Zhuimi Technology "Partners" subscribe today, and 2 new stocks are listed | Early news on IPOs

On March 25, companies can apply to issue shares for Morning Light Electric Machine (920011.BJ), which also sees two other new stocks listing: ViewSight Technology (688781.SH) on the STAR Market and Hongming Electronics (301682.SZ) on the ChiNext Market.

一 new stock offering

Morning Light Electric Machine was established in 2001 and specializes in the R&D, production, and sales of micromotors. Its products are mainly used in the cleaning appliance sector, especially vacuum cleaners. In addition to the cleaning appliance sector, the company’s products are also used in power tools and other fields. According to publicly available reports, Morning Light Electric Machine is also set to be the first company to pass review in A-shares in 2026.

In terms of production technology, Morning Light Electric Machine is a “national-level high-tech enterprise.” It has received honors or titles such as the national-level “specialized, refined, unique, and innovative” “Little Giant” enterprise, the Zhejiang “hidden champion” enterprise, and the Zhejiang manufacturing single-item champion培育企业 (cultivation enterprise), among others. As of December 31, 2025, the company has 78 patents, including 8 invention patents.

In addition, based on its deep understanding over many years of the technical requirements and safety standards for vacuum cleaner motors, Morning Light Electric Machine, as one of the primary drafting units, participated in the formulation of 3 national standards, including《Vacuum Cleaner Motors》(GB/T25441-2022),《Safety Requirements for Small-Power Electric Motors》(GB/T12350-2022), and《Test Methods for External Rotor Electric Motors》(GB/T22671-2024). The company’s technical strength and industry influence are widely recognized, and it has become one of the representative enterprises in the micromotor industry for cleaning appliances.

Regarding customer resources, Morning Light Electric Machine has already formed long-term and stable business relationships with many cleaning appliance manufacturers, including Kaiteli, Chuanou Electrical, ProRovdike, AiZhiAi, Chengjie Intelligent, Aipu Electrical, Delmar, 新宝股份, Chunju Electrical, and Powoda, among others. In addition, in recent years, the company has expanded to well-known emerging cleaning appliance customers such as Shitou Technology, ZhuiMi Technology, and YunJing Intelligent. These customers have gradually become important customers of the company.

Also, according to the company’s reply to its inquiry letter, Morning Light Electric Machine has a relatively high market share in the main suction motor market for robot vacuum cleaner base stations, reaching 31.21% in 2024. In 2024, the company’s global market share for main suction motors for cleaning appliances was approximately 16.39%.

In terms of company performance, from 2022 to 2025, Morning Light Electric Machine achieved operating revenues of 495 million yuan, 712 million yuan, 827 million yuan, and 920 million yuan, respectively, and net profits of 58.2728 million yuan, 99.3311 million yuan, 78.6260 million yuan, and 93.4881 million yuan, respectively. Overall, in recent years the company’s performance has maintained a growth trend, but net profit has fluctuated significantly.

In its prospectus, Morning Light Electric Machine reminds that it faces the risk of operating performance decline. Morning Light Electric Machine states that, due to comprehensive factors such as changes in demand in downstream industries, market competition, and cost fluctuations, in 2024 the company’s gross margin and sales net margin for its products declined to some extent, resulting in net profit attributable to owners of the parent company falling by 20.84% compared with the prior year. If downstream market demand fails to meet expectations, the company’s market share sharply declines, or if market competition intensifies in the future and the company’s product competitiveness declines and product sales prices drop significantly, or if the company’s business expansion is not effective and its market share is taken away, or if future imbalances in raw material supply and demand occur and labor costs rise, this may lead to a decline in the company’s operating performance.

Two new stocks listing

ViewSight Technology is a global leading provider of end-to-end microdisplay solutions. Its core products are silicon-based OLED microdisplays, and it also provides value-added services for customers, including strategic product development, optical systems, and complete XR solutions. In April 2024, ViewSight Technology, as a representative of STAR Market innovation enterprises, was featured on the front page of《People’s Daily》, and was evaluated as “having business across the full industry chain, with key technologies applied across multiple scenarios, and market share continuously expanding.”

Publicly available information shows that, owing to advantages such as being lightweight and thin, high contrast, wide color gamut, fast response, high pixel density, and low power consumption, silicon-based OLED microdisplay technology is deeply coupled with AI technology innovation and scenario demands. It is the core hardware for XR devices and has strategic significance in international competition in the AI industry.

As a “Little Giant” enterprise in a key national “specialized, refined, unique, and innovative” focus area, ViewSight Technology is the world’s first company to achieve large-scale production of silicon-based OLED microdisplays based on 12-inch wafer backplanes. It is also one of the very few technology companies globally that have full-stack in-house R&D capabilities for silicon-based OLED “display chips + microdisplays + optical systems,” making it a STAR Market innovation enterprise.

ViewSight Technology’s “ultra-high-resolution silicon-based OLED display devices,” as outcomes of the 2020 project in Anhui Province focused on strengthening weak links in key areas and tackling key technologies, were recognized for breaking the monopoly position of overseas companies such as Sony over related products. The product’s technical level is internationally leading and fills the domestic industry gap.

For customers, ViewSight Technology’s main customers include ByteDance, InnoPanda, RayBird, Lenovo, and others, and it has become the second-largest globally and the first in China in terms of end-to-end microdisplay solution providers. According to a report by Frost & Sullivan, among manufacturers that have already achieved million-level shipments within the industry in 2024, only Sony and ViewSight Technology do so. In 2024, Sony ranked first globally in shipment volume of silicon-based OLED products for XR devices, accounting for approximately 50.8% of total shipments in the entire market; the company ranked second globally and first in China, accounting for 35.2% of total shipments in the entire market.

It is worth noting that ViewSight Technology is facing risks that its R&D projects may not be industrialized or may not meet expectations in industrialization, as well as risks related to customer concentration. On the one hand, in the first halves of 2022 through 2025, ViewSight Technology’s R&D expenses were 237 million yuan, 287 million yuan, 269 million yuan, and 121 million yuan, respectively, accounting for 124.48%, 133.35%, 95.93%, and 80.23% of operating revenue, respectively. On the other hand, from 2022 to the first half of 2025, ViewSight Technology’s sales revenue from its top five customers accounted for 75.59%, 76.62%, 73.61%, and 63.96% of operating revenue for the respective period. Customer concentration was high during the reporting period.

ViewSight Technology reminds that, because the R&D of its main product silicon-based OLED microdisplays requires passing through design and R&D stages as well as numerous process R&D stages, there is some uncertainty regarding R&D outcomes. If R&D projects fail to achieve the company’s R&D goals as expected, or if other unfavorable circumstances occur, it may affect the company’s profitability and the further development of subsequent R&D projects. In addition, in the future, as the company begins mass production and shipments for strategic customers, there is a risk that customer concentration will further increase.

Hongming Electronics mainly engages in the R&D, production, and sales of new electronic components primarily based on resistive-capacitive components. It also involves the field of precision subcomponents. Its products are widely used in industries such as aerospace, weapons equipment, shipping, nuclear industry, consumer electronics, and automotive electronics.

As a long-established domestic electronic components manufacturer, Hongming Electronics currently has mastered multiple core technologies with independent intellectual property rights. At the same time, the company is one of the few full-industry-chain production enterprises in China that has R&D capabilities from high-quality electronic materials (ceramic ceramic materials and conductive paste materials) to electronic components. The company has previously created multiple “firsts” in China, such as the country’s first national military standard production line for organic thin-film dielectric capacitors and the first aerospace-grade MLCC production line.

From 1987 to today, Hongke Electronics has continuously won the title of “Top 100 Electronic Component Enterprises in China” for more than 30 consecutive years and has been rated as a national high-tech enterprise for many years in a row. In 2020, Hongming Electronics was selected in the State Council’s “Science and Technology Innovation Reform Demonstration Enterprises” list and was evaluated by the Reform Office of the State Council as a “benchmark” for the “reform of science and technology innovation.” In 2024, Hongming Electronics was rated as a “Little Giant” enterprise specialized, refined, unique, and innovative by the Ministry of Industry and Information Technology.

In addition, according to a statement issued by the Capacitor Sub-Association of the China Electronic Components Industry Association, the company is the nationwide largest enterprise for the R&D and manufacturing of special MLCC capacitor products, military organic thin-film capacitor products, and military displacement sensor products.

In terms of customers, for many years Hongming Electronics has provided matching support for consumer electronics products such as tablets, laptops, and mobile phones from well-known brand companies including Apple, Lenovo, and Motorola. It has also become one of the important suppliers in Apple’s industry chain. In addition, in recent years, the issuer has actively expanded business opportunities in the new energy vehicle sector and developed new energy battery and automotive electronics structural component products.

It is worth noting that in its prospectus, Hongming Electronics disclosed risks that its operating performance is facing a decline and that its customers are relatively concentrated.

On the one hand, from 2023 to the first half of 2025, the company’s operating revenue and net profit attributable to shareholders of the parent company decreased by 13.33% and 13.43%, and by 8.54% and 34.84%, respectively. In the first half of 2025, the company’s operating revenue and net profit attributable to shareholders of the parent company increased year over year by 2.63% and decreased by 4.80%, respectively.

On the other hand, from 2022 to the first half of 2025, the total sales revenue to its top five customers was 2.01B yuan, 1.81B yuan, 1.5B yuan, and 973 million yuan, respectively. The proportion of these sales to operating revenue was 63.84%, 66.45%, 60.22%, and 63.69%, respectively. The company’s customer concentration is relatively high.

In its prospectus, Hongming Electronics reminds that if, in the future, unfavorable changes occur in cooperation with its main downstream customers, or if new customer expansion plans do not meet expectations, leading to a decline in market share, it may cause major downstream customers to reduce their purchase volume of the company’s products, thereby bringing unfavorable impacts to the company’s operations.

(Source: 21st Century Business Herald)

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