Langgao Technology's ChiNext IPO passed the listing committee meeting, mainly engaged in the R&D and production of high-performance permanent magnet synchronous motors, etc.

On September 22, Suzhou Langgao Electric Motor Technology Co., Ltd. (referred to as Langgao Technology) passed the listing committee meeting of the Shenzhen Stock Exchange ChiNext. The IPO sponsor is Huatai United Securities, with planned fundraising of 987.96 million yuan. According to the prospectus, Langgao Technology is mainly engaged in the R&D, production, sales, and service of high-performance permanent magnet synchronous motors. Its products feature high efficiency, high power/torque density, high reliability, low noise, and wide-range environmental adaptability, widely covering application fields such as new energy commercial vehicles, new energy non-road mobile machinery, wind power generation, and industrial high-efficiency energy saving and automation control. According to Frost & Sullivan statistics, calculated by sales volume, in 2025, the company's market share in the mining truck drive motor field of Shanxi Guoxin Energy Corporation exceeded 70%, ranking first in the industry; its market share in the heavy truck drive motor field of Shanxi Guoxin Energy Corporation was approximately 28%, ranking second in the industry. In addition, the company's market share in fields such as Shanxi Guoxin Energy Corporation bus drive motors and wind power pitch motors also ranks among the top in the industry. Leveraging years of deep cultivation in the high-performance permanent magnet synchronous motor field, the company has gained recognition from numerous benchmark enterprises in downstream industries. Its product sales cover the entire country and are sold independently or as part of complete vehicles with OEMs to countries such as Germany, France, Norway, Chile, and Brazil. The company's main representative customers include Sany Group, Yutong Group, Sinotruk Jinan Truck, Tongli Heavy Industry, Lingong Group, Top Gear, Xiamen King Long Motor Group, Weichai Power, XCMG Group, Voith, BRETON, EACON, Skywell Automobile, Kessler, Caterpillar, Goldwind Science & Technology, Shanghai Electric Group, General Electric, Aijing Energy Saving, Hitachi Compressor, etc. As the company's main products are applied in the fields of new energy commercial vehicles and new energy non-road mobile machinery, and these industries have high industrial concentration with leading enterprises occupying a dominant market position, the company's customer concentration is relatively high. During the reporting period, the company's main business sales revenue from its top five customers accounted for 53.62%, 58.48%, 72.32%, and 64.26% of operating revenue in the same periods, respectively, indicating relatively high customer concentration. In terms of raw materials and suppliers, during the reporting period, the company's raw material procurement mainly included stator and rotor cores, magnetic steel, enameled wire, housings, etc.; main suppliers include Jiangxi Jl Mag Rare-Earth Technology Co., Ltd., Wuxi Xinruichi Technology Co., Ltd., Jiangsu Datong Electromechanical Co., Ltd., Shandong Taikai Precision Casting Co., Ltd., Shandong Guoyue Diamond Products Co., Ltd., Ningbo Jintian Copper (Group) Co., Ltd., etc. In terms of financials, for the years 2023, 2024, 2025, and January-June 2026, the company achieved operating revenue of approximately 385 million yuan, 768 million yuan, 1.447 billion yuan, and 823 million yuan, respectively; during the same periods, net profit was 24.6343 million yuan, 87.4631 million yuan, 129 million yuan, and 86.2407 million yuan, respectively.