Shangshui Intelligent Entrepreneurship Board IPO registration has been submitted, and its lithium battery pulping system ranks third in the domestic market.

On December 18th, Shenzhen Shangshui Intelligent Co., Ltd. (referred to as Shangshui Intelligent) applied for the change of IPO review status on the Shenzhen Stock Exchange SME Board to "registration submitted". Guolian Minsheng Securities is its sponsor institution, with plans to raise 587.39 million yuan. According to the prospectus, the company has been deeply involved in the intelligent equipment industry for over ten years, building a comprehensive technological capability system based on "core machine + intelligent control system + process package". Its main business revolves around core processes such as micro-nano powder handling, precision measurement of powder liquids, mixing and dispersion of powder liquids, and preparation of functional films. Its products can be widely used in industries such as new energy batteries, new materials, chemicals, food, medicine, and semiconductors. Currently, the company mainly focuses on the manufacturing of pole pieces for new energy batteries and materials preparation, specializing in the research, design, production, and sales of intelligent equipment with integrated process capabilities. During the reporting period, the company mainly focused on the manufacturing of pole pieces for new energy batteries and materials preparation, establishing a prominent competitive position in the market for intelligent manufacturing equipment for the front end of new energy battery production through continuous technological innovation, a complete product system, and high-quality customer service. In the field of manufacturing pole pieces for new energy batteries, the company's independently developed circulating high-efficiency pulping system was the first to achieve parallel pulping of powder liquid mixing and high-speed dispersion, significantly improving pulp consistency, pulping efficiency, and energy efficiency, creating a new process route for high-efficiency, low-consumption, and high-capacity pulping. According to statistics from GGII, by 2024, the company's circulating high-efficiency pulping system had a market share of 60% in the domestic market, ranking first, while its lithium battery pulping system had a market share of 12.77% in the domestic market, ranking third. In the field of manufacturing pole pieces for new energy batteries, the company has established cooperative relationships with companies such as BYD Company Limited, Eve Energy Co., Ltd., Contemporary Amperex Technology, CALB, Ningde Times New Energy, REPT BATTERO, Chu Neng New Energy, Sunwoda Electronic, and others, as well as overseas new energy battery manufacturers such as Samsung SDI, LGES, Panasonic, and SKOn. In the field of materials preparation, the company has developed intelligent equipment systems for the mixing, dispersion, grinding, coating, drying, and film preparation of micro-nano materials. It has formed an intelligent equipment system represented by precision coating machines for optical films, dual-drive coaters, and dry media stirring mills, with the ability to deliver complete powder engineering lines. The company has established a versatile and scalable platform for materials preparation, with products applied in various fields such as positive and negative electrode materials for new energy batteries, functional films, semiconductor packaging materials, and functional ceramic materials, gradually forming an application layout targeting multiple industries and scenarios based on process equipment platforms. The company's products have already been used by customers such as BTR, Yunnan Energy New Material, Wanhua Chemical Group, Boyixin, Jiangsu HHCK Advanced Materials, and others. In terms of finances, in the years 2022, 2023, 2024, and the first half of 2025, the company's operating income is approximately 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan respectively. During the same period, the company's net profits were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.70 million yuan respectively.