Changjin Photonics' science and technology innovation board IPO has been approved by the listing committee. The company's main business is the research and development, production, and sales of special optical fibers.

On March 27th, Wuhan Changjin Photonics Technology Co., Ltd. (referred to as Changjin Photonics) was approved by the Shanghai Stock Exchange Sci-Tech Innovation Board Listing Committee. Guotai Haitong is its sponsoring institution, and it plans to raise 780 million yuan. According to the prospectus, Changjin Photonics is mainly engaged in the research, development, 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 fibers, is an important subclass of special optical fibers and a core optical material in the upstream of the laser industry chain. It is a key component of various fiber lasers, fiber amplifiers, and fiber laser radars, widely used in advanced manufacturing, optical communication, measurement sensing, national defense military industry, medical health, scientific research, and other fields, driving the development of the optoelectronic industry and supporting the development of 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 output, or long-distance, high-capacity, high-speed optical signal transmission, making them a core optical material in the upstream of the laser industry chain alongside laser chips and optical crystals. Currently, the special optical fiber sector is dominated by international companies with strong comprehensive strength leading industry development, while domestic manufacturers focusing on specific segments are catching up. The prospectus reveals that Changjin Photonics is a leading enterprise in the domestic special optical fiber industry, occupying a dominant position in the domestic rare earth-doped optical fiber market. The major participants in the global special optical fiber market are industry giants from developed countries in Europe and America or their wholly-owned subsidiaries, such as Nufern, nLIGHT, OFS Corporation, and Fibercore in the UK. Domestic special optical fiber products have made breakthroughs in some areas and are close to the international advanced level in some specific segments, but there is still a certain gap compared to the global advanced level. The company has accumulated a stable and high-quality customer base, including Wuhan Raycus Fiber Laser Technologies, Chuangxin Laser, Shenzhen JPT Opto-Electronics, Customer A, Accelink Technologies, Wuxi Taclink Optoelectronics Technology, Hichip Optoelectronic, etc. The prospectus indicates that during the reporting period, the sales revenue from the top five customers accounted for 82.26%, 73.19%, and 66.20% of the operating income, showing a high level of customer concentration due to the high market concentration of the company's main products in the downstream fiber laser market. The funds raised in this issuance, after deducting issuance expenses, will be invested in the following projects: Financially, the company is expected to achieve operating revenues of approximately 145 million yuan, 192 million yuan, and 247 million yuan in 2023, 2024, and 2025 respectively; and net profits of 54.65 million yuan, 75.75 million yuan, and 95.64 million yuan respectively in the same periods.