海信系上市公司版图再扩张！

Core Viewpoint - Nazhen Technology, a subsidiary of Hisense Group, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its significant position in the optical communication industry as a leading supplier of optical communication and connection solutions [2]. Company Overview - Nazhen Technology ranks 5th globally and 3rd in China among professional optical module manufacturers by revenue in 2024 [2]. - The company is one of the few globally that possesses both optical module and optical chip R&D and mass production capabilities, having successfully developed and produced 800G optical modules and delivered 1.6T optical module samples for client validation [2][6]. Shareholding Structure - Hisense Group holds approximately 48.61% of Nazhen Technology's shares, indicating strong control over the company's strategic direction and operations [3][4]. - Other investors include TransLight, Springhua Capital, Archcom LLC, and Xiamen State-owned Assets Fund, contributing diverse resources to the company's development [2][4]. Financial Performance - Nazhen Technology's revenue and net profit have shown fluctuations over the years, with 2022 revenue at 5.043 billion and net profit at 429 million [5]. - In the first half of 2025, the company achieved a revenue of 4.216 billion, marking a 124% year-on-year increase, largely driven by the surge in demand for computing power due to AI [5][7]. Market Position and Challenges - The company benefits from the rapid development of AI networks, which has significantly increased demand for optical communication products [5][6]. - However, Nazhen Technology faces challenges such as high customer concentration, with the top five customers accounting for 68.9% of revenue in the first half of 2025, and intense competition in the optical communication industry [7]. - The company holds only a 2.9% market share among the top five global optical module manufacturers, which collectively hold 44.1% of the market [7]. Technological Edge - Nazhen Technology's leading technology in 800G and 1.6T optical modules aligns with market demands for high-speed and high-performance optical modules [6][7]. - The company's full industry chain layout from optical chips to optical network terminals enhances its market competitiveness [6].