A key supplier to US tracker manufacturer Nextracker is to list on the Beijing Stock Exchange.
On 16 May, the Beijing Stock Exchange announced that Jiangsu Youli Intelligent Equipment Co., Ltd. (referred to Youli Intelligent, stock code: 874325) had met all issuance, listing and information disclosure requirements following deliberation by the BSE Listing Committee.
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The prospectus shows that, established in 2017, the company’s main business is PV mounting systems, focusing on the R&D, production and sales of core components for PV mounting systems. Its main product portfolio includes some of the key components in PV mounting systems, including torque tubes for PV mounting system supports, bearing hinge assemblies and module attachment structures.
The prospectus reveals that overseas markets are Youli Intelligent’s primary markets. From 2022 to 2024, the company’s export sales accounted for 88.19%, 73.06%, and 78.72% of its total core revenue, respectively.
At the same time, Youli Intelligent exhibits a high customer concentration. During the reporting period, sales to its top five clients accounted for over 90% of the company’s total revenue. Notably, Nextracker, its largest customer, made particularly prominent contributions in both sales volume and gross profit share.
According to the report, Youli Intelligent has now become Nextracker’s largest non-US market supplier. As disclosed in the prospectus, the company’s sales to Nextracker accounted for 80.69%, 61.67%, and 70% of its total revenue in 2022, 2023, and 2024 respectively.
Regarding its high customer concentration, Youli Intelligent explained that this is attributable to industry dynamics, citing Wood Mackenzie data showing Nextracker has maintained its position as the global leader in solar tracker shipments for nine consecutive years (2015-2023). The company contends this market dominance provides justification for its concentrated client base.
An analysis of Youli Intelligent’s key client sales performance reveals that its rapid business growth primarily stems from deepening collaborations with key clients. Notably, the company’s sales to Nextracker increased significantly from RMB319 million (US$44.3 million) in 2022 to RMB510 million in 2024.
Nextracker announced in its recent financial results for Q1 of 2025 (commencing April 2024) and the full fiscal year performance. In the first three months of 2025, the company reported revenue of US$924 million, representing a 26% year-on-year growth. The company continued to demonstrate strong order intake momentum, with its backlog showing sequential quarterly growth. This robust performance is expected to underpin Nextracker’s growth trajectory for the current fiscal year.
In addition, Youli Intelligent said that the company has also established strong cooperative relationships with other well-known domestic and international PV mounting system companies, including Optimum Tracker, Gonvarri Industries, Trina Solar and Antaisolar.
As the “skeleton” supporting PV modules, PV mounting systems significantly impact the power generation efficiency and investment returns of PV power plants through their technical level and performance, playing a crucial role in power plant investments. In China’s A-share market, the PV mounting sector already has multiple listed companies, including Arctech Solar and CTZ Group.
