Tengdun Technology Innovation Entrepreneurship Board IPO has been accepted, mainly engaged in the research and development, production and sales of high-end drone systems.

On June 16th, Sichuan Tengdun Technology Innovation Co., Ltd. (referred to as Tengdun Technology Innovation) has had its IPO on the Shenzhen Stock Exchange ChiNext Board accepted. CICC is its sponsor institution, and it plans to raise 3.02121 billion yuan. According to the prospectus, Tengdun Technology Innovation mainly engages in the research, development, production, sales, and related services of high-end unmanned aerial vehicle systems, dedicated to providing intelligent, modular, and clustered unmanned aerial vehicle system products, and overall solutions for multi-scenario applications in the fields of national defense equipment, low-altitude economy, and general aviation. Driven by technological innovation, the company has built a product spectrum covering a variety of products including large fixed-wing drones, unmanned helicopters, amphibious drones, and swarm unmanned sub-drones, with products deploying in various ways such as runway takeoff and landing, vertical takeoff and landing, water takeoff and landing, ground launch, and aerial deployment. The company's products are widely used in reconnaissance strikes, battlefield support and assistance, emergency rescue, artificial weather modification, logistics transportation, and many military-civilian application areas. Among them, the large-scale multi-engined fixed-wing drone series is the company's core product. In terms of the main operating income during the reporting period, the company's unmanned aerial vehicle system sales are mainly in the military market, while expanding into the civilian market. The company's main customers include specific customers, military-industrial state-owned enterprises and research institutes, general aviation operating companies, government emergency departments, and artificial weather modification departments. Due to the fact that the company's products are mainly targeted at specific customers, the industry has a high concentration of downstream customers. During each reporting period, the total sales revenue of the company's top five customers accounted for 85.16%, 87.01%, and 76.55% of the operating income respectively, indicating a concentration of customers. According to data from The Business Research Company, the market size of China's fixed-wing UAV market in 2025 is estimated to be 6.458 billion yuan. Calculated at the average exchange rate in 2025, which is 1 USD to 7.14 CNY, the company's related revenue from fixed-wing UAVs in 2025 is 373.9193 million yuan, with the company's market share in China's fixed-wing UAV market in 2025 at approximately 5.79%. After deducting issuance expenses from the funds raised in this round, they will be invested in the following projects in order of priority. Financially, in the years 2023, 2024, and 2025, the company achieved operating income of approximately 175 million yuan, 315 million yuan, and 379 million yuan respectively; during the same periods, it recorded net profits of approximately -469 million yuan, -364 million yuan, and -426 million yuan respectively.