Shenghuabo makes a second attempt at an IPO; the story of its intelligent vehicle motors remains to be proven.

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On June 8, the IPO application of Zhejiang Shenghuabo Electric Appliance Co., Ltd. ("Shenghuabo") for the main board of the Shanghai Stock Exchange was officially accepted and published online.

This marks Shenghuabo’s return to the IPO process after more than two years.

As early as 2023, Shenghuabo made a sprint for the main board but ultimately failed to pass the review by the Shanghai Stock Exchange Listing Committee.

At that time, the Listing Committee believed Shenghuabo failed to demonstrate that its internal control systems were sound and effectively implemented, and whether its financial statements fairly reflected the issuer’s financial status, operating results, and cash flows in all material respects.

Now, with higher revenue and profit figures, Shenghuabo has restarted its listing process.

According to the prospectus, Shenghuabo mainly focuses on automotive parts such as wiper assemblies, seat motors, and smart body motors.

From 2023 to 2025, Shenghuabo’s operating revenue was 4.131 billion yuan, 5.288 billion yuan, and 6.563 billion yuan respectively; net profit attributable to shareholders was 642 million yuan, 884 million yuan, and 1.023 billion yuan respectively.

From the product structure perspective, Shenghuabo’s core business is concentrated in two main categories: wiper assemblies and seat motors.

In 2025, revenue from wiper assemblies and seat motors reached 2.625 billion yuan and 3.506 billion yuan respectively, accounting for over 90% combined.

Xinfeng notes that although the income structure hasn’t changed much, Shenghuabo has quietly revised its positioning.

The prospectus for this IPO describes Shenghuabo as an industry-leading integrated solution provider in the automotive smart motor field. However, the prospectus from its previous IPO did not mention "smart motors," mainly positioning itself as an "automotive parts supplier."

Nevertheless, smart motor products are indeed emerging. In 2025, Shenghuabo’s smart body motors generated revenue of 201 million yuan, accounting for 3.14%.

It is worth noting that smart motors are a key direction for Shenghuabo in this IPO fund-raising initiative.

Shenghuabo plans to raise 2.6 billion yuan this time, mainly to invest in projects such as the construction of integrated production and research facilities for smart drive components in body systems.

However, with the proportion of revenue from smart body motors still relatively low, whether Shenghuabo’s large-scale fundraising for capacity expansion will gain regulatory approval hinges on its ability to fully explain the necessity for increased capacity and whether future orders and revenue can support capacity absorption.

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