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].

Group 1: Wolfspeed's Decline - Wolfspeed's bankruptcy reflects a failure of the U.S. semiconductor industry strategy, primarily due to stagnation in technology iteration and uncontrolled costs, relying on outdated 6-inch wafer technology while competitors in China have achieved breakthroughs with 8-inch substrates [3][4] - The company's supply chain vulnerabilities were exposed, heavily relying on Chinese suppliers for critical raw materials, and facing increased production costs due to tariffs [4] - Financially, Wolfspeed faced a net loss of $600 million in 2024 and over $5 billion in debt, leading to factory closures and significant layoffs [5] Group 2: Rise of Chinese SiC Industry - Chinese SiC power semiconductor companies have adopted a "hard fortification" strategy, focusing on technological independence and reliability validation, achieving significant improvements in manufacturing processes [10] - The vertical integration of domestic companies has created a closed-loop capability covering the entire supply chain from chip design to module packaging, with significant market penetration in the automotive sector [11] - The application ecosystem has evolved, with Chinese companies enhancing system efficiency and performance, facilitating penetration into renewable energy and storage markets [12] Group 3: Global Industry Restructuring - Chinese breakthroughs in SiC technology are reshaping global competition, with a 35% share of SiC patent applications by Q1 2025, laying the groundwork for international standardization [18] - The restructuring of supply chains includes acquisitions of European packaging plants and the establishment of manufacturing centers in Southeast Asia, creating a localized and globalized network [19] - Cost advantages are significant, with Chinese 6-inch substrate prices 50%-70% lower than international levels, leading to a drastic reduction in U.S. market share from 65% in 2022 to 18% by 2025 [20] Group 4: Challenges and Future Outlook - Despite notable achievements, the Chinese SiC industry faces challenges, including reliance on imports for high-voltage markets above 3300V and potential supply chain risks due to dependence on imported equipment [28] - International competition is intensifying, with Europe and Japan seeking to circumvent Chinese dominance in SiC technology [29] - The transition from Wolfspeed's decline to the rise of Chinese companies illustrates a shift in semiconductor industry power dynamics, emphasizing the importance of technological independence and market depth [29]