Longyingprecision Plans H-Share Listing to Accelerate Global Layout; Robotics Revenue Exceeds 100 Million, Enters Commercial Space Track

Changjiang Business Daily News ● Changjiang Business Reporter Jiang Chuya

Changying Precision plans to go public in Hong Kong and expand globally.

Recently, Changying Precision (300115.SZ) announced the launch of its offshore H-share issuance and application for listing on the Main Board of the Hong Kong Stock Exchange, leveraging international capital platforms to accelerate the implementation of its globalization strategy.

By 2025, the company’s revenue is expected to grow steadily, with the business of high-precision components for humanoid robots surpassing 100 million yuan, becoming a core emerging growth driver. At the same time, the company is expanding into the commercial space sector, building an industry pattern of coordinated development among consumer electronics, new energy, humanoid robots, and commercial space, injecting strong momentum for long-term growth.

Humanoid Robot Business Explosive Growth

In 2025, Changying Precision is projected to achieve total revenue of 18.842 billion yuan, an 11.27% increase year-over-year; net profit attributable to shareholders of 600 million yuan, a 22.28% decrease; and non-recurring net profit of 572 million yuan, up 7.69% year-over-year.

The company stated that the decline in net profit attributable to shareholders mainly resulted from large non-recurring gains from the disposal of subsidiary shares in the same period last year. This period saw no similar items, and after excluding non-recurring gains, net profit continued to improve, with operational quality steadily enhancing.

As a leading domestic manufacturer of precision components, Changying Precision has built a diversified customer base covering top global brands such as Apple, Samsung, Huawei, and Meta, successfully reducing dependence on a single supply chain. The consumer electronics business has stabilized and recovered, and the new energy sector continues to expand, becoming the core pillar of revenue growth. Meanwhile, the humanoid robot business, with its rapid growth, has become a focus of capital market attention.

Data shows that in 2025, revenue from high-precision components for humanoid robots reached about 100 million yuan, a significant increase of nearly nine times compared to 10.11 million yuan in 2024; the company delivered 690,000 related products throughout the year, with overseas clients accounting for up to 80%, supporting top global humanoid robot projects such as Tesla Optimus and Figure AI. Since Q1 2024, the number of robot precision component part numbers supplied to overseas clients has increased for eight consecutive quarters, with a product matrix covering ultra-precision hard metal transmission parts, plastics, rubber, silicone, and PEEK engineering plastics.

To meet the needs of global development, Changying Precision has established a “Asia + North America” global production network, with Vietnam and Thailand serving as Southeast Asian production hubs, and Mexico’s two bases providing precise services for the North American market, enabling nearby production and effectively avoiding international trade barriers. The company is also expanding into emerging sectors such as AI servers, liquid cooling, and satellite communications, developing multiple tracks simultaneously to continuously broaden growth boundaries.

Currently, Changying Precision has formed a core development pattern of “consumer electronics + new energy + humanoid robots.” Although the robot business’s revenue share remains small, its rapid growth and strong technological barriers suggest it could become the company’s third growth curve. The H-share listing will provide ample capital support for its globalization efforts and expansion into emerging businesses.

Targeting the Commercial Space Sector

While maintaining steady growth in its core precision manufacturing business, Changying Precision is proactively entering the commercial space field, adopting an integrated “chip + manufacturing” model to seize opportunities in the low-earth orbit satellite communication industry. Low-earth orbit satellite communication, with its low latency, high bandwidth, and portable terminals, is becoming a key direction for global communication industry upgrades. Phased array chips, as the system’s core component, directly determine the efficiency of industry commercialization.

Changying Precision has invested in Yique Semiconductor to acquire core phased array chip technology, achieving a full-chain layout from chip R&D to module assembly.

Relying on its top-tier precision manufacturing capabilities, Changying Precision supplies ground receiving device parts for Amazon Leo, a satellite company, and continues to expand its industry customer base. The company collaborates with Yique Semiconductor; as chip order volumes grow, it will undertake module assembly, building a complete “chip supply + module manufacturing” industrial chain.

Currently, China’s low-earth orbit satellite internet construction is at a critical stage, with projects like GW constellation and Qianfan constellation progressing steadily. Terminal products such as satellite phones and vehicle-mounted satellite communication devices are accelerating in popularity. Industry data indicates that China’s satellite internet market will reach 44.7 billion yuan in 2025, with the entire industry chain expected to experience explosive growth by 2030.

Facing this historic industry opportunity, Changying Precision is making comprehensive efforts in technology, manufacturing, and market development. In the future, the company will leverage its “chip + high-end manufacturing” synergistic advantages to deeply empower the commercial space industry chain, striving for high-quality leapfrogging in its globalization and emerging industry layouts.

Editor: ZB