星瞰IPO | 光学“小巨人”长光辰芯，折戟大A闯港股

Core Viewpoint - Changchun Changguang Chenxin Microelectronics Co., Ltd. (referred to as "Changguang Chenxin") is attempting to go public on the Hong Kong Stock Exchange after its previous IPO application on the Sci-Tech Innovation Board was terminated in January 2025. The company is a leader in the domestic high-performance CMOS image sensor (CIS) market but faces challenges such as declining gross margins and supply chain risks [3][5][8]. Company Overview - Changguang Chenxin was founded in September 2012 by a couple, Wang Xinyang and Zhang Yanxia, along with other partners from the Chinese Academy of Sciences. The company is recognized as a national key "little giant" enterprise [5]. - The company specializes in the research and design of high-performance CMOS image sensors, with applications in industrial imaging, scientific imaging, professional imaging, and medical imaging [5][12]. Market Position - In 2024, Changguang Chenxin ranked third in the global industrial imaging CIS market with a 15.2% market share and also third in the scientific imaging CIS market with a 16.3% share [5]. - The company had a valuation of 10 billion RMB in 2022, significantly up from 2.6 billion RMB in October 2021 [5]. Financial Performance - The company reported a net loss of 84.1 million RMB in 2022, but turned profitable in 2023 with a net profit of 169.8 million RMB, and projected a profit of 197 million RMB for 2024 [9][11]. - Gross margins have been declining, with rates of 76.2% in 2022, 63.5% in 2023, and projected at 59.0% in 2024, indicating a downward trend [12]. Funding and Shareholder Structure - In July 2022, Changguang Chenxin completed a Pre-IPO financing round, raising 1.084 billion RMB at a price of 27.03 RMB per share, with a valuation reaching 10 billion RMB [5]. - As of now, Wang Xinyang and Zhang Yanxia, along with employee shareholding platforms, hold 49.53% of the company's shares, with an asset valuation of 5 billion RMB [6]. Challenges and Strategic Adjustments - The company withdrew its application for the Sci-Tech Innovation Board due to long review processes and market conditions, shifting focus to the Hong Kong market [8]. - Changguang Chenxin relies heavily on foreign suppliers for wafer manufacturing and packaging, with 66.9% of procurement from overseas, which poses supply chain risks [12]. - The company is gradually reducing its dependency on the Chinese Academy of Sciences for orders, which constituted 27.5% of its business in 2022 [12].