Core Viewpoint - Changjin Photon Technology Co., Ltd. is undergoing a listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 780 million yuan, focusing on the research, production, and sales of specialty optical fibers, particularly rare-earth-doped fibers, which are crucial in various high-tech applications [1][2]. Company Overview - Changjin Photon specializes in rare-earth-doped optical fibers, which are essential components in the laser industry, used in laser devices, amplifiers, and LiDAR systems, with applications in advanced manufacturing, optical communication, defense, healthcare, and scientific research [1]. - The company has developed a self-controlled core technology system, mastering key industry technologies such as doping composition, waveguide structure design, preform preparation, and performance testing [1]. Financial Performance - The company reported revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2]. - The total assets of the company increased from 324.23 million yuan in 2022 to 624.59 million yuan by March 31, 2025, indicating significant growth [3]. - The company's asset-liability ratio has improved from 22.71% in 2022 to 12.68% in March 2025, reflecting a stronger financial position [3]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue in the respective reporting periods, which is attributed to the concentrated nature of the downstream fiber laser market [2].

Core Viewpoint - The article discusses the recent developments in the IPO market, particularly focusing on the new application from Changjin Photon Technology Co., Ltd. and the performance of other companies in the review process [1][2]. Group 1: IPO Applications and Approvals - During the week of August 25 to August 31, a new IPO application was accepted, marking the third such application in the second half of the year, all for the Sci-Tech Innovation Board [1]. - Changjin Photon aims to raise 780 million yuan and is classified as a special optical fiber manufacturer, applying for listing under the first set of standards on the Sci-Tech Innovation Board [1]. - Three companies passed the review during the week, including Xiamen Hengkang New Materials Technology Co., Ltd., Nabichuan New Energy Co., Ltd., and Jiangsu Jingchuang Electric Co., Ltd. [2]. Group 2: Financial Performance and Risks - Changjin Photon reported revenues of 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022 to the first quarter of 2025, with net profits of 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan respectively [1]. - The company highlighted a high customer concentration risk, with sales to its top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting period [1]. - There is a risk of declining gross margins, with reported gross margins of 66.37%, 69.31%, 69.13%, and 68.70% over the same period, which could impact operational performance if market demand decreases or competition intensifies [2]. Group 3: Review Process and Challenges - The company Tai Jin New Energy faced a temporary suspension of its IPO application, with the review committee requesting clarification on potential future performance declines and revenue recognition policies [2][3]. - Tai Jin New Energy reported high asset-liability ratios of 91.35%, 92.04%, and 84.86% for the years ending 2022, 2023, and 2024, respectively, which are above the industry average [3]. - Jiangxi Shengfulai Optical Technology Co., Ltd. had its IPO application terminated after multiple rounds of inquiries regarding its declining performance and future growth sustainability [4].

Core Viewpoint - Changjin Photonics has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step towards public listing and capital raising [1] Company Overview - Changjin Photonics is a manufacturer of specialty optical fibers, demonstrating capabilities in high-performance and diverse specialty fiber research and industrialization [1] IPO Details - The company aims to raise approximately 780 million yuan through its IPO, which will be allocated to the establishment of a high-performance specialty fiber production base and research center, as well as to supplement working capital [1]

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 780 million yuan, positioning itself as a leading manufacturer of specialty optical fibers in China [1][2]. Company Overview - The company specializes in high-performance specialty optical fibers, particularly rare-earth-doped fibers, which are essential components in the laser industry and have applications in advanced manufacturing, optical communication, defense, healthcare, and scientific research [1][2]. - Changjin Photon has established a robust core technology system, overcoming key technical barriers in the industry, and is recognized as a leading player in the domestic rare-earth-doped fiber market [2]. Financial Performance - The company reported revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2]. Investment Projects - The funds raised from the IPO will be allocated to the following projects: - High-performance specialty optical fiber production base and research center with an expected investment of 700 million yuan, utilizing 680 million yuan from the raised funds - Supplementing working capital with an expected investment of 100 million yuan, utilizing 100 million yuan from the raised funds [2]. Market Position - The company is positioned in the first tier of the domestic specialty optical fiber industry, recognized for its deep technical reserves and advanced manufacturing processes, making it a core supplier for leading domestic laser and optical communication manufacturers [2].

Investment Rating - The report indicates a positive investment outlook for the special optical fiber industry, highlighting a golden development period driven by government policies and technological advancements [2][3]. Core Insights - The Chinese special optical fiber market has shown significant growth, with the market size increasing from 4.3 billion RMB in 2019 to 7.6 billion RMB in 2023, and is projected to reach 13.1 billion RMB by 2028 [40]. - Global special optical fiber market size grew from 1.5 billion USD in 2019 to 2 billion USD in 2023, with expectations to reach 3.4 billion USD by 2028 [38]. - The report emphasizes the importance of government policies in promoting the development of the special optical fiber industry, encouraging R&D investments and enhancing innovation capabilities [2]. Market Overview - The global special optical fiber market is expected to grow at a compound annual growth rate (CAGR) of 11% from 2023 to 2028, driven by increased infrastructure investments in the Asia-Pacific region [38]. - The Chinese special optical fiber market is projected to maintain a CAGR of 15% over the next five years, fueled by advancements in 5G communication and new infrastructure projects [40]. Competitive Landscape - The Chinese special optical fiber market is concentrated, with leading manufacturers such as Yangtze Optical Fibre and Cable Company, Ruixin Optical Fiber, and others holding a combined market share of 35% [3]. - In the rare earth-doped fiber market, a few companies dominate, including Yangtze Optical Fibre and Ruixin Optical Fiber, which are capable of mass production of rare earth-doped fibers [3]. Application Market Analysis - The report highlights the increasing demand for special optical fibers in various applications, including laser technology, optical communication, and sensing technologies [19][28]. - The fiber laser market in China is expected to grow significantly, with the market size reaching 135.9 billion RMB in 2023, reflecting a year-on-year growth of 10.8% [55]. - The optical amplifier market, particularly the EDFA segment, is projected to see a rise in demand due to the growth of the optical communication sector, with a current market size of approximately 55% [30]. Future Trends - The report anticipates that the domestic production of special optical fibers will continue to increase, with a focus on high-performance products and the reduction of reliance on imports [22][28]. - The integration of advanced technologies in manufacturing processes is expected to enhance the quality and performance of special optical fibers, further driving market growth [18][19].