A mobile air conditioning manufacturer based in Hangzhou is proceeding with its initial public offering application. Zhejiang Oulun Electric Co., Ltd. will have its IPO application reviewed by the listing committee of the Beijing Stock Exchange on March 17, 2026. The company aims to raise 754 million yuan. The lead underwriter is Guolian Minsheng Securities, with Shanghai Jintiancheng Law Firm serving as legal counsel and Lishen Certified Public Accountants providing audit services.

The company, located in Hangzhou, Zhejiang Province, is an integrated enterprise focusing on the research, design, manufacturing, sales, and service of environmental regulation equipment. Its main product lines include dehumidifiers, mobile air conditioners, car refrigerators, and air-source heat pumps.

During the reporting period from 2022 to the first half of 2025, Oulun Electric reported steady growth in both operating revenue and net profit. Operating revenue was 972 million yuan, 1.232 billion yuan, 1.623 billion yuan, and 1.242 billion yuan, respectively. Net profit reached 91.67 million yuan, 142 million yuan, 207 million yuan, and 149 million yuan, respectively. The company maintained strong operating cash flow throughout the period.

Revenue from main business operations was 968.66 million yuan, 1.23008 billion yuan, 1.62072 billion yuan, and 1.24187 billion yuan across the reporting periods. Year-over-year growth rates were 26.99% in 2023, 31.76% in 2024, and 38.80% in the first half of 2025.

Gross profit margins for main business operations were 22.05%, 24.11%, 27.02%, and 24.83% from 2022 to the first half of 2025, showing a general upward trend before a slight decline in the most recent period. The company's comprehensive gross margins were 22.24%, 24.17%, 27.13%, and 24.86%, respectively, which are comparable to Midea Group and Hisense Home Appliances but lower than some peers.

A significant portion of the company's revenue comes from original equipment manufacturer and original design manufacturer business. Regulatory inquiries have focused on the sustainability of growth and the authenticity of overseas sales growth. Overseas revenue accounted for 54.88%, 56.47%, 62.47%, and 60.07% of total operating revenue during the reporting periods, with sales primarily denominated in US dollars, exposing the company to exchange rate fluctuation risks.

The company faces several risk factors including exchange rate volatility, potential gross margin decline, and accounts receivable collection risks. Regulatory authorities have raised questions about customer concentration, pricing mechanisms, and the stability of relationships with OEM/ODM clients.

Notably, BUBLUE, a company controlled by the son of the actual controller, purchased dehumidifiers from Oulun Electric for sale on Amazon. To standardize related-party transactions, sales to BUBLUE decreased annually during the reporting period, and BUBLUE was dissolved in 2024.

The controlling shareholders and actual controllers are Chen Xianyong and Zhan Xiaoying, a married couple who collectively control 98.88% of the company's shares through direct and indirect holdings. There have been no changes in the controlling shareholders during the reporting period.