On April 13, Huagong Technology, a domestic leader in optical communications and intelligent manufacturing, officially submitted a listing application to the Hong Kong Stock Exchange and officially launched the "A+H" dual capital platform layout. It also marked the opening of a new chapter for this long-established leading company to connect to the global capital market.
Since April 2026, the optical module industry has performed strongly. On the morning of the 14th, the A-share market regained strong momentum. The GEM Index and the Science and Technology Innovation Composite Index rose sharply, and the optical module sector performed particularly well. Zhongji InnoLight ranked first in A-share trading volume, its stock price reached a record high, and its market value exceeded 850 billion yuan; optical communication leaders such as Xinyi Sheng and Changguang Huaxin also rose simultaneously and reached new highs.
Huagong Technology was founded in 1999 and was born out of Huazhong University of Science and Technology. It was listed on the Shenzhen Stock Exchange in 2000 and was the first listed company in China's laser industry. As of press time, Huagong Technology's share price fell 2.28% to 122.31 yuan, with a total market value of 123 billion yuan.
After more than 20 years of development, Huagong Technology has transformed from a single laser equipment supplier into an industrial group spanning multiple fields such as optical communications, laser equipment, and sensors. The prospectus shows that the company focuses on the full-stack AI capabilities of "sensing, sensing, knowing and using" and has formed three major business matrices with optical interconnection, intelligent sensing and intelligent manufacturing as the core. It provides customers with optical modules, sensors, laser processing equipment and comprehensive solutions, and its business covers more than 90 countries and regions around the world.
At the financial level, the company's performance has maintained steady growth in recent years. From 2023 to 2025, operating income will be 10.310 billion yuan, 11.709 billion yuan, and 14.355 billion yuan respectively, with a compound growth rate of over 13%; net profits during the same period will be 1.003 billion yuan, 1.203 billion yuan, and 1.455 billion yuan respectively.
Ranked sixth in the world for optical interconnection and No. 1 in China for PTC heaters
The optical connection business has been the strongest growing segment of Huagong Technology in recent years, and is also one of the core beneficiaries of the AI computing power wave. In recent years, the optical interconnection business has become the company's first growth curve, with revenue increasing from 3.212 billion yuan in 2023 to 6.097 billion yuan in 2025, and its proportion of total revenue increased from 31.2% to 42.4%. Relying on self-developed single-wavelength 200G silicon photonic chips, the company has achieved independent control of the entire industry chain of high-end optical modules. The silicon photonic chip yield rate and self-supply rate both exceed 90%, and product costs are reduced by more than 30%.
According to Frost & Sullivan, Huagong Technology is the world's sixth largest manufacturer of professional optical interconnect products. 800G and 1.6T optical modules have achieved global mass production. In 2025, it will launch the industry's first 3.2T NPO/CPO solution, and lay out next-generation technologies such as 6.4T NPO and 12.8T XPO, deeply binding the world's leading cloud manufacturers and computing power companies. On the technical roadmap, the company is also laying out VCSEL/EML, silicon photonics and thin film lithium niobate and other directions.
In terms of intelligent sensing business, according to revenue statistics, Huagong Technology's new energy vehicle PTC heater ranks first in the world, with a market share of 67.2% in China, and its customers include mainstream new energy vehicle companies at home and abroad. Its NTC temperature sensor also leads the global market share. The company is currently upgrading from a single sensor to an integrated thermal management system, and extending to cutting-edge fields such as MEMS sensors, embodied intelligence, and low-altitude economy.
The intelligent manufacturing business focuses on laser processing and AI empowerment, providing full-chain services from macro-processing equipment, micro-processing equipment to intelligent manufacturing solutions. According to Frost & Sullivan, Huagong Technology ranked second in China's laser equipment market in 2025, with a market share of 4.4%. It ranks second in the automotive laser equipment market segment and ranks first in the marine laser equipment market segment.
Two-wheel drive of R&D and capital
Continuous investment in R&D is the cornerstone of the company's innovation. From 2023 to 2025, the company's R&D investment was 802 million yuan, 993 million yuan, and 1.092 billion yuan respectively, with a total of more than 2.8 billion yuan; R&D personnel accounted for 28.5%, owned 2,234 patents, took the lead in formulating a total of 139 national and industry standards, and won 5 national science and technology progress awards.
The explosive demand for AI computing power has driven the rapid expansion of the high-speed optical module market. Frost & Sullivan data shows that the global optical module market will reach 162.4 billion yuan in 2025, and is expected to increase to 707.6 billion yuan in 2030, with a compound growth rate of 34.2% from 2025 to 2030. At the same time, the growth rate of the Chinese market is even more significant, with a compound annual growth rate of 36.1% expected from 2025 to 2030. This is mainly due to the advancement of national policies such as the construction of a national integrated computing network, the cluster layout of intelligent computing centers, and the demand for computing infrastructure brought about by the implementation of large AI models.
The prospectus shows that the funds raised by Huagong Technology's Hong Kong stocks are intended to be used for the research and development and production capacity construction of next-generation high-speed optical modules, the industrialization of MEMS sensors, the research and development of high-precision additive manufacturing equipment, central research institute projects, repaying bank loans and supplementing working capital. The company stated that the listing of "A+H" will help it integrate global resources, strengthen technological innovation and global layout, and consolidate its leading position in the fields of optical communications, laser equipment, and sensors.
