年度盘点│20+光学产业链企业掀起IPO狂潮，港股成为新阵地

Core Insights - The optical industry in 2025 is experiencing intense competition not only in the market but also on the capital stage, with many companies adjusting their business strategies to focus on tangible benefits and diversifying their operations [1] IPO Information - Over 20 optical and visual-related companies have disclosed specific IPO actions in 2025, including both established firms and newcomers [2] - Notable companies preparing for IPOs include: - Lijing Innovation, applying for H-share on November 28, 2025 [2] - New Thinking Motor, applying for H-share on January 2, 2026 [2] - Changguang Chenshin, applying for H-share on December 19, 2025 [2] - Magic Optical, starting listing guidance on December 31, 2025 [2] - Weir Group, applying for H-share on December 31, 2025 [2] - Jiuan Intelligent, applying for the Growth Enterprise Market on December 25, 2025 [2] - Haijing Zhiyuan, applying for H-share on August 6, 2025 [2] - Yuantong Technology, changing to "submitted for registration" on December 24, 2025 [2] - Hikrobot, halting on March 31, 2025 [2] - Heipu Weishi, applying for the Beijing Stock Exchange on February 10, 2025 [2] - Saitweier, applying for A-share on August 15, 2025 [2] - Huanuo Starry Sky, applying for the Sci-Tech Innovation Board on April 10, 2025 [2] - Yifeng New Materials, applying for the Growth Enterprise Market on January 4, 2025 [2] - Yaodian Optical, applying for A-share on November 17, 2025 [2] - Jushang Micro, applying for H-share on September 29, 2025 [2] - Haichuang Optoelectronics, terminating review on November 9, 2025 [2] - Ruiming Technology, applying for A+H shares on September 30, 2025 [2] - Xingchen Technology, applying for A+H shares on September 26, 2025 [2] - Fuyun Micro, applying for A+H shares on August 28, 2025 [2] - Dazhu CNC, applying for A+H shares on May 30, 2025 [2] Market Dynamics - The Hong Kong Stock Exchange has become a popular platform for companies seeking a second listing after facing challenges in the A-share market [3] - Most companies have shown strong fundamentals, with revenue and net profit indicators on a continuous rise [5] - The IPO wave reflects a collective celebration within the optical and visual industry chain, with products spanning camera modules, CMOS image sensors, VCM motors, and more [5] Company Highlights - New Thinking Motor is a key supplier of motors for major camera module manufacturers and has entered the supply chains of well-known brands like Huawei and Xiaomi, reporting revenues of 1.565 billion yuan in 2024 [5] - Haowei Group, formerly known as Weir Group, is set to list on the Hong Kong Stock Exchange by December 31, 2025, with a rapid IPO process [7] - Changguang Chenshin, a leader in non-consumer CMOS, is attempting to list on the Hong Kong Stock Exchange after previously halting its A-share listing [7][8] - Lijing Innovation has shown strong revenue growth from 12.753 billion yuan in 2022 to 27.914 billion yuan in 2024, although its gross margin has declined [10] - Jiuan Intelligent has maintained an upward trend in revenue, reaching approximately 777 million yuan in the first half of 2025 [11] - Haijing Zhiyuan has experienced significant fluctuations in revenue, with a notable increase in inventory levels [12] - Yifeng New Materials is seeking to raise 844 million yuan through its IPO, focusing on organic sulfur chemicals and optical new materials [12]