On August 24, Huahui Intelligent (920289.BJ) launched its subscription process with an issue price of RMB 17.71 per share, a maximum subscription cap of 722,500 shares, and a price-to-earnings ratio of 14.99 times. The company is listing on the Beijing Stock Exchange, with Guotai Haitan Securities serving as its sponsor institution.

According to the prospectus, Huahui Intelligent is a high-tech enterprise specializing in the research, development, design, production, and sales of intelligent equipment such as nano sand mills and their key components. The company is committed to becoming a world-class intelligent equipment manufacturer. Its primary products include cathode material grinding systems for lithium battery intelligent equipment, nano sand mills, and other standalone machinery, as well as mechanical seals as critical parts.

During the reporting period, the company's main clients were Hunan Yuneng and Wanrun New Energy, both enterprises in the lithium iron phosphate cathode material industry. Their combined market share from 2023 to 2025 was approximately 40.66%, 38.00%, and 36.00%, respectively.

Regarding Hunan Yuneng, public information indicates that the company has ranked first in industry shipment volume for six consecutive years, leveraging its outstanding technical advantages and product quality. Its capacity utilization rate has remained consistently high, staying above 90% for the most part.

According to public data, in 2025, Hunan Yuneng ranked first in lithium iron phosphate shipments, with approximately 1.07 million tons delivered, accounting for 27% of China's total lithium iron phosphate shipments.

As for Wanrun New Energy, public data shows that in 2025, the company ranked second in lithium iron phosphate shipments, delivering approximately 370,000 tons, which represents 9% of China's total lithium iron phosphate shipments. Based on first-half shipment levels, Wanrun New Energy's capacity utilization rate stood at 63%, reflecting a notable recovery.

Public research materials suggest that if Wanrun New Energy's 2025 shipments primarily rely on older production lines using the "two-grinding, two-firing process" to manufacture third-generation and above high-pressure-density products, its actual capacity would need to be discounted by 30%. Based on this assumption, the company's full-year actual capacity utilization rate could potentially reach around 90%.

Financially, for the fiscal years 2023, 2024, and 2025, the company generated operating revenues of approximately RMB 300 million, RMB 427 million, and RMB 616 million, respectively. During the same periods, it recorded net profits of approximately RMB 45.934 million, RMB 62.622 million, and RMB 75.866 million, respectively.