Core Viewpoint - Lijing Innovation Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of precision optical solutions in various emerging markets, including consumer electronics and automotive electronics [1] Group 1: Company Overview - Lijing Innovation specializes in high-end optical modules and system integration for global markets, focusing on consumer electronics, automotive electronics, smart office applications, and emerging fields like smart robotics and XR smart terminals [1] - The company was founded in March 2018 by Wang Laixi and has made strategic acquisitions to enhance its supply chain capabilities, including the acquisition of Gaowei and the imaging division of LightOn Group [2] - The company is primarily controlled by a group of shareholders, including Wang Laixi and his siblings, with Wang Laichun serving as the chairman [3] Group 2: Financial Performance - Lijing Innovation's revenue has shown rapid growth, with reported figures of 12.753 billion yuan, 15.248 billion yuan, 27.914 billion yuan, and 14.186 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - The net profit for the same periods was 689 million yuan, 588 million yuan, 1.052 billion yuan, and 554 million yuan [4] - The majority of the company's revenue comes from sales of camera modules for consumer electronics, with significant contributions from smart phones, laptops, and tablets [4] Group 3: Customer Concentration and Risks - Lijing Innovation's revenue is heavily reliant on a small number of major clients, with the top five clients contributing 11.6 billion yuan, 11.9 billion yuan, 24.8 billion yuan, and 12.6 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 90.7%, 77.8%, 88.7%, and 89% of total revenue, respectively [5][6] - The largest client, referred to as Client A, accounted for 7.4 billion yuan, 6.1 billion yuan, 17.2 billion yuan, and 9.6 billion yuan in sales, making up 57.9%, 39.9%, 61.6%, and 67.6% of total revenue during the same periods [6] Group 4: Research and Development - The company has invested significantly in research and development, with expenditures of 618 million yuan, 808 million yuan, 1.092 billion yuan, and 689 million yuan for the years 2022, 2023, 2024, and the first half of 2025 [3] - Lijing Innovation is recognized as a key supplier for leading global smartphone brands and has developed innovative products, including the world's first triple-camera module for smartphones [3] Group 5: IPO Fund Utilization - The funds raised from the IPO are intended for R&D in precision optical products, upgrading smart manufacturing platforms, investing in high-quality upstream targets in the industry value chain, repaying existing bank loans, and general corporate purposes [6]

Core Viewpoint - Lijing Innovation Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board, with CITIC Securities and CICC as joint sponsors [1] Company Overview - Established in March 2018, Lijing Innovation was formerly a camera module division of Lite-On Technology, acquired by Luxshare Precision for $360 million [1] - The company is led by Wang Chuanglai, who serves as the chairman, while his brother Wang Laixi is the founder and holds 48.06% of the shares, making him the actual controller [1] Market Position - Lijing Innovation specializes in mid-to-high-end optical modules and system integration, with applications in consumer electronics, automotive electronics, smart office applications, and emerging fields like XR smart terminals and smart glasses [2] - According to a Frost & Sullivan report, Lijing ranks second globally in the consumer electronics camera module market and first among Chinese manufacturers, with its high-end smartphone camera modules also ranking second globally [2] - The company is the only global supplier capable of serving both major smartphone operating system ecosystems, with one in every six laptops worldwide equipped with its camera modules [2] Financial Performance - The company has shown strong revenue growth, with revenues of RMB 12.75 billion, RMB 15.25 billion, and RMB 27.91 billion for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 47.9% [4] - Net profits for the same years were RMB 688 million, RMB 588 million, and RMB 1.05 billion, with a CAGR of 23.5% [4] - In the first half of 2025, the company continued its growth trajectory, achieving revenues of RMB 14.19 billion, a 54.3% increase year-on-year, and net profits of RMB 554 million, a 101.5% increase [4] Business Segmentation - From 2022 to 2024, the compound growth rate for the consumer electronics segment was 39.1%, while the automotive electronics segment saw a remarkable CAGR of 158.5% [5] - In the first half of 2025, revenue contributions from various segments were 88.2% from consumer electronics, 2.6% from automotive electronics, 5.1% from smart office applications, and 4.1% from emerging fields [5] Capital Operations - Lijing Innovation has attracted significant capital since its inception, completing multiple rounds of financing from notable investors including IDG Capital, Sequoia China, and Hillhouse Capital [6] - The company was newly listed in the 2024 Hurun Global Unicorn List with a valuation of RMB 15.5 billion, ranking 495th globally [6] IPO Fund Utilization - The net proceeds from the IPO will primarily be used for R&D of precision optical products and related technologies, optimization of smart manufacturing platforms, investment in upstream quality targets in the industry value chain, repayment of existing bank loans, and general corporate purposes [8]

Core Viewpoint - Lijing Innovation Technology Co., Ltd. is positioned as a leading provider in the high-end optical module market, focusing on various applications including consumer electronics and automotive electronics, with significant growth in revenue and market share expected through its IPO process [2][3][6]. Group 1: Company Overview - Lijing Innovation was established in 2018 and specializes in precision optical solutions for global consumer electronics, automotive electronics, smart office applications, and emerging fields like smart glasses [3]. - The company is the only precision optical solution provider globally that serves two major smartphone system ecosystems, highlighting its unique market position [5]. Group 2: Market Position - According to Frost & Sullivan, Lijing Innovation ranks second globally in the consumer electronics camera module market and first among Chinese manufacturers, with a similar ranking in high-end smartphone camera modules [6]. - The company has a significant presence in the laptop and tablet camera module market, where it ranks first globally [6]. Group 3: Financial Performance - Revenue figures for Lijing Innovation from 2022 to 2024 are projected at 12.8 billion, 15.2 billion, and 27.9 billion yuan, respectively, reflecting a compound annual growth rate (CAGR) of 47.9% [7]. - In the first half of the current year, revenue increased by 54.3% year-on-year, reaching 14.2 billion yuan [7]. - The net profit for the same period is expected to grow from 0.689 billion yuan in 2022 to 1.052 billion yuan in 2024, with a CAGR of 23.5% [9]. Group 4: Business Segments Growth - The compound annual growth rate for the consumer electronics business from 2022 to 2024 is projected at 39.1%, while the automotive electronics segment is expected to grow at an impressive 158.5% [8]. Group 5: IPO and Future Plans - Lijing Innovation plans to use the net proceeds from its IPO for R&D in precision optical products, optimization of smart manufacturing platforms, investment in upstream quality targets, repayment of existing bank loans, and general corporate purposes [9].