The Shenzhen Stock Exchange (SZSE) disclosed that due to the withdrawal of the application for listing by Shanghai Yingfeng Electronic Technology Co., Ltd. and the sponsor, in accordance with Article 62 of the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (Revised in 2024)", the SZSE has decided to terminate the review of its listing application.

Yingfeng Electronics is one of the leading domestic enterprises in the field of power electronics passive components, engaged in the research and development, production, and sales of passive component products such as capacitors, inductors, busbars, and resistors, mainly used in the fields of new energy vehicles, wind and photovoltaic power, and industrial automation. The SZSE accepted the listing application documents of Yingfeng Electronics on June 26, 2023, and conducted the review.

Yingfeng Electronics' automotive-grade passive component products have been deeply cultivated in the power electronics passive component industry for nearly 20 years, with core products that excel in performance in aspects such as high-temperature resistance, high-voltage resistance, high current, low noise, and low parasitic parameters. In the early stages of development, its products were mainly applied in industrial automation and wind and photovoltaic power fields, with high-quality customers such as Vestas, Sunny Energy, Danfoss, Inovance Technology, Schneider Electric, and ABB.

Advertisement

In recent years, the rapid development of the new energy vehicle market has brought significant development opportunities for automotive-grade passive components. Yingfeng Electronics has continuously invested in the research and development of automotive-grade film capacitors, automotive-grade boost inductors, and other products. It has successful mass production projects or designated project experience in mainstream technical routes such as pure electric vehicles, plug-in hybrid electric vehicles, and range-extended electric vehicles, and has successfully supported models such as BYD DM-i series plug-in hybrid electric vehicles, BYD Dynasty series pure electric vehicles, Volvo XC series plug-in hybrid electric vehicles, GAC Aion series pure electric vehicles, Great Wall Haval series plug-in hybrid electric vehicles, and XPeng's new pure electric vehicle models.

The main automotive-grade passive component products of Yingfeng Electronics include automotive-grade film capacitors, automotive-grade boost inductors, and automotive-grade busbars.

Film capacitors have the advantages of high-voltage resistance, high current, and low parasitic inductance, and are typically used in inverter DC support (DC-Link) circuits. Film capacitors provide rapid charging and discharging performance for high-speed switching devices to quickly replenish energy and absorb instantaneous overvoltages in the DC support circuit, thereby protecting high-speed switching devices such as IGBT or SiC MOSFET. DC support (DC-Link) capacitors are widely used in the electric drive systems of new energy vehicles. The automotive-grade film capacitors of Yingfeng Electronics mainly consist of capacitor cores, capacitor busbars, insulators, potting resin, and casings.

Boost inductors have the advantages of small size, high-temperature resistance, and low magnetic leakage, and are typically used in boost (Boost) circuits, which are widely used in the electric drive systems of new energy vehicles. The automotive-grade boost inductors of Yingfeng Electronics mainly consist of magnetic cores, winding coils, and frames.

Busbars are the main power supply lines in power distribution and supply devices, usually made of copper or aluminum plates, and their surfaces are usually insulated to act as conductors. Depending on the specific application scenarios, the automotive-grade busbar products of Yingfeng Electronics can be mainly divided into battery busbars, distribution busbars, and motor busbars.

Battery busbars are mainly used for the connection between battery modules (including the connection between transfer ports, outlet ports, and other devices) and are key components of the electrical connection of battery modules. Distribution busbars are mainly used for the connection of inverter components (IGBT, DC-link capacitors, etc.). With the trend of vehicle lightweighting, inverters continue to be miniaturized, and distribution busbars also show a trend of integrated development. Motor busbars are mainly used in the drive motor module for the introduction of electrical energy.Leading Industry Position and Continuous Technological Innovation

Yingfeng Electronics is primarily engaged in the research and development, production, and sales of passive components such as capacitors, inductors, busbars, and resistors in the field of power electronics. Currently, there are many manufacturers of power electronics passive components globally, mainly concentrated in Japan, South Korea, Taiwan, the United States, and Mainland China. Among them, manufacturers from Japan, South Korea, Taiwan, and the United States have invested in the power electronics passive components industry on a large scale earlier, possessing certain technological and scale advantages, forming large enterprises represented by Panasonic, TDK, Nichicon, TAMURA, Yageo, and Vishay.

At present, Yingfeng Electronics' automotive-grade passive component products hold a leading position in the industry. The company's automotive-grade film capacitors are mainly used in the electric drive systems of new energy vehicles, serving as direct current support (DC-Link). According to data from NE Times, the domestic market share was 4th and 2nd in 2021 and 2022, respectively. The company's automotive-grade inductors are primarily applied in the Boost voltage-boosting field, and according to NE Times data, the domestic market share was 1st in both 2021 and 2022.

In terms of technological innovation, after continuous R&D investment and years of technological accumulation and innovation, Yingfeng Electronics has independently developed and mastered multiple core technologies in material application, product design, automated manufacturing, and production processes.

Taking the automotive-grade film capacitor as an example, other companies in the same industry generally use a laminated structure design for the positive and negative busbars of automotive-grade film capacitors, which leads to large parasitic inductance and poor current distribution. Yingfeng Electronics' capacitor busbar adopts a stacked busbar structure design, effectively reducing the parasitic inductance of automotive-grade film capacitors, achieving a similar current loop from multiple rows of capacitive cores to the busbar, making the current and heat generation of each row of capacitive cores uniform, reducing the temperature difference of the capacitive cores, and directly increasing the service life of the capacitors, meeting the high-frequency requirements of the 800V high-voltage electrical architecture of future new energy vehicles.

Furthermore, to enhance the anti-oxidation, conductivity, and anti-corrosion properties of the busbars for new energy vehicle film capacitors, other companies in the industry typically use traditional processes such as electroplating or acid pickling passivation, which are prone to whisker issues and have poor environmental performance. Yingfeng Electronics' capacitor busbar uses a non-electroplated busbar hydrocarbon cleaning process, addressing the whisker issues and environmental problems caused by traditional electroplating processes, while also reducing the processing costs of the capacitor busbars.

In conclusion, it is evident that Yingfeng Electronics has a very deep accumulation in the field of passive components, and its automotive-grade passive component products have been equipped in multiple models such as BYD, GAC, Great Wall, and XPeng. Yingfeng Electronics' automotive-grade passive component products have already occupied a leading position in the industry. However, from its prospectus, the company has issues with reliance on major customers and potential overcapacity, which may also be one of the reasons for its withdrawal of the IPO.