A lighting-related company goes public today!

May 11, 2026, Shandong Chunguang Technology Group Co., Ltd. (Stock Code: 301531) (hereinafter referred to as "Chunguang Group") officially went public on the ChiNext Board of the Shenzhen Stock Exchange. On the first day of listing, shares surged over 600%, with the latest price at 94.02 yuan/share, and a current total market capitalization of 20.7 billion yuan.

Chunguang Group is the industry leader in domestic soft magnetic ferrite powder, holding dual identities as a "National Manufacturing Single Champion Enterprise" and a "National Key Little Giant." Its main business revenue consists of soft magnetic ferrite powder, soft magnetic ferrite cores, electronic components, and power supplies , forming an "industry development model supported by magnetic materials, connected by magnetic components, and led by power technology" .

Among them, soft ferrite magnetic powder products contribute more than 80% of the company's revenue. Our products are widely used in new energy vehicles and charging piles, smart homes and smart appliances, communication power supplies and communication equipment, Green lighting, photovoltaic energy storage, IoT, medical fields, etc.

In the lighting sector, our company provides key magnetic materials and power supply solutions for various energy-saving lighting equipment. It is reported that soft ferrite magnetic powder is a core foundational material for LED lighting; after undergoing multiple processes to form magnetic cores, it is used in key components such as high-frequency transformers, power inductors, and EMI filters for LED driver power supplies, achieving voltage conversion, constant current supply, and electromagnetic interference suppression. This directly determines the stability, energy efficiency, and lifespan of lighting equipment, adapting to various lighting scenarios including high-power, smart, and outdoor applications.

In terms of power supply, the company has successively developed AC/DC adapters, open-frame power supplies, DC/DC adapters and many other power products. Sales revenue from power products has continued to grow during the reporting period. The company stated that under the boost of industrial transformation and upgrading, with the continuous improvement in the new energy vehicle, 5G communication, medical equipment, home appliances, Green lighting and data center power markets, the company's product system must be further expanded and optimized, extended downstream to cover more application areas, increase product value-added, and comprehensively and multi-layeredly meet customer needs.

Chunguang Group possesses a comprehensive production management system, specialized production bases, and advanced production equipment. The company's soft magnetic ferrite powder business currently operates multiple production lines covering all stages of the manufacturing process, including material preparation, pelletizing, pre-sintering, vibration grinding, sand grinding, and granulation. In 2024, the company's sales volume of soft magnetic ferrite powder (excluding internal sales) reached 101,600 tons, placing its sales scale and market share at the forefront of the industry. According to the "Certificate" issued by the Magnetic Materials Branch of the China Electronic Materials Industry Association, from 2022 to 2024, the company's sales volume of soft magnetic ferrite powder (excluding internal sales) was 76,800 tons, 82,200 tons, and 101,600 tons respectively, ranking first in China for three consecutive years.

本次发行，春光集团以 13.30 元 / 股的价格公开发行 5493.334 万股新股，占发行后总股本的 25%，募集资金总额 7.31 亿元，扣除发行费用后，募资净额为 6.42 亿元，发行市盈率 26.02 倍。本次募资将重点投向智慧电源磁电材料项目、研发中心升级建设项目及补充流动资金，全面助力公司产能扩张、技术迭代与产业链延伸，巩固行业领先优势。

On the customer side, Chun Guang Group has established a strong brand image and reputation in the industry. Specifically, in soft ferrite core products, the company has become an important supplier to well-known clients such as Shenzhen Kelike Technology Co., Ltd., Bilusi Optoelectronics, Dongguan Dazhong Electronics Co., Ltd., Guangzhou Delong Magneto-Electric Technology Co., Ltd., Shenzhen Sbit Technology Co., Ltd., Delta Electronics Inc., and others, and has entered the supply systems of renowned companies including Hisense and Auswell.

The scale of core products has reached new highs, directly boosting financial data. The company's revenue for 2023-2025 was 930 million yuan / 1.077 billion yuan / 1.154 billion yuan respectively, with a compound annual growth rate (CAGR) of 11.44% over the three years; net profit attributable to parents was 87 million yuan / 99 million yuan / 124 million yuan, with a CAGR of 14.85%, indicating that profit growth outpaced revenue growth.

In Q1 2026, Chun Guang Group achieved revenue of 331 million CNY, a year-on-year increase of 35.91%; net profit attributable to shareholders of the parent company was 29.6848 million CNY, a year-on-year increase of 45.59%; after deducting non-recurring gains and losses, net profit attributable to shareholders of the parent company was 29.1932 million CNY, a year-on-year increase of 47.06%. Regarding the performance growth, Chun Guang Group stated that the main reasons were the continuous growth in demand for emerging markets such as new energy, photovoltaics, AI smart servers, and automotive applications in the downstream magnetic materials sector, along with steady growth in demand in the consumer electronics sector, leading to continued growth in revenue from the company's high-end wide-temperature series material products; partial release and absorption of newly added production capacity from the company's fundraising projects drove an increase in magnetic powder sales; rising prices of raw materials such as manganese oxide and iron oxide pushed up the company's magnetic powder prices.

The prospectus shows that the company's founder and chairman, Han Weidong, and general manager Song Xinglian, are both "technical" entrepreneurs who hold senior engineer titles and the title of leading talent, injecting a deep engineering culture into the company.

报告期内，公司研发费用分别为4144.71万元、5105.15万元和5336.81万元，占营业收入比例始终保持在4.5%左右。这些真金白银被投入到超高频高阻抗材料、宽温低损耗材料、高频低损耗材料等一系列前瞻性技术的攻关中。例如，公司自主研发的“宽温、高直流叠加软磁铁氧体材料制备技术”，使得产品能在-40℃至120℃的极端温度范围内保持性能稳定，完美适配新能源汽车复杂的工况环境；而“高频低损耗软磁铁氧体材料制备技术”则瞄准了5G通信和第三代半导体（SiC、GaN）的高频化趋势，为公司打开了通往未来市场的技术大门。

此次登陆创业板，是春光集团发展历程中的重要里程碑，更是公司抢抓新能源产业机遇、实现跨越式发展的新起点。未来，春光集团将利用研发、技术、市场、品牌、产能和管理等方面的优势，持续巩固和加强公司在软磁铁氧体磁粉领域的领先地位，并持续拓展在智能家居及家电、汽车电子及充电桩、通信设备、数据中心、储能等新兴领域的应用，全面提升公司在磁性材料领域的竞争力和影响力。