“潮汕女首富”胞弟冲刺IPO，“立讯系”又添一员猛将

Core Viewpoint - The "Lixun System" is expanding its family business with two IPOs, led by Lixun Precision and its brother company Lijing Innovation, marking a significant moment in the capital market [1][2]. Group 1: Company Overview - Lijing Innovation specializes in precision optical solutions, providing camera modules and display modules for various consumer electronics, with a notable presence in the global market [3]. - The company has seen substantial revenue growth, with revenue increasing from 12.75 billion in 2022 to 27.91 billion in 2024, and a 54.3% year-on-year increase in the first half of 2025 [3][4]. - The net profit also grew significantly, from 689 million in 2022 to 1.05 billion in 2024, with a 101.5% increase in the first half of 2025 [3]. Group 2: Revenue Composition - The consumer electronics segment is the primary revenue driver, contributing 88.2% of total revenue in the first half of 2025, amounting to 12.51 billion [3]. - Other business segments, including automotive electronics and emerging fields, contributed 3.76 billion, 7.27 billion, and 5.78 billion respectively, accounting for 2.6%, 5.1%, and 4.1% of total revenue [4]. Group 3: Client Concentration - Lijing Innovation has a high client concentration, with revenue from the top five clients increasing from 11.6 billion in 2022 to 24.8 billion in 2024, representing 88.7% of total revenue [5]. - The largest single client, referred to as "Client A," is believed to be Apple, with revenue from this client rising from 7.4 billion in 2022 to 17.2 billion in 2024, making up 61.6% of total revenue [5][6]. Group 4: Financial Health - The company’s total liabilities increased from approximately 2.7 billion to 5.95 billion from 2022 to the first half of 2025, while cash reserves stood at 4.16 billion [6]. - The IPO aims to raise funds for R&D, optimizing manufacturing platforms, and repaying existing bank loans [6]. Group 5: Acquisition Strategy - Lijing Innovation's growth strategy heavily relies on acquisitions, mirroring the path of its sibling company Lixun Precision, which has made significant acquisitions to expand its market presence [7][8]. - The company has made several key acquisitions, including a 3.6 billion acquisition of a camera module division and a 21.96 billion acquisition of a front camera supplier for Apple [8]. Group 6: Leadership and Governance - The leadership of Lijing Innovation is closely tied to the Wang family, with Wang Laichun serving as chairman and her brother Wang Laixi as the founder and executive director [11][12]. - The executive team is composed of individuals with extensive experience in the Lixun system, ensuring a strong strategic alignment [13][14].