The Zhitong Finance App learned that on September 22, Suzhou Langao Electric Technology Co., Ltd. (abbreviation: Langao Technology) passed the Shenzhen Stock Exchange GEM Listing Committee meeting. The IPO sponsor is Huatai United Securities, which plans to raise 9879.6 million yuan.
According to the prospectus, Langao Technology is mainly engaged in R&D, production, sales and service of high-performance permanent magnet synchronous motors. The products have the characteristics of high efficiency, high power/torque density, high reliability, low noise, and wide range of environmental adaptability, covering a wide range of applications such as new energy commercial vehicles, new energy off-road mobile machinery, wind power generation, industrial efficiency, energy efficiency and automation control.
According to Frost & Sullivan statistics, in terms of sales volume, in 2025, the company had a market share of over 70% in China's NEV mine truck drive motors, ranking first in the industry; its market share in the field of NEV heavy truck drive motors in China was about 28%, ranking second in the industry. In addition, the company also has a leading market share in the fields of new energy bus drive motors and wind power propeller motors in China.
With years of deep involvement in the field of high-performance permanent magnet synchronous motors, the company has been recognized by many benchmark companies in the downstream industry. Product sales cover the whole country, and the entire vehicle is sold independently or with OEMs exported to Germany, France, Norway, Chile, Brazil and other countries.
The company's main representative customers include Sany Group, Yutong Group, Sinotruk, Tongli Heavy Industries, Lingong Group, Tupac, Jinlong, Weichai Power, XCMG Group, Voight, Borayton, Easy Control Smart Driving, Kaiwo Motors, Kessler, Caterpillar, Goldwind Technology, Shanghai Electric, General Electric, Aijing Energy Saving, Hitachi compressors, etc.
Since the company's main products are used in the fields of new energy commercial vehicles and new energy non-road mobile machinery, and the industrial concentration in these industries is high, leading companies occupy a dominant position in the market, resulting in a high concentration of the company's customers.
During the reporting period, the total sales revenue of the company's top five customers accounted for 53.62%, 58.48%, 72.32% and 64.26% of the revenue for the same period, respectively, and customers were concentrated.
In terms of raw materials and suppliers, during the reporting period, the company's raw material procurement mainly included fixed rotor cores, magnetic steel, enameled wire, shells, etc.; the main suppliers included Jiangxi Jinli Permanent Magnet Technology Co., Ltd., Wuxi Xinruichi Technology Co., Ltd., Jiangsu Datong Electromechanical Co., Ltd., Shandong Taikai Precision Casting Co., Ltd., Shandong Guoyue Diamond Products Co., Ltd., and Ningbo Jintian Copper (Group) Co., Ltd.
On the financial side, in 2023, 2024, 2025, and January-June 2026, the company achieved operating income of approximately 385 million yuan, 768 million yuan, 1,447 million yuan, and 823 million yuan respectively; for the same period, net profit was 246.343 million yuan, 87.4631 million yuan, 129 million yuan, and 86.2407 million yuan, respectively.
