Leidi Network, Lei Jianping, March 30

Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") has recently passed the IPO review and submitted its registration, preparing to be listed on the Sci-Tech Innovation Board.

Changjin Photon plans to raise 780 million yuan, of which 680 million yuan will be used for the high-performance specialty optical fiber production base and R&D center project, and 100 million yuan will be used to supplement working capital.

Hubble Investment, a subsidiary of Huawei, invested in Changjin Photon in August 2022, when the pre-investment valuation of Changjin Photon was only 430 million yuan.

In May 2025, Shenzhen Taihang transferred 0.83% of its equity in Changjin Photon to Gao Yi Venture Capital, and Shenzhen UBS also transferred 0.44% of its equity in Changjin Photon to Gao Yi Venture Capital, with the per-share cost of Changjin Photon being 25.62 yuan, corresponding to a valuation of 1.8 billion yuan.

Annual revenue of 247 million, net profit after deducting non-recurring items of 86.81 million

Changjin Photon is a manufacturer of specialty optical fibers, possessing the R&D and industrialization capabilities for high-performance, multi-category specialty optical fibers, promoting the technological self-control and localization process of China's specialty optical fibers.

The main product of Changjin Photon, rare-earth-doped optical fiber, is an important subclass of specialty optical fibers, serving as a core optical material in the upstream of the laser industry chain. It is a core component of various fiber lasers, fiber amplifiers, and fiber laser radars, applied in advanced manufacturing, optical communication, measurement and sensing, national defense and military industry, medical health, scientific research, and other fields. It is a key material driving the optoelectronic industry and supporting the development of downstream strategic emerging industries.

The prospectus shows that Changjin Photon expects revenues of 145 million yuan, 192 million yuan, and 247 million yuan for the years 2023, 2024, and 2025, respectively; net profits of 54.6565 million yuan, 75.76 million yuan, and 95.64 million yuan; and net profits after deducting non-recurring items of 51.86 million yuan, 71.82 million yuan, and 86.81 million yuan.

In the first quarter of 2026, the company expects to achieve operating revenue of 52 million to 55 million yuan, a year-on-year increase of 16.25% to 22.96%; it expects to achieve net profit attributable to the parent company of 15.56 million to 16.40 million yuan, a year-on-year increase of 2.49% to 8.02%; and expects net profit after deducting non-recurring items of 14.56 million to 15.40 million yuan, a year-on-year increase of 4.22% to 10.23%.

Li Jinyan controls 43% of the equity.

Before the IPO, Li Jinyan was the executive partner of Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2, indirectly holding 17.93% of the company's equity through Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2.

According to the partnership agreements of Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2, the executive partners are fully responsible for exercising the shareholder rights of the invested enterprises, allowing Li Jinyan to control 35.84% of the voting rights of the company through Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2.

In addition, to enhance the stability of the company's actual control, in August 2022, the actual controller Li Jinyan signed a "Joint Action Agreement" with the company's director and general manager Liu Changbo, whereby both parties must reach a consensus through prior consultation, and in case of disagreement, Li Jinyan's opinion shall prevail.

The validity period of the above agreement is from the date of signing by both parties until 36 months after the company's initial public offering and listing.

Li Jinyan controls a total of 43.12% of the voting rights of the company through Changhexin, Zhiyuan No. 1, Zhiyuan No. 2, and the Joint Action Agreement, giving him control and influence over the decisions of the company's shareholders' (general) meetings; at the same time, Li Jinyan serves as the chairman of the company and nominates more than half of the company's directors through Changhexin, significantly influencing the decisions of the company's board of directors, making him the actual controller of the company.

Li Jinyan was born in 1972 and graduated from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences, with a doctoral degree. From August 2001 to June 2005, he served as a senior R&D engineer at FiberHome Technologies Group Co., Ltd.; from July 2005 to October 2008, he served as the R&D department manager at FiberHome Tencar Optical Technology Co., Ltd.; Li Jinyan has been a professor and doctoral supervisor at the Wuhan National Laboratory for Optoelectronics (renamed Wuhan National Research Center for Optoelectronics in 2017) since November 2008 (he will leave his position for entrepreneurship in July 2025); since May 2020, he has served as the chairman of the company.

Liu Changbo serves as a director and general manager, born in 1978, graduated from Wuhan University with a master's degree. From July 2001 to June 2005, he worked as an engineer in the optical fiber division of FiberHome Technologies Group Co., Ltd.; from July 2005 to July 2008, he was an engineer at FiberHome Tencar Optical Fiber Technology Co., Ltd.; from July 2008 to June 2010, Liu Changbo served as the assistant general manager of FiberHome Feihong Communication Equipment Co., Ltd.; from July 2010 to June 2012, he was the manager of the special optical cable sales department of the cable division of FiberHome Technologies Group Co., Ltd.; from July 2012 to March 2019, he served as the general manager of the company; since March 2019, he has been a director and general manager of the company.

Before the IPO, Changhe Chip held 34.42%, Jieput held 12.24%, Lihhe Hongxin held 8.64%, Liu Changbo held 7.28%, Jiaxing Wotu held 6.56%, China Mobile Fund held 5.26%, and Huawei's Hubble Investment held 3.8%;

Hechuang Chip held 3.42%, Li Yaogang held 2.2%, Dianheng Venture Capital held 2.1%, Changjiang Changfei held 1.86%, Zhiyuan No. 1 held 1.28%, Gaoyi Venture Capital held 1.27%, and Chang'ao Photon held 1.24%;

Jiaxing Xingan, Huagong Venture Capital, and Wuhan Ruiyuan each held 1.07%, Zhuhai Qunheng held 1.05%, Zhuhai Zijing held 1.02%, Nanjing Lianchuang held 0.95%, Qiu Dan held 0.92%, Changrui Zhuoshi held 0.71%, Jinkang Yunda held 0.44%, and Zhiyuan No. 2 held 0.14%.

After the IPO, Changhe Chip held 25.81%, Jieput held 9.18%, Lihhe Hongxin held 6.48%, Liu Changbo held 5.46%, Jiaxing Wotu held 4.92%, China Mobile Fund held 3.95%, and Huawei's Hubble Investment held 2.85%; Hechuangxin holds 2.56%, Li Yaogang holds 1.65%, Dianheng Venture Capital holds 1.57%, Changjiang Changfei holds 1.39%, Zhiyuan No. 1 holds 0.96%, Gaoyi Venture Capital holds 0.95%, Chang'ao Photonics holds 0.93%;

Jiaxing Xingan, Huagong Venture Capital, and Wuhan Ruiyuan each hold 0.8%, Zhuhai Qunheng holds 0.79%, Zhuhai Zijing holds 0.76%, Nanjing Lianchuang holds 0.71%, Qiu Dan holds 0.69%, Changrui Zhuoshi holds 0.53%, Jinkang Yunda holds 0.33%, Zhiyuan No. 2 holds 0.11%.

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