Mass production of intelligent projection headlights begins! Xingyu Lighting files for Hong Kong IPO, annual revenue exceeds 10 billion yuan | Hong Kong Stock Express

Source: Times Business Research Institute Author: Times Business Research Institute

Source: Times Business Research Institute

Author: Intern Chen Jiajie

Editor: Zheng Lin

On January 27, 2026, Changzhou Xingyu Vehicle Lamp Co., Ltd. (hereinafter referred to as 'Xingyu Lighting', 601799.SH), a comprehensive vehicle lamp assembly manufacturer and design solution provider in China, officially submitted its listing application to the Hong Kong Stock Exchange, aiming to achieve an 'A+H' dual listing structure. Huatai International acts as the exclusive sponsor. The company's headquarters is located in Changzhou National High-tech Industrial Development Zone. Starting from a small vehicle lamp factory in Changzhou, after nearly 30 years of development, Xingyu Lighting has grown into one of the few global leading enterprises with independent research and development capabilities for complete vehicle lighting systems.

Xingyu Lighting boasts an extensive global production and R&D network. According to the prospectus, as of September 30, 2025, the company currently operates 12 factories worldwide, covering key automotive industry hubs such as Changchun and Foshan domestically, while its overseas base in Serbia began operations in 2024, forming a preliminary production capacity network spanning Eurasia. Meanwhile, according to the official website, the company owns multiple high-level R&D platforms, including a national-level enterprise technology center and a national industrial design center, as well as postdoctoral workstations and European academician workstations. Over the past three years, R&D investment has exceeded 3 billion yuan cumulatively, supporting technological upgrades from traditional halogen lamps to digital projection headlights.

Optimization of revenue structure, intelligent vehicle lamps become a new growth driver. According to the prospectus, from 2023 to the first three quarters of 2025, Xingyu Lighting’s revenue increased from 10.248 billion yuan to 10.710 billion yuan (first three quarters), with the proportion of intelligent headlamp and taillight income rising from 0.3% to 16.2%. From 2023 to the first three quarters of 2025, the company's gross profit margin was 20.5%, 19.1%, and 19.3%, respectively, indicating stable profitability. Despite facing pressure from rising raw material costs, the company's net profit for the first three quarters of 2025 still reached 1.141 billion yuan, with a net profit margin maintained at 10.6% to 10.8%.

According to the prospectus, in the field of intelligent vehicle lamps, the company has achieved mass production of DLP (Digital Light Processing) million-pixel projection headlights. This technology enables high-precision adaptive lighting and dynamic light carpet projection functions and has been applied to multiple high-end models. The prospectus shows that, as of September 30, 2025, the company holds over 2,800 global patents. In 2022, the company led the formulation of ISO/TS 5385:2022, the first approved ISO standard in China’s automotive lighting industry. The company is also actively laying out Micro-LED, Mini-LED, and other next-generation display technologies.

Customer base covers top global automakers. Xingyu Lighting has established supply relationships with nine of the world's top ten automakers, including BMW, Volkswagen, Toyota, Honda, HarmonyOS Intelligent Mobility, Chery, Geely, Li Auto, Nio, XPeng, and BYD. The customer mix is strong, covering markets across Asia, Europe, and the Americas.

The equity structure is clear, with concentrated shareholding by parties acting in concert. According to the prospectus, Chairwoman of the Board, Executive Director, and General Manager Zhou Xiaoping directly holds approximately 42.00% of the shares and indirectly holds 6.19% through Xingyu Investment. Sun Exiaoxiao directly holds 6.11%, and the two are parties acting in concert.

Xingyu Auto Lighting flagged in its prospectus that the company faces multiple risks: high client concentration, with sales to the top five clients accounting for over 66%, indicating a significant reliance on key original equipment manufacturers (OEMs). Fluctuations in orders from core clients or changes in cooperative relationships could significantly impact revenue. The industry experiences rapid technological iteration, and the commercialization of R&D outcomes remains uncertain. Global capacity expansion brings challenges in operational management, quality control, and supply chain stability at overseas production bases. Additionally, the company must navigate cross-border legal compliance, exchange rate fluctuations, and geopolitical changes in the macro environment, which could cause volatility in its overseas business and supply chain.

Xingyu Auto Lighting's upcoming IPO in Hong Kong represents a significant milestone in its development. With the penetration rate of new energy vehicles surpassing 40%, Xingyu Auto Lighting is well-positioned to leverage its dual advantages in 'technology + supply chain' to further solidify its competitive edge in the global intelligent automotive lighting market, valued at over a hundred billion dollars.

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