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]