“立讯家族”再冲IPO：立景创新客户供应商重叠怎么解？

Core Viewpoint - Lijing Innovation Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, positioning itself as a precision optical solutions provider with significant backing from the family of Lixun Precision [1][4]. Company Overview - Lijing Innovation focuses on high-end optical modules and system integration for emerging fields such as consumer electronics, automotive electronics, smart office applications, and intelligent robotics [1]. - The company was founded in March 2018 by Wang Laixi and is primarily owned by the Wang siblings, holding 48.06% of the shares through Lijing Limited [1]. Financial Performance - Revenue for Lijing Innovation during the reporting period (2022-2025) is projected to grow from CNY 127.53 billion in 2022 to CNY 279.14 billion in 2024, with profits expected to rise from CNY 6.89 billion to CNY 10.52 billion [5]. - The company has completed five rounds of financing from 2022 to 2024, raising over CNY 50 billion, with notable investors including China Mobile Capital and Sequoia China [4]. Market Position - Lijing Innovation ranks second in the global consumer electronics camera module market with a market share of 6.5% and in the high-end smartphone camera module market with a share of 6.3% [4]. - The company holds the top position in the global tablet and laptop camera module markets, with market shares of 17.8% and 15.9%, respectively [4]. Customer and Supplier Concentration - A significant portion of Lijing Innovation's revenue is derived from a few major clients, with the top five clients contributing CNY 116 billion to CNY 248 billion over the reporting period, representing 77.8% to 90.7% of total revenue [6]. - The first major client, identified as Client A, accounted for 61.6% to 67.6% of sales during the reporting period, indicating a high dependency on this client [6]. Capital Expenditure and Financial Health - Capital expenditures have increased from CNY 10 billion in 2022 to CNY 25 billion in 2024, raising concerns about the company's ability to manage new production capacity [10]. - As of June 30, 2025, Lijing Innovation had CNY 41.58 billion in cash and cash equivalents, with significant bank loans totaling CNY 41.16 billion and CNY 15.61 billion in non-current liabilities, indicating potential financial strain [10].