二股东兼大客户 长进光子IPO迎考

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is progressing in its IPO application on the Sci-Tech Innovation Board, with strong financial performance but also notable risks such as rising accounts receivable and high customer concentration [1][2]. Financial Performance - Changjin Photon has shown consistent growth in revenue and net profit during the reporting period, with revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022 to 2025 Q1, respectively. Corresponding net profits were approximately 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2][3]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting periods [3][4]. - Jepter, a major shareholder, is also one of the top customers, contributing sales of 19.88 million yuan, 14.95 million yuan, 17.79 million yuan, and 4.19 million yuan, representing 18.37%, 10.34%, 9.28%, and 9.38% of total revenue for the respective periods [3][4]. Related Transactions - The relationship with Jepter involves significant related transactions due to Jepter's need for domestically sourced specialty optical fibers, which Changjin Photon can supply [4]. Accounts Receivable - The accounts receivable balance has been increasing, with figures of 56.69 million yuan, 59.11 million yuan, 77.60 million yuan, and 78.54 million yuan at the end of each reporting period [5]. - The company acknowledges that a rapid increase in accounts receivable could impact cash flow and operational efficiency [5]. Gross Margin - Changjin Photon has maintained a gross margin significantly higher than the industry average, with gross margins of 66.37%, 69.31%, 69.13%, and 68.7% for the respective years, compared to industry averages of 50.34%, 49.63%, 45.79%, and 43.22% [5]. Ownership Structure - As of the signing date of the prospectus, Changjin Photon is controlled by Changhexin, which holds 34.42% of the shares, while Li Jinyan controls 43.12% of the voting rights through various entities [5][6]. - Li Jinyan has a strong academic background and has been involved with the company since its inception [6].