A 'hidden champion' hidden under the chassis of a heavy truck is walking into the spotlight. On July 31st, Suzhou Green Control Transmission Technology Co., Ltd. (hereinafter referred to as "Green Control Transmission") disclosed its intention letter for listing on the ChiNext board, and officially launched online subscription on August 10th, which will officially knock on the door of A-shares.

According to the prospectus, from 2023 to 2025, the revenue of Green Control Transmission will climb from 770 million yuan to 3.354 billion yuan, with a three-year compound growth rate of 108.63%; The net profit attributable to the parent company has been restored from a loss of 12.3338 million yuan to 153 million yuan, completing the complete transition from the technology investment period to the scale profit period.

According to statistics from Korey Consulting, from 2023 to 2025, Green Control Transmission will continue to rank first in the domestic market for new energy heavy-duty truck motors, making it a leading enterprise in this niche field. Combined with its strength as a national manufacturing industry champion and a specialized and innovative small giant, Green Control Transmission can be described as an "invisible unicorn".

The IPO plans to raise 1.58 billion yuan, all of which will be invested in capacity expansion and R&D center construction. The funds will be clearly directed towards the medium and long-term expansion needs of the industry, reflecting the management's full confidence in the industry's prosperity and its own technological barriers.

So, what is its strength and does it have the core barriers to continuously cross industry cycles? Why does this private enterprise hold its leading position in the industry landscape of dual competition between self-developed vehicle manufacturers and cross-border players?

A fifteen year positive research and development project

To understand the industrial value of green control transmission, it is necessary to first understand the market it is entering. In 2011, when Green Control Transmission was established, the domestic market for electric drive systems for new energy commercial vehicles was almost monopolized by foreign brands. ZF and Bosch, with decades of technological accumulation and globally validated reliability data, occupy the supporting list of domestic OEMs.

There is a natural technological gap between the power systems of medium and heavy-duty commercial vehicles, non road mining machines, and electric drives for passenger cars. The requirements for torque output, heat dissipation efficiency, and durability of the motor, transmission, and integrated electronic control system under extreme working conditions such as full load of 100 tons, continuous climbing, and outdoor high and low temperature alternation are almost two different species compared to passenger cars.

A power system entering the supply chain of a host factory often requires several years of calibration and testing. Once reliability issues arise, losses can amount to tens of millions of yuan. This' cost of making mistakes' determines that host manufacturers naturally tend to choose validated foreign investment solutions. There are not no domestic enterprises that want to squeeze in, but most have backed out in the face of a long verification cycle.

Green control transmission has chosen the most difficult path - forward research and development. There is no ready-made technology to copy, no mature supply chain to borrow, and green control transmission starts from scratch, relentlessly competing with coaxial parallel hybrid power systems, iterating more than ten times a year.

The real turning point occurred in 2019. The coaxial parallel hybrid electromechanical coupling system developed by Green Control Transmission and Tsinghua University has won the second prize of the National Science and Technology Progress Award, becoming the only enterprise in the industry to receive this honor and breaking the long-term monopoly of overseas hybrid transmissions.

Afterwards, technological breakthroughs entered an acceleration period. In response to the bottleneck problem of 100 ton mining trucks, the company has developed a dual input transmission power uninterrupted electric drive system, breaking the situation where high-end mining trucks can only rely on imported large displacement engines and AT transmissions. The independent integration of heavy-duty truck electric drive axles has reconstructed the chassis structure of the entire vehicle, and after eliminating the design of the transmission shaft, the lightweighting and transmission efficiency have been synchronously improved.

As of the end of 2025, Green Control Transmission has 352 authorized domestic patents, including 58 invention patents. There are 304 R&D personnel, accounting for 15.18% of the total number of employees, with a cumulative R&D investment of 245 million yuan from 2023 to 2025. The continuous deep cultivation of underlying technology has enabled this enterprise to establish a short-term industry threshold that is difficult to replicate in this narrow and deep segmented track.

Binding top tier vehicles to solidify industry positioning advantages

If technology is the "ticket" for green control transmission to enter this market, then industrial positioning is the key to transforming technology into market share.

The characteristics of the commercial vehicle parts industry are not only long certification cycles, but also high customer stickiness. A power system entering the supply chain of a host factory often requires several years of calibration and testing. Once a stable supply is achieved, it can share the long-term dividends of vehicle production. Green Control Transmission has taken fifteen years to fully penetrate the top domestic host factories.

Its customers cover XCMG Group, Sany Group, Dongfeng Motor, Xiamen Jinlong, Beiqi Foton, China National Heavy Duty Truck Group, Zoomlion Heavy Duty Truck Group, etc., and have formed a pattern of deep binding of top hosts. In 2025, XCMG Group and Sany Group, the two domestic leaders in sales of new energy heavy-duty trucks, contributed a total of 32.83% of the revenue, and their combined market share of new energy heavy-duty trucks reached 29.93% that year.

The market is generally concerned that the self-developed electric drive by automobile manufacturers will squeeze the space of third-party suppliers. However, the prospectus business statement shows that Sany, XCMG and other self-developed electric drive engines are mostly adapted to standardized light-duty vehicle models, while complex heavy-duty scenarios such as mining, slag, and heavy-duty tractors are still dominated by mature external systems. Independent third-party electric drive manufacturers have irreplaceable scene adaptation capabilities.

At present, the new energy commercial vehicle industry is in the early stages of development. By 2025, the overall penetration rate of new energy commercial vehicles in China will only be 28.84%, and there is still a vast space for the electrification of heavy trucks. Combined with long-term driving factors such as the promotion of the "dual carbon" policy, the elimination of diesel vehicles, and the tilt of urban road rights, the industry's incremental cycle is clear and distinguishable.

The performance of Green Control Transmission is also related to the downstream prosperity. In 2023, the revenue was 770 million yuan, with a slight loss due to the large R&D investment in the early stage; In 2024, downstream demand will rebound, capacity utilization rate will increase, and net profit attributable to the parent company will be 48.0427 million yuan; In 2025, the demand for new energy heavy-duty trucks will be concentrated and released, with revenue jumping to 3.354 billion yuan and net profit attributable to the parent company of 153 million yuan.

The product structure of Green Control Transmission is highly focused on its main business. The electric drive system will contribute a revenue of 3.152 billion yuan in 2025, accounting for 96.02% of the total revenue, with truck products contributing 84.73% of the revenue. At the same time, it has steadily expanded its non road machinery and overseas business, and its products have been sold to Southeast Asian, European and American markets. It has also established a wholly-owned subsidiary in Thailand to layout localized production, opening up space for the next stage of growth.

Capital accumulation, expansion of production, research and anchoring of long-term track

This listing on the ChiNext board is the most critical strategic milestone for Green Control Transmission in its 15 year history. From the three dimensions of fundraising planning, talent mechanism, and industry positioning, we can observe the long-term development logic of this enterprise.

The net amount of 1.58 billion yuan raised by Green Control Transmission this time will be fully invested in the real industry, with no supplementary working capital arrangements. Two major projects have formed a coordinated layout of production capacity and technology: the 1.38 billion yuan construction of an annual output of 100000 sets of medium and heavy-duty commercial electric drive system project, and the 200 million yuan construction of a new research and development center.

The urgency of capacity expansion comes from the real bottleneck of production capacity. By 2025, its electric drive system production will reach 148500 units, with a capacity utilization rate of up to 98.21%. In 2023, the capacity utilization rate was only 54.06%, which took only two years to go from semi idle to full load. Sales jumped from 26000 units in 2023 to 129000 units in 2025.

Its existing production line is no longer able to handle more incremental orders. After adding 100000 sets of production capacity, the unit manufacturing costs will be further diluted through large-scale production. From the perspective of product structure, the current focus is on pure electric heavy-duty trucks, and fundraising projects will expand product lines such as electric drive bridges and hybrid power systems.

The 200 million yuan R&D center project has a clear investment direction. The prospectus reveals that the project will focus on cutting-edge routes such as integrated electric drive bridge, high-voltage electronic control, multi-mode hybrid, and mining card exclusive power. Under the continuous expansion of revenue scale, Green Control Transmission still needs to increase absolute investment in research and development to maintain technological leadership.

The newly established R&D center will be equipped with a complete set of testing and simulation facilities, and will focus on tackling the next generation of core components. At present, the key research projects cover high-performance motors, second-generation electric drives for pure electric heavy-duty trucks, hybrid 2.0, 100 ton mining truck powertrains, new generation AMT transmissions for heavy-duty trucks, and other heavy-duty exclusive core products.

At the level of talent and capital synergy, Green Control Transmission has established two major employee salary management plans in this strategic allocation, with a total subscription limit of 6.8341 million shares. The actual controllers, core executives, and key members of the four doctoral research and development teams all participate in the subscription, with a lock up period of 12 months. During the reporting period, it launched nine rounds of equity incentives and established six employee stock ownership platforms, covering core personnel in research and development, sales, and manufacturing, deeply linking the core team's earnings with the long-term development of the listed company.

The strategic allocation also introduces industrial capital from Dongfeng, XCMG, Liugong, and other companies. Prior to this, multiple rounds of equity financing also saw the entry of vehicle industry funds, forming a two-way binding relationship of "product matching+capital synergy", further consolidating the stability of the supply chain relationship.

From a macro perspective of the industry, the three electric vehicles for passenger cars have completed domestic substitution, but the power of heavy-duty trucks and hundred ton mining machines has long been monopolized by overseas brands. For over a decade, Green Control Transmission has been independently researching and producing all three core components, including motors, transmissions, and controllers. It has embarked on a path of independent and controllable industrialization for private enterprises, providing a replicable model for local breakthroughs in high-end equipment manufacturing.

At present, the global trend of commercial vehicle electrification is still in its infancy, and the domestic supply of overseas heavy-duty power is scarce. Mature heavy-duty electric drive products with green control transmission have differentiated competitive advantages and broad globalization space. Empowered by the capital market, it is expected to grow into a Chinese benchmark in the global heavy-duty electric drive field.