Kerosi is China’s leading domestic manufacturer of fully direct-drive CNC machine tools, specializing in self-developed CNC systems and high-precision five-axis and direct-drive machining centers. The company designs and manufactures its own CNC systems, maintains a high in-house production rate for core components, and focuses on replacing high-end industrial machine tools with domestically produced alternatives. Its products serve industries including aerospace, semiconductors, precision molds, and medical devices, targeting ultra-high-precision, high-speed machining applications. The company commenced its initial public offering (IPO) subscription on October 29, with an issue price of RMB 45.37 per share. Its pre-issue market capitalization stood at RMB 2.331 billion, and its issue P/E ratio was 41.86x—slightly above the industry average P/E ratio of 38.85x. Kerosi is listed on the STAR Market, with Guotai Junan Securities serving as the sponsor. From 2023 to 2025, the company’s revenue amounted to RMB 253.3 million, RMB 316.6 million, and RMB 409 million, respectively; revenue in 2025 increased by 29.18% year-on-year. Net profit totaled RMB 35.61 million, RMB 63.24 million, and RMB 76.48 million over the same period; net profit in 2025 rose by 20.94% year-on-year. The company forecasts that its Q3 2026 revenue will increase by 28.52%–35.86% year-on-year; net profit attributable to shareholders of the parent company is expected to rise by 37.65%–57.89%; and non-recurring net profit is projected to grow by 42.95%–63.67%.

Zhenyu Technology: Revenue Surpasses RMB 10 Billion in First Three Quarters; Supply-Demand Synergy Unleashes Growth Potential

Profit quality has likewise improved concurrently. In the first three quarters, Zhenyu Technology’s weighted average return on net assets reached 13.91%, up 2.53 percentage points year-on-year; basic earnings per share (EPS) stood at RMB 2.78, up 61.63% year-on-year; diluted EPS was RMB 2.75, up 64.67% year-on-year. As revenue expands rapidly, shareholder returns have correspondingly risen—demonstrating a virtuous cycle between profitability enhancement and scale growth. Balance sheet expansion further confirms that the company is undergoing dual expansion—in both production capacity and business scope. As of end-September, total assets reached RMB 18.94 billion, up 45.22% from year-end; attributable equity of shareholders of the listed company amounted to RMB 5.454 billion, up 22.69% year-on-year. During the reporting period, the company successfully issued convertible corporate bonds; cash and cash equivalents totaled RMB 1.696 billion at period-end—up sharply by 97.18% year-on-year—significantly strengthening its capital base and providing ample financial reserves for subsequent capacity expansion and R&D investment. “Robust Demand and Supply” Fuels Performance Growth Regarding its rapid revenue growth, the company clearly attributed it in its Q3 report to “strong downstream customer demand and ramp-up of production capacity.” Specifically, this strong performance stems from synergistic forces on both the demand and supply sides. On the demand side, Zhenyu Technology primarily manufactures precision components for lithium-ion batteries—including battery structural parts and motor stator cores—and is deeply integrated into the new-energy industry chain. Since 2026, demand for lithium-ion batteries—especially energy storage batteries—has remained highly robust, resulting in abundant downstream customer orders and continuously expanding sales volume. As a key supplier of precision structural parts for lithium-ion batteries, Zhenyu’s products are applied across new-energy vehicle batteries and energy storage systems. Downstream battery manufacturers’ production planning and capacity expansion schedules directly determine the visibility of Zhenyu’s structural parts order book. At the end of the reporting period, accounts receivable totaled RMB 5.804 billion, up 36.99% year-on-year—primarily driven by revenue growth and the corresponding increase in receivables—thus corroborating, at the financial statement level, the substantial sales volume expansion. On the supply side, capacity ramp-up is the critical enabler for fulfilling demand and converting it into revenue. First, utilization rates of existing production capacity continue rising, supporting timely delivery of current orders; second, newly added capacity is being commissioned rapidly, opening up room for further scale expansion. Financial data show that construction-in-progress stood at RMB 1.744 billion at period-end—up 155.46% year-on-year—mainly due to expanded business scale and increased fixed-asset investment; inventories totaled RMB 1.836 billion, up 50.15% year-on-year; and prepaid expenses amounted to RMB 102 million, up 61.31% year-on-year—both reflecting tangible preparations for material procurement and production-line resource allocation amid business expansion.

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