蘅东光IPO上会：业绩暴增或难以持续

Group 1 - The company, Hengtong Optical Communication Technology (Shenzhen) Co., Ltd., has officially started the IPO process on the Beijing Stock Exchange, with the review meeting scheduled for September 25, 2025 [1] - Hengtong focuses on the research, manufacturing, and sales of passive optical devices, with major business segments including passive optical fiber cabling, passive internal connection devices, and related supporting businesses [3] - From 2021 to June 2025, the company's operating revenue showed a consistent upward trend, with revenues of 396.98 million, 475.35 million, 613.36 million, 1.315 billion, and 1.021 billion yuan respectively [3] Group 2 - The main source of revenue for Hengtong comes from passive optical fiber cabling products, which accounted for approximately 66.13% to 73.36% of the main business income from 2021 to June 2025 [4] - The passive optical fiber cabling products include optical fiber connectors, which are widely used in fiber transmission lines, fiber distribution frames, testing instruments, and data center cabling [6] - The MPO optical fiber connector market is expected to exceed 6 billion USD by 2029, driven by the rapid development of data centers and the increasing demand for high-speed optical modules [6] Group 3 - Currently, there is a shortage of overall MPO optical fiber production capacity in China, with a 35% year-on-year increase in fiber imports as of May 2025 [7] - Companies like Hengtong are involved in various types of optical fiber connectors, including LC, SC, and MPO/MTP, although specific category proportions have not been disclosed [7]