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.

In this offering, Chun Guang Group publicly issued 54.93334 million new shares at a price of RMB 13.30 per share, accounting for 25% of the total share capital after the issuance. The total funds raised amounted to RMB 731 million, with net proceeds of RMB 642 million after deducting issuance expenses. The issuance P/E ratio was 26.02 times. The proceeds will be primarily invested in the Smart Power Magnetic and Electrical Materials Project, the R&D Center Upgrade and Construction Project, and supplementary working capital, comprehensively supporting the company's production capacity expansion, technology iteration, and industry / supply chain extension, thereby consolidating its leading position in the Industry.

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.

During the reporting period, the Company's R&D expenses were RMB 41.4471 million, RMB 51.0515 million, and RMB 53.3681 million, respectively, consistently accounting for approximately 4.5% of Revenue. These substantial investments were directed toward breakthroughs in a series of forward-looking technologies, including ultra-high-frequency high-impedance materials, wide-temperature low-loss materials, and high-frequency low-loss materials. For instance, the Company's independently developed "preparation technology for wide-temperature, high-DC-bias soft magnetic ferrite materials" enables products to maintain stable performance across an extreme temperature range of -40°C to 120°C, perfectly adapting to the complex operating conditions of new energy vehicles. Meanwhile, the "preparation technology for high-frequency low-loss soft magnetic ferrite materials" targets the high-frequency trends in 5G communications and third-generation semiconductors (SiC, GaN), opening the door to future markets for the Company.

This listing on the ChiNext Board marks a significant milestone in Chun Guang Group's development journey and serves as a new starting point for the company to seize opportunities in the new energy Industry and achieve leapfrog growth. Looking ahead, Chun Guang Group will leverage its advantages in R&D, technology, market, brand, Production capacity, and management to continuously consolidate and strengthen its leading position in the field of soft magnetic ferrite powders, while expanding applications in emerging sectors such as smart home appliances, automotive electronics and charging piles, communication equipment, data centers, and energy storage, thereby comprehensively enhancing the company's competitiveness and influence in the magnetic materials sector.