Yinghe Technology, China’s First Listed Lithium-Battery Equipment Maker

Shenzhen Yinghe Technology Co., Ltd. (赢合科技) is headquartered in Shenzhen, China, and was the first listed company in China’s lithium-battery equipment industry.

1. Company Overview

• Company name: Shenzhen Yinghe Technology Co., Ltd. (深圳市赢合科技股份有限公司), ticker 300457 (ChiNext)
• Founded: June 2006; listed May 2015 (first listed company in the lithium-battery equipment industry)
• HQ: Nanshan District, Shenzhen, China / Production sites: 2 in Huizhou, 1 in Dongguan, 1 in Yichun, Jiangxi, 1 in Huzhou, Zhejiang
• Business area: coaters, roll presses, slitters, winders and other full-process lithium-battery equipment, e-cigarettes
• Parent company: joined the Shanghai Electric (上海电气) group in 2019

2. History and Workforce

Founded in 2006, the company listed on ChiNext in 2015 as the industry’s first listed equipment maker. In 2019 it joined the state-owned Shanghai Electric group, changing its controlling shareholder, and has since accelerated its global market expansion.

The company states it operates 10+ subsidiaries and 4 manufacturing sites worldwide, with annual production capacity introduced as roughly CNY 20 billion. Detailed workforce composition is (undisclosed).

3. Core Technology and Key Equipment

The company produces equipment spanning the electrode-to-assembly process, including coaters, roll presses, slitters, and winders, and has disclosed that it has recently built a ‘wet + dry’ dual-process equipment lineup geared toward solid-state batteries, supplying it to core customers.

• Coater / roll-press / slitter / winder series
• Laser module cutting machines / sealing-liquid injectors
• Solid-state-battery-oriented wet/dry dual-process equipment
• Parallel business in e-cigarettes (disposable and refillable types)

Per a Sina Finance affiliate report (June 17, 2025), Yinghe Technology shipped three core solid-state-battery equipment units — a solid-state wet-coating machine, a solid-state roll-press, and a solid-electrolyte transfer-coating machine — to an undisclosed major domestic battery maker, stating the equipment is destined for the customer’s mid-stream line build-out at a domestic plant.

4. Production Infrastructure and Quality Assurance

The company operates five production sites (Huizhou, Dongguan, Yichun (Jiangxi), and Huzhou (Zhejiang)), introducing annual production capacity of roughly CNY 20 billion. Detailed cleanroom/capacity figures are (undisclosed).

5. Delivery Track Record and Partnerships

The company has disclosed that it supplies equipment to customers across power-battery, energy-storage-battery, and small-battery segments; specific customer names are (undisclosed).

Per an earnings briefing held September 17, 2026 (reported by 10jqka), first-half 2026 revenue was CNY 6.090 billion (+42.83% YoY), and the company said it plans to expand deliveries of solid-state-battery, large-cylindrical-cell, and energy-storage equipment in the second half. Overseas business has expanded to roughly 20 countries, with mass-production deliveries to Germany, South Korea, Malaysia, and Hungary, and the company noted that its integrated cutting-and-stacking machine category made its first entry into South Korea’s high-end lithium-battery equipment market.

6. Financial Status and Roadmap

For Q1–Q3 2025 (January–September), cumulative revenue was RMB 6.784 billion (converted; +4.72% YoY), and net profit was RMB 302 million (converted; –39.06% YoY) (per disclosed materials).

Per the full-year 2025 results (disclosed March 28, 2026, annual report announcement No. 2026-006), revenue reached CNY 9.445 billion (+10.81% YoY), net profit CNY 538 million (+6.96% YoY), and operating cash flow CNY 795 million (+2,899% YoY). Revenue mix was 68.05% (CNY 6.427 billion) from lithium-battery-dedicated equipment and 31.95% from other businesses; gross margin was 24.37%, below the industry average of 26.25%, and the debt ratio was 63.59%, above the industry average of 60.59%. By revenue, the company ranked 2nd among 23 listed peers (1st was Wuxi Lead Intelligent Equipment at CNY 14.443 billion; industry-average revenue was CNY 2.359 billion) (source: Sina Finance, April 30, 2026, and the official cninfo annual report summary).

The company has set building out a solid-state-battery mass-production equipment ecosystem as a core priority, and is expanding R&D toward AI-based smart manufacturing.

This profile was compiled based on publicly available sources including Eastmoney (东方财富网), Fortune China (富途牛牛), the company’s official website (yhwins.com), and Sogou (搜狐); unverified figures and undisclosed information have not been arbitrarily filled in.