Another one! The billion-yuan headlight leader goes public in Hong Kong! Is the wave of going global coming?

Following Igor's recent announcement to issue H-shares and list on the Hong Kong Stock Exchange, another A-share LED listed company has also begun planning its H-share listing, aiming for the international stage.( Breaking! An A-share LED company officially announces its push for an H-share IPO! )

On the evening of December 3, Xingyu Shares (601799) announced that it is planning to issue overseas shares (H-shares) and go public on The Stock Exchange of Hong Kong Limited, and is currently discussing specific implementation matters with relevant intermediaries.

Xingyu Shares stated that, the current plan for H-share listing aims to deepen its international strategic layout, leverage international capital markets to expand diversified financing channels, and support the company's high-quality development.

The company stated that relevant details have not yet been finalized, and the current H-share listing will not result in changes to the company's controlling shareholder or actual controller.

星宇股份主营汽车车灯的设计、开发、制造及销售业务，具备从设计、模具、工装、电子、注塑、表处、装配的一体化生产能力，产品主要包括汽车前部灯具、后部灯具和内外饰车灯等，目前已进入欧系、日系、美系和中国多家自主品牌整车企业供应链。公司生产的汽车灯具主要应用于新车配套。

Customers cover Volkswagen Germany, FAW-Volkswagen, SAIC Volkswagen, Daimler, Beijing Benz, BMW Germany, Brilliance BMW, General Motors, SAIC-GM, Toyota Japan, FAW-Toyota, GAC-Toyota, Nissan Japan, Dongfeng-Nissan, GAC-Honda, Dongfeng-Honda, FAW Hongqi, Chery Automobile, Geely Automobile, Li Auto, NIO, XPeng, Seres, JAC Motors, BAIC New Energy, and several other domestic and international vehicle manufacturers including a well-known international new energy vehicle maker.

(Source: Xingyu)

Under the global restructuring of the automotive industry and the waves of intelligent driving and new energy, behind this capital move lies not only Xingyu's strategic determination to deepen internationalization but also a microcosm of Chinese lighting enterprises collectively "breaking through by going overseas".

Currently, the lighting market is shifting from incremental competition to stock game , intensifying involution, but many products are in a stock market domestically while becoming an incremental market abroad . For instance, export data for the "new three items" — new energy vehicles, photovoltaics, and power batteries — is very prominent. Therefore, many companies are breaking through through practices such as global layout, walking with two legs: domestic and foreign markets.

In terms of new energy vehicles, as the penetration rate of new energy vehicles increases, the concentration of the domestic headlight market continues to rise, while there are still large blank areas in the overseas market. Taking Xingyu as an example, although its revenue reached 13.253 billion yuan in 2024, 96% of its revenue still relies on the domestic market, with overseas business accounting for only 4%, compared to the global market size, the growth potential is huge. At the same time, peers such as Foshan Lighting are also accelerating their overseas layout, and the wave of industry going overseas has already taken shape.

近年来，星宇股份加大海外市场开拓力度，并在塞尔维亚设立工厂，伴随着产能释放，公司海外营收规模呈现攀升态势，2024年海外收入约为5亿元，虽然占比不高，但同比增幅为49%。除此之外，公司还在墨西哥和美国注册了子公司，进一步完善海外布局。

(Source: 2024 Annual Report)

在新产品研发方面，公司与产业链伙伴共同开发的iVISION智眸大灯，融合了各自领域的技术优势，已开展产业化相关验证和客户端技术推介。与此同时，公司在HD-ADB前照灯、DLP投影交互等智能车灯领域形成优势相关技术已同步应用于海外配套项目。这些技术储备恰好契合了海外市场对智能车灯的刚需，成为其撬开国际高端市场的“金钥匙”。

In terms of performance, Xingyu Shares has maintained a steady growth trend in recent years. In 2024, it achieved revenue of 13.253 billion yuan, a year-on-year increase of 29.32%, and net profit attributable to shareholders of the listed company of 1.408 billion yuan, a year-on-year increase of 27.78%.

In the first three quarters of this year, revenue reached 10.71 billion yuan, a year-on-year increase of 16.09%; net profit was 1.141 billion yuan, a year-on-year increase of 16.76%. Currently, the company has a robust order book. As of the end of the third quarter this year, the company has undertaken new product development projects for more than 70 vehicle models from multiple clients. The dual guarantee of production capacity and orders gives greater confidence to its overseas expansion.

It is worth mentioning that while advancing overseas expansion and an IPO on the Hong Kong Stock Exchange, Xingyu is quietly positioning itself in another track, launching a "headlights + robotics" drive model.

今年10月，星宇股份成立了常州星宇智能机器人有限公司，注册资本1亿元，涉足机器人领域。10月16日，星宇股份又马不停蹄地与节卡机器人股份有限公司签署战略合作协议，双方将在具身智能机器人创新、智能制造升级、产业链协同三大领域开展深度合作，推动人工智能与汽车产业、机器人产业融合发展。

According to the agreement, the two parties will mainly focus on three core directions for cooperation: first, joint innovation in the field of embodied intelligence, developing and manufacturing an integrated intelligent terminal "sensing-lighting-display-projection-interaction" to promote the implementation of intelligent robot interaction scenarios; second, through the fusion of robots and AI algorithms, promoting innovative applications of embodied intelligent products in fields such as intelligent manufacturing of automotive parts; third, sharing technical standards and scenario data to promote the localization of upstream core components of intelligent robots and innovation in downstream application scenarios.

从冲刺港股打通海外融资渠道，到布局全球生产基地，再到跨界机器人探索新增长极，星宇股份正以“国际化+智能化”双轮驱动，向“智能制造解决方案提供商”全面转型。这场跨界与出海的双重战役，能否让星宇在全球市场复制车灯领域的成功？智能机器人业务又将带来怎样的想象空间？欢迎在评论区留下你的观点。