Core Viewpoint - The article discusses the IPO acceptance of Lianxun Instrument, a high-end testing equipment company in Suzhou, Jiangsu, highlighting its market position, financial performance, and future growth plans through fundraising [4][8]. Company Overview - Lianxun Instrument was established in March 2017 with a registered capital of 77 million yuan, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [6]. - The company has received multiple honors, including the national-level "specialized, refined, and innovative" small giant designation [6]. Market Position - According to Frost & Sullivan data, Lianxun Instrument ranks third in China's optical communication testing instrument market and is the only domestic company in the top five [7]. - It holds the first position in the Chinese optoelectronic device testing equipment market and the first position in the market for silicon carbide power device wafer-level aging systems [7]. Financial Performance - Lianxun Instrument plans to raise 1.954 billion yuan through its IPO to invest in various R&D projects and working capital [8]. - The company reported revenues of 2.14 billion yuan in 2022, 2.76 billion yuan in 2023, and projected revenues of 7.89 billion yuan in 2024, with a net profit of 1.41 billion yuan in 2024 [11][13]. Product Line and Technology - The main products include electronic measurement instruments and semiconductor testing equipment, with electronic measurement instruments contributing over 57% of revenue in early 2025 [15]. - The company has developed advanced testing instruments, including the world's second supplier of 1.6T optical module core testing instruments and the only domestic supplier of various precision testing instruments [10][18]. R&D and Innovation - As of March 31, 2025, Lianxun Instrument has 348 R&D personnel, accounting for 40.32% of its total workforce, and has obtained 99 authorized invention patents applicable to its main business [22]. - The company focuses on high-speed signal processing, weak signal processing, and ultra-precision motion control as its core technological capabilities [21]. Customer Base - Major clients include BYD Semiconductor, Yandong Microelectronics, and Silan Microelectronics, with sales to the top five customers accounting for 62.64% of total sales in early 2025 [25]. - The company has established a strong presence in the optical communication and power device sectors, serving various leading domestic and international clients [24]. Ownership Structure - The founder and chairman, Hu Haiyang, directly holds 20.55% of the shares, with the actual controllers collectively holding 54.79% of the company [30][32]. Conclusion - Lianxun Instrument has established itself as a leading player in the domestic electronic measurement and semiconductor testing equipment industries, but it still faces challenges in scaling and technological advancement compared to international competitors [36].

联讯仪器成立于2017年，注册资本7700万元，主营业务为电子测量仪器和半导体测试设备的研发、制造、销 售及服务。 联讯仪器是全球第二家推出目前业内最高水平1.6T光模块全部核心测试仪器的厂商。根据 Frost&Sullivan数 据，2024年公司在中国光电子器件测试设备市场份额中排名第一。 瑞财经 严明会 8月15日，苏州联讯仪器股份有限公司（以下简称：联讯仪器）科创板IPO获受理，保荐机构 中信证券，保荐代表人赵耀、孟硕，会计师事务所为容诚会计师事务所。 | 姓名 | 职务 | 持股数(万股) | 持股比例(%) | | --- | --- | --- | --- | | 胡海洋 | 董事长 | 1,582.0140 | 20.55 | | 黄建军 | 董事、总经理 | 553.4200 | 7.19 | | 杨建 | 董事、副总经理 | 448.9030 | 5.83 | | 廉哲 | 董事、副总经理 | 242.7110 | 3.15 | 2017年3月，公司前身联讯有限设立时，胡海洋尚未离开上海前往苏州定居，出于工商登记便利性的考虑， 胡海洋委托其熟悉苏州本地工商登记流程的朋友潘易鹏代其持有联讯有 ...

智通财经APP获悉，8月15日，苏州联讯仪器股份有限公司(简称：联讯仪器)上交所科创板IPO已受理。中信证 券为其保荐机构，拟募资19.54亿元。 公司半导体测试设备包括主要面向光通信测试的光电子器件测试设备(CoC光芯片老化测试系统、光芯片KGD 分选测试系统、硅光晶圆测试系统等)，主要面向功率器件测试的功率器件测试设备(晶圆级老化系统、功率 芯片KGD分选测试系统等)，以及主要面向半导体集成电路测试的电性能测试设备(WAT测试机和晶圆级可靠 性测试系统)。 公司是业内极少数覆盖光通信产业链中模块、芯片、晶圆等核心环节测试需求的厂商，全球少数、国内极少 数量产供货400G、800G高速光模块核心测试仪器的厂商，全球第二家推出目前业内最高水平1.6T光模块全部 核心测试仪器的厂商;国内极少数可提供PXIe插卡式源表、低漏电开关矩阵、高压源表、脉冲源等多产品矩阵 的电性能测试仪器厂商;国内极少数同时实现晶圆级老化测试设备、裸芯片级分选测试设备产业化应用的厂 商，国内少数具备精密源表等核心测试部件自主能力的半导体测试设备厂商，产品核心性能指标业内领先。 通信测试仪器领域，公司产品主要面向光通信测试，为光模块等光通 ...

Core Viewpoint - The U.S. stock market is experiencing a significant surge in performance driven by strong earnings reports and positive economic data, indicating robust economic growth and potential investment opportunities. Group 1: Stock Market Performance - Major U.S. stock indices showed slight gains ahead of the Federal Reserve's interest rate decision, with notable increases in high-performing stocks like LendingClub and Wingstop, which surged over 31% and 29% respectively [2][8]. - The overall performance of the stock market is characterized by a broad rally among high-performing stocks, with significant gains reported across various sectors [8]. Group 2: Economic Data - The U.S. Bureau of Economic Analysis (BEA) reported a preliminary estimate of a 3.0% year-over-year growth rate in real GDP for Q2 2025, significantly exceeding market expectations of 2.6% [3][15]. - The second quarter's GDP growth not only reversed the previous quarter's contraction of -0.5% but also reflects strong consumer spending and a notable decline in imports [16]. Group 3: Company Earnings Reports - Wingstop reported a substantial increase in adjusted earnings per share, leading to a stock price surge to its highest level since 2022 [8]. - LendingClub's earnings report showed revenue and earnings per share exceeding expectations, with strong guidance for Q3 performance [8]. - Teradyne, a semiconductor testing equipment manufacturer, also saw its stock rise over 22% following a strong earnings report [8]. Group 4: Upcoming Earnings and Analyst Expectations - Upcoming earnings reports from major companies like Microsoft, Meta, Apple, and Amazon are anticipated to influence market trends, with analysts projecting strong revenue growth for Apple and Amazon [10][12]. - Analysts expect Microsoft's earnings to reflect its leadership in AI and robust core business growth, suggesting a favorable risk-reward profile [11].

Core Viewpoint - Teradyne (TER.US) experienced a significant stock increase of over 18%, reaching a four-month high of $107.11, driven by strong second-quarter performance exceeding analyst expectations, particularly in semiconductor testing equipment sales and improved demand [1] Financial Performance - Teradyne reported a second-quarter profit of $78.4 million, or $0.49 per share, compared to $186.3 million, or $1.14 per share, in the same period last year [1] - Adjusted earnings per share, excluding certain one-time items, were $0.57, surpassing FactSet analyst predictions of $0.54 [1] - Revenue declined by 11% to $651.8 million, slightly above the $650.6 million forecast by analysts [1] Business Segment Insights - The semiconductor testing business outperformed expectations, generating sales of $492 million, with system-on-chip products designed for artificial intelligence applications being the primary growth driver [1] - The outlook for the remainder of the year is positive, with increasing demand in computing, networking, and storage sectors [1] - The CEO, Greg Smith, emphasized that artificial intelligence is expected to drive strong performance for Teradyne in the second half of the year [1]

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [17]. Core Insights - The company reported outstanding performance in Q1 of FY2025, with net sales reaching 263.776 billion yen, a year-on-year increase of 90.1%, and operating profit soaring by 295.7% to 123.952 billion yen [6][10]. - The growth was primarily driven by strong demand for AI-related semiconductors, particularly in data center HPC equipment and high-performance DRAM, leading to a significant increase in sales of high-margin testing equipment [7][8]. - The company has upgraded its full-year FY2025 earnings forecast based on the strong Q1 performance, with net sales revised from 755 billion yen to 835 billion yen, reflecting a year-on-year growth of 7.1% [10]. Summary by Sections Q1 Performance - In Q1 of FY2025, the company achieved net sales of 263.776 billion yen, up 90.1% year-on-year, and operating profit of 123.952 billion yen, up 295.7% year-on-year [6][10]. - Basic earnings per share increased significantly to 123.14 yen from 32.35 yen in the same period last year [6]. Growth Drivers - The performance growth was mainly attributed to the demand for AI-related semiconductors, with the Test System Business serving as the core growth engine, achieving net sales of 240.6 billion yen, up 105.1% year-on-year [8][9]. - The company expanded its component procurement and supply chain capabilities, ensuring timely product delivery and optimizing its product mix, which significantly improved profitability [7][8]. Service and Other Business - The Service and Other Business Division reported net sales of 23.2 billion yen, an increase of 8.3% year-on-year, with profits surging 781.4% to 2.7 billion yen [9]. Full-Year Earnings Forecast - The company has revised its full-year FY2025 earnings forecast, increasing net sales from 755 billion yen to 835 billion yen, operating profit from 242 billion yen to 300 billion yen, and net profit from 179 billion yen to 221.5 billion yen, reflecting year-on-year increases of 7.1%, 31.5%, and 37.4% respectively [10].

Investment Rating - The report maintains an "Outperform" rating for the semiconductor testing equipment industry [1]. Core Insights - The rapid development of AI chips and HBM (High Bandwidth Memory) is driving new testing demands in the semiconductor industry, highlighting the need for improved domestic production capabilities in testing equipment [1][4]. - The domestic semiconductor testing equipment market is expected to grow significantly, with projections indicating a market size of 26.74 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [16]. - The report emphasizes the importance of post-manufacturing testing to ensure that chips meet design specifications, with a focus on the core testing equipment: testing machines, sorting machines, and probe stations [8][14]. Summary by Sections 1. Semiconductor Post-Manufacturing Testing - Semiconductor testing is crucial across design, manufacturing, and packaging stages to ensure chip functionality meets design specifications [6][8]. - The testing equipment market is stable, with testing machines accounting for over 61.9% of the market share in 2022 [16]. 2. New Requirements from AI Chips and HBM - AI chips are experiencing rapid growth, with the global AI chip market expected to reach approximately $92 billion by 2025, growing at a CAGR of 27.7% [22]. - The complexity of AI chip designs and advanced manufacturing processes increases testing challenges, necessitating more efficient testing systems [29]. 3. Domestic Semiconductor Testing Equipment Market - The domestic market for semiconductor testing equipment is primarily dominated by foreign companies, with a significant opportunity for domestic manufacturers to increase their market share [40]. - Current projections indicate that the domestic localization rate for storage testing machines will only be 8% by 2025, and for SOC testing machines, it will be 9% by 2027 [44]. 4. Investment Recommendations - The report suggests focusing on domestic companies such as Changchuan Technology, Huafeng Measurement and Control, Jinhaitong, Jingzhida, and Helin Micro-Nano, which are expected to benefit from the growing demand for semiconductor testing equipment [4].

Group 1 - The third meeting of the supervisory board of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on July 17, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal for the initial grant of restricted stock to incentive objects, with a unanimous vote of 3 in favor and no opposition or abstentions [1] - The initial grant date for the restricted stock is set for July 17, 2025, in accordance with the company's 2025 restricted stock incentive plan [1]

Core Viewpoint - The company has approved the first vesting period of its stock incentive plan, allowing for the vesting of 65,700 shares of restricted stock to eligible participants [10][11][12]. Group 1: Stock Incentive Plan Details - The total number of restricted stocks granted under the incentive plan is 267,000 shares, representing approximately 0.20% of the company's total share capital at the time of the plan announcement [1][2]. - The grant price for the restricted stock is set at 55.02 yuan per share, which is the price at which eligible participants can purchase the shares after meeting the vesting conditions [2][10]. - The first vesting period allows for 30% of the granted shares to vest after 12 months from the grant date, with subsequent vesting periods allowing for 40% and 30% of the shares to vest [2][3]. Group 2: Performance and Eligibility Criteria - The performance assessment for the incentive plan is based on the compound annual growth rate of the company's main business revenue, with specific targets set for the years 2024 to 2026 [5][10]. - The company has established a personal performance evaluation system for participants, categorizing performance into four levels: Excellent, Good, Average, and Unsatisfactory, which will affect the actual number of shares vested [6][11]. - A total of 19 individuals, including senior management and other key personnel, are eligible for the stock incentive plan, with the first vesting period meeting all necessary conditions [10][12]. Group 3: Approval and Compliance - The stock incentive plan was approved by the company's board and shareholders, with necessary legal opinions confirming compliance with relevant regulations [8][16]. - The company has conducted internal reviews and public announcements regarding the eligible participants, ensuring transparency and adherence to regulatory requirements [7][9].

Core Viewpoint - The announcement details the grant of reserved restricted stocks to incentive targets by Beijing Huafeng Measurement and Control Technology Co., Ltd., with a grant date set for June 30, 2025, and a total of 48,000 shares to be granted at a price of 55.02 yuan per share [1][5]. Summary by Sections Restricted Stock Grant Details - The total number of restricted stocks granted is 48,000 shares, with an additional 54,600 shares reserved, and 6,600 shares rendered void [1]. - The grant date for the restricted stocks is June 30, 2025, and the grant price is set at 55.02 yuan per share [1][5]. Decision-Making Process - The decision to grant the restricted stocks has undergone the necessary decision-making procedures and information disclosure, with the board and supervisory committee approving the relevant proposals [1][2][3]. - The supervisory committee has confirmed that no objections were raised regarding the incentive targets during the public notice period [2]. Conditions for Granting - The granting conditions outlined in the incentive plan have been met, including the absence of any disqualifying events for both the company and the incentive targets [4][5]. - The company has not faced any disqualifying circumstances as per the relevant laws and regulations, ensuring the eligibility of the incentive targets [5][9]. Vesting Schedule - The reserved restricted stocks will have a validity period from the grant date until the stocks are fully vested or become void, with a maximum duration of 48 months [6]. - The vesting of the reserved stocks will occur in stages, with 50% vesting after 12 months and the remaining 50% after 24 months, contingent upon the incentive targets meeting the necessary conditions [7]. Accounting Treatment and Impact - The fair value of the restricted stocks will be calculated using the Black-Scholes model, and the associated costs will be amortized over the vesting period [10]. - The estimated total expense for the reserved stocks will impact the net profit during the effective period, but the implementation of the incentive plan is expected to enhance team stability and operational efficiency, leading to improved business performance [10][11]. Legal Compliance - The legal opinion confirms that all necessary approvals and authorizations for the grant, adjustments, and cancellations have been obtained, and the conditions for granting the reserved stocks have been fulfilled [11].