Lijing Innovation Files for Hong Kong IPO; 2025 Revenue RMB 34.755 Billion, Top-Five Clients 90%

Lijing Innovation Technology Co. , Ltd. submitted a listing application to the Hong Kong Stock Exchange on July 31, 2026, with CITIC Securities and CICC acting as joint sponsors. Founded in 2018, the company originated from the camera module division of Lite-On Technology and was later acquired and integrated by the Luxshare Group. Its main business is precision optical solutions, covering consumer electronics, automotive electronics, smart office applications, and emerging fields such as intelligent robots. The company has supplied products to more than 340 customers globally and has developed and mass-produced smartphone triple-camera modules and dual-focal-length switchable telephoto modules.

From 2023 to 2025, the company's revenue was RMB 15.248 billion, RMB 27.914 billion, and RMB 34.755 billion, respectively, with revenue of RMB 13.624 billion in the first five months of 2026. Net profit for the same periods was RMB 588 million, RMB 1.052 billion, RMB 1.69 billion, and RMB 776 million, respectively, with gross margins of 12.0%, 10.8%, 10.8%, and 11.6%. During the reporting period, the company's cumulative R&D expenditure was approximately RMB 3.7 billion, and as of the end of May 2026, it had 2,450 professional R&D personnel.

In terms of customer concentration, the revenue contribution from the top five customers rose from 77.9% in 2023 to 90.0% in 2025, and stood at 90.1% in the first five months of 2026. Among them, the largest customer, Customer A, saw its revenue contribution rise from 39.9% to 71.0%. This customer is also the company's largest supplier, with procurement share increasing from 20.7% to 48.5%. Inventory costs as a proportion of cost of sales remained between 88% and 90.9% during the reporting period, and was 90.1% in the first five months of 2026.

Capacity utilization fluctuated. For consumer electronics products, capacity utilization rates were 51.4%, 66.6%, 73.7%, and 65.3% from 2023 to the first five months of 2026, respectively, while for automotive electronics products, the rate ranged between 36.2% and 43.6%.

In terms of financial position, as of the end of May 2026, the company's bank loans classified under current liabilities amounted to RMB 4.255 billion, while cash and cash equivalents stood at RMB 3.619 billion, resulting in a shortfall of approximately RMB 636 million. Trade and other payables were RMB 6.668 billion during the same period. In 2024 and 2025, capital expenditures were RMB 2.459 billion and RMB 1.123 billion, respectively, and R&D expenses were RMB 1.092 billion and RMB 1.351 billion, respectively. Net cash used in financing activities in 2025 was RMB 1.997 billion, mainly due to the repayment of RMB 9.701 billion in bank loans. The company plans to use part of the proceeds to repay interest-bearing bank borrowings.

According to Frost & Sullivan, based on 2025 revenue, the company ranked second globally and first in China in the consumer electronics camera module sector, with a market share of 7.7%. The industry is highly competitive, with major competitors including LG Innotek and Sunny Optical Technology. As of the end of May 2026, the company's goodwill amounted to RMB 1.9 billion, and trade receivables were RMB 6 billion, representing 44.1% of total revenue.