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June 2026
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Largest Industry 4.0 Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Huaqin Technology, XPENG, LONGi, Goertek and Maxwell Technologies.
 | Huaqin Technology Co Ltd is engaged in the research & development, design, manufacturing, and operation of intelligent hardware products. The company operates four businesses: smart terminal business; high-performance computing business; automotive electronics and industrial products business; and artificial intelligence & internet of things (AIoT) business. | $16 | +35% | $17B | $18B | 0.7x | 19.3x | ||
| Founded in 2015, XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets EVs in China. Its products primarily target the growing base of technology-savvy middle-class consumers in the midrange to high-end segment in China’s passenger vehicle market. The company sold over 190,000 EVs in 2024, accounting for about 2% of China’s passenger new energy vehicle market. It is also a leader in autonomous driving technology. | $8 | -6% | $16B | $18B | 1.6x | 56.1x | ||
| LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions. | $2 | -10% | $15B | $13B | 1.2x | 51.5x | ||
| Goertek Inc is a China-based company engaged in precision components, intelligent acoustic devices, and intelligent hardware. Its products include miniature speakers, speaker modules, wireless charging devices, antennas, micro-nano optical components, MEMS sensors, microsystem modules, precision structural parts, smart wireless earphones, smart speakers, VR, MR, and AR devices, smart wearables, gaming consoles and accessories, and other smart home products. | $4 | +9% | $13B | $13B | 0.9x | 10.3x | ||
| Suzhou Maxwell Technologies Co Ltd is engaged in the design, research & development, production, and sales of intelligent manufacturing equipment. The company’s solar cell equipment portfolio includes HJT heterojunction high-efficiency production lines and automated screen printing lines adaptable to multiple cell processes. It also develops core equipment for display panels covering laser cutting, bonding, repair, and hybrid bonding, and provides semiconductor packaging solutions, particularly in pan-cutting processes. | $34 | +232% | $9B | $9B | 7.6x | 50.6x | ||
| Far East Smarter Energy Co Ltd operates as a wire and cable manufacturer in China. The company is mainly engaged in system development, design, manufacturing, marketing and service of four major types of cable products, such as overhead wires, power cables, wire and cable for electrical equipment, and special cables. Its products are widely used in smart power, smart transportation, intelligent energy intelligent construction and other fields. | $4 | +431% | $9B | $9B | 2.2x | 72.4x | ||
| Wuhan Jingce Electronic Group Co Ltd operates in the domestic flat panel display industry. The company is mainly engaged in the research and development, production and sales of flat panel display detection systems. The company's main products include module test system, panel test system, OLED test system, AOI system, touch panel test system and FPD automation equipment. | $30 | +242% | $8B | $9B | 17.8x | 147.5x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +9% | $8B | $10B | 1.0x | 26.1x | ||
| Raytron Technology Co Ltd is engaged in the research and development, production and sales of infrared MEMS chips, detectors, movements and complete machines. | $18 | +78% | $8B | $8B | 8.9x | 36.4x | ||
| Wuhan Guide Infrared Co Ltd is engaged in the research, development, production, and sale of infrared thermal imaging technology. The company’s main business includes the development of infrared focal plane detector chips, thermal imaging devices, and integrated optoelectronic systems centered on infrared imaging technology. Its activities also extend to the provision of complete equipment systems, as well as the production of traditional non-lethal munitions and information-based ammunition. | $2 | +27% | $8B | $8B | 11.8x | 46.0x | ||
| Shanghai Baosight Software Co Ltd is a Chinese software company that develops automation and software tools for various industries. The company operates through three segments: the Software Development and Engineering Services segment, the System Integration segment, and the Service Outsourcing segment. Its operations span across areas such as information technology, industrial automation, robotics, intelligent transportation, and information infrastructure. The company’s offerings are mainly applied in sectors including steel, non-ferrous metals, chemicals, mining, new materials, renewable energy, metalworking, equipment manufacturing, urban transit systems, and infrastructure development. | $2 | -19% | $7B | $6B | 3.9x | 22.4x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +33% | $6B | $7B | 1.2x | 8.9x | ||
| Suzhou HYC Technology Co Ltd is a provider of industrial automatic test equipment and complete line system solutions. The test products are used in the manufacturers of LCD, flexible OLED, semiconductor, new energy automotive electronics and other industries. | $11 | +203% | $5B | $5B | 16.1x | 120.8x | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $2 | +1% | $5B | $8B | 0.8x | (161.5x) | ||
| GoodWe Technologies Co Ltd is engaged in Research and development, production and sales of new energy power supply equipment such as solar energy and energy storage. | $20 | +215% | $5B | $5B | 3.7x | 100.0x | ||
| Addsino Co Ltd is a China-based company engages in the development, manufacture, and distribution of command and control communication products. Its main products include military communication products, experimental radio frequency simulation systems, experimental and field active target simulation systems, radar simulation systems, tactical training simulation systems and electromagnetic protection products, among others. | $3 | +141% | $5B | $5B | 12.5x | (28.7x) | ||
| CSSC Offshore & Marine Engineering (Group) Co Ltd manufactures military and civil ships and conducts off-shore engineering. The functions of the boats have a wide range, including military, patrol, rescue, and transportation. Multiple subsidiaries allow the company to produce multiple ships and supply customized maintenance for clients. The company operates through the following business segments: Shipbuilding and related business which generates key revenue, Steel Structure engineering, Ship maintenance, and others. | $3 | +2% | $4B | $3B | 1.0x | 11.7x | ||
| Thunder Software Technology Co Ltd is a China-based smart device operating system and platform technology provider. It provides smart device operating system solutions to consumers as well as enterprises. The company offers solutions for smartphones, tablets, smart TVs, camera solutions, mobile device management systems, application development platforms, and mobile security solutions. In addition, it also offers services such as carrier certification, Android OS upgrade, application development and maintenance, OS customization, and others. | IoT+1 | $9 | +9% | $4B | $4B | 3.3x | 24.3x | |
| Wuhan Raycus Fiber Laser Technologies Co Ltd is a China based company engaged in the business of research, development and scale production of high-power fiber lasers and core devices. The company's product portfolio includes short pulsed fiber laser, single module fiber laser, high-power multimode continuous laser, fiber-delivered direct diode laser and others. | $7 | +102% | $4B | $4B | 7.5x | 69.7x | ||
| Ninebot Ltd is engaged in the research and development, design, manufacturing, distribution and sales of short-distance transportation products. The products offered by the company include electric balance bikes and electric scooters for short distance commuting. | $5 | -38% | $4B | $3B | 0.8x | 7.2x | ||
| Avic Aviation High-Technology Co Ltd is mainly engaged in the research and development of new aviation materials and the development and manufacture of high-end intelligent equipment in China. | $3 | -31% | $4B | $3B | 4.5x | 15.5x | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | -11% | $4B | $5B | 2.1x | 105.4x | ||
| DHC Software Co Ltd is a China-based software enterprise. It offers software and information technology services. The company is principally engaged in providing Application Development and Maintenance (ADM), Computer Information System Integration and other IT-related services in China. | $1 | -23% | $3B | $4B | 2.1x | 30.6x | ||
| Hesai Group is engaged in the development, manufacture, and sales of three-dimensional light detection and ranging solutions, or LiDAR. Its LiDAR products enable a broad spectrum of applications across passenger or commercial vehicles with enhanced advanced driver assistance systems, or ADAS, autonomous vehicle fleets providing passenger and freight mobility services, or Autonomous Mobility, and other applications such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas, or Robotics. Geographically, the company operates in North America, Mainland China, Europe, and Other regions. | $21 | -6% | $3B | $3B | 5.7x | 28.3x | ||
| Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the production and sale of solar glass products and the development and operation of solar farms. The company's operating segments include sales of solar glass and solar farm business, which includes solar farm development and solar power generation. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions. | $0 | +5% | $3B | $4B | 1.4x | 6.5x | ||
| Autel Intelligent Technology Corp Ltd is an automotive electronic products manufacturer. It is engaged in production, sales and service of automotive intelligent diagnosis, detection and analysis systems and automotive electronic components. The company's products include diagnostic products, ADAS series products, Tire Pressure products, Anti-Theft products and other products. | $4 | -1% | $3B | $3B | 4.0x | 14.5x | ||
| Shaanxi Huaqin Technology Industry Co Ltd specializes in the research and development, production and sales of stealth materials, camouflage materials and protective materials. The products and technologies are mainly used in the stealth of national defense weapons and equipment, the camouflage of important ground military targets and the surface protection of various equipment. | $7 | -15% | $3B | $3B | 13.9x | 41.2x | ||
| Shanghai Longcheer Technology Co Ltd is engaged in the design, R&D, manufacturing, and service of terminals such as smartphones, tablets, AI PCs, XR, AIoT products, and automotive electronics. | $5 | -8% | $3B | $2B | 0.4x | 13.1x | ||
| Anhui XDLK Microsystem Corp Ltd is engaged in research & development, testing and sales of high-performance silicon-based MEMS inertial sensors. Since the establishment of the company, the products have been widely used in industrial production, industrial equipment monitoring and maintenance, unmanned system navigation and control, ocean monitoring, weather forecast, underwater and underwater unmanned equipment navigation and control, oil exploration, surveying and mapping, bridges Monitoring, geological exploration, disaster early warning and other fields have been unanimously recognized and ordered in bulk by customers from many countries in various fields. | $7 | -30% | $3B | $2B | 31.7x | 50.8x | ||
| DBG Technology Co Ltd is a China-based company engages in the manufacture of mobile electronic parts. The company manufacture, assemble, test, and fulfill contract electronic manufacturing needs, including tablet computers, smartphones, network gateways, automotive OBDs and electronics, optical fiber network terminals, advanced LED lighting modules, Bluetooth-enabled devices, notebook computers, all-in-one computers, GPS trackers, TV set-top boxes, and remote trainers for dogs. | $3 | -13% | $3B | $2B | 1.8x | 15.3x | ||
| Beijing Dahao Technology Corp Ltd is a China-based company engages in the research, production, and sale of various computerized control systems for sewing and knitting machines. Its products are mainly used in embroidery machines, sewing machine control systems, and flat-knitting machine control systems. The company mainly operates its business in East China, South China, Central China and North China. | $2 | -- | $2B | $2B | 5.4x | 17.1x | ||
| Beijing Aerospace Shenzhou Intelligent Equipment Technology Co Ltd formerly Beijing Ctrowell Technology Corp Ltd is engaged in manufacturing railway vehicle safety detection technology. | $3 | +57% | $2B | $2B | 14.3x | (137.9x) | ||
| Glodon Co Ltd provides information technology services and solutions to the construction industry. It is engaged in utilizing BIM and digital technologies such as big data, IoT, mobile internet, and industry AI to provide the construction industry with digital building full lifecycle solutions based on specialized applications in the construction engineering field, thus helping the construction industry transform and upgrade. The products and services provided by the company are Architecture Design, Integrated Solution, Infrastructure Design, Integrated Solution, 5D BIM Digital Cost Management Solution, Client-Cloud Big Data Integrated Solution, Digital Construction Solution, and Others. | $1 | -29% | $2B | $2B | 1.9x | 11.9x | ||
| Longshine Technology Group Co Ltd is engaged in the provision of software and IT services for the power and electricity industry. Its range of solutions in new energy and smart grid areas are electric vehicle smart charging service network operation management system; enterprise energy efficiency management system; wind power centralized monitoring system; smart electric substation; and mobile internet payments through Alipay. | $2 | -42% | $2B | $2B | 3.0x | 50.1x | ||
| Xi'an Triangle Defense Co Ltd is a China based company engaged in the manufacturing of Railway, Marine, Aerospace and other transportation equipment's. | $4 | -10% | $2B | $2B | 7.1x | 19.0x | ||
| Harbin Boshi Automation Co Ltd is engaged in manufacturing robots and automated equipment and system solutions in China. The company's main products and services include industrial robots, automated equipment, and system solutions, and provides related value-added services. The products are mainly used in the post-processing of solid materials in petrochemical, coal chemical, salt chemical, fine chemical, fertilizer, metallurgy, logistics, food, feed, and other industries. | $2 | -- | $2B | $2B | 3.8x | 12.4x | ||
| Hoymiles Power Electronics Inc is engaged in the research and development, manufacturing, and sales of photovoltaic inverters and other power conversion equipment and electrical complete sets of equipment and related products. | $14 | -6% | $2B | $1B | 4.6x | (70.4x) | ||
| Ygsoft Inc supplies business management and social service information systems in China. It is focused on providing enterprise management software for the energy industry. The company offers a cloud platform, cloud services, big data service, blockchain services, group resource management, comprehensive risk management, asset lifecycle management and multi-project management. | $1 | -2% | $2B | $1B | 3.9x | 20.9x | ||
| Jiangxi Guoke Defence Group Co Ltd Research and development, production and sales of missile (rocket) solid motor power and control products and ammunition equipment. | $6 | -31% | $2B | $1B | 6.4x | 26.8x | ||
| GuoChuang Software Co Ltd provides data intelligence products and services. It mainly operates three business segments: digital applications, digital products, and digital operations. The Digital applications segment provides data intelligence industry software products and IT solutions and services to customers in industries such as operators, energy, transportation, government, and enterprises. The Digital products segment is engaged in developing and applying Battery Management Systems, energy storage BEMS, smart energy storage systems, assisted driving and autonomous driving domain controllers, and other integrated hardware and software data intelligent products; and the Digital operations segment builds and operates a smart logistics cloud platform. | $5 | +37% | $1B | $2B | 7.0x | (93.9x) | ||
| Beijing Beimo High Tech Frictional Material Co Ltd formerly Beijing Bei Mo Gao Ke Friction Material Co Ltd is engaged in production and sales of high-end equipment and brake products for military and civilian aerospace vehicle landing gear landing systems, tank armored vehicles, high-speed trains and other high-end equipment. The company's products include brake wheels, brake system, aircraft landing gear. | $4 | -2% | $1B | $1B | 10.3x | 29.3x | ||
| Neusoft Corp provides information technology solutions and services. The company focuses on software technology and provides industry solutions and product engineering solutions, related software products and platforms, and services. It serves the following industries - telecom, energy, finance, government, manufacturing, trade logistics, healthcare, education, transportation, mobile internet, media, and environmental protection. Neusoft offers services like - application development and maintenance, ERP implementation and consulting, testing, performance engineering, software localization and globalization, IT infrastructure, BPO, IT education and training. | $1 | -16% | $1B | $1B | 0.7x | 248.3x | ||
| Zwsoft Co Ltd (Guangzhou) is a reliable and innovative engineering software provider with its flagship products ZWCAD, ZW3D, and ZWSim. | $8 | -16% | $1B | $1B | 8.0x | 83.3x | ||
| Chengdu RML Technology Co Ltd is engaged in the research and development, manufacturing, testing and sales of millimeter wave active phased array microsystems. | $5 | -33% | $1B | $1B | 9.3x | 32.0x | ||
| Shaanxi Zhongtian Rocket Technology Co Ltd is engaged in the research and development, production and sales of small solid rockets and their extended products. The company manufactures rain-enhancing and anti-hail rockets, sounding rockets, small guided rockets, among others. | $7 | +1% | $1B | $1B | 9.9x | (231.6x) | ||
| JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific, and the Rest of the world. | $22 | +4% | $1B | $6B | 0.6x | 184.6x | ||
| Hangzhou Sunrise Technology Co Ltd is engaged in the research and development, production and sales of electric energy metering and electricity information collection system. Its products include variable terminals, distribution transformer terminals, concentrators, and test equipment. The company distributes its products within domestic market and to overseas markets. | $2 | -14% | $1B | $581M | 2.3x | 5.5x | ||
| Jiangxi Xinyu Guoke Technology Co Ltd is a China-based company engaged in the business of research, development, production, and sales of military and related products. The company is also involved in the manufacture and trade of pyrotechnic and related products. Its products consist of figure explosion equipment, shadow rocket, shell storage, and transportation device, weather special technical equipment, machinery and blasting equipment and others. | $3 | -40% | $937M | $910M | 13.8x | 55.2x | ||
| Qiming Information Technology Co Ltd specializes in the research and development, manufacturing and services for automotive industry management software and automotive electronics products. | $2 | -17% | $902M | $799M | 7.0x | 54.4x | ||
| Breton Technology Co Ltd is a China-based provider of electric-powered engineering machinery. It design, develop and commercialize battery-electric engineering machinery with autonomous capabilities and provide intelligent operation services. Breton develops multiple powertrain models, including dual-motor and single-motor series. The dual-motor series powertrain is powerful and suitable for heavy-load, rough terrain, and steep gradient mining scenarios, used in Breton’s electric mining trucks and other heavy-duty products. | $2 | -55% | $819M | $886M | 7.7x | (24.8x) | ||
| EHang Holdings Ltd is an urban air mobility (UAM) technology platform company. It focuses on making safe, autonomous, eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with unmanned aerial vehicle (UAV) systems and solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. EHang’s EH216-S has received a production certificate and standard airworthiness certificate for passenger-carrying pilotless eVTOL aircraft issued by the Civil Aviation Administration of China. The group continues to explore the boundaries of the sky to make flying technologies benefit life in smart cities. | $9 | -47% | $700M | $604M | 8.2x | (22.7x) | ||
| Shanghai Phoenix Enterprise (Group) Co Ltd designs, develops, manufactures, and sells bicycles under the Phoenix brand name in China. Its production and sales of Phoenix brand bicycle products not only exported to Europe and the United States and other international markets. | $1 | -13% | $622M | $573M | 1.8x | 17.8x | ||
| ECARX Holdings Inc is engaged in the sales of system-on-chip core modules, automotive computing platform products, and software stacks as well as the provision of research and development services in the People’s Republic of China. The company’s core products include infotainment head units, digital cockpits, vehicle chip-set solutions, a core operating system, and an integrated software stack. Beyond this, ECARX is developing a full-stack automotive computing platform. It is engaged in automotive intelligence and networking. | $1 | -31% | $539M | $956M | 1.1x | (49.0x) | ||
| Shenzhen Jasic Technology Co Ltd is a manufacturer of inverter welding machines in China. It offers a range of products that include manual arc welding (MMA), argon-arc welding (TIG), argon-arc welding with pulse mode (TIG P), Argon-arc welding with direct and alternating current (TIG AC / DC), semi-automatic welding (MIG / MAG), Air-plasma cutting (CUT), and Automatic submerged arc welding (SAW). | $1 | -- | $531M | $313M | 1.7x | 8.2x | ||
| Zhejiang Netsun Co Ltd is a high-tech enterprise specializing in Internet information services, e-commerce, professional search engines and enterprise application software development. | $2 | -31% | $514M | $434M | 5.5x | 519.5x | ||
| Perfect Group Corp Ltd is a China-based company engages in the research and development, production, and sale of dental care product. Its products include toothbrushes, dental floss, interdental brushes, dental floss sticks and denture cleaning tablets. | $4 | -- | $390M | $446M | 2.0x | 12.8x | ||
| Honghua Group Ltd is engaged in manufacturing drilling rigs, oil and gas exploitation equipment, providing drilling services and fracturing. It manufactures conventional land drilling rigs, digital drilling rigs, accessories for drilling rigs, as well as the parts and components for the drilling rigs or the maintenance of the drilling rigs in operation. Its segments include Land drilling rigs; Parts and components and others; Drilling engineering services; offshore engineering; and Fracturing. It derives a majority of revenue from Parts and components and others segment. Geographically it operates in the PRC, Americas, Middle East, Europe and Central Asia, South Asia and South East and Africa, of which prime revenue is derived from the PRC. | $0 | -- | $204M | $781M | 1.0x | 9.5x | ||
| Arbe Robotics Ltd is a provider of 4D Imaging Radar solutions enabling driver-assist systems while paving the way for fully autonomous driving. It is a research and development company in the field of chips for Advanced radar systems, which are mainly intended to be used as Advanced Driver Assistance Systems (ADAS) adapted for autonomous vehicles as well as for non-automotive uses. Its geographical segments include Sweden, China, Germany, Hong Kong, USA, Israel, Switzerland, Italy, and others. | $1 | -40% | $131M | $104M | 101.0x | (2.8x) | ||
| iMotion Automotive Technology (Suzhou) Co Ltd is an autonomous driving solution provider in China with a focus on AD domain controllers. It offers autonomous driving solutions and products, and also provides OEMs with various AD domain control units. The company's autonomous driving domain controller (AD domain controller) solutions typically include (i) AD domain controller; (ii) associated sensors, which the company procure from third-party suppliers and integrate into its solutions; (iii) integrated software, algorithms and functions; and (iv) relevant services such as sensor implementation, vehicle systems integration, and function testing and validation. The company generates the majority of its revenue from Autonomous driving solutions and products. | $0 | -74% | $117M | $117M | 0.8x | (2.1x) | ||
| CBAK Energy Technology Inc is engaged in the manufacture, commercialization, and distribution of a variety of standard and customized lithium and sodium high-power rechargeable batteries. The batteries are used in light electric vehicles, electric vehicles, energy storage devices, and other high-power applications. The company has two operating segments: CBAK, which derives maximum revenue, and includes the manufacturing, commercialization, and distribution of various standard and customized lithium-ion rechargeable batteries; and the Hitrans segment, which includes the development and manufacturing of NCM precursor and cathode materials. Geographically, the company derives its key revenue from Mainland China, followed by Europe and other regions. | $1 | -36% | $67M | $108M | 0.6x | (13.4x) | ||
| Semilux International Ltd is a company that operates through its subsidiaries which is an optical and 3D sensing technology company that is involved in the customization, design and supply of optical components and integrated chip for various industries including autonomous driving, intelligent lighting, as well as unmanned aerial vehicles. In collaboration with clients, TCO conceptualizes and produces high precision optics and sensing modules that are specifically customized to clients’ needs for ease of integration in overall design and production. Applications for TCO’s products include automotive laser headlight systems, adaptive driving beams (ADB) as well as light detection and autonomous driving systems (LiDAR). | $0 | -65% | $20M | $23M | 5.9x | (5.7x) | ||
| Median | $3 | -9% | $2B | $2B | 3.9x | 19.0x |
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