Tianbo Intelligent's IPO listing on the Shanghai Stock Exchange has been queried, and its automotive thermostat revenue ranks third globally.

On January 22, Tianbo Intelligent Technology (Shandong) Co., Ltd. (referred to as Tianbo Intelligent) applied for a status change in the listing review of the Shanghai Stock Exchange main board to "inquiry received", with China Securities Co., Ltd. as its sponsor, planning to raise 2.057 billion yuan. The prospectus shows that Tianbo Intelligent is a manufacturer of automotive thermal management system components, as well as expanding into business such as automotive acoustics components, with its main products mainly used in the automotive field. The company's customers already cover most domestic major car manufacturers, and by 2024, the top ten car groups in terms of sales in China are all current customers of the company. The company has long been engaged in the fields of automotive temperature control components represented by thermostats and intelligent water valves, automotive sensing components represented by temperature sensors, and automotive acoustic components represented by AVAS products. Its main products include temperature control, sensing, acoustic, and switch components. In addition, the company also operates a small amount of automotive spring and valve components to meet customers' needs for one-stop purchasing. According to Frost & Sullivan research, in 2024, the company ranks 3rd in global revenue for automotive thermostats, and 1st domestically. In addition, the company ranks 2nd domestically in smart water valves for cars, 4th in car temperature sensors, and 2nd in AVAS product sales revenue in 2024. During the reporting period, the company's main business income was classified by product as follows: The prospectus also indicates that the actual controlling shareholders of the company, father and son Lu Xinmin and Lu Yawei, collectively hold 46.40% of the company's shares, controlling 95.57% of the voting rights, thus holding an absolute controlling position. Furthermore, the company's accounts receivable have been growing rapidly. At the end of each reporting period, the accounts receivable as a proportion of current assets were 30.76%, 29.43%, 43.04%, and 45.59% respectively, showing an overall increasing trend. After deducting issuance expenses, the funds raised from this IPO will be invested in the following projects in order of priority: Financially, in the years 2022, 2023, 2024, and the first half of 2025, the company's operating income is expected to be approximately 0.968 billion yuan, 1.27 billion yuan, 1.693 billion yuan, and 0.92 billion yuan, respectively. During the same period, the net profit attributable to the owners of the parent company was 0.487 billion yuan, 0.112 billion yuan, 0.323 billion yuan, and 0.186 billion yuan, respectively.