Recently, several lighting companies have announced the latest progress in their listing plans. Among them, the listing applications of Yaotai Lighting and Hualai Technology on the Beijing Stock Exchange have been accepted.
Yaotai Shares' IPO application accepted by the Beijing Stock Exchange <br /> According to the official website of the Beijing Stock Exchange, Yaotai Shares' IPO application was accepted on June 27.
Founded in 2006, Yaotai Group is a manufacturer specializing in outdoor lighting products. Headquartered in Yuyao, Zhejiang, known as the "Hometown of Lighting Fixtures," the company initially started as an OEM manufacturer but has gradually transformed into an independent brand operator in recent years, offering four major product series: courtyard lighting, intelligent lighting, solar lighting, and work lighting.
Yaotai Group owns independent brands such as "LUTEC" and "UME". Its products are mainly sold through online platforms such as Amazon and Tmall, as well as offline channels of mainstream European and American retailers such as Costco, Masda and Leroy Merlin.
According to its prospectus, Yaotai Group's sales revenue is mainly from overseas sales. From 2022 to 2024, the company's overseas main operating revenue was RMB 463 million, RMB 469 million, and RMB 535 million, respectively, accounting for 95.60%, 96.76%, and 97.18% of its main business revenue. Among them, revenue from customers in North America and Europe accounted for a relatively high proportion.
In this IPO, Yaotai plans to raise 372 million yuan, of which 151 million yuan will be used for the "Technical Transformation Project of Production Line with an Annual Output of 1.5 Million Sets of LED Appliances", 125 million yuan will be used for the "Construction Project of Intelligent Lighting Fixture Production Base in Thailand", and the remaining funds will be used for the "R&D Center Construction Project" and the "Working Capital Supplement Project".
Hualai Technology's IPO application accepted by the Beijing Stock Exchange
On June 30, according to information from the Beijing Stock Exchange regarding public offerings and listings, Hualai Technology's IPO application has been accepted.
Hualai Technology is a company specializing in smart home products, primarily providing customized solutions for smart cameras, smart lighting, and other products to brands such as Xiaomi, Wyze, and Roku. In this IPO, the company plans to use the funds raised, totaling 318 million yuan, for the "Next-Generation Smart Home Camera Industrialization Project" and the "R&D Center Construction Project."
According to the prospectus, in 2024, Hualai Technology achieved operating revenue of approximately RMB 887 million, a year-on-year decrease of 14.91%; and net profit attributable to the parent company of approximately RMB 82.5238 million, a year-on-year increase of 2.3%. Among them, Xiaomi Communications brought in RMB 241 million in sales to Hualai Technology, accounting for 27.18%, making it the company's second largest customer.
In the field of smart lighting, Hualai Technology has established subsidiaries such as Huaju IoT, Huzhou Hualai, Huzhou Xinju, and Huaju Trading. From 2022 to 2024, the sales revenue of smart lighting products was RMB 81.2989 million, RMB 22.9986 million, and RMB 21.6241 million, respectively, accounting for 9.27%, 2.22%, and 2.45% of the main business revenue.
Although sales revenue from smart lighting declined, Hualai Technology's gross profit margin in this category continued to increase. From 2022 to 2024, the gross profit margin of its smart lighting products was 16.90%, 23.40%, and 42.58%, respectively.
Furthermore, it's worth noting that Hualai Technology's revenue also primarily comes from overseas markets, mainly the US market. In 2024, its overseas sales revenue accounted for 71.72%, with sales revenue from the US accounting for 60.34%.
What is the progress of LED lighting companies going public in 2025?
Besides Yaotai Technology and Hualai Technology, several other LED lighting companies are also expected to make progress on their IPOs in 2025.
Currently, the listing process of companies such as Tongbao Optoelectronics, Xuyu Optoelectronics, Meijin Shares, Hongyibai, and Chuangzheng Electric on the Beijing Stock Exchange is proceeding in an orderly manner, and they are respectively in the stages of acceptance, inquiry, registration, and application.
Among them, Tongbao Optoelectronics, an automotive LED company, entered the inquiry stage for its IPO project in April this year. The total amount of funds to be raised in this IPO is planned to be 330 million yuan, which will be mainly used for projects related to intelligent LED modules, charging and distribution systems and control modules for new energy vehicles.
In the same month, Xuyu Optoelectronics issued an announcement stating that the company's IPO application process with the Beijing Stock Exchange is proceeding in an orderly manner. It is worth mentioning that Xuyu Optoelectronics has entered the growing plant lighting market. At the Guangzhou International Lighting Exhibition in June this year, Xuyu Optoelectronics launched a high quantum efficiency LED solution for plant lighting, which features customizable colors, color rendering index, color temperature, light distribution schemes, and spectra.
In addition, Yufu Lighting and Easystar chose to list on the National Equities Exchange and Quotations (NEEQ). Easystar focuses on the automotive lighting aftermarket, with products covering LED headlights, signal lights, auxiliary lights, etc., and its sales cover the Americas, Asia, Europe and Oceania.
Hango Group chose to list on the Shenzhen Stock Exchange. Its main business involves cabinet lighting. It is understood that cabinet lighting has attracted attention in the industry due to its high growth characteristics, which is also reflected in Hango Group's performance. From 2022 to 2024, Hango Group's operating revenue increased from RMB 1.62 billion to RMB 2.857 billion, with an average annual compound growth rate of 32.78%.
Aigo Holdings chose to list in the United States and officially received the overseas issuance and listing filing notice issued by the China Securities Regulatory Commission in March this year. Aigo Holdings owns two core independent brands, AIGOSTAR and NOBLEZA. Among them, AIGOSTAR lighting products cover multiple fields such as basic lighting, home lighting, and commercial lighting, accounting for more than 30% of the group's performance.
Huasheng Automotive Electronics was successfully listed on the Taiwan Stock Exchange in March of this year. Its actual operating entity is Yilan Auto Parts, which was established in June 2003. It is a company engaged in interior and exterior products such as automotive LED ambient lighting, intelligent automotive LED ambient lighting, automotive projection lights and starry sky electronic sunroof.
With the global popularization of new energy vehicles, Yilan Auto Parts' performance has also risen accordingly. In 2024, it achieved consolidated operating revenue of 465 million yuan and net profit of 60.48 million yuan, doubling compared to 2023. Taking advantage of this listing opportunity, Yilan Auto Parts will be committed to becoming an industry brand of intelligent ambient lighting and innovative automotive components.
In addition, some companies have had their IPOs suspended. On May 30, the Beijing Stock Exchange website disclosed its decision to terminate the listing review of Dongang Technology. It is understood that Dongang Technology is mainly engaged in the research, development, production and sales of professional mobile lighting tools, including multiple series such as folding lights, floodlights, pocket lights, pen lights, long lights and headlamps.
Summary <br /> According to the report "2025 Global LED Lighting Market Trends - Data Database and Manufacturer Strategies," the LED general lighting market experienced negative growth in 2024 due to sluggish demand in the three major markets of Europe, the US, and China, with leading lighting companies seeing an overall decline in revenue. However, the LED smart lighting and niche LED plant lighting markets showed a counter-trend growth.
In other words, while the traditional general lighting market faces challenges, the rapid growth of emerging niche markets has injected new vitality into the industry. Against this backdrop, LED lighting companies are leveraging the power of the capital market to accelerate their expansion into emerging fields such as smart lighting, plant lighting, and automotive lighting, in order to gain a competitive edge in the industry's development.
