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].