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子弹财经
wrote a column · Jul 24 03:50

Qiao Luming, the 'face' of the automotive industry, steps into the spotlight of capital markets

Produced by | Bullet Finance Author | Huanhuan Edited by: Lightning Art Direction by | Qianqian Reviewed | Songwen Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points. Yet while everyone enthusiastically discusses autonomous driving capabilities, 0–100 km/h acceleration times, and computing power of smart cockpit chips, few pay attention to those cabin details constantly touched and visually scrutinized by consumers. Who is behind those meticulously assembled pillar trims, door panels with a smooth and refined texture, and sharp, fluid lines of interior trim pieces—elements consumers may not name but continuously experience as the vehicle’s 'face'? The answer points to Qiao Luming, an automotive interior components company based in Ruian, Wenzhou. In an era where everyone talks about ecosystems, Qiao Luming focuses solely on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled it, after years of steady execution, to grow into an industry 'little giant' with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million, becoming an indispensable 'face' behind Geely and BYD. 1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant' Qiao Luming Technology Co., Ltd. was founded in Ruian, Wenzhou, in 2018. Its establishment coincided precisely with the golden window period of China's new energy vehicle industry, from its infancy to explosive growth. With sharp vision and solid product capabilities, every step Qiao Luming has taken has been precisely calibrated...
Produced by | Bullet Finance
Author | Huanhuan
Edited by: Lightning
Art Direction by | Qianqian
Reviewed | Songwen
Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points.
Yet while everyone eagerly discusses vehicles’ autonomous driving capabilities, 0-100 km/h acceleration times, and the computing power of chips in intelligent cabins, few pay attention to the cabin details that consumers repeatedly touch and closely scrutinize.
Who is behind those ‘showcase’ elements—such as flawlessly assembled pillar trim panels, door armrests with a smooth and refined tactile feel, and sharp, fluid lines on interior trim pieces—that customers may not even know by name but constantly experience?
The answer points to Qiaoluming, an automotive interior trim company based in Ruian, Wenzhou.
In an era when everyone talks about ecosystems, Qiaoluming has focused single-mindedly on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled the company, after years of steadfast execution, to grow into a 'little giant' in its industry—with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million—becoming an indispensable 'face' behind Geely and BYD.
1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant'
Qiaoluming Technology Co., Ltd. was established in Ruian, Wenzhou, in 2018. Since its inception, it has coincided precisely with the golden window period during which China’s new energy vehicle (NEV) industry evolved from infancy to explosive growth. With sharp foresight and solid product capabilities, every step Qiaoluming has taken has landed right on the beat of the times.
Looking back now, the company’s financial figures clearly trace a high-quality growth trajectory.
First, on the revenue side,The company’s revenue stood at RMB 2.556 billion in 2023, RMB 3.375 billion in 2024, and RMB 3.171 billion in 2025. Extending the timeline further, Qiaoluming’s total revenue grew from RMB 651 million in 2020 to RMB 3.375 billion in 2024—a more than fourfold increase over four years.
Now, turning to profitability,Net profit attributable to shareholders was RMB 302 million, RMB 417 million, and RMB 427 million, respectively, with net profit margin steadily rising from 11.8% to 13.5%, reflecting a healthy trend of both revenue growth and enhanced profitability.
A noteworthy detail is the net profit attributable to shareholders after excluding non-recurring gains and losses, which stood at RMB 399 million in 2025—only about RMB 280 million less than the reported net profit of RMB 427 million. This indicates high earnings quality, as the vast majority of profits stem from core operations rather than government subsidies or one-off gains.
In manufacturing, such a profit structure often directly reflects core competitiveness.
Additionally, Qiaoluming forecasts first-half 2025 revenue of RMB 1.43 billion to RMB 1.53 billion, representing year-over-year growth of 0.35% to 7.37%; net profit attributable to shareholders is expected to reach RMB 214 million to RMB 233 million, an increase of 6.28% to 15.72% year-over-year, suggesting continued dual growth in both revenue and net profit.
Produced by | Bullet Finance Author | Huanhuan Edited by: Lightning Art Direction by | Qianqian Reviewed | Songwen Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points. Yet while everyone enthusiastically discusses autonomous driving capabilities, 0–100 km/h acceleration times, and computing power of smart cockpit chips, few pay attention to those cabin details constantly touched and visually scrutinized by consumers. Who is behind those meticulously assembled pillar trims, door panels with a smooth and refined texture, and sharp, fluid lines of interior trim pieces—elements consumers may not name but continuously experience as the vehicle’s 'face'? The answer points to Qiao Luming, an automotive interior components company based in Ruian, Wenzhou. In an era where everyone talks about ecosystems, Qiao Luming focuses solely on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled it, after years of steady execution, to grow into an industry 'little giant' with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million, becoming an indispensable 'face' behind Geely and BYD. 1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant' Qiao Luming Technology Co., Ltd. was founded in Ruian, Wenzhou, in 2018. Its establishment coincided precisely with the golden window period of China's new energy vehicle industry, from its infancy to explosive growth. With sharp vision and solid product capabilities, every step Qiao Luming has taken has been precisely calibrated...
(Image / Shutterstock, licensed under VRF agreement)
Overall, Qiaoluming’s financial data exhibits several clear characteristics: resilient revenue and high-quality earnings. In the automotive components sector—an industry demanding substantial capital and scale—this solid foundation is more than adequate.
Underpinning this performance is a tightly woven network of production capacity.
Mapping out Qiaoluming’s manufacturing footprint reveals over ten production bases strategically positioned like chess pieces across key automotive clusters—including Wenzhou (headquarters), Changxing, and Ningbo in Zhejiang; Changzhou in Jiangsu; Xiangtan in Hunan; Xi’an and Baoji in Shaanxi; Chengdu in Sichuan; and Zhengzhou in Henan—ensuring comprehensive coverage of Geely and BYD’s major domestic vehicle assembly plants and establishing a '30-minute response circle.'
According to Bullet Caijing,Qiaoluming’s production facilities already cover more than half of Geely’s domestic vehicle manufacturing sites and over 60% of BYD’s, enabling rapid response within the shortest possible timeframe.This 'close-proximity strategy' not only significantly reduces logistics costs but also builds an invisible moat of customer satisfaction through highly efficient execution.
Precisely for this reason, Hua Jin Securities explicitly stated in its IPO observation report that Qiao Luming’s investment thesis is 'remarkably clear'—Geely, as its core foundation, is sufficiently deep and stable. Revenue from Geely alone is expected to climb to nearly RMB 3 billion by 2026, firmly anchoring the company’s annual earnings baseline. Meanwhile, multiple定点projects with SAIC Motor, FAW-Volkswagen, Chery, BAIC, and others are set to enter mass production sequentially in 2026, rapidly transforming incremental contributions from new clients from 'planning blueprints' into 'tangible results.'
With a sturdy tree to lean on and fresh branches poised for growth, this growth trajectory is truly rare within the automotive components sector.
2. A well-timed, pivotal leap onto the capital stage
Qiao Luming has managed to stand out in this fiercely competitive red ocean primarily through its dual-engine strategy of 'technology plus smart manufacturing.'
In the interior and exterior trim segment, it is not merely a simple 'design-to-print' contract manufacturer; its operations span the entire value chain—from concurrent product design and mold development to component molding, surface treatment, and final assembly.
In other words, Qiao Luming’s engineers are already involved during the early stages of automakers’ product development, collaborating directly with clients to design and optimize trim solutions.
Qiao Luming has independently developed several advanced molding technologies, including two-shot high-gloss injection molding, low-pressure injection molding, and gas-assisted molding. For instance, two-shot high-gloss injection molding avoids the environmental issues associated with traditional painting while delivering an exceptionally high surface gloss; low-pressure injection molding significantly reduces energy consumption and material waste while enabling more complex internal structures; and gas-assisted molding uses compressed air to ensure uniform wall thickness and smooth surfaces, thereby substantially enhancing assembly precision and ride comfort.
On the smart manufacturing front, Qiao Luming has mastered key technologies such as 'large-scale customized automation integration for interior and exterior trim,' 'automated welding,' 'automated sensor-guided spraying,' and 'fully automatic servo-driven 3D bending.' This enables end-to-end automation—from automated injection molding and robotic part extraction to automated conveyor-line transport.
According to Bullet Caijing, Qiao Luming’s R&D expenditure has grown at a compound annual rate of 4.82% over the past three years, reaching RMB 939.526 million in the most recent year.
Produced by | Bullet Finance Author | Huanhuan Edited by: Lightning Art Direction by | Qianqian Reviewed | Songwen Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points. Yet while everyone enthusiastically discusses autonomous driving capabilities, 0–100 km/h acceleration times, and computing power of smart cockpit chips, few pay attention to those cabin details constantly touched and visually scrutinized by consumers. Who is behind those meticulously assembled pillar trims, door panels with a smooth and refined texture, and sharp, fluid lines of interior trim pieces—elements consumers may not name but continuously experience as the vehicle’s 'face'? The answer points to Qiao Luming, an automotive interior components company based in Ruian, Wenzhou. In an era where everyone talks about ecosystems, Qiao Luming focuses solely on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled it, after years of steady execution, to grow into an industry 'little giant' with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million, becoming an indispensable 'face' behind Geely and BYD. 1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant' Qiao Luming Technology Co., Ltd. was founded in Ruian, Wenzhou, in 2018. Its establishment coincided precisely with the golden window period of China's new energy vehicle industry, from its infancy to explosive growth. With sharp vision and solid product capabilities, every step Qiao Luming has taken has been precisely calibrated...
(Image / Shutterstock, licensed under VRF agreement)
Sustained investment in technology has yielded solid results.As of the latest disclosure, Qiao Luming and its subsidiaries have been granted 113 patents, including 23 invention patents and 41 software copyrights. Meanwhile, the company has received multiple high-value accreditations, including National Specialized and Innovative 'Little Giant,' National High-Tech Enterprise, National Green Factory, and Zhejiang Province's Manufacturing Single-Champion Enterprise.
For Qiao Luming, therefore, going public means far more than just raising capital.
In the niche segment of interior and exterior automotive components, domestic enterprises have long faced an awkward situation: technological barriers continue to rise, yet market perception remains stuck at 'injection molding.' A company with annual revenue exceeding RMB 3 billion has received far less attention in capital markets than its actual weight in the industry warrants. Listing on the Beijing Stock Exchange is thus a critical step for Qiao Luming to bridge this perception gap.
According to the prospectus, Qiao Luming aims to raise approximately RMB 658 million in this offering.The first use of proceeds is capacity expansion,Qiao Luming’s production facilities already cover more than half of Geely’s domestic vehicle manufacturing bases and over 60% of BYD’s. Its plastic component capacity utilization has consistently remained high—at 93% to 97%—nearing full production. Releasing new capacity is essential to maintaining current customer orders and meeting additional market demand.
Second is optimizing the product mix,by introducing more advanced equipment and systems to increase the share of high-value-added products such as roof racks, headliners, and carpets, shifting from 'selling parts' to 'selling modules.' These two strategic priorities simultaneously address capacity constraints and open up room for product upgrading.
3. Segment Tailwinds and Global Expansion Opportunities: The Ceiling Is Still Far Off
Guohai Securities estimates that China’s passenger vehicle interior and exterior components market has already surpassed RMB 300 billion. With ongoing consumer upgrades and rising new energy vehicle penetration, the per-vehicle value of interior and exterior components continues to climb. By 2026, the market size for interior and exterior components is projected to reach RMB 288.8 billion and RMB 144.3 billion, respectively, representing compound annual growth rates of 7.3% and 6.3%.
For industry veterans like Qiao Luming, this signifies not only sustained order expansion but also a structural market reshaping—the赛道 is broadening while simultaneously upgrading itself.
In the past, consumers cared about interior trim mainly in terms of 'looking pleasing and feeling comfortable to the touch'; today’s demands are far more complex—odorless and eco-friendly materials, lightweight construction, antimicrobial and wear-resistant properties, and ideally some tech-savvy integration with ambient lighting. As consumer preferences evolve, interior design is now often the first aspect scrutinized when brands launch new vehicles, transforming what was once a 'supporting role' into a 'near-leading role.'
Produced by | Bullet Finance Author | Huanhuan Edited by: Lightning Art Direction by | Qianqian Reviewed | Songwen Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points. Yet while everyone enthusiastically discusses autonomous driving capabilities, 0–100 km/h acceleration times, and computing power of smart cockpit chips, few pay attention to those cabin details constantly touched and visually scrutinized by consumers. Who is behind those meticulously assembled pillar trims, door panels with a smooth and refined texture, and sharp, fluid lines of interior trim pieces—elements consumers may not name but continuously experience as the vehicle’s 'face'? The answer points to Qiao Luming, an automotive interior components company based in Ruian, Wenzhou. In an era where everyone talks about ecosystems, Qiao Luming focuses solely on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled it, after years of steady execution, to grow into an industry 'little giant' with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million, becoming an indispensable 'face' behind Geely and BYD. 1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant' Qiao Luming Technology Co., Ltd. was founded in Ruian, Wenzhou, in 2018. Its establishment coincided precisely with the golden window period of China's new energy vehicle industry, from its infancy to explosive growth. With sharp vision and solid product capabilities, every step Qiao Luming has taken has been precisely calibrated...
(Image / Shutterstock, licensed under VRF agreement)
Consequently, companies that lag in technology, lack consistent quality, or respond too slowly are being rapidly phased out. The fragmented, disorganized, and small-scale landscape of the automotive trim industry is changing, with leading firms possessing economies of scale and strong client relationships steadily capturing market share.
Domestic substitution is the core driver behind this industry shakeout. Historically, the high-end automotive trim market has been dominated by foreign giants such as Yanfeng, Faurecia, and Antolin.
But times have changed. With the rise of Chinese domestic automakers, supply chain localization has become an irreversible trend. OEMs are increasingly favoring local suppliers capable of synchronized R&D, rapid response, and cost control—and Qiao Luming fits precisely this profile—It has scale, technology, and an established customer base.
On July 13, the State Council officially approved the '15th Five-Year Plan for Expanding Consumption,' which proposes promoting end-to-end innovation across the automotive distribution and consumption chain, implementing age-based safeguards to address the vehicle purchase needs of car-less households who have repeatedly failed in license plate lotteries, and building approximately 40 million charging infrastructure units nationwide to support the charging demands of over 100 million electric vehicles.
As a Tier-1 automotive trim supplier deeply integrated with leading domestic automakers such as BYD and Geely, Qiao Luming aligns closely with these policy directions.
International expansion represents another growth frontier for Qiao Luming.
In 2025, China’s auto exports reached 7.098 million units, up 21.1% year-over-year, including 2.615 million new energy vehicles—an increase of 100% year-over-year. Chinese automakers such as Geely and BYD are accelerating overseas production capacity development, and as a key supplier, Qiao Luming’s move to follow its clients abroad to build manufacturing facilities is virtually inevitable.
The logic behind this is actually quite straightforward:Wherever Chinese automakers go, their supply chains must follow. Exporting complete vehicles is just the first step; true internationalization means building local plants, establishing local supply networks, and delivering locally.
Qiao Luming has already proven domestically that it can keep pace with Geely and BYD. Overseas, this same capability remains highly applicable.
4. Final Thoughts
Qiao Luming’s listing is a small yet powerful footnote in the rise of China’s automotive industry.Unlike vehicle manufacturers that stand in the spotlight receiving applause, Qiao Luming resembles a down-to-earth worker steadily forging ahead—day after day immersed in its workshops, meticulously refining products, deepening service quality, and relentlessly driving efficiency to its limits within the niche segment of automotive interior components.
Produced by | Bullet Finance Author | Huanhuan Edited by: Lightning Art Direction by | Qianqian Reviewed | Songwen Recently, a popular topic has been circulating: if you had to pick one phenomenon to prove that Chinese automobiles have risen, what would you choose? Many say domestic cars are increasingly filling parking lots, Chinese cars are becoming more common on foreign streets, and imported vehicles are being forced to cut prices—these are all valid points. Yet while everyone enthusiastically discusses autonomous driving capabilities, 0–100 km/h acceleration times, and computing power of smart cockpit chips, few pay attention to those cabin details constantly touched and visually scrutinized by consumers. Who is behind those meticulously assembled pillar trims, door panels with a smooth and refined texture, and sharp, fluid lines of interior trim pieces—elements consumers may not name but continuously experience as the vehicle’s 'face'? The answer points to Qiao Luming, an automotive interior components company based in Ruian, Wenzhou. In an era where everyone talks about ecosystems, Qiao Luming focuses solely on one thing: perfecting automotive interior components. This near-obsessive dedication has enabled it, after years of steady execution, to grow into an industry 'little giant' with annual revenue exceeding RMB 3 billion and net profit surpassing RMB 400 million, becoming an indispensable 'face' behind Geely and BYD. 1. Stable Revenue, Solid Profitability: The Financial Fundamentals of a 'Little Giant' Qiao Luming Technology Co., Ltd. was founded in Ruian, Wenzhou, in 2018. Its establishment coincided precisely with the golden window period of China's new energy vehicle industry, from its infancy to explosive growth. With sharp vision and solid product capabilities, every step Qiao Luming has taken has been precisely calibrated...
It is precisely this focus that enabled it to grow from a humble injection-molding workshop into a 'core strategic partner' for both Geely and BYD.
Looking back at China’s automotive industry over the past two decades, it has evolved from initially 'trading market access for technology,' to independently developing engines and transmissions, and finally leapfrogging competitors on the new energy vehicle track.
Every step forward was carved out by one company after another like Qiao Luming—quietly tackling tough challenges deep within the industrial chain. They don’t chase trends, yet become part of them; they don’t talk about ecosystems, yet form the most solid foundation of the entire ecosystem.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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