Lijing Innovation Files for HKEX IPO, 2025 Revenue RMB 34.755 Billion, Customer Concentration at 90%

Lijing Innovation Technology Co. , Ltd. submitted a listing application to the Hong Kong Stock Exchange on July 31, 2026, with CITIC Securities and China International Capital Corporation (CICC) acting as joint sponsors. The company, established in 2018, was formerly the camera module business unit of Lite-On Technology, later acquired and integrated by the Luxshare Group. Its principal business is precision optical solutions, covering consumer electronics, automotive electronics, smart office applications, and emerging fields such as intelligent robots. It 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, and for the first five months of 2026, revenue was RMB 13.624 billion. 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%, 10.8%, 10.8%, and 11.6%. During the reporting period, cumulative R&D expenses were approximately RMB 3.7 billion, and as of the end of May 2026, the company had 2,450 professional R&D personnel. Customer concentration remained high. The top five customers' revenue share increased from 77.9% in 2023 to 90% in 2025, and reached 90.1% in the first five months of 2026. The largest customer, Customer A, accounted for 39.9% of revenue in 2023, rising to 71% by 2025. That customer also served as the largest supplier, with procurement share rising from 20.7% to 48.5% over the same period. Inventory cost as a percentage of sales cost 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, utilization rates were 51.4%, 66.6%, 73.7%, and 65.3% for 2023, 2024, 2025, and the first five months of 2026, respectively. For automotive electronics, utilization ranged from 36.2% to 43.6% across the period. As of the end of May 2026, the company had bank loans classified as current liabilities of RMB 4.255 billion, while cash and cash equivalents stood at RMB 3.619 billion, leaving a gap of approximately RMB 636 million. Trade and other payables amounted to RMB 6.668 billion. Capital expenditure was RMB 2.459 billion in 2024 and RMB 1.123 billion in 2025. R&D expenses were RMB 1.092 billion in 2024 and RMB 1.351 billion in 2025. In 2025, net cash used in financing activities was RMB 1.997 billion, mainly due to repayment of RMB 9.701 billion in bank loans. The company plans to use part of the net 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 segment, with a market share of 7.7%. The industry is highly competitive, with major competitors including LG Innotek and Sunny Optical. As of the end of May 2026, the company had goodwill of RMB 1.9 billion and trade receivables of RMB 6.0 billion, representing 44.1% of total revenue.