紧急砍掉1.5亿元补流的新年科创板首家上会企业---联讯仪器：技术自主

Core Viewpoint - The inquiry response from Suzhou Lianxun Instrument Co., Ltd. reveals significant doubts regarding its technological independence, customer dependency, revenue authenticity, financial health, and information disclosure transparency as it approaches its listing on the Sci-Tech Innovation Board [2][15]. Group 1: Technological Independence - The company claims to possess core chips and self-developed algorithms, but a detailed examination shows a heavy reliance on outsourced components for its electronic measurement instruments and semiconductor testing equipment [3][4]. - The company admits that the development of specialized chips is costly and limited in market scope, leading to a reliance on third-party design and manufacturing services, raising questions about its technological barriers [5][17]. - The outsourcing of core chip development may undermine the company's competitive edge in a rapidly evolving market [18]. Group 2: Customer Dependency - The customer structure is heavily concentrated, with the top 10% of clients contributing approximately 75% of the company's revenue, indicating a high risk of revenue volatility if major clients alter their purchasing plans [5][6]. - The sales proportion to a key client has increased dramatically from 2.20% in 2022 to 12.53% in the first nine months of 2025, suggesting a deep dependency on a single customer [6][19]. - Despite efforts to diversify the customer base, the reliance on this major client remains significant, with projections indicating continued dependency [19]. Group 3: Revenue Recognition - The company exhibits a seasonal revenue pattern, with third and fourth quarters consistently outperforming the first and second quarters, raising concerns about potential revenue recognition manipulation [20]. - The explanation for this seasonal trend, attributed to client budget management, is met with skepticism, especially given the significant fluctuations in acceptance cycles across different years [20]. Group 4: Financial Health - The company faces increasing overdue accounts receivable, with amounts rising from approximately 27.22% to nearly 40% of total receivables by early 2025, indicating potential cash flow issues [21][22]. - Legal actions have been initiated against clients for unpaid debts, highlighting weaknesses in credit management and the collection of receivables [22]. Group 5: Information Disclosure - The company emphasizes its technological advancements but selectively omits competitive benchmarks, which may mislead investors regarding its market position [11][23]. - The lack of comprehensive comparisons with domestic competitors raises concerns about the transparency and objectivity of the company's claims regarding its technological capabilities [23].