English (UK) 
简体中文 From Technology Workshop to Rising Star of NSE: Fifteen Years of Evolution
When it was founded in 2009, Dalian Medela was just a small assembly technology company in Pulandian Bay Industrial Zone, with less than a hundred employees, focusing on industrial aluminium profile processing. And by 2024, it has become a company with a106 patentsAnnual revenue1.138 billionThe state-level high-tech enterprises, the size of the staff exceeds one thousand people.
The key to its leap was three strategic transitions:
- Technology Breakout 2015: Invested 18% of revenue into R&D, conquered the core technology of modular conveyor system, and the accuracy of flexible chain conveyor line reaches ±0.02mm.
- 2021 Capital Addition: Completion of A+ round of financing, the introduction of Guangfa Qianhe and other institutional investors, paid-up capital increased to 56.12 million
- 2023 Scene DeepeningIn the new energy field, BYD, Pilot Intelligence and other head customers are bound, and the conveyor system accounts for more than 30% of the lithium production line.
personal insight: When researching its Suzhou branch, it was found that the workshop uses"Real-time update of the patent wall" mechanism--On the day when each new patent is approved, the technical schematic diagram will be displayed on the wall. This culture of "technology transparency" enables line workers to participate in process optimisation, which is a micro sample of the transformation of traditional manufacturing enterprises into innovation-driven enterprises.
II. Technology moat: the triple innovation engine of modular systems
(1)Heavy Duty Precision Transmission
At Great Wall Motor's engine production line, Medela's heavy-duty conveying system realisesAccurate stopping of 4 tonne components ±1.5mm, the secret lies:
- Double-row chain sprocket structure disperses stress, extending the life of chain by 300% compared with single-row chain.
- Hydraulic damping system absorbs shock energy, vibration amplitude is controlled within 0.05mm.
(2)Extreme environmental conquest
The success of Kexing's vaccine filling line verifies its technical toughness:
plaintextmake a copy of1. Fully sealed Viton bearings: friction coefficient fluctuation ≤0.05 under -70℃ environment. 2. ceramic bearing + food grade silicone grease: stable colony count <5CFU/m³. 3. 316L stainless steel substrate: acid and alkali corrosion resistance level up to PH1~14.The solution enables the device to be used in a pharmaceutically sterile environment20,000 hours maintenance freeRunning.
(3)The Intelligent Control Revolution
Newly released NFC link monitoring system in 2024, realised with an implantable chip:
- Wear prediction error <3%, unplanned downtime reduced by 85%
- Dynamic beat control response speed <100ms, 20 times faster than traditional PLCs
Comparison of technology conversion efficiency(2023 data)
| norm | Industry averages | Medela Actual Value | Overrun |
|---|---|---|---|
| Patent conversion rate | 38% | 67% | 76% |
| New product development cycle | 18 months | 11 months | 39% |
| Single line energy consumption | 5.8kW/h | 3.2kW/h | 45% |
III. Capital Chess Game: The Strategic Positioning Behind IPOs
On 29 May 2025 the North Exchange accepted the IPO application, and the deep layout of its fundraising of $645 million surfaced:
- expansion of production capacity::
- Aluminium profile capacity to double to 40,000 tonnes/year when Dalian Phase IV project comes on stream
- East China base focuses on new energy equipment, covering the Yangtze River Delta lithium cluster
- Technology bets::
- Superconducting levitation transport R&D investment to be raised to 25% of revenue
- Building a wafer anti-vibration lab with Ningde Times, aiming at ±0.001mm accuracy
- Client Binding::
- Top five customers (BYD/Pioneer Intelligence, etc.) contributed revenue of 53.7%
- Betting agreement locks in $1.5bn of orders over the next three years
Exclusive Data InsightsAs the first listed company of intelligent conveyor system in Northeast China, its valuation logic hides industrial mystery - the current price-earnings ratio of 27.3 times, significantly lower than the 42.5 times of Yihuida. This difference precisely reflects the market for"Hard Technology Alternative Manpower" trackThe perceived dividend has not yet been fully released.
IV. Conflict of Manufacturing Philosophies: Modularity vs Integration
During a visit to its Dalian factory, a technical detail was observed:
Side by side on the production line are Medela modular conveyor lines and Bosch Rexroth integrated systems.The former took only 17 minutes to replace the faulty link, while the latter required 5 days of repairs back at the factory. This contrast reveals two manufacturing philosophies:
| dimension (math.) | Medela model | Traditional Integration Model |
|---|---|---|
| techno-logic | Lego-style assemblies | All-in-one pouring |
| maintenance cost | Spare parts cost ￥2300/year-metre | ¥12,000/year-m |
| Iteration speed | 6 months to roll out new adapted modules | 3-year upgrade of the entire system |
| customer adhesion | Secondary Development Participation > 80% | Black box reliance |
This philosophy of "making customers co-creators" has led to a 91% repurchase rate in the automotive parts segment, far exceeding the industry average of 54%.
V. Self-questioning: dismantling the controversy and the future
Q1: The number of patents is the first in the industry, why is the gross profit margin only 35.7%?
High R&D investment (18% in revenue) and modular customisation erode short-term margins, butCustomer stickiness builds long-term barriers.. Compare this to Bosch Rexroth's 58% gross margin, which has a brand premium of 40% in its cost structure.
Q2: How do you stay innovative with the Northeast's brain drain?
The "skilled migration" strategy has been effective.::
- Suzhou Branch absorbs engineers from Yangtze River Delta, core team with master's degree accounted for 61%
- Aluminium profile supercomputing centre with Dalian Polytechnic, local R&D intensity rises 27%
Q3: Will litigation risk affect the IPO?
Existing 25 cases are mostly supplier payment disputes, no core technology disputes. Reference to Yihoda before the listing of 32 cases involved in lawsuits still passed the meeting.Commercial disputes do not affect compliance.
Q4: Is modularity facing a ceiling?
New energy production line flexibility demand outbreak provides new space: each GWh battery production line needs to conveyor system input ¥ 21 million, 2025 market capacity will break ten billion. Medela has passed theMagneto-electric fusion technology(Piloted) is breaking the 38m/min speed limit.
Industry Wake-Up Points: While the industry marvels at Medela's NSE breakthrough, it needs to be even more wary of itsCustomer Concentration Dark Thunder-- BYD accounted for the revenue ratio of 31.7%. compared to Japan's leading conveyor Tsubaki Ben Machinery (the largest customer accounted for <8%), China's smart manufacturing out of the sea and ecological capabilities, is the real test of the litmus test for the success of the invisible champion.
