Company Profile: Core Business & Key Customer Coverage
On December 8, Chongqing Yulong Optoelectronics Technology Co., Ltd. (hereinafter referred to as Yulong Optoelectronics), a leading enterprise in the field of intelligent control cards for China’s display industry, submitted its prospectus to the ChiNext Board of the Shenzhen Stock Exchange. It is understood that Yulong Optoelectronics was founded in 2014, focusing on the R&D, production and sales of intelligent control cards and precision functional devices for new semiconductor display panels. The company’s intelligent control cards for display are usually applied to medium and large-sized display panels that require independent control circuits, with end applications in tablet computers, laptops, monitors, TVs, vehicle-mounted screens and other fields. (The display control functions of small-sized display panels such as mobile phones and smart wearables are mostly directly integrated into the main processor (SoC) or display driver chips, without external independent “control cards”). Since its establishment, the company has always taken new semiconductor display panels as its core application field, intensively cultivated intelligent control cards and precision functional devices dedicated to LCD display panels, and rapidly expanded the development and application of new technologies in display fields such as OLED and Mini/Micro LED. As one of the earliest domestic manufacturers of display intelligent control cards to enter BOE’s supply system, Yulong Optoelectronics broke the monopoly of foreign-funded manufacturers in the display intelligent control card business in 2014, entered the supply chain system of BOE, a leading semiconductor display panel manufacturer, and gradually became the largest supplier of display intelligent control card business for BOE. Since then, the company has successively entered the supply chain systems of panel manufacturers such as Everdisplay Optronics, CSOT, HKC, Visionox and Tianma Microelectronics, achieving extensive coverage of major leading enterprises in the semiconductor display panel industry.
Financial Performance: Steady Growth with BOE as Major Revenue Driver
In terms of performance, the company’s revenue reached approximately 1.095 billion yuan in 2024, a year-on-year increase of 57%; in the first half of 2025, the company’s revenue was about 598 million yuan, with a net profit attributable to parent company of nearly 70 million yuan. From the perspective of customer structure, BOE is Yulong Optoelectronics’ largest customer. Revenue contributed by BOE has accounted for more than half of the company’s total revenue in the past three years, reaching as high as 79.1% in 2023.
IPO Fundraising Plan: Production Capacity Expansion & Working Capital Supplement
According to the company’s introduction, Yulong Optoelectronics plans to raise approximately 1 billion yuan in this IPO. The funds will be mainly used for three major purposes: the Hefei Yulong production base project, the Chongqing Yulong Phase II project and supplementary working capital. Among them, the total investment of the Hefei Yulong production base project is expected to be 968.5028 million yuan, with 450 million yuan of raised funds to be used. The project plans to build new production lines, workshops, public auxiliary facilities and supporting auxiliary buildings for display intelligent control cards and precision functional devices, and will be equipped with key equipment such as Fuse Assembly Machine—a core device for precision functional device production, which enhances the assembly accuracy of fuses (a key component in display panel power supply systems) by 18% and shortens the production cycle by 25% compared with traditional equipment. After reaching full production capacity, the project can produce nearly 100 million pieces of display intelligent control card products and 3.036 billion pieces of precision functional devices annually.
The total investment of the Chongqing Yulong Phase II project is 535.7144 million yuan, with 250 million yuan of raised funds to be used. The project plans to build new intelligent control card production lines, workshops and supporting auxiliary buildings. After reaching full production capacity, it can achieve an annual output of 49.92 million pieces of intelligent control cards.
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