A-share subscription | Xinxing Technology (920093.BJ) opens for subscription, deeply cultivating the computer embroidery machine field.

On August 12, Xingsheng Technology (920093.BJ) started its subscription, with an issuance price of 14.35 yuan per share and a subscription limit of 1.26 million shares, resulting in a price-to-earnings ratio of 9.2 times. It is listed on the Beijing Stock Exchange, with Guosen as its sponsor. The prospectus shows that Xingsheng Technology is specialized in the research and development, production, and sales of computer embroidery machines. It is recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology in the second batch of specialized and innovative companies, as well as a key "Little Giant" enterprise in the first batch of national specialized and innovative companies. As a leading enterprise in China's computer embroidery machine industry, the companys products cover a wide range of major models with various specifications, and can be equipped with various additional devices to achieve multiple embroidery processes. According to the "2025-2026 Development Report of China's Sewing Machinery Industry," production enterprises above designated size in China are expected to achieve operating revenues of 34.543 billion yuan and total profits of 2.266 billion yuan by 2025, with the embroidery machine industry achieving operating revenues of approximately 10 billion yuan. In 2025, China is projected to export sewing machinery worth 28.473 billion yuan (the industry data converted from foreign currency to RMB based on average exchange rates for various years), a year-on-year increase of 16.77%, with embroidery machines accounting for 25.37% of China's sewing machinery equipment exports, and export growth of embroidery machines projected at 48.57%. Based on statistics from the China Sewing Machinery Association, the annual operating revenue of China's computer embroidery machine industry is expected to reach approximately 7.5 billion yuan in 2024, with total annual production of computer embroidery machines reaching about 73,000 units (including refurbished machines), and the total number of embroidery heads exceeding 1.4 million. Sewing machinery is mainly used in downstream industries such as textiles, clothing, footwear, headwear, and home textiles, which hold an important position in China's national economy and provide broad space for the development of the sewing machinery industry. According to data from the National Bureau of Statistics, the transaction volume of China's textile, clothing, and footwear market grew from 1,079.7 billion yuan in 2011 to 1,603.5 billion yuan in 2024, with a compound annual growth rate of 3.09%. In terms of finances, for the fiscal years 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 704 million yuan, 1.03 billion yuan, and 1.483 billion yuan, respectively; during the same periods, it is anticipated to record net profits of approximately 60.8149 million yuan, 127 million yuan, and 238 million yuan.