"Changjin Photonics' application for IPO on the Sci-Tech Innovation Board has received inquiries. The concentration of downstream customers is high."

On September 11th, Wuhan Changjin Photon Technology Co., Ltd. (referred to as Changjin Photon) applied for the status of the Shanghai Stock Exchange's Sci-Tech Innovation Board listing review to be changed to "under inquiry," with Guotai Haitong as its sponsor, planning to raise 780 million yuan. According to the prospectus, Changjin Photon is mainly engaged in the research, production, and sales of special optical fibers, generating revenue by selling rare earth-doped optical fibers to downstream customers. The company's main product, rare earth-doped optical fiber, is an important subclass of special optical fibers, serving as the core optical material in the upstream of the laser industry chain. It is a key component in various types of fiber laser, fiber amplifier, and fiber laser radar, widely used in advanced manufacturing, optical communication, measurement and sensing, national defense, military, medical health, scientific research, and other fields, serving as a crucial material driving the development of the optoelectronic industry and supporting downstream strategic emerging industries. Rare earth-doped optical fibers are used to generate specific wavelength lasers and amplify optical signals, enabling high-power, high-performance laser outputs or long-distance, high-capacity, high-speed optical signal transmission. They are core optical materials in the upstream of the laser industry chain, along with laser chips and optical crystals. China's special optical fiber industry started relatively late and still lags behind the global advanced level. Since its establishment, the company has focused on the technical research of high-performance special optical fibers, mastering key industry technologies such as doping components and waveguide structure design, preform rod preparation and drawing, and optical and mechanical performance indicator testing, forming an independently controllable core technology system. The prospectus indicates that during the reporting period, the combined sales revenue from the company's top five customers accounted for 88.03%, 82.26%, 73.19%, and 72.41% of the current operating income, respectively, showing a high degree of customer concentration due to the high market concentration of the downstream fiber laser market corresponding to the company's main products. Financially, in the year 2022, 2023, 2024, and January-March 2025, the company achieved operating revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.7299 million yuan, respectively. During the same period, net profits were 36.7817 million yuan, 54.6565 million yuan, 75.7559 million yuan, and 15.1827 million yuan, respectively.