Shaanxi Lighte Optoelectronics Material (SH:688150) 21世纪经济报道·2026-01-03 11:43Core Viewpoint - Yulong Technology is making a second attempt at an IPO after two and a half years, marking a significant step for its actual controller, Wang Yalong, in expanding his presence in the A-share market [1]. Group 1: Company Overview - Wang Yalong and his wife, Li Hongyan, control 74.16% of Yulong Technology, making them the actual controllers of the company [3]. - Yulong Technology was established in 2014 in collaboration with Lite-On Technology (688150.SH) and Xi'an Yulong [3]. - If the IPO is successful, the Wang couple will control two listed companies in the A-share market [3]. Group 2: Financial Performance - Yulong Technology's revenue from 2022 to the first half of 2025 was 740 million, 698 million, 1.095 billion, and 597 million yuan respectively, while net profits were 66.84 million, 75.72 million, 121 million, and 70.32 million yuan [5]. - The company plans to raise 1 billion yuan through the IPO, a reduction from the 1.5 billion yuan initially targeted in 2023 [5]. - The total assets of Yulong Technology as of June 30, 2025, were approximately 1.489 billion yuan, with a debt ratio of 26.96% [6]. Group 3: Customer Dependency and Profitability - Yulong Technology heavily relies on a single major customer, BOE Technology Group, which accounted for 53.58% of sales in the first half of 2025 [8]. - The company's gross profit margin has declined from 38.36% in 2019 to 22.56% in the first half of 2025, a drop of over 15 percentage points [9]. Group 4: Strategic Developments - Following the announcement of Yulong Technology's IPO, Lite-On Technology is also venturing into high-end electronic materials, focusing on the research and production of quartz fiber electronic cloth [10]. - Lite-On Technology has initiated several new projects, including a 766 million yuan convertible bond issuance aimed at advancing perovskite material production [10]. - Wang Yalong is personally overseeing the new business initiatives at Lite-On Technology, indicating a dual strategy of expanding both Yulong Technology and Lite-On Technology simultaneously [10].