Senfeng Laser Receives CSRC Registration Approval for BSE IPO

Source: Xiao Cai Mi

The China Securities Regulatory Commission issued an approval on September 10, consenting to the registration of Jinan Senfeng Laser Technology Co., Ltd.'s public share offering to unspecified qualified investors. The approval document number is "证监许可〔2026〕2432号". The Beijing Stock Exchange project page shows the approval was disclosed on September 24, and the Senfeng Laser project is currently listed as "registered". This marks a milestone in the review and registration process for the company's public offering and listing on the Beijing Stock Exchange.

Founded in 2007, Senfeng Laser established its joint-stock structure in 2021 and is registered in the High-tech Zone of Jinan, Shandong Province. Its controlling shareholders and actual controllers are Li Fengxi and Li Lei, who are husband and wife. The company develops, manufactures, sells and services laser processing equipment and intelligent manufacturing production lines. Its product range includes fiber laser cutting equipment, laser welding equipment, laser cladding equipment, as well as intelligent sheet metal bending centers, flexible sheet metal forming production lines, and integrated automatic loading/unloading and cutting systems.

Fiber laser cutting equipment remains the company's core revenue source. Its products mainly serve industries including construction machinery, automotive parts, bridge and building formwork, prefabricated construction, power transmission towers, coal mining, petrochemical equipment and traditional sheet metal processing. The registration prospectus also mentions emerging fields such as new energy vehicles and high-end agricultural machinery, but the company explicitly discloses that sales in these areas are relatively small and still at an early stage, and they should not be regarded as a current major source of revenue. The company's products have been sold to more than 100 countries and regions, with overseas operations including Senfeng USA, Senfeng Germany and Senfeng Dubai supporting market expansion.

Financial data show that the company's overall business scale has remained above 1 billion yuan, but revenue and profit have not grown in tandem. The registration prospectus discloses that from 2023 to 2025, the company's operating revenue was 1,329.5721 million yuan, 1,296.2960 million yuan and 1,466.8913 million yuan, respectively, while net profit attributable to shareholders of the parent company was 107.9345 million yuan, 100.9977 million yuan and 97.9359 million yuan. Revenue declined in 2024 due to changes in export business, then resumed growth in 2025, but net profit attributable to the parent company fell slightly for two consecutive years. The company explained that government subsidies decreased in 2025; although net profit excluding non-recurring gains and losses rose sharply year on year, net profit attributable to the parent company still edged down.

The financial indicators table in the registration prospectus shows that the company's overall gross margin was 30.29%, 31.55% and 31.12% from 2023 to 2025. R&D investment was 75.0934 million yuan, 64.5522 million yuan and 68.8595 million yuan, accounting for 5.65%, 4.98% and 4.69% of operating revenue, respectively. From January to June 2026, the company's reviewed operating revenue was 824.0534 million yuan, up 16.04% year on year; net profit attributable to shareholders of the parent company was 73.0856 million yuan, up 33.01%; and net profit attributable to the parent company excluding non-recurring gains and losses was 60.8625 million yuan, up 17.46%.

Business concentration is relatively high. From 2023 to 2025, revenue from laser processing equipment was 1,173.9388 million yuan, 1,046.5922 million yuan and 1,069.5823 million yuan, accounting for 91.23%, 86.05% and 81.23% of main business revenue, respectively. Of these, revenue from fiber laser cutting equipment was 1,017.3521 million yuan, 911.5714 million yuan and 923.1578 million yuan, representing more than 85% of laser processing equipment revenue in each year. Revenue from intelligent manufacturing production lines rose from 79.868 million yuan in 2023 to 209.2052 million yuan in 2025, lifting its share of main business revenue from 6.21% to 15.89%, although it remains smaller than the cutting equipment business.

Overseas markets are an important revenue source for Senfeng Laser. From 2023 to 2025, the company's international main business revenue was 849.2994 million yuan, 832.6504 million yuan and 985.9971 million yuan, accounting for 66.00%, 68.46% and 74.88% of main business revenue, respectively. In 2024, export revenue was affected by settlement difficulties in the Russian market and anti-dumping duties in India, among other factors; in 2025, overseas revenue resumed growth as international demand improved. Over the same period, sales to the top five customers accounted for 14.35%, 12.02% and 11.46% of main business revenue, respectively. The customer base is relatively dispersed, but the high share of overseas revenue means that cross-border logistics, exchange rates, local regulation, international trade policy and the geopolitical environment will continue to affect operations.

Along the value chain, the upstream segment for laser processing equipment includes fiber lasers, cutting heads, optical components, CNC systems, and servo and transmission components; the midstream covers cutting, welding, cladding, cleaning, marking and automated production lines; and the downstream spans metal fabrication, automotive, construction machinery, electronic information, new energy and high-end equipment. Competition among equipment makers is not just about machine prices, but also light-source compatibility, motion control, process databases, delivery efficiency, stability and after-sales service.

The 2025 China Laser Industry Development Report shows that China's laser processing equipment market was worth about 91 billion yuan in 2023, 89.7 billion yuan in 2024, and is expected to reach 90.4 billion yuan in 2025. The report also shows that the laser cutting equipment market was worth about 32.05 billion yuan in 2023, or 35.22% of the laser processing equipment market, and is expected to reach 30.43 billion yuan in 2024. However, these figures are industry report statistics or forecasts rather than official data. They are for reference only and cannot be used to derive a single company's market share.

Meanwhile, the laser processing equipment industry is in a phase of mature application diffusion and structural upgrading. As more entrants come into small, low-power equipment, homogenization and price competition have become more pronounced. Large-format, high-power, ultra-wide, tube-and-plate combined, and bevel cutting equipment, as well as flexible production lines, place higher demands on mechanical structures, optical systems, CNC control, process development and on-site delivery. Moving upmarket also means more than raising power: whether equipment can maintain precision, yield and stability over the long term still requires application validation.

Localization of lasers is a key thread in the industry's evolution. In 2024, domestically produced 6 to 10 kW fiber lasers held an 85.7% market share, while lasers above 10 kW reached 73.4%. Domestic supply capability has improved in some power ranges, but beam quality, long-term reliability and process compatibility of high-power lasers still influence equipment selection. Senfeng Laser disclosed that it can produce 1 to 4 kW single-module fiber lasers and 6 to 20 kW multi-module fiber lasers, but self-produced lasers still account for a low share of its products, and the company's laser brand advantage is not yet evident. The company therefore has the technical reserves to extend upstream, but it cannot yet be said that its core lasers are fully independent and controllable.

Downstream demand is also reshaping equipment makers' product strategies. Mature sectors such as construction machinery, traditional sheet metal fabrication and power transmission equipment form the baseline demand for laser cutting, while fields including new energy vehicles, power batteries, energy storage, photovoltaics, semiconductors, communications equipment and aerospace impose higher requirements on welding precision, heat-affected zone control, material compatibility, automation and in-line inspection. New energy vehicle and power battery production drives demand for laser welding, cleaning and precision inspection; high-end equipment and aerospace focus more on complex materials, structural component processing and reliability; semiconductor and precision electronics applications place greater emphasis on micro-processing and thermal damage control. Each scenario requires process development tailored to materials, thicknesses, cycle times and quality standards, rather than simple equipment substitution.

Intelligence, integration and flexibility remain the industry's key investment priorities. Laser equipment is evolving from standalone machines into manufacturing cells with automatic loading and unloading, production scheduling, in-line inspection and remote monitoring capabilities, but actual results depend on the customer's data foundation and on-site processes. Ultrafast lasers, femtosecond lasers, beam shaping and laser additive manufacturing are still being explored for industrialization, with some results at the laboratory, pilot or application-specific validation stage and not directly equivalent to large-scale commercial deployment.

For laser equipment companies, registration is merely one milestone in the capital market process; long-term competitiveness still comes down to product performance, process know-how, customer certification, delivery capability and operating quality. Senfeng Laser has a certain foundation in products, overseas channels and technology, but also faces practical challenges including a high proportion of externally sourced core raw materials, a concentrated product mix, concentrated domestic regional revenue, changing overseas operating environments and long customer development cycles. Whether industry demand translates into corporate profits ultimately depends on whether equipment makers can strike a balance among price, reliability, service and continuous innovation.

       Original title : Senfeng Laser Receives Registration Approval for IPO on the Beijing Stock Exchange