Frost & Sullivan
Changchun Changguang Chenxin Microelectronics Co., Ltd. (Stock Code: 3277.HK) successfully listed on the Main Board of the Hong Kong Capital Market on April 17, 2026. The company is a leading enterprise in China focusing on high-end CMOS image sensors (CIS), mainly providingIndustrial imagingAs well as high-spec CIS products in fields such as scientific imaging. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Changchun Changguang Chenxin Microelectronics Co., Ltd. We hereby extend our warmest congratulations on its successful listing.
Changchun Changguang Chenxin Microelectronics Co., Ltd. (hereinafter referred to as 'Changguang Chenxin') successfully went public on April 17, 2026. The company plans to issue a total of 65.2942 million H shares globally, of which 10% will be publicly offered in Hong Kong and 90% internationally. The issue price per share is HK$39.88, with an estimated net proceeds from the global offering of approximately HK$2.604 billion.
During the process of listing in Hong Kong, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport big data (statistical data as of March 31, 2026), from January to March 2026, as well as during the past 12 and 36 months, Frost & Sullivan provided listing industry advisory services to 30 companies (market share 77%), 101 companies (market share 73%), and 195 companies (market share 71%) on Hong Kong stock exchanges, ranking first in terms of number. It has rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related institutions.
PART/1
Investment Highlights
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In 2024, the company was listed as one of the first batch of provincial-level manufacturing single champion enterprises in Jilin Province;
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In 2024, the company was designated as a National Key Little Giant Enterprise;
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In 2023, the company was awarded the title of a specialized, refined, distinctive and innovative small and medium-sized enterprise in Zhejiang Province;
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In 2022, the company was honored as a national-level specialized, refined, distinctive, and innovative little giant enterprise.
According to the Frost & Sullivan report for the year ending December 31, 2024:
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Ranked third among global CIS companies by global industrial imaging revenue;
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Ranked third among global CIS companies by global scientific imaging revenue;
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Ranked first among global CIS companies by industrial imaging revenue in China;
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Ranked first among global CIS companies in terms of revenue from scientific imaging in China.
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Global CIS Market Overview
From 2020 to 2024, global CIS revenue increased from RMB 127.5 billion to RMB 139.1 billion, with a compound annual growth rate of 2.2%. During the period from 2021 to 2023, market growth slowed down due to weak demand for consumer electronics, inventory reduction in channels, and price pressure from order adjustments after the pandemic. In 2024, consumer applications still accounted for more than 71% of the market share, but the overall product structure continued to upgrade towards higher-value segments. Among them, industrial imaging, medical imaging, and scientific imaging had compound annual growth rates of 12.2%, 29.1%, and 10.3% respectively from 2020 to 2024, all faster than the overall market growth rate.
In consumer CIS, the proportion of high-end smartphones increased from 15.8% in 2020 to 25.6% in 2024, reflecting a continuous trend towards higher-end consumption markets. The compound annual growth rate (CAGR) of CIS revenue in the high-end smartphone segment from 2020 to 2024 was 12.4%, while the CAGR for other consumer segments during the same period was -3.4%. Looking ahead, it is expected that global CIS revenue will recover from RMB 155.5 billion in 2025 to RMB 210.3 billion in 2029, with a CAGR of 7.8%, mainly driven by demand recovery and increased contributions from automotive, industrial, and medical applications.
In addition, the increase in the number of bicycle cameras equipped, the improvement in resolution, functional expansion, and the ASP uplift brought about by the penetration of stackable CIS, global shutter, HDR, and NIR/ToF technologies will also jointly drive market growth. It is estimated that by 2029, the market size of quasi-professional-grade CIS will reach RMB 9.1 billion, with a compound annual growth rate of 7.3%; medical imaging will reach RMB 8.8 billion, with a compound annual growth rate of 24.0%; industrial imaging will reach RMB 7.8 billion, with a compound annual growth rate of 21.0%; and scientific imaging is expected to accelerate growth, with a compound annual growth rate of 12.7%. Among them, industrial imaging and scientific imaging are expected to perform better than the overall market, mainly benefiting from the increase in factory automation and machine vision penetration rates, specification upgrades, and the progress of CCD to CMOS substitution. At the same time, their procurement cycles are more planned, and they are less affected by consumer-driven inventory fluctuations.
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Overview of the CIS Market in China
From 2020 to 2024, the PRC CIS market maintained stable growth, with the market size increasing from RMB 34.3 billion to RMB 38.6 billion, a compound annual growth rate of 3.1%. Consumer electronics remained the largest application area, although its market size fluctuated slightly during this period. Industrial imaging applications increased from RMB 800 million to RMB 1.3 billion, a compound annual growth rate of 14.4%. The scientific imaging CIS market also achieved steady growth, rising from RMB 300 million to RMB 400 million, a compound annual growth rate of 11.7%.
Looking ahead to 2025 to 2029, it is expected that the PRC CIS market will continue its growth trend, with the market size increasing from RMB 41.9 billion to RMB 59.6 billion, with an expected compound annual growth rate of 9.2%. Industrial imaging applications are expected to increase from RMB 1.6 billion to RMB 3.6 billion, with a compound annual growth rate of 22.5%. Scientific imaging applications are expected to reach RMB 8 billion by 2029, with a compound annual growth rate of 14.2%, becoming an increasingly growing part of high-value, professional-level application scenarios.
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Global CIS Market Drivers
● Technological progress accelerates
Pixel downsizing has improved resolution in compact devices while maintaining photosensitivity. BSI enhances low-light performance, stacked CIS improves throughput, and supports on-chip features such as multi-frame processing and HDR. Rapid advancements in technologies like HDR, high frame rates, low noise, and global shutter have improved imaging accuracy under complex lighting conditions and promoted their application in automotive, industrial inspection, and scientific measurement fields; at the same time, better power consumption performance has further enhanced its applicability in mobile devices and low-light environments.
● Incremental demand
The growth in CIS demand mainly comes from factory and logistics automation, as well as high-end inspection and metrology fields. In these scenarios, sensors can improve throughput efficiency, reduce costs, and enhance quality. Scientific imaging continues to advance in fields such as astronomy, materials science, biology, and DNA sequencing, placing stronger demands on higher resolution, greater sensitivity, faster readout speeds, and better low-light performance. The creation of quasi-professional content in photography, film production, and broadcasting is also driving demand for high resolution, ultra-high frame rates, excellent low-light performance, and wide dynamic range. The growth in medical imaging, including endoscopes and portable diagnostic devices, also requires sensors with high resolution and low noise characteristics to achieve accurate real-time imaging.
● Ecological system transformation
The growth in CIS demand mainly comes from factory and logistics automation, as well as high-end inspection and metrology fields. In these scenarios, sensors can improve throughput efficiency, reduce costs, and enhance quality. Scientific imaging continues to advance in fields such as astronomy, materials science, biology, and DNA sequencing, placing stronger demands on higher resolution, greater sensitivity, faster readout speeds, and better low-light performance. The creation of quasi-professional content in the photography, film production, and broadcasting industries is also driving demand for high resolution, ultra-high frame rates, excellent low-light performance, and wide dynamic ranges. The growth in medical imaging, including endoscopes and portable diagnostic devices, also requires sensors with high resolution and low noise characteristics to achieve accurate real-time imaging.
● Policy Support
China's 'domestic substitution' strategy and 'Made in China 2025' have unleashed strong policy support. The National Integrated Circuit Industry Investment Fund (the 'Big Fund') has invested over RMB 315 billion in the chip sector, while provincial governments provide land, electricity, and tax incentives for local leading enterprises to support their capacity expansion and research and development. The 2023 'National Key Research and Development Program - Basic Scientific Research Conditions and Major Scientific Instrument Equipment Research and Development' Special Project Application Guidelines and the 2025 'Implementation Opinions of Seven Departments including the Ministry of Industry and Information Technology on Promoting the Innovative Development of Future Industries' both support the development of high-end general scientific instruments and core components. These policies, against the backdrop of 'Made in China 2025', 'domestic substitution', and the high-quality development of the integrated circuit industry, continue to support domestic CIS innovation and industrialization.
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Global CIS Market Trends in the Future
●High-performance and intelligent development
The global CIS market is evolving towards higher resolution, lower power consumption, and better optical performance, mainly due to the mature stack architecture that separates pixel layers from logic layers. With the development of AI, signal processing, and embedded algorithms, 'sensor-level intelligence' continues to improve, enabling CIS to achieve real-time edge functions such as object detection and event recognition, especially in the fields of automotive, security monitoring, and intelligent manufacturing. At the same time, technologies such as digital overlap HDR, area exposure control, and global shutter are driving continuous progress in HDR and high-speed readout capabilities.Advanced packagingThe application of power management and noise suppression technologies has further enhanced the adaptability of wearable devices and portable diagnostic equipment to efficiency and miniaturization.
● Application-oriented visual solutions drive market growth
As downstream demand gradually expands from consumer electronics to more professional scenarios, application-oriented visual solutions are becoming an important driving force for the growth of the CIS market. Industrial imaging and machine vision benefit from the development of manufacturing and logistics automation, with increasing demand for precise detection, real-time analysis, and robot control, thereby promoting sensors towards higher frame rates, global shutter speeds, and integrated processing capabilities. The demand for low-light performance and wider dynamic ranges in medical equipment is also continuously increasing. Scientific instruments require high-performance, customizable sensors suitable for low-light and extreme environments. At the same time, the construction of smart cities has further driven the growth in demand for CIS in scenarios such as security monitoring, intelligent transportation, and unmanned retail.
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Competitive landscape
According to the Frost & Sullivan report, for the fiscal year ending December 31, 2024, the company ranked third among global CIS companies in terms of global industrial imaging revenue.
According to the Frost & Sullivan report, for the year ending December 31, 2024, the company ranked third among global CIS companies in terms of global scientific imaging revenue.
According to the Frost & Sullivan report, for the year ending December 31, 2024, the company ranked first among global CIS companies in terms of industrial imaging revenue in China.
According to the Frost & Sullivan report, for the fiscal year ending December 31, 2024, the company ranked first among global CIS companies in terms of revenue from scientific imaging in China.
