New Stock News | Chang Guang Chenxin's second listing on the Hong Kong Stock Exchange ranks third among global CIS companies.

According to the disclosure of the Hong Kong Stock Exchange on December 19, Changchun Changguang Chensin Microelectronics Co., Ltd. (referred to as Changguang Chensin) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and Guotai Junan Financing Limited as its joint sponsors. This is the company's second application submitted this year, as the company had previously submitted a listing application to the Hong Kong Stock Exchange on June 19. According to Frost & Sullivan, in terms of industrial imaging revenue for 2024, the company ranks third among global CIS companies, with a market share of 15.2%. The prospectus shows that Changguang Chensin is a provider of CMOS image sensors (CIS). The company has been focusing on the research and development of CIS, offering nine product series that are widely used in advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging. According to Frost & Sullivan, in terms of industrial imaging revenue for 2024, the company ranks third among global CIS companies, with a market share of 15.2%. Additionally, in terms of scientific imaging revenue for 2024, the company ranks third among global CIS companies, with a market share of 16.3%. The industrial imaging and scientific imaging CIS markets are dominated by a few international and regional leaders. Based on revenue for 2024, the industrial imaging CIS market and scientific imaging CIS market together account for approximately 2.1% and 0.8% of the global CIS market, respectively. Changguang Chensin has built a comprehensive portfolio of standard products, namely CMOS image sensors. As of the latest feasible date, this product portfolio includes nine product series and over 50 standard products. In addition, when standard off-the-shelf products on the market cannot meet the stringent requirements of target applications, the company provides custom sensor solutions. Custom sensor solutions enable the company's customers (leading manufacturers in specific fields such as high-end industrial inspection, scientific imaging, medical imaging, or professional consumer applications) to develop next-generation products equipped with custom CMOS image sensors. Since its establishment in 2012, Changguang Chensin has been pursuing high-performance innovation and overcoming key technological challenges in the development of CMOS image sensors. In 2015, the company successfully developed the world's first BSI (2) sCMOS (3) image sensor, and subsequently expanded into industrial imaging, professional imaging, medical imaging, and other fields. As of the latest feasible date, the company has mastered 11 proprietary core technologies, including global shutter pixels, HDR pixels, high-sensitivity pixels, HDR readout circuits, low-noise circuits, high-performance ADC circuits, high-speed readout circuits, TDI image sensors, BSI image sensors, 3D imaging sensors, and 3D wafer stacks. These technologies establish strong technological barriers in pixel design, circuit design, and process development for CMOS image sensors. Financial Information Revenue In the financial years ending 2022, 2023, 2024, and the nine months ending September 30, 2025, the company recorded revenues of RMB 604.4 million, RMB 604.8 million, RMB 673.0 million, and RMB 565.0 million, respectively. During the reporting periods, the company mainly generated revenue from sales of CMOS image sensors to customers and custom sensor solutions. Gross Profit and Gross Profit Margin For the financial years ending 2022, 2023, 2024, and the nine months ending September 30, 2025, the company recorded gross profits of RMB 460.0 million, RMB 384.0 million, RMB 397.0 million, and RMB 363.0 million, with corresponding gross profit margins of 76.2%, 63.5%, 59.0%, and 64.2%. Annual/Periodic Loss/Profit In 2022, the company recorded an annual loss of RMB 84.09 million. In 2023, 2024, and the nine months ending September 30, 2025, the company recorded annual/periodic profits of RMB 170.0 million, RMB 197.0 million, and RMB 148.0 million, respectively. Industry Overview From 2020 to 2024, the global CIS market experienced moderate growth, with total revenue increasing from RMB 127.5 billion to RMB 139.1 billion, representing a compound annual growth rate of 2.2%. From 2021 to 2023, the global CIS market saw a downturn, mainly due to the softening demand for consumer electronics caused by the pandemic. During the supply chain disruptions in the early years (including capacity constraints from foundries and OSAT providers, material shortages, and logistical bottlenecks during the pandemic), to ensure supply security, the company and its customers placed advance orders and built safety stock. With the normalization of consumer electronics demand and capacity in the second half of 2022, this mismatch led to a slowdown in inventory consumption, further exacerbated by rising inflation and reduced capital expenditure, among other macroeconomic uncertainties. As inventory is gradually absorbed and consumer markets stabilize, demand begins to rebound. From 2025 to 2029, the growth rate of the global CIS market is expected to accelerate, with total revenue projected to increase from RMB 155.5 billion in 2025 to RMB 210.3 billion in 2029, representing a compound annual growth rate of 7.8%. From 2020 to 2024, the global CIS market continues to be dominated by consumer electronics, but other high-value markets such as automotive (especially ADAS), industrial vision, and medical imaging have shown rapid growth, increasing their shares and diversifying the application portfolio. By application field, the consumer-grade CIS sub-market continues to dominate, with a market share exceeding 71% in 2024. The professional-grade market mainly includes high-end consumer imaging devices such as professional imaging. Its market size increased from RMB 5.2 billion in 2020 to RMB 6.6 billion in 2024, representing a compound annual growth rate of 5.9%. In the consumer sector, smartphones remain the main application, with consumers showing a preference for high-end models, leading to higher growth rates for high-end smartphones compared to the overall smartphone market. High-end smartphones show a significantly higher CIS adoption rate, with their use in image sensors growing more rapidly than in the wider consumer electronics field. It is expected that the share of high-end smartphones in the total smartphone CIS applications will increase from approximately 15.8% in 2020 to 25.6% in 2024, highlighting a clear trend of high-end adoption. The market size of industrial imaging CIS increased from RMB 1.9 billion in 2020 to RMB 2.9 billion in 2024, with a compound annual growth rate of 12.2%. The medical imaging sector has shown the strongest growth, with the market size increasing from RMB 1.1 billion in 2020 to nearly RMB 3.0 billion in 2024, representing a compound annual growth rate of 29.1%. Meanwhile, the market size of scientific imaging increased from RMB 0.8 billion to RMB 1.2 billion, with a compound annual growth rate of 10.3%. Although the sizes of these sub-markets are smaller than consumer electronics, their increasing contribution to the overall demand base of the CIS industry shows a trend towards diversification. From 2023 to 2024, the market is in a destocking phase, with a low base. From 2024 to 2029, with demand recovery and increased shares in automotive, industrial, and medical applications, growth is expected to accelerate to a compound annual growth rate of 8.6%. Furthermore, an increase in the number of cameras per vehicle, improvements in resolution, added functionalities leading to increased unit value, and the wider application of stackable CIS, global shutter, HDR, and NIR/ToF technologies leading to higher average selling prices will further contribute to market expansion. From 2025 to 2029, the professional-grade CIS market is expected to see steady growth, driven by the increasing demand for high-quality imaging from drones, action cameras, and personal content creation, reaching RMB 9.1 billion by 2029. The medical imaging sector is expected to maintain strong growth, reaching RMB 8.8 billion by 2029, with a compound annual growth rate of 24.0% from 2025 to 2029. This growth is driven by increasing demand for high-resolution diagnostic imaging systems, an aging population, and increased healthcare investments. The industrial imaging sector is expected to expand rapidly, reaching RMB 7.8 billion by 2029 with a compound annual growth rate of 21.0%, supported by the widespread deployment of AI visual inspection solutions, the demand for real-time defect detection on high-speed production lines, and the increasing investment in intelligent Siasun Robot & Automation, which require high-precision sensors. Scientific imaging is expected to accelerate with a compound annual growth rate of 12.7% from 2025 to 2029, driven by expanded research funding, wider applications in life sciences and microscopy, and growing demand for higher-resolution sensors. Supported by unique structural drivers, the growth of the global industrial and scientific imaging CIS market is expected to outpace the overall CIS market. For industrial imaging, the widespread penetration of factory automation and machine vision is driving an increase in the number of cameras per production line, while the adoption of advanced specifications such as global shutter, HDR, NIR/SWIR sensitivity, LED flash suppression, and high-reliability packaging continues to push up the average selling price. For scientific imaging, the continuous substitution of sCMOS technology for CCD is driving structural growth, augmented by new applications such as life sciences, digital pathology, microscopy observations, and astronomy, which require higher sensitivity, lower noise, and faster frame rates. The predictable mid-term demand is further supported by clear research and scientific equipment replacement cycles. These sub-markets, with their smaller bases and continuous migration towards high-value specifications, manage to avoid the scale saturation and pricing pressure faced by consumer-grade and prosumer CIS markets, achieving faster and more sustainable growth. In contrast to the significant demand fluctuations and inventory adjustments experienced by the consumer-grade electronics CIS market during the pandemic, the industrial and scientific imaging CIS markets were less affected. This resilience stems from fundamental differences in customer structure and demand characteristics. The industrial and scientific imaging markets primarily serve enterprises, research institutions, and medical device manufacturers, with planned and predictable procurement cycles. Their products are usually customized and require high reliability, making large-scale inventory accumulation less likely. As a result, these sub-markets have demonstrated greater stability and resilience during the pandemic and subsequent destocking periods.