New Stock News | Lijing Technology Re-applies to the Hong Kong Stock Exchange, the World's Second Largest Consumer Electronics Camera Module Manufacturer

According to a disclosure by the Hong Kong Stock Exchange on July 31, Lijing Innovative Technology Co., Ltd. (referred to as Lijing Technology) has submitted its listing application to the main board of the Hong Kong Stock Exchange once again, with CITIC SEC and CICC serving as joint sponsors. The company previously submitted a listing application to the Exchange on November 28, 2025. Company Profile According to the prospectus, the company is a leading global provider of precision optical solutions, focusing on the mid-to-high-end optical module and system integration markets targeting global consumer electronics, automotive electronics, smart office applications, and emerging fields such as smart Siasun Robot & Automation, XR smart terminals, and smart glasses. According to Frost & Sullivan, the company ranks second among global manufacturers in the consumer electronics camera module sector based on projected revenue in 2025, and first among Chinese manufacturers. According to Frost & Sullivan, the company ranks second among global manufacturers and first among Chinese manufacturers in the mid-to-high-end smartphone camera module sector based on projected revenue in 2025, and holds the first position among global manufacturers in the laptop and tablet camera module sector. Financial Information Revenue Primarily derived from the sale of consumer electronics products, including camera modules used in smartphones, laptops, and tablets, the revenue for the years 2023, 2024, and 2025, as well as for the five months ending May 31, 2025, and 2026, amounted to RMB 11.92 billion, RMB 23.85 billion, RMB 31.28 billion, RMB 10.59 billion, and RMB 12.42 billion, accounting for 78.2%, 85.5%, 90.0%, 89.2%, and 91.2% of total revenue for each respective year/period. Gross Profit and Gross Margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 1.823 billion, RMB 3.025 billion, and RMB 3.750 billion respectively, with gross margins of approximately 12.0%, 10.8%, and 10.8%. Net Profit for the Year/Period For the fiscal years 2023, 2024, and 2025, the company achieved net profits of approximately RMB 588 million, RMB 1.052 billion, and RMB 1.690 billion respectively, with a compound annual growth rate (CAGR) of 69.6%; the net profit margins were 3.9%, 3.8%, and 4.9% respectively. For the five-month period ending May 31, 2026, the net profit amounted to RMB 776 million, a year-on-year increase of 48.5%, with the net profit margin improving to 5.7%. Industry Overview Precision optical solutions refer to comprehensive solutions based on high-precision optical design, manufacturing, and testing technologies, covering various products such as camera modules and display modules, widely applied in perception, imaging, ranging, and display scenarios. Precision optical solutions are a crucial support for driving the development of consumer electronics, automotive electronics, smart offices, and emerging fields, such as smart Siasun Robot & Automation, XR smart terminals, smart glasses, naked-eye 3D products, holographic projection, and immersive displays. They play an important role in enhancing system performance, ensuring operational stability, and driving technological innovation. The rapid development of AI technology has raised higher requirements for optical modules, which need to possess higher pixel resolution, stronger perception capabilities, and lower power consumption to meet the demands of smart devices for precise perception, real-time analysis, and adaptability to complex environments. Consequently, optical modules are evolving from traditional perception and imaging functions towards intelligent perception and computational optics integration, providing key support for continuous upgrades of AI hardware. Meanwhile, the introduction of AI has significantly enhanced the level of intelligence in image processing and interaction, accelerating the widespread application across various scenarios, thus driving the demand upgrade and industrial expansion for precision optical solutions. AI has also simplified optical manufacturing by improving process automation and quality control, enabling high-precision components required for AI hardware to iterate faster and achieve more stable production. Precision optical solutions for consumer electronics are the core support enabling high-quality imaging, perceptual interaction, and differentiated experiences in smart consumer devices. Affected by the global economic slowdown and weak demand for consumer electronics terminals, the global market for precision optical solutions in consumer electronics contracted from approximately USD 79.6 billion in 2021 to about USD 72.7 billion in 2023. With the rapid rollout of next-generation optical technologies such as AI imaging algorithms and multi-camera fusion, the market is expected to rebound and reach around USD 86.9 billion by 2025, achieving a CAGR of 2.2% from 2021 to 2025. Driven by the upgrading of imaging experiences in smart consumer devices and the expansion of optical innovation applications, it is anticipated that the global market for precision optical solutions in consumer electronics will reach USD 124.9 billion by 2030, with a CAGR of 9.9% from 2026 to 2030. AI has become a key driver of growth in the global market for precision optical solutions in consumer electronics, with the rapid increase in shipments of smart terminals such as AI smartphones, AI tablets, and AI laptops. Optical modules are being equipped with more computational photography, intelligent perception, and immersive interaction capabilities, driving simultaneous enhancements in market value and technological complexity for optical demands. It is expected that the global market for precision optical solutions applied in AI consumer electronics will reach approximately USD 94.2 billion by 2030, with an astonishing CAGR of 27.3% from 2026 to 2030. As a critical component of precision optical solutions, consumer electronics camera modules are widely used in smartphones, tablets, laptops, and other consumer electronic products. In 2021, the global market size for consumer electronics camera modules was approximately USD 45.5 billion, which fell to USD 43.6 billion in 2022 due to fluctuations in demand for consumer electronics terminals; since 2023, the market has continued to grow due to trends in multi-camera systems, image algorithm upgrades, and the increasing standardization of AI visual functions, projected to reach USD 56.9 billion by 2025, with a CAGR of 5.8% from 2021 to 2025. The global market for consumer electronics camera modules is expected to reach USD 91.4 billion by 2030, with a CAGR of 12.0% from 2026 to 2030. Smartphones remain the largest application market for camera modules, accounting for over 90% in 2025, followed by tablets and laptops at approximately 4.8% and 3.4% respectively. Looking ahead, driven by the proliferation of AI applications and the demand for remote work and education, the tablet and laptop markets will require improved experiences in 3D imaging, facial recognition, and video conferencing, thereby accelerating the penetration of high-pixel and multifunctional camera modules, resulting in rapid growth of the overall market size, with respective CAGRs of 10.3% and 11.8%. Board Information The board consists of nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors. Shareholding Structure As of the latest practical date, the company is approximately 48.06% owned by Lijing Limited, which is controlled by Mr. Wang Laixi, who holds approximately 56.34%, and Jing Shan Limited, owned by Ms. Wang Laichun (Mr. Wang Laixi's sister), who holds 34%, Mr. Wang Laisheng (Mr. Wang Laixi's brother), who holds 33%, and Ms. Wang Laijiao (Mr. Wang Laixi's sister), who holds 33%, which owns approximately 43.66% of the company. Advisory Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited Legal Advisors: Eversheds Sutherland, Zhong Lun Law Firm, Mingyong United Law Firm Legal Advisors for Joint Sponsors: Jingtian & Gongcheng Law Firm Auditors and Reporting Accountants: KPMG Industry Adviser: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch