Just now, an IPO worth 80 billion yuan was born in Wuzhong District, Suzhou. It is a supplier for Xiaomi YU7.
On September 25th, Suzhou Huichuan United Power System Co., Ltd. (hereinafter referred to as United Power) was officially listed on the ChiNext of the Shenzhen Stock Exchange. The company's issue price was 12.48 yuan per share. On the first day of trading, the opening stock price rose by 28.2%, and the total market value exceeded 80 billion yuan, making it the largest IPO in the field of new energy vehicle core components in 2025. As of the close, United Power's market value was 74.3 billion yuan.
United Power was established in 2016 and is located in Wuzhong District, Suzhou. It is a holding subsidiary of Shenzhen Huichuan Technology Co., Ltd. (hereinafter referred to as Huichuan Technology). (Before the IPO, Huichuan Technology directly held 94.51% of United Power's shares.)
United Power is mainly engaged in the development, production, and sales of products such as new energy vehicle motors, electronic controls, power supplies, and powertrains. United Power is one of the earliest domestic automotive parts brands in China to launch the 800V high - voltage SiC electric drive platform, the dual - electronic control technology for hybrid/extended - range architectures, the domestic components for the extended - range generator five - in - one assembly system, and the SiC integrated controller solution for commercial vehicles.
The parent company, Huichuan Technology, focuses on the R & D, production, and sales of industrial automation control products. It is also a global solution provider integrating optics, mechanics, electricity, hydraulics, and pneumatics, covering drives, controls, motors, and precision machinery. In April 2021, Huichuan Technology transferred the assets, liabilities, personnel, technology, and contracts related to its new energy vehicle business to United Power.
The prospectus shows that United Power's main customers include domestic automotive brands such as Li Auto, GAC Group, Chery Automobile, Changan Automobile, and Geely Group. It has also established in - depth cooperation with international mainstream automakers such as Volvo, Stellantis, Volkswagen, Audi, Porsche, and Jaguar Land Rover.
For example, the Xiaomi YU7 motor is supplied by United Power. The 220kW and 275kW motors for the Xiaomi SU7 are also provided by United Power. In addition, United Power is the largest supplier of electric drive products for Li Auto. Its business accounted for about 40% in 2023 and increased to about 60% in 2024. The two parties also jointly established Changzhou Huixiang in Changzhou to produce the five - in - one electric drive assembly (two motors, two electronic controls, and a reduction gearbox).
From 2022 to 2024, United Power achieved revenues of 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan respectively; and net profits of - 180 million yuan, 186 million yuan, and 936 million yuan respectively. In the first half of 2025, the revenue was 9.148 billion yuan, a year - on - year increase of 51%; the net profit was 549 million yuan, a year - on - year increase of about 92.9%; and the non - recurring profit after deduction was 520 million yuan, a year - on - year increase of about 86.8%.
According to data from the new energy vehicle industry service platform NE Times, in 2023, among independent third - party suppliers in the domestic new energy passenger vehicle market, United Power ranked 1st, 3rd, 2nd, and 7th in terms of market share for electronic controls, motors, drive assemblies, and power supplies respectively.
United Power's competitors include Fudi Power, United Automotive Electronics, CRRC Electric Drive, Inpower, Fangzheng Motor, Xinrui Technology, Dayang Motor, Jingjin Electric, Weimaisi, etc., as well as subsidiaries of automakers.
The prospectus also mentioned that United Power's overseas revenue has had an annual compound growth rate of over 500% in the past three years. It has also carried out production layouts in many places such as Europe and Southeast Asia. It is one of the earliest domestic brands in the Chinese industry to layout the overseas market and achieve large - scale mass supply of products to international mainstream automotive brands.
In October 2024, the project of United Power's headquarters and production base with a total investment of 8 billion yuan and a total construction area of over 500,000 square meters started construction in Suzhou. After the project is completed and put into operation, it is expected to produce 15 million sets of key new energy vehicle parts annually, with an estimated annual operating income of about 30 billion yuan. Even earlier, on August 8th, 2024, United Power invested 500 million yuan to establish Huichuan New Energy Vehicle Technology (Suzhou) Co., Ltd.
It is worth mentioning that the Wuzhong District where United Power is located has listed the new energy vehicle parts industry as a key emerging industry. According to Xinhua Finance, currently there are 92 relevant enterprises in Wuzhong District, covering key sub - fields such as the "three - electric" systems, automotive electronics, automotive accessories, and intelligent connected vehicles. Taking the motor and electronic control field as an example, in addition to United Power, there are also Aisin, Taixin Motor, Langgao Motor, Kaibo Yikong, Baimosi, Hexing New Energy, etc.
In addition, there are a total of 34 key projects under construction in the new energy intelligent vehicle industry in Wuzhong District, with a planned total investment of 20.684 billion yuan. In 2023, the scale of the new energy intelligent vehicle industry in Wuzhong District exceeded 45 billion yuan, with an average annual growth rate of over 20% in the past three years.
This article is from the WeChat official account "Pencil News" (ID: pencilnews), author: Huang Xiaogui. It is published by 36Kr with permission.