A lighting-related company went public today!

On May 11, 2026, Shandong Chunguang Technology Group Co., Ltd. (stock code: 301531) (hereinafter referred to as "Chunguang Group") officially listed on the GEM of the Shenzhen Stock Exchange. It surged over 600% on the first day of listing, with the latest price at 94.02 yuan per share, and the current total market value is 20.7 billion yuan. Chunguang Group is the leader in the domestic soft ferrite magnetic powder industry and has the dual status of "National Manufacturing Single Champion Enterprise" and "National Key Little Giant". The main business income consists of soft ferrite magnetic powder, soft ferrite core, electronic components and power supply, forming an industrial chain development model of "supported by magnetic materials, using magnetic components as a link, and led by power supply technology" .

Among them, soft ferrite magnetic powder products contribute more than 80% of the company's revenue. The company's products 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, Internet of Things, medical and other fields. In terms of lighting, the company's products provide key magnetic materials and power solutions for various energy-saving lighting equipment. It is reported that soft ferrite magnetic powder is the core basic material of LED lighting. After being made into a core through multiple processes, it is used in key components such as high-frequency transformers, power inductors, and EMI filters of LED drive power supplies to achieve voltage conversion, constant current power supply, and electromagnetic interference suppression. It directly determines the stability, energy efficiency, and lifespan of lighting equipment, and is suitable for various lighting scenarios such as high-power, smart, and outdoor. In terms of power supply, the company has successively developed many power supply products such as AC/DC adapters, open power supplies, and DC/DC adapters. The sales revenue of power supply products continued to grow during the reporting period. The company stated that with the help of industrial transformation and upgrading, the new energy vehicles, 5G communications, medical equipment, home appliances, green lighting and big data center power supply markets continue to improve. 

The company's product system must be further expanded and optimized, extending downstream to cover more application fields, increase product added value, and meet customer needs in an all-round and multi-level manner. Chunguang Group has a complete production management system, specialized production base and advanced production equipment. The company's soft ferrite magnetic powder business currently has multiple production lines, covering the entire production process of batching, pelletizing, pre-burning, vibration grinding, sanding, granulation and other production processes. In 2024, the company's soft ferrite magnetic powder sales (excluding internal sales) reached 10.1. 60,000 tons, with sales volume and market share leading 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 soft ferrite magnetic powder sales (excluding internal sales) were 76,800 tons, 82,200 tons, and 101,600 tons respectively, ranking first in the country for three consecutive years.

In this issuance, Chunguang Group publicly issued 54.93334 million new shares at a price of 13.30 yuan per share, accounting for 25% of the total share capital after the issuance, and raised a total of 731 million yuan. After deducting issuance expenses, the net amount of funds raised was 642 million yuan, and the issuance price earnings The rate is 26.02 times. The funds raised this time will focus on smart power supply magnetoelectric material projects, R&D center upgrade and construction projects and supplementary working capital to comprehensively assist the company's production capacity expansion, technology iteration and industrial chain extension, and consolidate its industry leading advantages. In terms of customers, Chunguang Group has established a good brand image and customer reputation in the industry. Among them, in terms of soft magnetic ferrite core products, the company has become an important supplier to well-known customers such as Shenzhen Click Technology Co., Ltd., Bilux Optoelectronics, Dongguan Dazhong Electronics Co., Ltd., Guangzhou Delong Magnetoelectric Technology Co., Ltd., Shenzhen Sbit Technology Co., Ltd., Delta Electronics Industry Co., Ltd., and has entered the market of Hisense, Auswell Supply system of well-known companies. The scale of core products has repeatedly reached new highs, directly boosting financial data. The company will achieve operating income of 930 million yuan/1.077 billion yuan/1.154 billion yuan respectively from 2023 to 2025, with a compound growth rate of 11.44% in three years; net profit attributable to the parent company is 87 million yuan/99 million yuan/124 million yuan, with a compound growth rate of 14.85%, and the profit growth rate is higher than the revenue growth rate. In the first quarter of 2026, Chunguang Group achieved operating income of 331 million yuan, a year-on-year increase of 35.91%; net profit attributable to shareholders of the parent company was 29.6848 million yuan, a year-on-year increase of 45.59%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 29.1932 million yuan, a year-on-year increase of 47.06%. Tuan said that the main reason is that the demand for magnetic materials in emerging markets such as downstream new energy, photovoltaics, AI smart servers, and vehicle-mounted applications continues to grow, and the demand in the consumer electronics field is rising steadily. The company's high-end wide-temperature series material product revenue continues to grow; some of the new production capacity of the company's investment projects are released and digested, driving the sales of magnetic powder to increase; the increase in the price of raw materials such as manganese oxide and iron oxide drives the company's magnetic powder price growth. The prospectus shows that the company's founder and chairman Han Weidong and general manager Song Xinglian are both "technical" entrepreneurs with the title of senior engineer and leading talent, and have injected a profound engineering culture into the company. During the reporting period, the company's R&D expenses were 41.4471 million yuan, 51.0515 million yuan and 53.3681 million yuan respectively, accounting for 53.3681 million yuan of operating income. The ratio has always remained around 4.5%. These real gold and silver have been invested in a series of forward-looking technologies such as ultra-high-frequency high-impedance materials, wide-temperature low-loss materials, and high-frequency low-loss materials. For example, the company's independently developed "wide-temperature, high-DC superimposed soft ferrite material preparation technology" enables the product to maintain stable performance in the extreme temperature range of -40°C to 120°C, perfectly adapting to the complex working environment of new energy vehicles; while the "high-frequency low-loss soft ferrite material preparation technology" targets the high-frequency trend of 5G communications and third-generation semiconductors (SiC, GaN), opening the company's technological door to the future market.

As a key basic material in the electronic information industry, the application value of soft ferrite has become increasingly prominent and is widely used. It is applied to various sensors and inductance components to deeply support the rapid development of new energy vehicles, Internet of Things, artificial intelligence, humanoid robots and other emerging tracks. This listing on the GEM is an important milestone in the development history of Chunguang Group, and it is also a new starting point for the company to seize opportunities in the new energy industry and achieve leapfrog development. In the future, Chunguang Group will use its advantages in R&D, technology, market, brand, production capacity and management to continue to consolidate and strengthen the company's leading position in the field of soft ferrite magnetic powder, and continue to expand applications in emerging fields such as smart homes and home appliances, automotive electronics and charging piles, communication equipment, data centers, energy storage, etc., to comprehensively enhance the company's competitiveness and influence in the field of magnetic materials.

As a key basic material in the electronic information industry, the application value of soft ferrite has become increasingly prominent and is widely used. It is applied to various sensors and inductance components to deeply support the rapid development of new energy vehicles, Internet of Things, artificial intelligence, humanoid robots and other emerging tracks. This listing on the GEM is an important milestone in the development history of Chunguang Group, and it is also a new starting point for the company to seize opportunities in the new energy industry and achieve leapfrog development. In the future, Chunguang Group will use its advantages in R&D, technology, market, brand, production capacity and management to continue to consolidate and strengthen the company's leading position in the field of soft ferrite magnetic powder, and continue to expand applications in emerging fields such as smart homes and home appliances, automotive electronics and charging piles, communication equipment, data centers, energy storage, etc., to comprehensively enhance the company's competitiveness and influence in the field of magnetic materials.

In this issuance, Chunguang Group publicly issued 54.93334 million new shares at a price of 13.30 yuan per share, accounting for 25% of the total share capital after the issuance, and raised a total of 731 million yuan. After deducting issuance expenses, the net amount of funds raised was 642 million yuan, and the issuance price earnings The rate is 26.02 times. The funds raised this time will focus on smart power supply magnetoelectric material projects, R&D center upgrade and construction projects and supplementary working capital to comprehensively assist the company's production capacity expansion, technology iteration and industrial chain extension, and consolidate its industry leading advantages. In terms of customers, Chunguang Group has established a good brand image and customer reputation in the industry. Among them, in terms of soft magnetic ferrite core products, the company has become an important supplier to well-known customers such as Shenzhen Click Technology Co., Ltd., Bilux Optoelectronics, Dongguan Dazhong Electronics Co., Ltd., Guangzhou Delong Magnetoelectric Technology Co., Ltd., Shenzhen Sbit Technology Co., Ltd., Delta Electronics Industry Co., Ltd., and has entered the market of Hisense, Auswell Supply system of well-known companies. The scale of core products has repeatedly reached new highs, directly boosting financial data. The company will achieve operating income of 930 million yuan/1.077 billion yuan/1.154 billion yuan respectively from 2023 to 2025, with a compound growth rate of 11.44% in three years; net profit attributable to the parent company is 87 million yuan/99 million yuan/124 million yuan, with a compound growth rate of 14.85%, and the profit growth rate is higher than the revenue growth rate. In the first quarter of 2026, Chunguang Group achieved operating income of 331 million yuan, a year-on-year increase of 35.91%; net profit attributable to shareholders of the parent company was 29.6848 million yuan, a year-on-year increase of 45.59%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 29.1932 million yuan, a year-on-year increase of 47.06%. Tuan said that the main reason is that the demand for magnetic materials in emerging markets such as downstream new energy, photovoltaics, AI smart servers, and vehicle-mounted applications continues to grow, and the demand in the consumer electronics field is rising steadily. 

The company's high-end wide-temperature series material product revenue continues to grow; some of the new production capacity of the company's investment projects are released and digested, driving the sales of magnetic powder to increase; the increase in the price of raw materials such as manganese oxide and iron oxide drives the company's magnetic powder price growth. The prospectus shows that the company's founder and chairman Han Weidong and general manager Song Xinglian are both "technical" entrepreneurs with the title of senior engineer and leading talent, and have injected a profound engineering culture into the company. During the reporting period, the company's R&D expenses were 41.4471 million yuan, 51.0515 million yuan and 53.3681 million yuan respectively, accounting for 53.3681 million yuan of operating income. The ratio has always remained around 4.5%. These real gold and silver have been invested in a series of forward-looking technologies such as ultra-high-frequency high-impedance materials, wide-temperature low-loss materials, and high-frequency low-loss materials. For example, the company's independently developed "wide-temperature, high-DC superimposed soft ferrite material preparation technology" enables the product to maintain stable performance in the extreme temperature range of -40°C to 120°C, perfectly adapting to the complex working environment of new energy vehicles; while the "high-frequency low-loss soft ferrite material preparation technology" targets the high-frequency trend of 5G communications and third-generation semiconductors (SiC, GaN), opening the company's technological door to the future market.
As a key basic material in the electronic information industry, the application value of soft ferrite has become increasingly prominent and is widely used. It is applied to various sensors and inductance components to deeply support the rapid development of new energy vehicles, Internet of Things, artificial intelligence, humanoid robots and other emerging tracks. This listing on the GEM is an important milestone in the development history of Chunguang Group, and it is also a new starting point for the company to seize opportunities in the new energy industry and achieve leapfrog development. In the future, Chunguang Group will use its advantages in R&D, technology, market, brand, production capacity and management to continue to consolidate and strengthen the company's leading position in the field of soft ferrite magnetic powder, and continue to expand applications in emerging fields such as smart homes and home appliances, automotive electronics and charging piles, communication equipment, data centers, energy storage, etc., to comprehensively enhance the company's competitiveness and influence in the field of magnetic materials.