Shenzhen Inovance reported full-year 2024 and first-quarter 2025 results. Revenue for the six months ended March 2025 was CNY 20.6 billion, up 23%, and gross margin was 26.8%, down 445 basis ...

We think Shenzhen Inovance has a narrow moat driven by intangible assets and switching costs. Inovance established a reputation of being a reliable supplier by offering maintenance parts and ...