Lijing Innovation Refiles for Hong Kong IPO; 2025 Revenue RMB34.75 Billion, Valuation RMB22.5 Billion

Lijing Innovation Technology Co. , Ltd. submitted a listing application to the Main Board of the Hong Kong Stock Exchange again in August 2026, marking its second filing after the first application lapsed on November 28, 2025. Founded in 2018 and headquartered in Guangzhou, the company is a precision optical solutions provider focusing on mid-to-high-end optical modules and system integration for consumer electronics, automotive electronics, smart office, and emerging fields. According to the prospectus, the company is a major supplier to leading global mid-to-high-end smartphone brands and is the only camera module provider worldwide that simultaneously serves two major smartphone operating system ecosystems. By 2025 revenue, it ranked second globally in consumer electronics camera modules and first among Chinese manufacturers.

Financial data show that from 2023 to 2025, revenue was RMB15.247 billion, RMB27.914 billion, and RMB34.754 billion respectively; gross profit was RMB1.822 billion, RMB3.025 billion, and RMB3.75 billion; and profit for the period was RMB587 million, RMB1.051 billion, and RMB1.689 billion. In the first five months of 2026, revenue was approximately RMB13.623 billion, gross profit RMB1.578 billion, and profit RMB776 million. Gross margin declined from 12% in 2023 to 10.8% in 2025. Based on 2025 shipment volume, one in every six notebook computers globally carried the company's camera module, and it supplies products to more than 340 customers worldwide.

Customer concentration is high. From 2023 to 2025 and the first five months of 2026, revenue from the five largest customers accounted for 77.9%, 88.7%, 90.0%, and 90.1% respectively, with the largest customer contributing 39.9%, 61.6%, 71%, and 68.2% in the respective periods. During the same periods, purchases from the five largest suppliers accounted for 41.9%, 56.5%, 62.1%, and 62.5%. The core customer is also the largest supplier, with purchases from it rising from 20.7% in 2023 to 48.5% in 2025. Revenue is mainly derived from consumer electronics products, including camera modules for smartphones, laptops, and tablets, which accounted for 78.2%, 85.5%, 90%, and 91.2% of revenue in the respective periods.

Trade receivables have risen year by year, reaching RMB3.988 billion, RMB5.402 billion, and RMB6.503 billion from 2023 to 2025, with a turnover period of about 77 days. Capital expenditure was RMB2.459 billion and RMB1.123 billion in 2024 and 2025, while R&D expenses were RMB1.092 billion and RMB1.351 billion. In 2025, net cash outflow from financing activities was RMB1.997 billion, including RMB9.701 billion in bank loan repayments.

In terms of shareholder structure, the company is held approximately 48.06% by Lijing Limited, which is owned approximately 56.34% by Wang Laixi and approximately 43.66% by Jingshan Limited. Jingshan Limited is owned 34%, 33%, and 33% by Wang Laichun, Wang Laisheng, and Wang Laijiao, respectively. Wang Laixi, Wang Laichun, Wang Laisheng, and Wang Laijiao are parties acting in concert. Between 2022 and 2024, the company received investments from Sequoia Capital China, Hillhouse, and Legend Capital, among others, and after a Series B financing in June 2024, its valuation was approximately RMB22.5 billion.