New stock news | JingSi control secondary table of Hong Kong Stock Exchange Main business industrial-grade flexible manufacturing comprehensive solution

According to the disclosure on April 16th by the Hong Kong Stock Exchange, Zhuhai Jingshi Measurement and Control Technology Co., Ltd. (referred to as "Jingshi Measurement and Control") submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC and Pu Yin International as its joint sponsors. The company had previously submitted its application to the Hong Kong Stock Exchange on September 29, 2025. Company Profile The prospectus shows that the company is a provider of comprehensive solutions for industrial and consumer-level flexible manufacturing, based on "intelligent measurement and control technology". The products and services offered by the company are able to meet the customized requirements in the industrial field as well as the personalized requirements in the consumer field. According to data from Zhishiz Consulting, based on revenue in 2024, the company is the second largest provider of PCBA function and performance testing equipment and services for consumer electronics in China. It ranks among the top ten intelligent measurement and control equipment and service providers in the ODM model in China. In the industrial field, the company is mainly engaged in designing, manufacturing, and selling customized intelligent TMC equipment for industrial customers. It has full-chain research and development capabilities from sensors, data collection, algorithm analysis to equipment integration. In the fields of consumer electronics, automotive, and home appliances, it has the capability to deliver large-scale non-standard customized equipment and services, providing customers with full-process measurement and control equipment and process equipment and measurement and control data value-added services covering the design, testing, and mass production of parts and complete machines. Starting from the fourth quarter of 2025, the company will extend its core technology to the consumer end, launching the "Customer-to-Machine" (C2M) flexible manufacturing platform under the brand WowNow. This C2M platform integrates intelligent design assistance, flexible production scheduling, and digital identity systems, connecting the entire chain from user needs, creative design to flexible manufacturing, delivery, and service. In the fiscal year 2025, the consumer-level flexible manufacturing division recorded revenue of 31.82 million yuan, marking the first year of commercialization of the company's C2M model. In terms of research and development, the company has established a "Global Distributed Design and Delivery" (GD3) system, covering six major research and development centers in Zhuhai, Guangzhou, Shanghai, Suzhou, the United States, and Germany, as well as five major manufacturing bases in Zhuhai, Suzhou, and Vietnam. Its clients are spread across approximately 20 countries or regions worldwide. The company has a relatively high dependence on major customers. In the fiscal years 2023, 2024, and 2025, revenue from the top five customers accounted for 55.5%, 46.9%, and 48.6% of total revenue respectively during the same period. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's revenue was approximately 698 million yuan, 863 million yuan, and 1.048 billion yuan respectively. Profit In the fiscal years 2023, 2024, and 2025, the company's net profits were approximately 18.068 million yuan, 59.583 million yuan, and 83.445 million yuan respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, the company's gross margins were 42%, 43.2%, and 48.8% respectively. Industry Overview Intelligent TMC equipment and services refer to the use of advanced testing, measurement, and control technology. From 2020 to 2024, the global market size of intelligent TMC equipment and services increased from 52.3 billion US dollars to 136.2 billion US dollars, with a compound annual growth rate of 27.0%. The market is expected to grow at a compound annual growth rate of 17.7% and reach 307.7 billion US dollars by 2029. In China, the market size of intelligent TMC equipment and services increased from 7.6 billion US dollars to 21.1 billion US dollars from 2020 to 2024, with a compound annual growth rate of 29.1%, and its global market share increased from 14.5% to 15.5%. Looking ahead, the Chinese market for intelligent TMC equipment and services is expected to grow at a compound annual growth rate of 19.8% and reach 307.7 billion US dollars by 2029, accounting for 16.9% of the global total. In the global intelligent manufacturing equipment and services industry, the intelligent TMC equipment and services industry is a decentralized industry, with the top ten companies in 2024 accounting for approximately 30% of the market share. Based on revenue in 2024, the company ranks among the top ten comprehensive service providers of intelligent TMC equipment and services in the global market among Chinese ODMs. It is estimated that in 2024, Chinese service providers could achieve a total market size of approximately 16.9 billion US dollars for intelligent TMC equipment and services. The testing equipment and services for PCBA (Printed Circuit Board Assembly) function and performance for consumer electronics products are an important component of intelligent TMC equipment and services. Responsible for static testing of hardware components and dynamic functional testing of complete devices in operation. In terms of revenue in 2024, the company ranks second among providers of PCBA function and performance testing equipment and services for consumer electronics in China. Intelligent Consumer Flexible Manufacturing Equipment and Services Industry With technological upgrades and innovative production models, more and more consumers are directly involved in product customization, and emotional value, personal expression, and niche cultures are increasingly driving consumption. Intelligent consumer flexible manufacturing equipment and services refer to an industrial model primarily driven by meeting increasingly diverse and personalized consumer demands. From 2020 to 2024, the global market size of intelligent consumer flexible manufacturing equipment and services expanded from 21.3 billion US dollars to 37.9 billion US dollars, with a compound annual growth rate of 15.5%. The market is expected to grow at a compound annual growth rate of 20.2% and reach 95 billion US dollars by 2029. In China, from 2020 to 2024, the market size of intelligent consumer flexible manufacturing equipment and services increased from 5.5 billion US dollars to 10.9 billion US dollars, with a compound annual growth rate of 18.0%. In 2024, China accounted for 28.8% of the global market. Looking ahead, the Chinese market for intelligent consumer flexible manufacturing equipment and services is expected to grow at a compound annual growth rate of 24.3% and reach 32.3 billion US dollars by 2029, with its share of the global market expected to grow to 34.0%. Board Information The company's board of directors consists of 9 directors, including 3 executive directors, 1 employee representative director, 1 non-executive director, and 4 independent non-executive directors. Directors serve a term of 3 years and must be re-elected after the term expires to be eligible for reappointment. Equity Structure As of April 8, 2026, the company's founder, chairman, executive director, and general manager Mr. Wang directly holds approximately 23.65% of the issued shares, and based on his status as the sole general partner of Jingzhen Cooperation (employee shareholding platform), is considered to have an interest in approximately 6.62% of the total issued shares held by Jingzhen Cooperation. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Pu Yin International Finance Limited Company Legal Advisors: Regarding Hong Kong law: Sidley Austin LLP (Hong Kong) Limited, Regarding Chinese law: Dentons Legal Advisors to Joint Sponsors: Regarding Hong Kong law: Dechert Hong Kong certified public accountants and independent auditors: PricewaterhouseCoopers Hong Kong Industry consultants: Zhishiz Consulting Limited Compliance Advisor: Pu Yin International Finance Limited