Insights
RMB 848.8M Bond Funds Long-Wave Infrared Lens Lines
INDUSTRY NEWS · INFRARED OPTICS · SEPTEMBER 2026
A RMB 848.8 million convertible bond is not unusual news on its own. What makes this one worth a buyer’s attention is the second line of the use-of-proceeds list: a dedicated line for ultra-precision long-wave infrared lenses and the aspheric blanks they are ground from.
On 23 September 2026, Shenzhen-listed Guoketiancheng (301571) opened online subscription for its convertible bond, “Guoke Convertible Bond” (123286). Total issue size is RMB 848.8 million, made up of 8,488,000 bonds at a face value of RMB 100 each, with a six-year term, an initial conversion price of RMB 74.50 per share and an AA- issuer and instrument rating. Existing shareholders took 64.47% of the issue on priority allotment, and the online allocation rate came in at about 0.00294%.
The proceeds are earmarked for five things: an uncooled infrared detector project, an ultra-precision long-wave infrared lens production line, a near-infrared APD photodetector line, a mid-wave infrared semiconductor laser line, and working capital. The registration approval from the securities regulator was received on 7 September 2026.
Why infrared lens capacity is the interesting line item
The bond is supporting a business that is already moving. First-half 2026 revenue was RMB 667 million, up 63.97% year on year; net profit attributable to shareholders was RMB 101 million, up 49.43%, and recurring net profit RMB 100 million, up 51.90%. The optoelectronics segment alone brought in RMB 611 million, up 78.20%, contributing more than nine-tenths of revenue at a 35.10% gross margin.
The lens project is not a rounding error inside that plan. The published feasibility study describes a line for long-wave and very-long-wave cooled infrared lenses, mid/long-wave dual-band composite lenses, and the ultra-precision aspheric blanks those lenses are ground from. At full output the project is presented as adding capacity for 252 long-wave and very-long-wave cooled infrared lenses per year, 162 high-end mid/long-wave composite lenses per year and 1,350 ultra-precision aspheric blanks per year, against a project investment of RMB 190.19 million.
Read those three numbers together and the constraint becomes obvious. The blank count is roughly five times the finished lens count. In infrared, the aspheric blank and the diamond-turning and polishing steps that follow it are the bottleneck — not the detector, and not the mechanical housing.
What this means for infrared optics sourcing
- Long-wave and very-long-wave are still the thin end of supply. Mid-wave infrared hardware has a far deeper supplier base. If your application needs LWIR or VLWIR, lead times will keep being set by lens and coating capacity, not detector availability.
- Aspherics, not assemblies, are the real queue. When a supplier adds blank capacity at five times the finished-lens rate, they are telling you where their yield pressure sits. Ask who grinds and who coats.
- Uncooled is where volume lives. A separate uncooled detector line in the same funding round points to cost-down pressure in the commercial segments — security, industrial测温, gas detection — rather than defence-only programmes.
- New detector lines carry their own risk. The company’s own filing notes that the near-infrared APD and mid-wave laser products are newly developed, that customer letters of intent are not legally binding, and that absorption of the new capacity is not guaranteed. Treat new-product capacity as availability you will have to qualify, not availability you can plan against.
- Watch the balance sheet, not only the roadmap. Operating cash flow was negative RMB 104 million in the first half, receivables reached RMB 1.051 billion (25.80% of total assets) and short-term borrowings stood at RMB 1.334 billion. Capacity plans and cash discipline are two different questions.
How to specify infrared optics while capacity is tight
- Lead with the band, not the part number. State wavelength range, aperture and F-number, then let the supplier propose material and coating stacks. Locking a material before the coating is agreed is the most common cause of a re-quote.
- Ask for transmission and coating curves with the quote. Average transmission over the operating band, plus the environmental durability test the coating has passed, is the minimum technical attachment.
- Qualify the aspheric surface separately. Surface figure, roughness and centring tolerances should be listed as measurable acceptance criteria, not described in adjectives.
- Keep a second qualified lens supplier alive. Even at prototype volumes, a second source that has already seen your drawing will compress the next scale-up by weeks.
Need infrared lenses or coated optics quoted?
Send drawings, wavelength band and annual volume to sales@tuolango.com and we will return a sourcing comparison with coating and aspheric options.
Sources and disclosure
Sources: Guoketiancheng Technology Co., Ltd. convertible bond prospectus and subscription notice filed on CNINFO (cninfo.com.cn), 20–21 September 2026; article “Guoketiancheng convertible bond opens for subscription: first-half revenue up more than 60%”, Tencent News / 金融界, 24 September 2026; published feasibility study for the ultra-precision long-wave infrared lens production line project; Guandian and Shanghai Securities News coverage of the 23 September subscription and the 7 September registration approval. Issue size, conversion price, ratings, allotment ratios, financial figures and capacity numbers are reproduced as the cited sources state them and have not been independently audited by us. This article is original editorial analysis by TUOLAN TRADE for industry reference, not investment advice or an offer of securities. Product and company names remain the property of their respective owners.