Core Viewpoint - Changjin Photon has submitted a prospectus to the Shanghai Stock Exchange for an IPO on the Sci-Tech Innovation Board, aiming to raise 780 million yuan for the establishment of a high-performance specialty fiber production base and R&D center, as well as to supplement working capital [1] Company Overview - Changjin Photon is a leading domestic manufacturer of specialty optical fibers, with its main product, rare-earth-doped optical fiber, being a crucial component in various optical fiber lasers, amplifiers, and LiDAR systems, widely used in advanced manufacturing, optical communications, measurement and sensing, defense, healthcare, and scientific research [1] Corporate Governance - The company emphasizes the standardized operation of its shareholders' meeting and board of directors, although it has been noted that two of its three independent directors have close ties to the actual controller, Li Jinyan, raising potential concerns about independence [2][4] Financial Performance - The company underwent significant valuation growth, with its pre-IPO valuation increasing from 430 million yuan to 1.2 billion yuan within four months, despite revenue growth not matching this valuation increase [8][10] Raw Material Dependency - Changjin Photon relies heavily on imported raw materials, with at least 63.82% of its materials sourced from abroad in the first quarter of 2025. Key materials include quartz tubing and optical fiber coatings, which are essential for the production of specialty optical fibers [10][12]