上交所2026年首单IPO，过会！

Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the IPO of Suzhou Lianxun Instrument Co., Ltd., marking a significant milestone for the company in its pursuit of capital for growth and innovation [1]. Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [3]. - The company provides core testing instruments that enhance product development and mass production efficiency in advanced technology sectors such as artificial intelligence, new energy, and semiconductors [3]. Market Position - Lianxun Instrument has established a dominant position in the domestic market, being the only local company among the top five in the Chinese optical communication testing instrument market, ranking third [4]. - The company holds the first position in the Chinese optoelectronic device testing equipment market and leads the domestic market for silicon carbide power device testing equipment with a 21.7% market share [4]. - In the silicon carbide power device wafer-level aging system market, Lianxun Instrument boasts a significant 43.6% market share [4]. Financial Performance - From 2022 to 2024, Lianxun Instrument's revenue is projected to grow from 214 million to 789 million yuan, with a turnaround in net profit expected to reach 140 million yuan in 2024 [4]. - The company anticipates a revenue of approximately 1.15 to 1.2 billion yuan in 2025, representing a year-on-year growth of about 45.82% to 52.16% [4]. - Expected net profit growth for 2025 is projected to be between 3.21% to 17.44% and 5.98% to 21.12%, driven by rapid market demand and strong customer business development [4]. IPO Fundraising - Lianxun Instrument plans to raise 1.711 billion yuan through its IPO, which will be allocated to various R&D and industrialization projects, including next-generation optical communication testing equipment and automotive chip testing equipment [5]. - The investment in next-generation optical communication testing equipment aims to solidify the company's leading position in the optical communication testing field [5]. - Other projects will focus on expanding growth points and enhancing overall R&D capabilities and technical reserves [5].