Xingyu has filed a second application to list on the main board of the Hong Kong Stock Exchange, reviving its A plus H dual listing plan that was shelved half a year ago. The prospectus shows that from 2023 to 2025, revenue was 10.248 billion yuan, 13.253 billion yuan, and 15.257 billion yuan, while net profit was 1.102 billion yuan, 1.408 billion yuan, and 1.624 billion yuan. However, both revenue and net profit growth rates have been declining, with revenue growth in the first quarter of 2026 falling to 10.84 percent. The problem of a single business structure is prominent: revenue from automotive lighting products accounts for as much as 94.14 percent of main business revenue. Growth in the traditional fuel-vehicle lighting business has stalled, while the new intelligent lighting business has yet to generate revenue at scale. In the first nine months of 2025, intelligent lighting revenue made up only 16.2 percent of total revenue. Overseas business gross margin plunged from 26.08 percent in 2023 to 3.65 percent in 2025, mainly because the capacity utilization rate at its Serbia plant was below 60 percent and it was bidding low to win orders. Yet the company still plans to use Hong Kong IPO proceeds for the second-phase expansion project in Serbia. Customer concentration is relatively high, with the top five customers contributing 64.7 percent of revenue in 2025.
Changzhou Xingyu Automotive Lighting Systems Co LtdOverseas gross margin plunged to 3.65% and growth is slowing, yet it proceeds with IPO for expansion.
