Chang Jiang Shang Bao·2025-12-07 23:48Core Viewpoint - Dazhu CNC, a subsidiary of Dazhu Laser, is making a second attempt to list on the Hong Kong Stock Exchange, with the application submitted on December 2, 2025, after the first application expired on November 30, 2025 [1][4]. Group 1: Company Background - Dazhu CNC was spun off from Dazhu Laser and is part of the "Dazhu system" founded by Gao Yunfeng, who has successfully navigated the high-end manufacturing sector using laser technology [2]. - Gao Yunfeng, born in 1967, transitioned from a university professor to an entrepreneur, founding Dazhu Laser in 1996 and later establishing Dazhu CNC in 2002 to focus on PCB (Printed Circuit Board) specialized equipment [5][6]. Group 2: Financial Performance - For the first three quarters of 2025, Dazhu CNC reported revenue of 3.902 billion yuan, a year-on-year increase of 66.53%, and a net profit attributable to shareholders of 492 million yuan, up 142.19%, both marking record highs since its listing [3][8]. - Dazhu Laser, the parent company, reported revenue of 12.713 billion yuan for the same period, a 25.51% increase, but its net profit fell by 39.46% to 863 million yuan [9]. Group 3: Market Position and Strategy - Dazhu CNC's client base includes 80% of the top 100 global PCB companies according to the 2024 Prismark ranking, and it has maintained the top position in the CPCA specialized equipment and instruments list for 16 consecutive years [10]. - The company has expanded its overseas market presence, establishing four foreign subsidiaries and maintaining three distributors, achieving foreign sales of 235 million yuan, a year-on-year increase of 86.51% [9]. Group 4: IPO Aspirations - If successful, this IPO will mark Gao Yunfeng's third public offering, following the listings of Dazhu Laser and Dazhu CNC [11]. - The financial health of both Dazhu Laser and Dazhu CNC is solid, with cash reserves of 6.343 billion yuan and 1.078 billion yuan respectively, and debt ratios of 50.71% and 38.58% [11].