High-speed copper cable supplier Anlan Wanjin's IPO on the main board of the Shanghai Stock Exchange has been enquired. The products are mainly used in terminals such as Nvidia and Google.

On July 1st, Jiangsu Anlan Wanjing Electronics Co., Ltd. (referred to as Anlan Wanjing) applied for a change in the listing review status on the Shanghai Stock Exchange main board to "inquiry initiated", with Orient as its sponsor institution, intending to raise 1.2 billion yuan. According to the prospectus, the company focuses on the research, development, production, and sales of high-speed electronic wires and special wires for data communication, servicing mainly data center high-speed interconnection, precise connections in consumer electronics, and other applications. The company's main products include data center high-speed communication cables representing single-channel transmission rates of 112Gbps and 224Gbps, ultra-fine special wires for consumer electronics, and electro-acoustic components. The company aims to provide high-frequency high-speed copper connection solutions through structural design, process optimization, process upgrades, and equipment iterations, designing and efficiently delivering core products with faster rates, higher bandwidth, lower latency, lower loss, and stronger signal integrity to meet the increasing computational transmission demands of data center servers. Currently, the company's single-channel 112Gbps and 224Gbps high-speed copper cable products have achieved mass production and have a high market share. At the same time, it is actively conducting research and development and process improvement work on single-channel 448Gbps and high-speed copper cable products with higher transmission rates, with some 448Gbps products already successfully developed and samples sent to key customers. The company has built a product matrix of "high-speed copper cables + special wires + electro-acoustic components" and has strategically expanded its layout in the optical connection business. Leveraging its leading industry-adaptive design capabilities, self-developed core equipment iteration capabilities, synchronous collaborative testing fixture development capabilities, and deep industry resource accumulation, the company continues to deepen its applications in data transmission cables, consumer electronics cables, and other areas, providing downstream customers with comprehensive solutions for all scenarios. With a deep insight into industry trends and forward-looking strategic layout, as well as years of experience and technical accumulation in ultra-fine special wires, the company started researching and developing high-speed copper cables for traditional data center servers in 2019, becoming one of the first domestic enterprises to successfully develop PCIe 5.0 high-speed copper cables. Subsequently, it became one of the earliest domestic enterprises to successfully develop single-channel 112Gbps and 224Gbps high-speed copper cables and achieve mass production. The company's product range is complete, performance is stable, and quality is reliable, with overseas core customers including Amphenol, Molex, and TE Connectivity, global leading integrated copper connection solution providers, providing key component support for global server high-speed interconnection, deeply participating in the construction of the global AI server supply chain system; domestic major customers include Qinghong Electronics, Sichuan Huafeng Technology, and other core backbone enterprises of high-speed connectors and cable components, providing high-performance and highly reliable core support for the domestic AI server industry. The company's high-speed communication cables have achieved a single-channel transmission rate of 224Gbps, which is the highest level achievable in the industry for mass production of single-channel transmission rates. It has developed single-channel 448Gbps products and delivered samples to key customers, positioning its technological level at a leading position in the global industry. The company has now developed into a core supplier of high-speed copper cables for global data centers, with its high-speed copper cable business revenue reaching 266 million yuan and 997 million yuan in 2024 and 2025 respectively, with market shares in the global data center high-speed copper cable market at 4.19% and 8.42% respectively. Financially, the company achieved operating revenues of approximately 284 million, 524 million, and 1.299 billion yuan in the years 2023, 2024, and 2025 respectively; during the same period, net profits were approximately 17.06 million, 76.73 million, and 243 million yuan respectively.