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Core Viewpoint - Changchun Changguang Chenshin Microelectronics Co., Ltd. (referred to as "Changguang Chenshin") has submitted an IPO application to the Hong Kong Stock Exchange after experiencing two consecutive years of losses, achieving profitability in 2023 but failing to list on the Sci-Tech Innovation Board [1][3] Company Overview - Established in 2012, Changguang Chenshin is a leading domestic manufacturer of high-performance CMOS image sensors, primarily serving machine vision, scientific instruments, and professional imaging applications [3][4] - The company offers nine product series with over 50 standard products, applicable in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging [3] Market Position - According to Frost & Sullivan, the global CIS market is expected to grow from 139.1 billion yuan in 2024 to 210.3 billion yuan in 2029, with a compound annual growth rate (CAGR) of approximately 8.6% [3] - In 2024, Changguang Chenshin ranks third globally and first in China for industrial imaging revenue, holding a 15.2% market share, and also ranks third globally and first in China for scientific imaging revenue with a 16.3% market share [3] Financial Performance - The company reported revenues of 198 million yuan, 411 million yuan, and 604 million yuan from 2020 to 2022, with net profits of 59.39 million yuan, -33.17 million yuan, and -83.15 million yuan, respectively, indicating two years of losses [4] - For the reporting period of 2022 to 2024, revenues are projected to be 604 million yuan, 605 million yuan, and 673 million yuan, with net profits of -84.1 million yuan, 170 million yuan, and 197 million yuan, respectively, achieving profitability in 2023 [4][5] Profitability and Margins - The gross margin of Changguang Chenshin decreased from 76.2% to 59% during the reporting period, attributed to declining margins in high-performance CMOS image sensors and custom sensor solutions [5] Leadership and Team - The company is controlled by Wang Xinyang and Zhang Yansha, who collectively hold 49.53% of the shares. Wang serves as the Chairman and CEO, while Zhang is the Vice President and Secretary of the Board [5][6] - The company has a highly educated R&D team, with 401 employees, including 20 PhDs and 181 master's degree holders, making up 50.1% of the workforce [6] Funding and Future Plans - The IPO proceeds will be used to support ongoing R&D and product iteration in key application areas, establish an advanced CMOS image sensor R&D center, expand packaging and testing production lines, and enhance international business operations [8]