Anda Co., Ltd., a specialized, refined, and innovative ‘little giant’ enterprise with a two-decade-long presence on the southern shore of Taihu Lake, is poised to make its debut on the Beijing Stock Exchange.

Amid the global automotive industry’s shift towards lightweighting, aluminum alloy die-casting has emerged as a key solution to replace traditional cast iron parts, facilitating structural integration and vehicle weight reduction. Anda Co., Ltd. stands as an undervalued ‘hidden champion’ in this arena. While it doesn’t produce end products, its ‘aluminum’ footprints are visible in the engine compartments and chassis of leading automakers like Volkswagen, SAIC, General Motors, and NIO.

From its humble beginnings by Taihu Lake in 2005 to its impending listing on the Beijing Stock Exchange in 2026, Anda Co., Ltd. has achieved a strategic leap from ‘traditional fuel vehicle die-casting’ to ‘new energy three electric systems’ over two decades.

01 Twenty Years of Mastery: Cultivating a ‘Specialized, Refined, and Innovative’ Enterprise with State-Owned Backing

Anda Co., Ltd.’s roots trace back to Huzhou Anda Auto Parts Co., Ltd., established on August 10, 2005. During that period, China’s automotive industry was thriving with joint ventures, and the localization and supporting demands of automakers like Shanghai Volkswagen and SAIC-GM provided fertile ground for local component enterprises to grow.

Starting modestly, Anda Co., Ltd. initially focused on traditional fuel vehicle powertrain components such as oil filter brackets, engine brackets, and cylinder head cover assemblies. However, from the outset, the company chose a ‘narrow but deep’ path—specializing in aluminum alloy precision die-casting processes and delving into core powertrains like engines and transmissions.

This strategic decision proved highly prescient in the era of fuel vehicles.

The company successively passed rigorous supplier audits by global automakers such as the Volkswagen Group and SAIC-GM, earning accolades like ‘Excellent Supplier Award’ and ‘Quality Excellence Award’ multiple times.

On August 29, 2023, the company underwent a shareholding system reform, rebranding from ‘Huzhou Anda Auto Parts Co., Ltd.’ to ‘Huzhou Anda Auto Parts Co., Ltd. (Joint-Stock)’.

Notably, its shareholding structure features Huzhou Industrial Investment as the controlling shareholder, holding a combined 61.35% stake, with the Huzhou Municipal State-Owned Assets Supervision and Administration Commission as the actual controller. This state-owned background not only provides natural advantages in financing and credit endorsement but also underscores Anda Co., Ltd.’s pivotal role in the local industrial strategic layout, emphasizing ‘manufacturing as the foundation.’ In January 2024, the Huzhou Municipal People’s Government issued a special approval confirming the company’s historical evolution—a ‘seal of approval’ from the local government.

In March 2026, the Listing Committee of the Beijing Stock Exchange approved Anda Co., Ltd.’s initial public offering application; in August, the China Securities Regulatory Commission formally approved its registration. From listing on the National Equities Exchange and Quotations to passing the Beijing Stock Exchange review, Anda Co., Ltd. accomplished this leap within two years.

Two decades of deep cultivation, state-owned endorsement, specialized, refined, and innovative certification, and listing on the Beijing Stock Exchange—these four labels collectively define Anda Co., Ltd.’s unique identity, setting it apart from other component enterprises.

02 The ‘Hidden Champion’ in the Die-Casting Arena: Customer Matrix and Technical Barriers

Anda Co., Ltd.’s core business revolves around the research, development, production, and sales of automotive aluminum alloy precision die-castings. Its product matrix spans three major segments: traditional fuel vehicle powertrain components (oil pans, cylinder head covers, etc.); new energy three electric system components (inverter housings, motor housings, etc.); and suspension system components (mounting brackets, etc.).

The complete vehicle brands directly supported by its products include Volkswagen, Audi, Skoda, Buick, Wuling, Toyota, as well as new energy brands such as Li Auto, Xiaomi, and GAC Aion.

Partial Product Display Source: Prospectus

In terms of customer barriers, Anda Co., Ltd.’s ‘circle of friends’ is highly valuable.

The company has forged in-depth strategic partnerships with renowned domestic and foreign automakers and Tier 1 suppliers, including the Volkswagen Group, SAIC Group, SAIC-GM, SAIC Volkswagen, Hyundai Transys, Valeo Group, Futek Technology, and China FAW Group.

This customer structure didn’t materialize overnight. The automotive component industry is characterized by long supplier certification cycles and stringent standards. Once integrated into the supply chain, partnerships often endure for decades. Anda Co., Ltd. has earned the long-term trust of leading automakers through nearly two decades of consistent delivery and product quality.

In terms of technical barriers, the company has also built systematic advantages.

It has been recognized as a ‘Provincial-Level Enterprise Technology Center’ in Zhejiang Province, and its ‘Zhejiang Anda Aluminum Alloy Casting Process Research Institute’ was designated as a provincial-level enterprise research institute in 2020, with its laboratory accredited by the China National Accreditation Service for Conformity Assessment (CNAS). As of the reporting period, the company employed 115 R&D technical personnel and held 39 patents, including 11 invention patents. It primarily participated in formulating six domestic die-casting industry standard documents, including one national standard, one industry standard, and four group standards.

At the process level, the company possesses the capability to develop products in sync with automaker clients—meaning Anda Co., Ltd. is not merely a ‘drawings-based processor’ but can deeply engage in product structure design and process optimization during new vehicle model development stages. This ‘synchronous development’ capability is a key differentiator for die-casting component enterprises seeking to upgrade from ‘suppliers’ to ‘technology partners.’

More importantly, the company has accumulated nearly two decades of process data and failure mode databases in the field of aluminum alloy die-casting. These data assets, which cannot be rapidly replicated through capital investment, form the company’s deepest ‘invisible moat.’

Since 2025, the company has intensified its efforts in intellectual property, successively applying for or obtaining invention patents such as ‘Big Data Analysis System and Method for Automotive Systems’ and ‘Automatic Monitoring System and Method for Planar Knife Marks on Automotive Components,’ continuously building expertise in intelligent manufacturing and automated inspection.

03 Performance Review: Revenue and Net Profit Growing in Tandem

Anda Co., Ltd.’s financial performance in recent years has demonstrated sustained growth in scale and simultaneous improvement in profitability quality.

From 2021 to 2025, the company’s revenue was 658 million yuan, 771 million yuan, 924 million yuan, 911 million yuan, and 1.015 billion yuan, respectively, maintaining a steady growth trajectory.

Meanwhile, from 2021 to 2025, the company’s gross profit margins were 10.29%, 10.17%, 14.84%, 16.14%, and 15.73%, respectively. From 10.29% in 2021 to 15.73% in 2025, the gross profit margin increased by more than 5 percentage points cumulatively, reflecting the effectiveness of the company’s product mix optimization and cost control efforts, with the gross profit margin now stably maintained at around 16%.

Based on this, the company’s net profit attributable to shareholders was 22.0736 million yuan, 18.3162 million yuan, 57.5296 million yuan, 57.9221 million yuan, and 69.5421 million yuan from 2021 to 2025, respectively. After a significant increase in net profit scale in 2023, the year-on-year growth rate reached 20.06% in 2025, reinitiating a high-growth mode.

Particularly noteworthy is that the profit growth rate in 2025 far exceeded the revenue growth rate—indicating that the company’s profitability is undergoing qualitative improvement rather than mere scale expansion. The substantial rebound in gross profit margin was driven by the decline in raw material prices and the realization of economies of scale, as well as reflecting the company’s continuous efforts in optimizing customer structure and enhancing product pricing power.

In the first half of 2026, the company achieved revenue of 551 million yuan, a year-on-year increase of 15.29%; net profit attributable to shareholders was 40.1474 million yuan. Net profit attributable to shareholders after deducting non-recurring items was 37.3362 million yuan, a year-on-year increase of 1.16%. The company expects revenue of 810 million to 868 million yuan from January to September 2026, a year-on-year increase of 8.94%-16.72%, with the potential to continue breaking through in 2025 on a high base.

04 Industry Tailwinds: The ‘Long Slope and Thick Snow’ of Lightweighting

Driver 1: The Era Wave of Automotive Lightweighting.

Aluminum alloy die-casting is the core path for automotive lightweighting. Against the backdrop of global ‘dual carbon’ goals and stricter fuel consumption regulations in various countries, automotive lightweighting has shifted from an ‘option’ to a ‘must.’

According to Straits Research, the global market size for aluminum die-cast automotive components was $31.13 billion in 2025 and is expected to reach $56.28 billion by 2034, with a compound annual growth rate (CAGR) of 6.8%. The Chinese market is growing even faster—from $3.86 billion in 2025 to an expected $8.69 billion by 2034, with a CAGR of 9.7%. Other data indicates that the global market for aluminum die-cast automotive components reached $65.71 billion in 2025 and is expected to reach $81.53 billion in 2026.

In the global market worth hundreds of billions of dollars, aluminum alloy die-casting is embracing structural growth opportunities. As a professional manufacturer deeply rooted in this field for two decades, Anda Co., Ltd. directly benefits from this trend.

Driver 2: Accelerated Growth in New Energy Business.

The revenue share of new energy three electric system components increased from 6.22% in 2023 to 15.21% in 2025, nearly doubling in three years. The downstream customers for the new energy business already cover multiple mainstream automakers and brands in the market, including SAIC Group, Valeo Group, Volkswagen Group, Futek Technology, NIO, Xiaomi, and Li Auto.

From a product perspective, the company primarily manufactures new energy three electric system components such as inverter housings and motor housings, providing structural fixation, thermal management, and safety protection for core vehicle power components. With the continuous increase in new energy vehicle penetration, the growth potential in this segment remains vast.

Driver 3: Industry Consolidation Benefits Leading Enterprises.

Against the backdrop of rising new energy vehicle penetration, the traditional automotive component industry is undergoing profound structural revaluation. New technologies such as integrated die-casting are transforming component forms, with automakers reducing part counts through structural integration while raising single-part value and technical thresholds. Industry competition is trending toward concentration among leading players.

As a national-level specialized, refined, and innovative ‘little giant’ enterprise, Anda Co., Ltd. is well-positioned in this industry reshuffle, leveraging nearly two decades of process accumulation, deep binding with leading customers, and the credit endorsement of its state-owned background.

In this context, the company’s capacity utilization rates were 96.48%, 89.51%, and 98.23% from 2023 to 2025, respectively; its production-to-sales ratios were 97.86%, 100.74%, and 99.11%, respectively, nearly maintaining full production and sales.

Source: Prospectus

For this Beijing Stock Exchange IPO, the company plans to raise 280 million yuan, all allocated to the ‘Intelligent Manufacturing Project for Key Lightweight Automotive Components.’ Upon completion and operation, the project is expected to achieve a production capacity of 3 million additional key lightweight automotive components, significantly expanding the company’s growth potential.

05 Epilogue

Twenty years ago, Anda Co., Ltd. began its journey with aluminum alloy die-casting for fuel vehicle engine components, catching the golden age of China’s automotive industry’s joint venture era. Twenty years later, it stands at the intersection of automotive lightweighting and new energy three electric systems.

With revenue exceeding 1 billion yuan in 2025, net profit approaching 70 million yuan, and an imminent listing on the Beijing Stock Exchange—these achievements collectively outline a precision die-casting enterprise at the crossroads of performance growth and strategic transformation.

The proportion of new energy business continues to rise, lightweight intelligent manufacturing projects are advancing, and the state-owned background provides a solid credit endorsement—Anda Co., Ltd. stands at a strategic inflection point where ‘capabilities accumulated in the fuel vehicle era are releasing value in the lightweighting era.’

In the automotive component sector, which boasts a market size in the trillions of dollars, what genuinely warrants our focus are not those who chase fleeting trends with mere conceptual fanfare. Instead, it is the long-term visionaries who have firmly established themselves in niche markets, constructing formidable technical barriers and earning unwavering customer trust over the course of two decades.

Anda Co., Ltd. stands as a prime exemplar of such companies.

Moreover, its narrative is far from over; numerous chapters remain to be penned.

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