IPO News | Ningbo Sanxing Medical Electric (601567.SH) submits listing application to the Hong Kong Stock Exchange as a provider of smart power distribution equipment and overall solutions.

According to the disclosure by the Hong Kong Stock Exchange on June 12, Ningbo Sanxing Medical Electric Co., Ltd. (601567.SH) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. Company Profile According to the prospectus, Ningbo Sanxing Medical Electric is a leading global provider of intelligent distribution electric equipment and comprehensive solutions, and is also a leading Chinese specialist medical service group in rehabilitation. According to Frost & Sullivan data, in terms of revenue from smart distribution electric equipment and solutions by 2025, Ningbo Sanxing Medical Electric ranks seventh globally and first in China, with a global market share of 1.9% and a Chinese market share of 5.0%. As of 2025, in terms of shipments, Ningbo Sanxing Medical Electric's smart meters have been ranked first globally for six consecutive years since 2020, with a global market share of 10.1%. Ningbo Sanxing Medical Electric is the largest specialist medical service group in rehabilitation in China, focusing on critical care rehabilitation, with neurological rehabilitation and functional rehabilitation as core services, and elderly rehabilitation as the foundation. According to Frost & Sullivan data, in 2025, the company ranked first in terms of the number of rehabilitation hospitals among the operating chains of rehabilitation hospitals in China, with a market share of 2.8%. Specifically, Ningbo Sanxing Medical Electric is one of the few market participants in the industry that focuses on the entire industry chain of intelligent distribution electric equipment and solutions. In the smart distribution electric segment, Ningbo Sanxing Medical Electric has been deeply involved in the industry for nearly forty years, and has formed a complete product matrix covering smart distribution electric equipment and solutions, smart distribution equipment and solutions, and new energy products. As of December 31, 2025, the company has ten production bases globally, including nine in China, Brazil, Indonesia, Poland, Germany, Mexico, and Kenya, as well as one under construction in Brazil, along with over 40 sales centers globally. According to Frost & Sullivan data, Ningbo Sanxing Medical Electric's business covers approximately 70 countries and regions, including 20 European countries, making it one of the Chinese electrical equipment companies with the widest coverage in the European market. In terms of customers, during the reporting period, Ningbo Sanxing Medical Electric's smart distribution electric business mainly included two large national grid groups, five major power generation groups and their subsidiaries, as well as regional power companies. The company also serves customers in emerging industries, such as central state-owned enterprises in new energy, data centers, and energy storage companies. During the reporting period, the company's medical services division mainly served patients. Financial Information Revenue In the financial years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 11.463 billion, RMB 14.6 billion, and RMB 14.361 billion, respectively. Gross Profit In the financial years 2023, 2024, and 2025, the company's gross profits were approximately RMB 3.844 billion, RMB 4.984 billion, and RMB 3.89 billion, respectively. Net Profit In the financial years 2023, 2024, and 2025, the company recorded net profits of approximately RMB 1.921 billion, RMB 2.273 billion, and RMB 1.249 billion, respectively. Industry Overview With the continuous growth in electricity demand, increasing electrification levels, and rapid expansion of renewable energy installed capacity, the global market for distribution electric equipment and solutions is steadily growing. From 2021 to 2025, the global market for distribution electric equipment and solutions grew from RMB 1,170.6 billion to RMB 1,696.6 billion, with a compound annual growth rate of 9.7% from 2021 to 2025. It is expected to further increase to RMB 2,380.2 billion by 2030, with a compound annual growth rate of 7.0% from 2025 to 2030. As one of the largest electricity markets globally, China's market for distribution electric equipment and solutions is also experiencing steady growth. Benefiting from continuous grid investment, the construction of new power systems, and the upgrading of end-user electricity demand, China's market for distribution electric equipment and solutions increased from RMB 253.9 billion in 2021 to RMB 311.1 billion in 2025, with a compound annual growth rate of 5.2% from 2021 to 2025. By 2030, the Chinese market is expected to further increase to RMB 438.6 billion, with a compound annual growth rate of 7.1% from 2025 to 2030. Due to the increasing automation of distribution networks, large-scale integration of renewable energy, and the complexity of end-user electricity scenarios, the global market for intelligent distribution electric equipment and solutions is showing rapid growth. From 2021 to 2025, this market segment grew from RMB 326.4 billion to RMB 582.4 billion, with a compound annual growth rate of 15.6%; within this segment, smart distribution electric equipment and solutions increased from RMB 262 billion to RMB 469.3 billion, with a compound annual growth rate of 15.7%; smart end-user electric equipment and solutions grew from RMB 64.4 billion to RMB 113.1 billion, with a compound annual growth rate of 15.1%. It is expected that by 2030, the global industry market for intelligent distribution electric equipment and solutions will further increase to approximately RMB 1.0056 billion, with a compound annual growth rate of 11.5% from 2025 to 2030. In this period, smart distribution electric equipment and solutions and smart end-user electric equipment and solutions segments are projected to increase to approximately RMB 832.8 billion and RMB 172.8 billion, with compound annual growth rates of 12.2% and 8.9%, respectively. Board of Directors Information The board of directors consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Ownership Structure As of the last practicable date, Mr. Zheng Jianjiang holds approximately 45.52% of the voting rights (excluding treasury shares) directly and indirectly through AUCS Group, Ningbo Yuanxing, and Ningbo Yuanhe. After [compilation], Mr. Zheng Jianjiang, Ningbo Yuanxing, Ningbo Yuanhe, and AUCS Group will continue to be a group of controlling shareholders of the company. As of the last practicable date, Ningbo Lianneng is held by the company, with a 95% stake, and by the independent third party Shanghai Tongling Electrical Co., Ltd., with a 5% stake. As of the last practicable date, AUCS Group is owned by Ningbo Yuanxing and Ningbo Yuanhe, with 65% and 35%, respectively. Ningbo Yuanxing and Ningbo Yuanhe are owned by Mr. Zheng Jianjiang, with 85%. Intermediary Team Exclusive Sponsor: China International Finance Hong Kong Securities Co., Ltd. Company Legal Advisors: Kaitong Law Firm, Jingtian & Gongcheng Law Firm Sponsor Legal Advisors: Fieldfisher, Jincheng Tongda & Neal Law Firm Reporting Accountants and Independent Auditors: Ernst & Young LLP Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: SOMERLEY CAP Limited