Baolun Shares' IPO approved by the SSE Listing Committee, deeply engaged in the "sound, light, electricity and communications" professional audiovisual field

On October 27, Guangdong Baolun Electronic Co., Ltd. (referred to as "Baolun Shares") passed the review meeting of the Listing Committee of the Shanghai Stock Exchange Main Board. The IPO sponsor is GF SEC, with planned fundraising of RMB1.583 billion. According to the prospectus, Baolun Shares is an industry-leading provider of "sound, light, electricity, video and communications" system solutions, mainly engaged in the R&D, production and sales of professional audiovisual products such as public address systems, professional sound reinforcement systems, smart conference systems, display terminal systems, command management systems, and lighting and illumination systems. Since its establishment in 2008, the company has been deeply engaged in the professional audiovisual field, with a development strategy of "technology leadership, scenario deepening, and ecosystem co-building." It has now become a leading enterprise in China with a complete product line and a wide range of application scenarios, possessing one-stop service capabilities from product R&D and manufacturing to overall solution design and implementation. The company's products and solutions have been deeply serving fields such as education, government agencies, public security, procuratorate, courts and judicial administration, enterprises, and culture and tourism, covering typical scenarios such as conference rooms, smart campuses, theaters, lecture halls, cultural and sports venues, transportation hubs, and scenic areas. Relying on a rich product system and continuous technological innovation capabilities, the company provides customers across industries with full-lifecycle services from demand research, solution design, product delivery to system operation and maintenance, empowering the digital transformation and intelligent upgrading of thousands of industries. In terms of technology and R&D, the company adheres to R&D and innovation-driven development, continuously deepening core technologies such as audio and video codec, audio 5A algorithms, low-latency transmission processing, distributed real-time splicing, intelligent network optimization, data redundancy and disaster recovery, and high-precision indoor positioning, while focusing on frontier technology directions such as AI audio enhancement, multimodal semantic analysis, edge computing, and visual analysis, building a solid technology foundation and mature scenario implementation capabilities. During the reporting period, the company's main business revenue by product category was as follows: The company's direct customers are mainly integrators, in addition to traders, ODM customers, and a small number of end users who purchase directly. Among them, integrators integrate the company's products into overall solutions through system integration and deliver them to end users, serving as an important channel connecting products with the end market; traders leverage distribution networks to push products to a broader market; ODM customers make customized purchases from the company, and the company develops and produces products according to customer requirements and delivers them under the customer's designated brand. In terms of financials, for the years 2023, 2024, 2025 and January-June 2026, Baolun Shares' operating revenue was approximately RMB3.043 billion, RMB2.788 billion, RMB2.768 billion and RMB1.093 billion, respectively; during the same periods, net profit was approximately RMB589 million, RMB413 million, RMB424 million and RMB86 million, respectively.