A-share subscription | Huahui Intelligence (920289.BJ) opens subscription. The main customers are companies in the lithium iron phosphate cathode materials industry

The Zhitong Finance App learned that on August 24, Huahui Intelligence (920289.BJ) began the subscription. The issuance price was 17.71 yuan/share, and the subscription limit was 722,500 shares, with a price-earnings ratio of 14.99 times. It belongs to the Beijing Stock Exchange, and Cathay Pacific Haitong Securities is its sponsor.

According to the prospectus, Huahui Intelligence is a high-tech enterprise specializing in R&D, design, production and sales of intelligent equipment such as nano sand mills and their key components, and is committed to becoming a world-class intelligent equipment manufacturer. The company's main sales products are cathode material grinding systems, nano sanders and other stand-alone equipment and mechanical seals for key components in lithium battery intelligent equipment.

During the reporting period, the company's main customers were Hunan Yuneng and Wanrun Xinneng, all companies in the lithium iron phosphate cathode materials industry, with a total market share of about 40.66%, 38.00% and 36.00% respectively in 2023-2025. Regarding Hunan Yuneng, according to public information, with outstanding technical advantages and product quality, Hunan Yuneng ranked first in the industry's shipment volume for 6 consecutive years. The capacity utilization rate continued to be high, and basically remained above 90%. According to public information, in 2025, Hunan Yuneng ranked first in lithium iron phosphate shipments, with shipments of about 1.07 million tons, accounting for 27% of China's lithium iron phosphate shipments.

Regarding Wanrun Xinneng, according to public information, Wanrun Xinneng ranked second in lithium iron phosphate shipments in 2025, with a shipment volume of about 370,000 tons, accounting for 9% of China's lithium iron phosphate shipments. According to the shipment level in the first half of the year, Wanrun Xinneng's capacity utilization rate was 63%, and the recovery was obvious. According to public research data, for example, when Wanrun Xinneng's shipment in 2025 mainly uses the old production line to produce third-generation high-density products with the “two grinding and two firing process”, its actual production capacity needs to be discounted by 30%. Based on this, it is estimated that Wanrun Xinneng's actual production capacity utilization rate may reach about 90% throughout the year.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 300 million yuan, 427 million yuan, and 616 million yuan respectively; in the same period, it recorded net profit of about 459.34 million yuan, 62.6619 million yuan, and 758.659 million yuan, respectively.