A-share subscription | The "Ning Wang" cooperative partner, Shangshui Intelligence (301513.SZ), has started subscription for the domestic market share of 60% in the circulation pulping system.

On April 8th, Shangshui Intelligence (301513.SZ) started its subscription with an issue price of 26.66 yuan per share, a subscription limit of 0.60 million shares, a P/E ratio of 18.02 times, listed on the Shenzhen Stock Exchange, with Guolian Minsheng Securities as its sponsoring institution. According to the prospectus, Shangshui Intelligence's main business focuses on core processes such as nano-powder processing, powder-liquid precision metering, powder-liquid mixing and dispersing, and functional film preparation. Its products can be widely used in industries such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors. Currently, the company mainly targets the field of manufacturing electrode sheets for new energy batteries and preparing new materials. In the field of manufacturing electrode sheets for new energy batteries, the company's business covers processes such as pulping, coating, roll pressing, and cutting. The manufacturing of electrode sheets is a core part of new energy battery production, affecting battery performance by about 70%. The company has established cooperation with new energy battery and new energy vehicle companies such as BYD Company Limited, Eve Energy Co.,Ltd., Contemporary Amperex Technology, CALB, Ningbo Xinfeng New Energy, REPT BATTERO, Chuaneng New Energy, Sunwoda Electronic, Yuanjing Power, Guangzhou Great Power Energy and Technology, Xingheng Power, Tianjin Lishen, and GAC AEA. According to GGII statistics, in 2024, the company's circulating efficient 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%, ranking third in the domestic market. Based on GGII research statistics, in 2024, China's lithium battery market shipment volume reached 1,191 GWh, representing a year-on-year growth of 34.47%. The main reasons for this growth include: 1) in 2024, the output of Shanxi Guoxin Energy Corporation cars reached 12.888 million vehicles, a year-on-year growth of 34.43%; 2) overseas new energy vehicle output was 5.644 million vehicles, driving an increase in domestic power battery exports; 3) energy storage batteries were driven by the overseas market, with shipments reaching 340 GWh, a year-on-year growth of 65.05%. GGII estimates that the compound annual growth rate of China's lithium battery market from 2023 to 2027 will reach 24.1%, with lithium battery shipments in China reaching 2,293 GWh in 2027. The production process of lithium batteries can be divided into two major stages: cell manufacturing and module PACK manufacturing. Among them, cell manufacturing includes the front-end process (electrode sheet manufacturing), middle process (cell assembly), and back-end process (formation and capacity grading). Currently, the company's intelligent equipment products for the manufacturing of electrode sheets for new energy batteries cover all equipment for the front-end electrode sheet production. Since 2020, with the development of the new energy vehicle, energy storage, and consumer electronics markets, the demand for power batteries, energy storage batteries, and 3C batteries has shown a trend of year-on-year growth. The prospects for the lithium battery industry are good, with lithium battery production companies formulating and implementing expansion plans. According to GGII research statistics, the market size of China's lithium battery production equipment market in 2024 is approximately 66 billion yuan, with shipments reaching a near low point in 2025, but returning to growth in 2026. It is expected that by 2027, the market size of China's lithium battery production equipment will reach 85 billion yuan. Looking at the front-end equipment market of lithium batteries, according to GGII research statistics, the market size of China's front-end equipment for lithium batteries in 2024 was 22.4 billion yuan. It is expected that by 2027, the market size of China's front-end equipment for lithium batteries will reach 29 billion yuan. In terms of finances, in 2022, 2023, 2024, and January to June 2025, the company achieved operating revenues of approximately 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan, respectively. During the same periods, the net profits were approximately 97.72 million yuan, 234 million yuan, 153 million yuan, and 93.7062 million yuan, respectively.