9月11日，武汉长进光子技术股份有限公司(简称：长进光子)申请上交所科创板上市审核状态变更为"已 问询"，国泰海通证券为其保荐机构，拟募资7.8亿元。 财务方面，于2022年度、2023年度、2024年度及2025年1-3月，公司实现营业收入约为1.08亿元、1.45亿 元、1.92亿元、4472.99万元人民币;同期，净利润分别为3678.17万元、5465.65万元、7575.59万元、 1518.27万元人民币。 | 项目 | 2025年3月31日 /2025年 1-3 月 | /2024 年度 | 2024年12月31日 2023年12月31日 2022年12月31日 /2023 年度 | /2022 年度 | | --- | --- | --- | --- | --- | | 资产总额(万元) | 62.458.99 | 52,779.66 | 43.819.24 | 32,422.97 | | 归属于母公司所有者权 益(万元) | 54,535.23 | 42.962.84 | 35,185.16 | 25,058.46 | | 资产负债率(母公司) | 12.68% | 18.59% | 19. ...

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].

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