长光辰芯冲击IPO，专注于CMOS图像传感器领域，关联交易引发关注

Core Viewpoint - Changchun Changguang Chenxin Microelectronics Co., Ltd. (referred to as "Changguang Chenxin") has submitted a prospectus to the Hong Kong Stock Exchange, aiming for an IPO after previous attempts in A-shares and the Science and Technology Innovation Board were halted due to various factors [1][2]. Company Overview - Established in September 2012, Changguang Chenxin became a joint-stock company in December 2022, headquartered in Changchun, Jilin Province [4]. - The company was initially co-founded by Aopu Optoelectronics, Dr. Wang Xinyang, and Lingyun Guang, with Aopu Optoelectronics holding 25.56% as the largest external shareholder [5]. - The current controlling shareholders include Dr. Wang Xinyang and his wife, holding a combined voting power of 49.53% [5]. Product and Market Position - Changguang Chenxin specializes in CMOS image sensors (CIS) and operates on a fabless model, offering over 50 standard products across nine product series [8]. - The company's CIS products are crucial for enhancing performance and image quality in industrial cameras, scientific cameras, and professional film cameras [8][12]. - As of January to September 2025, CIS accounted for approximately 96.8% of total revenue, with area array sensors making up about 76.4% and line array sensors about 17.6% [10]. Financial Performance - Revenue for the years 2022, 2023, 2024, and the first nine months of 2025 was reported at RMB 604 million, RMB 605 million, RMB 673 million, and RMB 565 million respectively, with net profits of -RMB 84.1 million, RMB 17 million, RMB 19.7 million, and RMB 14.8 million [17]. - The gross profit margins for the same periods were 76.2%, 63.5%, 59.0%, and 64.2%, indicating a decline due to market expansion into lower-margin segments [19]. Research and Development - R&D expenditures were RMB 84.2 million, RMB 132 million, RMB 130 million, and RMB 137 million for the respective years, representing 13.9%, 21.7%, 19.3%, and 24.2% of total revenue [21]. Market Dynamics - The global CIS market is characterized by high concentration, with Changguang Chenxin holding approximately 15.2% market share in the industrial CIS segment, ranking third among global competitors [40]. - The company faces competition from major players like Sony and ON Semiconductor, while also experiencing pressure from its transition from high-end to mainstream markets, which has affected profit margins [40][42]. Cash Flow and Financial Health - Despite positive operating cash flow, the company has faced net outflows in investment activities, with cash and cash equivalents dropping to approximately RMB 191 million by September 2025 [25][26]. - The company declared a dividend of RMB 18.5 million in June 2025, despite cash flow pressures [27].