GuangzhouCATL supplied 75.8% of Yihong Intelligent’s 2025 revenue, its prospectus shows.
The battery-equipment supplier seeks a Hong Kong listing with inventory 1.23 times a full year’s sales.
Its gross margin fell from 30.9% to 26.2% in 2025, and the prospectus concedes battery giants hold strong bargaining power.
It still ranks first globally in wide-width roll-press slitting machines, with a 42.1% share by revenue.
The Hong Kong exchange has yet to rule on the filing.
How each outlet framed it
- TMTPost leans critical
- details CATL supplying over 70% of Yihong's revenue, its machine-vision gross margin collapse, and shareholder transfers made as compensation for a missed listing deadline
Sources: TMTPost