募投项目调整、境外收入占比激增，联讯仪器IPO上会迎考

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is set to become the first company to undergo the IPO review for the Sci-Tech Innovation Board in 2026, with the meeting scheduled for January 14, 2026. The company has shown steady annual performance growth and is expected to turn a profit in 2024, despite significant increases in accounts receivable and inventory during the reporting period [1][4][6]. Group 1: IPO and Fundraising - Lianxun Instrument's IPO application was accepted on August 15, 2025, and it entered the inquiry phase on August 28, 2025 [4]. - The initial fundraising target was set at 19.54 billion yuan, which has been reduced to 17.11 billion yuan following adjustments to the investment projects [5]. - The company has canceled the initial plans for the construction of a research and manufacturing center and the replenishment of working capital, instead adding a new project for the development of next-generation testing instruments [5]. Group 2: Financial Performance - The company reported revenues of approximately 214 million yuan, 276 million yuan, and 789 million yuan for the years 2022, 2023, and 2024, respectively, with a projected revenue of 1.15 to 1.2 billion yuan for 2025, representing a year-on-year growth of 45.82% to 52.16% [6][8]. - The net profit attributable to shareholders is expected to be between 145 million yuan and 165 million yuan for 2025, showing a year-on-year increase of 3.21% to 17.44% [6]. - The company’s overseas business revenue has significantly increased, with a rise of nearly 20 percentage points in the proportion of overseas revenue to total revenue during the first three quarters of 2025 [6][7]. Group 3: Financial Health Indicators - The company’s cash flow from operating activities was negative at -25.48 million yuan for the first three quarters of 2025, compared to a positive cash flow of 80.79 million yuan in 2024 [8]. - The asset-liability ratio has been increasing, recorded at 26.71%, 41.08%, 47.66%, and 49.74% over the reporting periods [8]. - Accounts receivable and inventory balances have also seen significant increases, with accounts receivable reaching 400 million yuan and inventory at 474 million yuan by the end of the reporting period [8].