Forbes China has released its list of the “2025 China 50 Most Innovative Companies.” Against the backdrop of rapid convergence between artificial intelligence and the new-energy revolution, Lead Intelligent Equipment (hereafter referred to as LEAD) has once again secured a place on the list, recognized for its sustained innovation and global leadership in new-energy intelligent manufacturing equipment. LEAD appears alongside industry leaders such as CATL and Sungrow, ranking among the top companies shaping the future of the new-energy sector.
Notably, LEAD is the only company selected in the “new-energy intelligent equipment” category.
Rigorous Criteria Underscore the Value of Innovation
The Forbes China “50 Most Innovative Companies” list is known for its stringent evaluation standards. Beyond revenue scale, the ranking emphasizes innovation in business models, R&D intensity, technological barriers and the company’s influence in global markets.
In a period of intensifying industry competition and rapid technological iteration, LEAD’s inclusion reflects both authoritative recognition of its strong technological “moat” and the success of its transformation from an equipment supplier to a comprehensive intelligent-manufacturing solutions provider.
Technology at the Core: R&D Investment Exceeds 14%
Innovation, for LEAD, is not a slogan—it is a sustained and substantial commitment.
R&D forms the company’s central lifeline. In recent years, LEAD has built a digital innovation system spanning the full value chain: robust process engineering at the foundation; AI and IoT integration at the mid-layer to create an intelligent manufacturing architecture; and a top-level cross-division collaboration platform to accelerate product iteration.
Strong R&D Commitment
LEAD has maintained R&D spending above 10% of revenue for many years. In 2024—despite sector-wide adjustments—this figure rose counter-cyclically to 14%.
A Growing Patent Portfolio
The company holds more than 3,200 authorized patents. In the first half of 2025 alone, LEAD and its wholly owned subsidiaries added 388 new authorized patents, strengthening the intellectual-property foundation supporting its global expansion.
Expanding Across Multiple Frontiers and Leading the Industry’s Most Advanced Tracks
LEAD) continues to advance under its strategic approach of “deploy one generation, reserve one generation, and develop one generation.” The company has moved from follower to frontrunner across several critical emerging sectors:
Solid-State Batteries
LEAD has achieved end-to-end process integration and now delivers full solid-state battery production lines. Its dry-mixing coating equipment has been widely recognized by leading domestic and international manufacturers.
Photovoltaics
The company’s self-developed XBC stringer has reached more than 30 GW in cumulative deliveries, ranking first globally and accelerating the mass production of BC solar modules.
Energy Storage Systems
LEAD has built a full value-chain solution covering cells, modules/PACK systems, and containerized ESS integration. The total contracted capacity for its energy-storage equipment has exceeded 300 GWh.
Global Market Validation：A Leadership Position Built on Technology
Technological leadership has translated into a decisive global market advantage. According to the latest data from Frost & Sullivan, LEAD was the world’s largest provider of new-energy intelligent equipment and solutions based on 2024 order value.
Dominant Core Products
LEAD holds more than 65% global market share in both winding machines and stacking machines, ranking first worldwide.
Steady Financial Growth
Innovation continues to strengthen profitability. According to the company’s Q3 2025 results, revenue reached RMB 10.439 billion (up 14.56% year-on-year), with net profit attributable to shareholders of RMB 1.186 billion (up 94.97% year-on-year).
Message from the Chairman
“For LEAD, technological iteration is not a challenge—it is an opportunity to lead the industry.”
The Chairman of LEAD noted:
“As the global energy transition accelerates, we will continue to push upward against constraints. Beyond delivering advanced hardware, we aim to integrate algorithms and data to use AI to define the next generation of energy manufacturing—earning global recognition for intelligent manufacturing from China.”
