Multiple lighting companies rush for IPOs: Is the wave of LED industry listings heating up again?
The lighting industry is witnessing a surge in IPOs, with multiple companies disclosing new developments in capital operations. The latest progress shows that,Ningbo Yaotai Optoelectronics Technology Co., Ltd. (hereinafter referred to as “Yaotai Shares”)and Tianjin Hualai Technology Co., Ltd. (hereinafter referred to as “Hualai Technology”) have had their Beijing Stock Exchange IPO applications officially accepted, marking a significant breakthrough in their listing processes.
Yaotai Shares’ IPO application accepted by the CSRC
According to the official website of the Beijing Stock Exchange, on June 27, Yaotai Shares’ IPO application was accepted.
Yaotai Shares was established in 2006, with its headquarters located in Yuyao, Zhejiang, known as the "Home of Luminaires". It is a company focused on the manufacturing of outdoor lighting products. The company initially developed through OEM production and has gradually transformed into an independent brand operator in recent years, forming four major product series: garden lighting, smart lighting, solar lighting, and work lighting.
The company owns independent brands such as "LUTEC" and "UME", with diversified sales channels. Online, it relies on platforms like Amazon and Tmall, while offline, it sells through mainstream European and American retailers such as Costco, Masda, Leroy Merlin, and others.
耀泰股份的营收结构呈现明显的"外向型"特征。根据招股书披露的财务数据：2022-2024年期间，公司境外主营业务收入持续增长，分别为4.63亿元、4.69亿元和5.35亿元，年均复合增长率达7.5%。更值得注意的是，境外收入占主营业务收入的比重逐年提升，从2022年的95.60%攀升至2024年的97.18%，显示出公司对海外市场的高度依赖。从区域分布来看，北美和欧洲市场构成了耀泰股份的核心收入来源。这两个地区客户贡献的营收在公司整体收入中占据重要地位，反映出公司在发达经济体市场的竞争优势和业务渗透能力。
耀泰股份本次IPO计划募集资金3.72亿元，将重点投向四大领域：1.51亿元用于"年产150万套LED器具生产线技术改造项目"，通过提升产线自动化水平来增强生产效率；1.25亿元用于建设"泰国智能照明灯具生产基地"，以完善全球化产能布局；部分资金将投入研发中心建设，强化企业核心技术研发能力；剩余资金则用于补充流动资金，进一步优化公司财务结构。
Hualai TechnologyIPO application accepted by the CSRC
The latest announcement from the Beijing Stock Exchange shows that Hualai Technology's IPO application was officially accepted on June 30.
As a smart home solution provider, Hualai Technology focuses on providing customized product services for well-known brand customers. The company's main partner clients include industry-leading enterprises such as Xiaomi, Wyze, and Roku, for whom it provides R&D design and manufacturing services for series of products including smart cameras and smart lighting.
Hualai Technology plans to raise 318 million yuan in this IPO, mainly for two strategic projects: First, investing in the construction of the "New Generation Smart Home Camera Industrialization Project" to expand the production capacity of core products; second, advancing the "R&D Center Construction Project" to continuously enhance technological innovation capabilities.
According to the prospectus, in 2024, Hualai Technologyachieved annual revenue of RMB 887 million, a year-on-year (YoY) decline of 14.91%; however, despite the drop in revenue, net profit attributable to shareholders still achieved a 2.3% YoY growth, reaching RMB 82.5238 million, demonstrating strong cost control and profitability. It is worth noting that the company has a high customer concentration, with its second-largest customer, Xiaomi Communications, contributing sales of RMB 241 million, accounting for 27.18% of total revenue.
Hualai Technology has laid out its presence in the smart lighting sector through subsidiaries such as Huaju IoT and Huzhou Hualai. Between 2022 and 2024, the company's sales revenue from smart lighting products decreased from RMB 81.2989 million to RMB 21.6241 million, with its share of main business revenue shrinking from 9.27% to 2.45%. However, during the same period, the gross profit margin of this business segment improved significantly, rising sharply from 16.90% to 42.58%, reflecting the effectiveness of continuous product structure optimization.
From a market distribution perspective, the company's revenue mainly comes from overseas markets. In 2024, overseas sales accounted for 71.72% of total revenue, with the US market contributing 60.34% of revenue, making it the company's most important source of income.
In addition, Shenzhen Yufu Lighting Co., Ltd., a national-level "Specialized, Refined, Differential, and Innovative" Little Giant enterprise in the fifth batch, has had its application for listing on the New Third Board accepted. The company plans to list 30 million shares on the Innovation Layer of the New Third Board.
Diverging IPO Trends Among LED Lighting Companies in 2025
In 2025, the IPO dynamics of LED lighting companies showed a distinct divergence. On one hand, companies such as Tongbao Optoelectronics and Xuyu Optoelectronics are steadily advancing their listing processes on the Beijing Stock Exchange. They precisely focus on emerging sectors like automotive LED and horticultural lighting, using raised funds to increase investment in R&D and expand production capacity, actively striving to seize the high ground in industry development. Taking Tongbao Optoelectronics as an example, it allocates raised funds to projects such as smart LED modules for new energy vehicles, aligning with the major trend of NEV adoption; Xuyu Optoelectronics has entered the horticultural lighting sector, launching LED solutions with high photon quantum efficiency, demonstrating its keen grasp of opportunities in niche markets.
On the other hand, some companies face obstacles in their listing processes, such as Dongang Technology, whose IPO was terminated. This reflects that during the critical period of industry transformation and upgrading, competition among enterprises is becoming increasingly fierce. Only those companies with outstanding advantages in technological innovation, market layout, and performance growth can stand out in the wave of IPOs.
From a broader perspective, the LED lighting industry is in a critical stage of transitioning from traditional lighting to smart lighting and green lighting. Different companies, based on their own development strategies and resource endowments, have chosen differentiated listing paths and market layouts. Whether listing on mainstream exchanges at home or abroad, being listed on the New Third Board, or deeply cultivating niche fields, these are all important measures for companies to respond to industry changes and seek long-term development.
In this process, companies need to continuously enhance their core competitiveness, strengthen technological innovation, optimize product structures, and expand market channels to adapt to the new requirements of industry development. At the same time, regulatory authorities should further improve the capital market system to create a favorable environment for companies' listing financing and standardized development. Only through benign interaction between enterprises and the market can the LED lighting industry achieve higher-quality development, and occupy a more advantageous position in the competition in the global lighting market.
