A-share subscription | Qiao Luming (920079.BJ) starts subscription specializing in the research, development, and sales of automotive decorations.

On July 8th, Qiao Luming (920079.BJ) began subscription with an issue price of 14.36 yuan per share and a subscription cap of 2.25 million shares, with a P/E ratio of 14.99 times. It belongs to the Beijing Stock Exchange, and Orient is its sponsoring institution. According to the prospectus, the company is a high-tech enterprise specializing in the research and development, production, and sales of automotive decorative parts. Its main products include automotive interior parts, exterior parts, and supporting molds. Since its establishment, the company has consistently focused on production technology research and innovation, relying on product design and development capabilities, integrating advanced equipment manufacturing processes and intelligent production management processes, matching customer demands for product diversification, and providing customers with comprehensive and integrated automotive decorative solutions including synchronous product design, mold development, and product manufacturing. The company is a member of the China Automobile Industry Association and a director unit of the sixth council of the Zhejiang Automobile Parts Production and Sales Association. It has been awarded national "Little Giant" specialization innovation, national high-tech enterprise, national green factory, champion of manufacturing industry in Zhejiang Province, leading private economic headquarters in Zhejiang Province, technology-type small and medium-sized enterprise in Zhejiang Province, "Little Giant" specialization innovation small and medium-sized enterprise in Zhejiang Province, advanced intelligent factory in Zhejiang Province, provincial industrial design center in Zhejiang Province, high-tech enterprise R&D center in Zhejiang Province, top 500 innovative capabilities of high-tech enterprises in Zhejiang Province, green low-carbon factory in Zhejiang Province, municipal (manufacturing) enterprise technology center in Wenzhou City, green low-carbon factory in Wenzhou City, and "integration of two transformations" demonstration pilot enterprise in Wenzhou City. The company's Zhejiang Qiao Luming New Energy Automotive Functional Components Key Enterprise Research Institute has been identified as a key enterprise research institute in Zhejiang Province. As of the date the prospectus was signed, the company and its subsidiaries own 23 authorized invention patents and 41 software copyrights. Over the years, through continuous research and development investment, stable product quality, and excellent after-sales service, the company has developed into a first-tier supplier of many leading whole vehicle industry enterprises such as Geely Holding, BYD Company Limited, Dongfeng LanTu, SAIC Motor Corporation, FAW Group, FAW-Volkswagen, CHERY AUTO, and BAIC Group. It has gradually expanded its customer base to include well-known new forces in the automotive industry such as NIO Automobile, LEAPMOTOR, Chongqing Sokon Industry Group Stock, and has established cooperative relationships with industry premium vehicle companies such as Chongqing Changan Automobile and Xiaomi Automobile. With the gradual accumulation of customer resources and the maturity of manufacturing technology, combined with the existing customer production areas, the company has actively engaged in strategic layout and now has more than ten production and supporting bases in Zhejiang Wenzhou, Zhejiang Changxing, Zhejiang Ningbo, Jiangsu Changzhou, Hunan Xiangtan, Shaanxi Xi'an, Shaanxi Baoji, Sichuan Chengdu, and Henan Zhengzhou. Since 2025, the company has established wholly-owned subsidiaries in Guizhou Guiyang, Zhejiang Ningbo, Shanxi Jinzhong, Liaoning Shenyang, Hebei Zhangjiakou, Zhejiang Jinhua, Jiangsu Zhenjiang, and other areas to support customers, continuously improving its service capabilities. The company will continue to improve its layout, form scale effects through factory construction, maintain short transportation radii with main vehicle manufacturers to save management costs, enhance supply efficiency, establish an efficient supporting network, and ensure the company's long-term development. In terms of financials, in 2023, 2024, and 2025, the company achieved operating revenues of approximately 2.56 billion yuan, 3.375 billion yuan, and 3.171 billion yuan respectively; with net profits of approximately 302 million yuan, 417 million yuan, and 427 million yuan during the same periods.