USAS Building System Listed on the Hong Kong Stock Exchange: A Top-Three Industrial Prefabricated Steel Structure Solution Provider Enters a New Phase in the Capital Markets
HONG KONG, Dec. 30, 2025 /PRNewswire/ -- On 30 December, USAS Building System (Shanghai) Co., Ltd. (the "Company" or "USAS") was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited, marking the completion of an important step in the Company's entry into the international capital markets and the commencement of a new development phase as a publicly listed company accessible to public investors.
The successful listing represents not only a key milestone in the development history of USAS, but also brings the industrial prefabricated steel structure segment—long serving the manufacturing sector—into clearer view of the capital markets through a more representative business profile.
As a prefabricated steel structure building solution provider focused on the industrial sector, USAS addresses the construction needs of manufacturing plants and industrial projects by offering integrated subcontracting services covering design optimisation, procurement, manufacturing and on-site installation. According to the Frost & Sullivan Report, by revenue in 2024, the Company ranked third in China's industrial prefabricated steel structure building market.
A Stable Operating Scale Provides a Foundation After Listing
From an operating perspective, USAS has established a relatively stable business scale. As disclosed in the prospectus, from 2022 to 2024, the Company recorded revenue of approximately RMB1,903 million, RMB1,453 million and RMB1,523 million, respectively, maintaining an overall scale at the level of over RMB1 billion. Among these, prefabricated steel structure building subcontracting services have consistently been the core source of revenue. In 2024, revenue from this business amounted to approximately RMB1,241 million, accounting for 81.5% of total revenue, demonstrating the Company's high level of focus on its core industrial prefabricated steel structure business.
Against the backdrop of pronounced project-based business characteristics, the Company's profitability structure has also remained relatively stable. From 2022 to 2024, USAS recorded overall gross profit margins of 12.7%, 14.8% and 12.5%, respectively, while the gross profit margin of the core subcontracting business remained within the 13%–15% range over the long term, reflecting a relatively mature operating system in project management, cost control and delivery capability. At the same time, the prospectus shows that the Company's operating cash flow performance has remained stable, with sound liquidity, providing the necessary financial support for the continued advancement of its business and the execution of projects.
Clear Long-Term Logic for Industrial Buildings, with Overseas Business as an Incremental Supplement
From an industry perspective, industrial prefabricated steel structure buildings primarily serve manufacturing plants and industrial projects, and their demand is highly correlated with the manufacturing investment cycle. As manufacturing develops toward higher-end, larger-scale and more intensive operations, industrial projects increasingly require higher construction efficiency, structural safety and system integration capabilities, giving prefabricated steel structures a clear industrial rationale for application in industrial buildings.
While continuing to deepen its presence in the domestic industrial market, USAS has also gradually expanded its related overseas business. The prospectus discloses that revenue from the Company's industrial environmental equipment business is mainly derived from overseas markets. Revenue from this segment increased from approximately RMB31.82 million in 2022 to approximately RMB100 million in 2024, with the gross profit margin rising to 18.9% over the same period. The relevant business has covered multiple overseas markets and has obtained certifications in China, the United States, Europe and Canada, laying a foundation for the Company's cross-regional project execution and overseas expansion.
Using the Hong Kong Listing as a New Starting Point to Advance Long-Term Industrial Building Deployment
Following the completion of its listing on the Hong Kong Stock Exchange, USAS has formally entered the public capital market system. In line with the development directions disclosed in the prospectus, the Company will continue to deepen its presence in the industrial building sector in the future. While consolidating its core prefabricated steel structure business, the Company will promote synergies among different business segments and steadily advance its overseas market expansion.
Against the backdrop of manufacturing investment cycles, industrial building upgrades and the gradual release of overseas demand, USAS has built a verifiable business foundation through years of project accumulation, a stable revenue scale and a gradually taking-shape overseas footprint. With the listing platform now in place, the Company's operational capabilities and development path in the industrial prefabricated steel structure segment are expected to continue advancing under conditions of higher transparency and broader market participation.
SOURCE USAS Building System (Shanghai) Co., Ltd.
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