Recently, Guangdong Jinding Optics Technology Co., Ltd. (hereinafter referred to as "Jinding Optics") officially saw its IPO application accepted for listing on the Growth Enterprise Market (GEM) board. This IPO is geared towards raising approximately 758 million yuan, with China International Capital Corporation Limited serving as the sponsor.

Against the backdrop of a generally cautious pace of IPOs, why has Jinding Optics become a darling of the capital market? What are the background and strengths that this optics enterprise boasts?

Established in 2011 and headquartered in Zhongshan, Guangdong, Jinding Optics sets itself apart from most companies that primarily focus on optical components or lenses. Its core focus lies in the research and development (R&D), production, and sales of high-end precision optical equipment, while also engaging in the businesses of optical lenses and precision optical components.

This business positioning carries significant weight in industrial logic—high-end precision optical equipment represents the cutting-edge machinery for manufacturing high-precision optical components, determining the precision limits achievable throughout the entire optical industry chain. In this context, Jinding Optics occupies the "equipment layer" that supports the upward breakthrough of the precision optics industry.

The prospectus explicitly states that the development of precision optical processing equipment is vital for the autonomy of numerous national strategic industries, with its importance underscored by the critical support provided by upstream equipment to the downstream industry chain.

The company's main product lineup includes glass aspheric precision molding machines, ultra-precision single-point diamond lathes, ultra-precision aspheric grinding machines, and optical cold processing automation equipment. Among these, the fully automatic aspheric precision molding machine stands as the core flagship product. After several generations of technological advancements, it has been widely adopted by leading domestic optical companies, achieving domestic substitution and beginning to be exported to optically advanced regions such as Europe, the United States, and Japan. Public information reveals that this product has successfully broken the long-standing monopoly of foreign manufacturers, ranking first in domestic market share in its niche segment over the past two years.

The company has developed over a hundred models of optical processing equipment, serving customers including domestic listed companies such as Yutong Optics, Lianchuang Electronics, and Xinhua Optics. In 2025, as one of the initiating units, it co-established the "Precision Optical Molding Aspheric Industry Chain Consortium" with these companies and Panasonic Japan. The ability to co-build a collaborative platform with leading domestic and international enterprises and key industry chain links indirectly attests to its technological prowess and intermediate product control capabilities.

Additionally, the company was honored with the "Guangdong Provincial Optical Equipment Engineering Technology Research Center" in 2019, received national-level certification as a "Specialized, Fined, Peculiar and Innovative Little Giant" enterprise in 2024, was named a Guangdong Provincial Manufacturing Single Champion in 2025, and clinched the second prize in the Guangdong Provincial Science and Technology Progress Awards in the same year.

Financial data further substantiates its growth trajectory. From 2023 to 2025, the company's revenue stood at 144 million yuan, 201 million yuan, and 341 million yuan, respectively, with net profits attributable to shareholders at 27.94 million yuan, 42.01 million yuan, and 83.21 million yuan. In 2025, revenue increased by 69.5% year-on-year, while net profit surged by 98.1%, with profit growth significantly outpacing revenue growth, indicating the emergence of economies of scale and effective dilution of fixed costs as equipment production scales up.

Key Financial Data

However, amidst its rapid growth, some potential risks warrant attention. The prospectus reveals a pronounced dependency on Yutong Optics as the largest customer—from 2023 to 2025, revenue from Yutong Optics was 48.3599 million yuan, 91.1825 million yuan, and 189 million yuan, respectively, with its proportion of total revenue soaring from 33.56% to 55.51%, exceeding half in 2025.

In fact, the true significance of Jinding Optics' IPO lies not in a single company gaining access to the capital market, but in its representation of China's precision optics industry's upgrade path from component manufacturing to equipment manufacturing.

Over the past two decades, the mainstay of China's optical industry has been capacity expansion and cost advantages, establishing it as the world's largest production base for optical products. However, being a production powerhouse does not equate to being an equipment powerhouse. The long-term dominance of Japanese and German brands in precision optical equipment essentially reflects shortcomings at the "machine tool" level.

Jinding Optics has opted for a more challenging path: becoming a tool provider for optical production. Achieving the top market share in the niche segment of aspheric precision molding machines and exporting back to Europe and the United States proves that this path is viable.

Of course, from being a niche leader to fully participating in international competition, and from aspheric molding machines to a full range of ultra-precision processing equipment, Jinding Optics still has a long journey ahead.

Whether the 758 million yuan in raised funds, earmarked for capacity expansion and technological R&D upgrades, can help the company maintain its competitive edge in the technology race will be a focal point of attention for both the capital market and the industry. OFweek Optics will continue to monitor developments.