A-share subscription | Changjin Photonics (688635.SH) opens for subscription to become the first-tier enterprise in the domestic special optical fiber industry.

On May 18, Changjin Photonics (688635.SH) started its IPO subscription with an issue price of 40.98 yuan per share and a maximum subscription limit of 55,000 shares. The price-earnings ratio is 44.22 times, and it belongs to the Shanghai Stock Exchange, with Guotai Haitong as its sponsoring institution. The prospectus shows that Changjin Photonics is a leading domestic specialty optical fiber manufacturer with high-performance and multi-category specialty optical fiber research and industrialization capabilities. The company's main product, rare-earth-doped optical fiber, is an important subclass of specialty optical fibers, serving as a core optical material in the upstream of the laser industry chain. It is a key component in various optical fiber lasers, optical fiber amplifiers, and optical fiber laser radars, widely used in advanced manufacturing, optical communications, measurement sensing, national defense, military industry, medical health, scientific research, and other fields. China's specialty optical fiber industry started relatively late and still lags behind the global advanced level. Due to the important role of specialty optical fibers in advanced manufacturing, national defense, and other fields, the United States has long imposed export controls and technology blockades on high-performance specialty optical fibers on its "Commerce Control List," restricting the technological progress of related industries in China and the development of downstream industries. Since its establishment, Changjin Photonics has always focused on the technological breakthroughs of high-performance specialty optical fibers, breaking through key technological barriers. It has mastered key technologies in fields such as dopant composition and waveguide structure design, preform bar preparation and drawing, and optical and mechanical performance index testing, forming an independent and controllable core technology system. Changjin Photonics has successfully implemented the industrialization of scientific and technological achievements, effectively promoting the technological autonomy and localization process of China's specialty optical fibers. In the field of advanced manufacturing, the company has achieved bulk production and sales of dysprosium-doped optical fibers subject to US export controls and above 6kW dysprosium-doped optical fibers, with main performance indicators in sync with foreign advanced levels. It is a core supplier to major laser companies such as Wuhan Raycus Fiber Laser Technologies, Chuangxin Laser, and Shenzhen JPT Opto-Electronics. In the field of optical communications, the company's production of ultra-wideband L-band erbium-doped fibers reaches a wavelength of 1627nm, with main performance indicators at international advanced levels, supporting the commercial scale realization of China's 400G optical transmission network and playing an important role in the construction of a national integrated computing power system. In the field of measurement sensing, the company's erbium-doped dysprosium optical fibers can meet a variety of needs such as wind measurement and distance measurement, establishing cooperation with major domestic laser radar light source manufacturers and becoming one of the few domestic specialty optical fiber manufacturers to achieve bulk production and sales of erbium-doped dysprosium optical fibers. In the field of national defense and military industry, the company sells function-enhanced rare-earth-doped optical fibers to military research institutions, contributing to national defense security. Changjin Photonics is a leading enterprise in China's specialty optical fiber industry, occupying a dominant position in the domestic rare-earth-doped optical fiber market. With its strong technological reserves and advanced manufacturing processes, the company has established a rich product matrix. Its product quality, performance, and reliability have been recognized by customers, making it a core supplier to domestic laser and optical communication device manufacturers, gradually growing into an important supplier to other strategic emerging industries. The company's continuous research and development innovation capability and stable batch production capacity place it at the forefront of the industry, with its overall market position in the forefront of the specialty optical fiber industry. Financially, the company achieved operating income of approximately 145 million yuan, 192 million yuan, and 247 million yuan in 2023, 2024, and 2025 respectively. During the same period, it recorded net profits of approximately 54.65 million yuan, 75.75 million yuan, and 95.64 million yuan.