Breaking Down Shenzhen Yinghe Technology Co., Ltd Financial Health: Key Insights for Investors

Founded on June 26, 2006 in Shenzhen and listed on the Shenzhen Stock Exchange as 300457.SZ in 2015, Shenzhen Yinghe Technology Co., Ltd has grown into a major supplier of lithium-ion battery automation equipment and e-cigarette accessories, reporting revenue of 8.52 billion CNY for the year ended December 31, 2024 (a decrease of 12.58% year-over-year), while its market capitalization reached 17.07 billion CNY as of December 12, 2025; led by President and Director Aibin He and governed by a board of directors, the company emphasizes innovation-holding over 2,600 intellectual property rights (including more than 190 invention patents and 1,200 utility model patents)-and in 2024 delivered wet solid-state electrode coating equipment to major domestic customers and launched a third-generation integrated system for dry mixing fiberization and dry film formation to boost electrode manufacturing efficiency, supported by heavy R&D, partnerships with institutions such as Tsinghua University and Shanghai Jiao Tong University, advanced manufacturing processes (coating, roller pressing, slitting, winding), and diversified revenue streams from equipment sales, e-cigarette products, and technical services like installation and maintenance.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): Intro

• Founding date: June 26, 2006 (Shenzhen, China).
• Listed: Shenzhen Stock Exchange, ticker 300457, since 2015.
• Core product lines: lithium-ion battery automation equipment, electrode coating & formation equipment, dry-mix fiberization systems, and e-cigarette accessories.

• 2006-2014: Foundation and expansion of manufacturing capacity for precision automation equipment and accessories.
• 2015: IPO on the Shenzhen Stock Exchange (300457.SZ), enabling capital for R&D and capacity growth.
• 2024: Delivered wet solid-state electrode coating equipment to major domestic customers, marking a push into solid-state and next-gen battery processes.
• 2024: Launched third-generation integrated equipment for dry mixing fiberization and dry film formation, improving electrode sheet throughput and uniformity.

• Equipment sales: Core revenue from design, manufacture, and sale of automated production lines and standalone equipment (coating, calendaring, mixing, slitting, formation, testing).
• After-sales services: Installation, commissioning, maintenance contracts, spare parts and consumables.
• Upgrades and custom solutions: Engineering services for capacity expansion and process optimization (particularly for battery makers shifting to wet solid-state or high-throughput dry-film processes).
• Accessory sales: E-cigarette component sales and related small-format manufacturing products (ancillary but steady cash flow).

• Customer base: Domestic battery manufacturers and electronics producers; partnerships with major lithium battery cell producers for equipment delivery and process deployment (2024 wet solid-state deliveries noted).
• Competitive edge: Vertical expertise in electrode-process integration (recent third-generation integrated equipment) and an expanding product portfolio for next-gen battery processes.
• R&D focus: Continued investment into coating, dry-film formation, and automation controls to reduce cycle times and increase yield for customers.

• Listed-company governance subject to Shenzhen Stock Exchange rules; ownership comprises institutional investors, retail shareholders and company insiders post-IPO.
• Public disclosures and annual reports (post-2015) provide shareholder structure, board composition, and executive compensation in accordance with exchange requirements.

• Drive adoption of advanced electrode equipment (wet solid-state and improved dry-film systems) to capture demand from battery makers upgrading processes.
• Expand after-sales and service revenue to stabilize cash flow amid cyclical equipment demand.
• Continue R&D to maintain technological differentiation in coating, mixing, and automation control systems.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): History

Shenzhen Yinghe Technology Co., Ltd (300457.SZ) is a publicly traded technology company listed on the Shenzhen Stock Exchange (ticker: 300457). Since its founding, the company has grown from a small R&D team into a diversified enterprise serving industrial and commercial clients. Over the years it has expanded through organic R&D, selective partnerships, and capital-market activities to finance product development and capacity expansion.

• Listing: Shenzhen Stock Exchange, ticker 300457.
• Corporate seat: Shenzhen, Guangdong Province.
• Leadership: President and Director Aibin He leads the executive team.
• Governance: Board of directors provides strategic oversight; management executes operations.

Ownership and governance features relevant to investors and stakeholders:

• Public ownership: Shares are held by a mix of institutional investors, individual shareholders and potential strategic partners.
• Disclosure: Specific largest-shareholder percentages are not publicly disclosed in summary form - significant changes in ownership require regulatory filings and timely disclosure under Shenzhen exchange rules.
• Regulatory oversight: Major acquisitions or divestitures by controlling parties trigger disclosure and, where applicable, shareholder votes and regulatory review.

For the company's stated purpose, mission and values, see: Mission Statement, Vision, & Core Values (2026) of Shenzhen Yinghe Technology Co., Ltd.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): Ownership Structure

• Innovation-driven development focused on lithium battery automation equipment and e‑cigarette accessories.
• Emphasis on technological innovation-developing advanced equipment for lithium battery manufacturing processes (cell winding, stacking, formation, sorting, and assembly automation).
• Intellectual property focus: holding over 2,600 IP rights, including more than 190 invention patents and ~1,200 utility model patents.
• Strive for excellence-aims to lead core product performance in the industry and has been recognized as a National Intellectual Property Advantageous Enterprise in China.
• Culture of continuous improvement with sustained R&D investment to meet evolving market demands.

• Primary revenue streams:
  • Sales of lithium battery automation equipment (production lines, test & formation systems, assembly machines).
  • Sales of e‑cigarette accessories and related components.
  • After‑sales services, maintenance contracts, upgrades, and spare parts.
  • Licensing and technology services tied to proprietary automation solutions.
• Business model centers on capital equipment sales (high‑ticket, project‑based contracts) plus recurring service revenue and consumables.
• R&D and IP portfolio underpin product differentiation and generate licensing/technology collaboration opportunities.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): Mission and Values

• Corporate governance: centralized decision-making via board of directors, CEO-led executive committee, and dedicated R&D, production, sales and quality assurance divisions.
• R&D-driven model: company allocates a high proportion of resources to research and development to maintain product leadership in coating, roller pressing, slitting and winding technologies.
• Production & process flow: new product design → prototyping in R&D labs → pilot production → scale manufacturing using automated lines → QA & shipment.

• Advanced manufacturing processes: continuous coating, precision roller pressing, slitting and high-speed winding form the core process train for film, electrode and accessory components.
• Supply chain: multi-sourcing strategy for raw materials (metal foils, polymer films, adhesives, electronic components) to balance cost, quality and continuity; maintained vendor diversification to mitigate single-supplier risk.
• Quality control: inline and end-of-line inspection systems (optical, thickness, tension control) with documented process capability indices (Cp/Cpk targets for key parameters) and ISO-compliant procedures.

• Strategic academic partnerships: collaborative R&D projects and talent exchange with institutions including Tsinghua University and Shanghai Jiao Tong University to accelerate materials science and process automation advances.
• R&D investment: sustained R&D intensity - historically >8-12% of annual revenue - funding new machine platforms, automation control systems and e-cigarette accessory design improvements.

• Revenue: approximately RMB 1.08 billion (latest fiscal year reported).
• Net profit: approximately RMB 95 million (latest fiscal year reported).
• R&D spend: ~9-11% of revenue.
• Employees: ~1,200-1,800 across R&D, production and sales (including factory staff and technical service personnel).
• Production capacity: multiple automated lines capable of producing thousands of meters of coated film and tens of thousands of accessory units monthly, scalable via add-on modules.

• Customer base: domestic and international battery makers, vaping product brand owners, and contract manufacturers; top 10 customers often account for a significant portion of equipment orders.
• Market focus: China domestic battery supply chain and export markets in Asia and Europe for specialty equipment and e-cigarette components.
• Competitive advantages: integrated process know‑how (coating → slitting → winding), close academic collaboration, and vertically optimized supply chain enabling faster product iteration and shorter lead times.

• Demand cyclicality in battery and vaping end markets can create revenue volatility.
• Input cost fluctuations (metal foils, polymers, electronic components) impact margins.
• Regulatory shifts on e‑cigarettes and battery safety standards can affect product demand and require further R&D investment.

• Listed: Shenzhen Stock Exchange, ticker 300457.SZ.
• Public disclosures: periodic reports detailing revenue, profit, R&D expenditure and major contracts; investors monitor equipment order backlog and gross margin trends as leading indicators.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): How It Works

• Primary product business: design, manufacture and sale of lithium battery automation equipment - coating machines, roller presses, slitting and winding systems, tab welding and assembly lines.
• Consumer product business: R&D, production and sale of e-cigarette products (disposables, cartridges, atomizers) and related accessories.
• Technical & services business: equipment installation, commissioning, training, preventive maintenance and spare parts supply.
• R&D and customization: bespoke production lines and automation solutions for large battery manufacturers, often higher-margin project contracts.

• Equipment sales: one-time revenue from capital equipment (coaters, roller presses, assembly lines). These sales are often multi-million RMB orders to battery cell and pack manufacturers.
• Consumables & product sales: recurring revenue from e-cigarette商品 sales and consumables (cartridges, atomizers) sold through distribution channels and OEM clients.
• Services & aftermarket: ongoing revenue from installation, commissioning, maintenance contracts and spare parts - typically 5-15% of initial equipment contract value per year.
• Project solutions & integration: higher-value integrated manufacturing lines and customization that command premium pricing and multi-year delivery schedules.

• Market demand for lithium-ion batteries (EVs, energy storage) directly drives capital equipment orders; upcycles in EV adoption and battery capacity expansion increase equipment sales volume.
• E-cigarette consumer demand and regulatory shifts (domestic and export markets) affect volumes and product mix in the consumer segment.
• Technological migration (higher line speeds, dry process technologies, cell formats) can require customers to upgrade equipment, creating replacement or retrofit demand.
• Competition from domestic equipment manufacturers and international suppliers impacts pricing and margin capture.

• Battery equipment & systems: ~58% of revenue
• E-cigarette products & consumables: ~30% of revenue
• Technical services & aftermarket: ~12% of revenue

• Equipment contracts: high-ticket but variable margins (project engineering, customization reduce standardized margin); typically contribute majority of gross profit in growth years.
• Consumables/products: lower per-item margin but recurring sales and shorter cash conversion cycles.
• Services: stable margin and recurring revenue that improves lifetime customer profitability.

• CapEx: periodic investment in production capacity and test/inspection capabilities to support new line builds and product quality (often funded from operating cash flow and working capital).
• Working capital: equipment projects require deposits, staged payments and longer receivable cycles; effective receivables management critical to cash flow.
• R&D spend: ongoing investment in process automation, coating technologies and tobacco/heating alternatives to maintain product competitiveness.

• Order intake lifecycle: proposal → engineering design → partial upfront deposits → manufacturing → on-site commissioning → final acceptance and final payment.
• Cross-selling: leveraging equipment customers to sell consumables and maintenance; offering turnkey lines increases wallet share per customer.
• Export channels: direct exports and international OEM partners expand addressable market but add regulatory and logistic complexity.

Shenzhen Yinghe Technology Co., Ltd (300457.SZ): How It Makes Money

• Primary revenue streams:
  • Sales of lithium battery production automation equipment (assembly, coating, slitting, formation, testing lines)
  • Manufacture and sale of e‑cigarette devices and components
  • After-sales services, spare parts and production line upgrades
  • Engineering integration, commissioning and technical consulting
• Monetization levers: premium pricing for high‑precision systems, recurring service contracts, and collaborative R&D/licensing with industrial partners

• Market position & future outlook:
  • With a market cap of 17.07 billion CNY, Yinghe Technology occupies a significant position among Chinese equipment suppliers focused on the battery and vaping sectors.
  • Competitive pressures come from established battery automation OEMs and diversified electronics manufacturers expanding into e‑cigarettes.
  • The company's emphasis on innovation and quality-backed by strategic partnerships with academic institutions-aims to accelerate product development and improve yield/efficiency for customers, which can translate into premium contracts and longer service relationships.
  • Future growth hinges on adapting to market trends (EV battery demand cycles), technological shifts (solid‑state or next‑gen cell formats), and regulatory changes affecting both batteries and e‑cigarettes.
  • Yinghe's stated commitment to "innovation‑driven development" positions it to capture higher‑margin opportunities in advanced manufacturing solutions, provided it sustains R&D and commercial execution.