NASN Intelligent Tech is a core Chinese supplier of intelligent driving by-wire chassis systems, focusing on One-box brake-by-wire solutions. The company benefits from autonomous driving growth and domestic substitution trends, while investors should monitor valuation, customer concentration, and profitability risks.
Company Overview
NASN Intelligent Tech is a core supplier in China’s intelligent driving by-wire chassis sector, focusing on the R&D and mass production of brake-by-wire systems. Its flagship product, the One-box integrated brake-by-wire system, is a critical execution component for L3 and above autonomous driving. This market has historically been dominated by overseas Tier-1 suppliers such as Bosch and Continental.
The company is among the earliest domestic players in China to achieve large-scale commercial production of brake-by-wire systems, with customers including major Chinese automakers such as Changan, Li Auto, Chery, and Leapmotor.
Industry & Market Position
Brake-by-wire is a key technology segment in intelligent new energy vehicles. Driven by the rapid adoption of advanced driver assistance systems, brake-by-wire penetration increased from 15% in 2022 to 45% in 2025 and is expected to exceed 80% by 2030.
China’s brake-by-wire market exceeded RMB 15 billion in 2025 and is expected to surpass RMB 40 billion by 2030, representing a CAGR of over 20%.
Based on 2024 sales volume, NASN Intelligent Tech ranked third among domestic manufacturers and second among independent domestic suppliers, with a market share of approximately 9.9%. Its overall market share was around 2.3% in 2025, leaving significant room for domestic substitution.
Business & Financial Performance
- Revenue: Revenue from 2023 to 2025 was RMB 272 million, RMB 391 million, and RMB 615 million respectively, representing a three-year CAGR of 50.3%. Q1 2026 revenue reached RMB 151 million, up 46.8% YoY.
- Product Mix: One-box products generated RMB 301 million revenue in 2025, accounting for 49.1% of total revenue and becoming the company’s primary growth driver.
- Gross Margin: Gross margin improved significantly from 1.1% in 2023 to 13.6% in 2025 as scale effects gradually emerged.
- Losses: Net losses from 2023 to 2025 were RMB 201 million, RMB 170 million, and RMB 190 million respectively. The cumulative loss exceeded RMB 560 million, and profitability has not yet been achieved.
- Project Pipeline: By the end of 2025, the company had secured 117 vehicle manufacturer project nominations, supporting future revenue growth.
IPO Investment Highlights
- High-growth Sector: Intelligent driving adoption continues to accelerate, and brake-by-wire is one of the most promising segments.
- Domestic Replacement Opportunity: Overseas suppliers still control more than 70% of the market, creating substantial substitution opportunities for Chinese suppliers.
- Strong Institutional Backing: Shareholders include CATL, Hillhouse Venture Capital, and Qiming Venture Partners.
Key Risks
- Loss Risk: The company remains loss-making, and the timing of profitability remains uncertain.
- Valuation Risk: The post-money valuation in the private market was approximately RMB 4.05 billion, implying a 2025 PS ratio of around 6.6x. A higher IPO valuation could increase downside risk.
- Customer Concentration Risk: The top five customers contribute over 70% of revenue, making performance sensitive to downstream vehicle sales fluctuations.
- Competition Risk: Domestic competitors such as Bethel and Tongyu Automotive are expanding rapidly, while industry price competition may pressure margins.