 45.8, raising up to HKD 4.29 billion. Each lot consists of 100 shares, with an entry fee of HKD 4,626.2. LEAD INTELLIGENT expects to be listed on February 11. CITIC Securities and JP Morgan are the joint sponsors.
LEAD INTELLIGENT has introduced Oaktree, Pinpoint, AMF, MY Asian, MSIP, EuroVentures Fund, QRT, Wuxi JinChou, and Guotai Junan (regarding Wuxi JinChou's OTC swaps), Millennium, and Rome Garden as a total of 10 cornerstone investors, with a subscription amount of USD 275 million.
LEAD INTELLIGENT's A shares (300450.SZ) closed at RMB 55.71 on Monday (February 2) (equivalent to HKD 62.63), with a market capitalization of HKD 87.25 billion. The latest offering price of LEAD INTELLIGENT's H shares is at a discount of 26.9% compared to A shares, with A shares at a level of 36.7%.
<h2>Benefiting from Market Demand Recovery, Revenue Increases by 15%, Net Profit Easily Affected by Customer Demand and Delayed Acceptance</h2>
LEAD INTELLIGENT's revenue grew by 19.1% from 2022 to 2023, mainly driven by sales of lithium battery, photovoltaic, and intelligent logistics equipment. Revenue is expected to decline by 28.6% in 2024, primarily due to (i) a slowdown in demand for intelligent equipment for lithium batteries and (ii) overcapacity in the photovoltaic industry leading to decreased equipment demand. Revenue increased by 14.9% from January to September 2025, mainly due to (i) a recovery in demand for intelligent equipment for lithium batteries, increasing revenue from sales of lithium battery intelligent equipment; (ii) an increase in acceptance of photovoltaic equipment, boosting corresponding business revenue; (iii) acceptance of automotive intelligent production line projects, increasing revenue from related businesses.
<img src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-115332-300x280.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-115332-300x280.png"/>
The company's net profit decreased by 23.6% from the year ended December 31, 2022, to the year ended December 31, 2023, mainly due to (i) a decline in gross profit margin, primarily due to an increase in the percentage of inventory write-downs relative to sales costs. The company writes down inventory when actual losses occur and also conducts a prudent assessment of the net realizable value of inventory in advance. The downstream market environment is challenging, leading to intensified market competition, posing challenges for customers and reducing their demand for capacity expansion
The company pointed out that some customers, despite having placed orders for its products, have delayed their expansion plans, choosing to wait until downstream demand recovers before confirming acceptance and deploying equipment.
As for the net profit increase of 97.9% during the nine months ending September 30, 2024, compared to the nine months ending September 30, 2025, it is mainly due to (i) increased revenue and (ii) the reversal of impairment losses under the expected credit loss model, primarily because the recovery of the lithium battery industry and the normalization of production have significantly enhanced customers' payment capabilities.
<img src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-120015-300x288.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-120015-300x288.png"/>
In terms of gross margin, the gross margin from 2022 to 2024 has continued to decline, mainly due to increased inventory write-downs and intensified industry competition. The gross margin decreased from 35.1% for the nine months ending September 30, 2024, to 30.9% for the nine months ending September 30, 2025, primarily because some orders during the period were signed at relatively low prices during the industry's downturn, resulting in lower gross margins upon acceptance.
<h2>Business Scope</h2>
LEAD INTELLIGENT is an intelligent equipment company that provides intelligent equipment and solutions for numerous emerging industries, with revenue from mainland China consistently accounting for 80%. The manufacturing equipment and solutions delivered by the company are widely distributed across various application fields, including lithium batteries, photovoltaic cells, and the manufacturing of computers, communications, and consumer electronics (3C), intelligent logistics, hydrogen production and fuel cell production, automotive manufacturing, and laser precision processing, including:
<ol>
<li>Lithium Battery Intelligent Equipment: Fully covers the front, middle, and back-end processes, providing complete line solutions.</li>
<li>Photovoltaic Intelligent Equipment: Provides complete line solutions and individual equipment for component and battery manufacturing.</li>
<li>3C Intelligent Equipment: Offers intelligent equipment for visual inspection, fluid dispensing, integrated testing, etc.</li>
<li>Intelligent Logistics Equipment: Includes shuttles, stackers, conveyor lines, and intelligent vertical warehouses, promoting &#34;unmanned factories.&#34;</li>
<li>Hydrogen Energy Intelligent Equipment: Provides complete line solutions for fuel cell and electrolyzer manufacturing.</li>
<li>Automotive Intelligent Production Lines: Offers intelligent complete line solutions for modules, battery packs (PACK), and assembly lines.</li>
<li>Laser Precision Processing Equipment: Advanced laser technology applied in industries such as lithium batteries, photovoltaics, and semiconductors
Among them, the lithium battery intelligent equipment business accounts for the highest proportion of total revenue, maintaining between 60% and 76% during the recorded year/period.</li>
</ol>
Its main customers include: CATL (3750.HK), BYD (1211.HK), Tesla (TSLA.US), and other global companies in the lithium battery field.
<img src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-131049-250x300.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img02.tastymoney.hk/tm/2026/02/%E8%9E%A2%E5%B9%95%E6%93%B7%E5%8F%96%E7%95%AB%E9%9D%A2-2026-02-04-131049-250x300.png"/>
<h2>CATL, Tesla, etc. as Major Customer Base</h2>
According to different business sectors, LEAD INTELLIGENT's main customer groups include:
Lithium Battery Sector: CATL, Tesla, Volkswagen, BMW, LG Energy, SK On, Samsung SDI, Panasonic, ATL, Yiwei Lithium Energy, Guoxuan High-Tech, BYD, etc.
Photovoltaic Sector: Tongwei Solar, LONGi Green Energy, JA Solar Technology, Aiko Solar, Trina Solar, Jinko Solar, Canadian Solar, etc.
Intelligent Logistics Equipment: Mainly for customers in the new energy sector, also beginning to explore the automotive parts and chemical industries.
During the historical record period, revenue from the top five customers accounted for 73.8%, 57.0%, 45.6%, and 52.4% of the company's total revenue for the corresponding years/periods. Revenue from the largest customer accounted for 40.1%, 17.5%, 15.2%, and 27.2% of the company's total revenue for the corresponding years/periods.
<h2>Use of Proceeds</h2>
The company intends to use the proceeds from the fundraising for the following purposes:
40%: Expand global R&amp;D, sales, and service networks, as well as selectively implement strategic initiatives
30%: Deepen platform strategy
10%: R&amp;D for product design and manufacturing processes, and optimization of intelligent equipment technology
10%: Enhance digital infrastructure and improve the digital capabilities of various business processes (such as supply chain management, R&amp;D, production, quality control, sales, and operations)
10%: Working capital and general corporate purposes
<h2>Background</h2>
LEAD INTELLIGENT is the largest supplier of lithium battery intelligent equipment in the world and China, with a global market share of 15.5% and a Chinese market share of 19% based on 2024 revenue. LEAD INTELLIGENT's products cover the entire process of lithium battery manufacturing, including front-end, mid-stream, and back-end processes, applied in various fields such as lithium batteries, photovoltaic cells, 3C electronics manufacturing, intelligent logistics, hydrogen energy and fuel cell production, automotive manufacturing, and laser precision processing

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LEAD INTELLIGENT will conduct an IPO from February 3 to 6, planning to issue 93.616 million H shares, with a maximum sale price of 45.8 yuan, raising up to 4.29 billion yuan. The company's revenue grew by 19.1% from 2022 to 2023, but is expected to decline by 28.6% in 2024. Revenue for January to September 2025 is expected to grow by 14.9%. Net profit is affected by customer demand and delayed acceptance. Major clients include CATL and Tesla

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【New Stock IPO】Lithium battery intelligent equipment supplier LEAD INTELLIGENT (470) is going public, with a market recovery leading to a 15% increase in revenue. Net profit is easily affected by customer demand and delayed acceptance, with clients including CATL (3750) and Tesla (TSLA). Should we subscribe?