14 October, the official website of the Shanghai Stock Exchange (SSE) showed that XPHOR has successfully passed the IPO review.
In this IPO, XPHOR plans to raise CNY 1.83 billion to enhance the industrialization capacity of silicon photonic integrated chips for AI computing and data centers, conduct R&D and industrialization of next-generation silicon photonic integrated chips, and build an R&D center.
Founded in 2021 and located in Putuo District, Shanghai, XPHOR focuses on the R&D and commercialization of silicon photonic integration technology. Its main products are high-performance silicon photonic integrated chips, with product speeds covering 400G, 800G, and 1.6T, and it has expanded to 3.2T and 6.4T NPO/CPO transceiver integrated chips.
Currently, the company has entered the supply chains of major international optical module manufacturers. Its products are ultimately applied in AI clusters and hyperscale data centers of major domestic and international cloud service providers, and it has expanded into cross-data center interconnection and silicon photonic sensing.
Backed by leading technical performance and stable mass production and delivery capabilities, as of August 2026, the cumulative shipments of XPHOR's silicon photonic integrated chips have exceeded 12 million units, placing it among the very few global manufacturers with shipments reaching the tens of millions level.
According to statistics from Frost & Sullivan, in 2025, the issuer's global market share of silicon photonic integrated chips was approximately 13%, making it a leading global silicon photonic integrated chip manufacturer and one of the world's most important independent third-party silicon photonic integrated chip design companies.
As of the first half of this year, the company's total on-hand orders amounted to CNY 3.279 billion, of which high-speed products accounted for 73.57%; 800G silicon photonic integrated chips alone accounted for 47.57% of all on-hand orders, becoming the product category with the highest proportion, while the proportion of 400G products dropped to 29.6%. This means that in the next one to two years, the company's revenue structure will continue to evolve towards high-end products, with 800G and 1.6T taking over as the main drivers of growth.
The rapid growth is driven by continuous R&D investment and solid technological barriers. As a typical deep-tech enterprise, XPHOR demonstrates a clear "technological foundation."
The company's founder, Dr. Wu Aimin, has long focused on silicon photonic integration technology research. Dr. Feng Dazeng, a founding team member, led the team to successfully develop and mass-produce silicon photonic products for telecommunication networks as early as 2006. Core technical personnel Dr. Wang Yiqiong and Liang Hong previously worked at early internationally leading silicon photonic enterprises, leading silicon photonic processes and packaging & testing, respectively.
Qualifications and honors also attest to the company's technological strength. The company is a national-level specialized, refined, differential, and innovative "Little Giant" enterprise and has undertaken multiple major scientific research projects at the national and Shanghai municipal levels. The project "High-Performance Optical Integration and Optoelectronic Co-Packaging Technology and Industrialization," completed by the company in collaboration with downstream optical module manufacturers and leading Internet companies, has won the First Prize of the Shanghai Science and Technology Progress Award in 2025.
The investment intensity supporting this technological system is considerable. The prospectus shows that the company's cumulative R&D investment over the recent three years was CNY 143.0816 million, accounting for 26.59% of the cumulative operating revenue, which is more than five times the SSE STAR Market's access standard of "cumulative R&D investment accounting for no less than 5% of cumulative operating revenue over the recent three years." In terms of personnel, as of the end of 2025, there were 36 R&D personnel, accounting for 37.11% of the total number of employees; as of June 30, 2026, the number of R&D personnel increased to 51, with the proportion rising to 41.46%.
The technological investment has translated into financial performance. Over the recent three years, XPHOR has achieved rapid performance growth. During the reporting period, the company's operating revenues were CNY 6.227 million, CNY 70.9501 million, CNY 460.9104 million, and CNY 569.1168 million, respectively, and the net profits attributable to owners of the parent company were -CNY 28.3405 million, -CNY 22.4625 million, CNY 175.5499 million, and CNY 161.0454 million, respectively. Benefiting from the high market recognition of the excellent performance of the company's products and the rapid expansion of the application of silicon photonic integrated chips in the data communication field, the company's revenue generation capacity continues to grow, gradually entering the stage of scale and profitability.
In terms of financing, XPHOR has completed eight rounds of financing since September 2021, attracting support from a group of well-known investment institutions such as Yuanhe Yuandian, Zhongxin Jiyuan, Jinpu Investment, Dachen Caizhi, and Puhua Capital.
The intensive capital injection not only provides sufficient financial support for the company's technological R&D and capacity expansion but also confirms the capital market's high recognition of the silicon photonic chip track and the company's core competitiveness.
Editor | Liu Chengxing Source | Compiled from the Internet