On July 22, Qiaoluming Technology Co., Ltd. (Stock Code: 920079) made its official debut on the Beijing Stock Exchange. The company had previously announced the results of its listing, boasting an impressive online effective subscription multiple of 2038.59 times, with 105,233 accounts receiving allocations and an online allotment ratio of a mere 0.049%.

The company's share price is set at 14.36 yuan, with a price-to-earnings (P/E) ratio of 14.99 times, while the median P/E ratio of comparable listed companies stands at around 36 times. Qiaoluming's P/E ratio is notably lower than the industry average for automotive components, offering a substantial margin of safety in terms of valuation.

This national-level specialized, refined, and innovative 'little giant' enterprise boasts annual revenues exceeding 3 billion yuan and net profits surpassing 400 million yuan, demonstrating its robust performance.

Now successfully listed on the Beijing Stock Exchange, the funds raised will primarily be earmarked for expansion. Following the implementation of subsequent projects, the company is poised to overcome capacity constraints and achieve further growth in performance.

01 Deeply Entrenched in the Trillion-Yuan Automotive Components Sector, with Fundraising and Investment Set to Break Through Capacity Bottlenecks

Qiaoluming is a professional enterprise specializing in the research, development, production, and sales of automotive trim components, with its main products encompassing automotive interior and exterior trim, as well as supporting molds.

From an industry standpoint, the automotive interior and exterior trim sector is experiencing a strategic opportunity period marked by the convergence of three major trends: electrification, intelligence, and lightweighting.

According to a research report by Shengang Securities, in terms of industry scale, the overall market size of interior and exterior trim is substantial, accounting for nearly one-fourth of the total automotive components market. A research report by Dongguan Securities further reveals that in recent years, the output value of China's automotive components manufacturing has constituted over 40% of the automotive manufacturing industry's output value. As one of the largest sub-sectors within the components industry, the market capacity of interior and exterior trim is self-evident.

Based on the company's prospectus, the market sizes for domestic passenger car interior and exterior trim components were approximately 217.9 billion yuan and 113.2 billion yuan, respectively, in 2022. These figures are projected to reach approximately 288.8 billion yuan and 144.3 billion yuan, respectively, by 2026, with compound annual growth rates of 7.3% and 6.3%, respectively.

Leveraging this vast sector, Qiaoluming's growth potential is even more expansive.

From 2023 to 2025, Qiaoluming's operating revenue surged from 2.556 billion yuan to 3.171 billion yuan, with a compound annual growth rate of 11.38%. Net profit attributable to shareholders grew from 302 million yuan to 427 million yuan, with a compound annual growth rate of 18.89%.

The company anticipates that in the first half of 2026, operating revenue will increase by 0.35% to 7.37% year-on-year, while net profit attributable to shareholders will rise by 6.28% to 15.72% year-on-year.

Moreover, Qiaoluming's profit quality continues to enhance. The company's gross profit margin increased from 21.8% in 2023 to 23.70% in 2025. The asset-liability ratio decreased from 65.17% at the end of 2023 to 52.43% at the end of 2025, and the inventory turnover rate increased from 9.93 times to 16.25 times.

Notably, for this listing on the Beijing Stock Exchange, Qiaoluming will primarily invest the raised funds in the Intelligent and Lightweight Interior and Exterior Trim Components for New Energy Vehicles Smart Manufacturing Project (Phase I) and the Automotive Lightweight Interior and Exterior Trim Components Intelligent Manufacturing Project (Phase I). Upon completion of these two projects, they will respectively yield an annual production capacity of 3.65 million sets of new energy vehicle interior and exterior trim components and 1.53 million sets of automotive lightweight interior and exterior trim components. With sustained breakthroughs in subsequent production capacity, Qiaoluming's performance is also anticipated to receive strong support.

02 Close Collaboration with Leading OEMs, Driving Continuous Technological Innovation

In the automotive components industry, gaining entry into the tier-one supplier system of leading OEMs is a formidable challenge.

Qiaoluming has successfully become a tier-one supplier to numerous leading automotive enterprises, including Geely Holding, BYD, Dongfeng Voyah, SAIC Motor, FAW Group, FAW-Volkswagen, Chery Automobile, and BAIC Group. It has also gradually expanded its customer base to encompass renowned new energy vehicle OEMs such as NIO, Leapmotor, and Seres, while forging cooperative relationships with high-quality automakers in the industry, including Changan Automobile and Xiaomi Automobile.

The company now boasts over ten production and supporting bases in Wenzhou, Zhejiang; Changxing, Zhejiang; Changzhou, Jiangsu; Xiangtan, Hunan; Xi'an, Shaanxi; Chengdu, Sichuan; Zhengzhou, Henan; and other locations, forming a nationwide layout in close proximity to industrial clusters.

According to MarkLines statistics, by 2025, Qiaoluming's top two customers, BYD and Geely Automobile, will rank among the top ten globally in sales, at sixth and eighth place, respectively. Among them, in the new energy vehicle sector, BYD holds the top spot globally in sales volume.

Since 2013, Qiaoluming has been the exclusive supplier of dozens of interior and exterior trim components, such as pillar inner trim panels and sill inner trim panels, for Geely Automobile, supporting numerous Geely models. According to Huajin Securities' forecast, by 2026, Qiaoluming's revenue scale from Geely Automobile will approach 3 billion yuan.

Technology lies at the heart of manufacturing enterprises' competitiveness. As of now, Qiaoluming and its subsidiaries have cumulatively secured 23 authorized invention patents and 41 software copyrights. As of December 31, 2025, the company employed 193 R&D personnel, accounting for 4.61% of the total workforce.

Building on this foundation, Qiaoluming continuously innovates and achieves breakthroughs in product performance and production processes.

In terms of product performance, Qiaoluming's self-developed 'two-color high-gloss injection molding technology' has evolved from simple color combinations to dual improvements in color and appearance quality, meeting higher market demands for product aesthetics. Its 'low-pressure injection molding technology' eliminates the need for gluing processes, significantly reducing energy consumption and material waste, while offering greater freedom in surface styling, aligning with industry trends towards aesthetics and comfort. Its 'gas-assisted molding technology' utilizes compressed air to inject molten material into molds, enabling the production of lightweight products with uneven wall thicknesses and complex shapes, significantly enhancing assembly and comfort, in line with industry trends towards lightweighting and comfort.

In terms of production process technological innovation, Qiaoluming continuously promotes automation and intelligence upgrades, independently developing core technologies such as 'interior and exterior trim components large-scale customized automation integration technology,' 'automatic welding technology,' and 'automated sensor-based spraying technology.' These advancements achieve multi-process automated production, including unmanned material feeding, automatic injection molding, robotic part removal, robotic automatic welding, automated sensor-based spraying, automatic conveyor line transportation, and sorting and packaging.

Source/Morse IPO