左手分红7200万，右手募资8000万补流。 作者｜刘俊群 编辑｜刘钦文 如果你用过WiFi、刷过短视频，那你已经是光通信技术的受益者。光模块，就是数据中心里负责"光电 转换"的核心零件——把电信号变成光信号，让数据在光纤里飞速传输。而猎奇智能，正是生产光模块 制造设备的供应商。 近日，苏州猎奇智能设备股份有限公司（下称"猎奇智能"）向深交所提交创业板上市申请，正试图冲击 资本市场。十天后，中国证券业协会公布的2026年第一批首发企业现场检查抽查名单中，猎奇智能赫然 在列。如今一个月过去，猎奇智能的IPO进程仍在稳步推进。 不过，光鲜的上市进程背后，公司不仅深度绑定"全球光模块龙头"中际旭创，其中超六成收入均来自这 一客户；还因下游行业波动及备货需求，2025年上半年经营性现金流骤然转负，面临不小的流动性压 力。 而撑起这家公司的，正是"80后"前工程师罗超。他早年曾任职于鸿准精密，担任机械设计工程师，积累 技术经验后自主创业开厂，最终在2015年创立猎奇智能，并一步步将其打造为光模块设备供应商。如 今，在罗超的带领下，公司能否顺利闯关IPO，仍是未知数。 01 年入超5亿元冲刺IPO 六成收入靠第一大客户 ...

Core Viewpoint - The company Suzhou Lieqi Intelligent Equipment Co., Ltd. (Lieqi Intelligent) is accelerating its IPO process, benefiting from its partnership with Zhongji Xuchuang, a leading global supplier of optical modules, particularly in the AI era. The collaboration has significantly driven Lieqi Intelligent's revenue growth, with a substantial portion of its income derived from Zhongji Xuchuang's orders. Group 1 - Lieqi Intelligent's revenue from Zhongji Xuchuang accounted for 57.12%, 62.19%, 58.85%, and 65.55% during the reporting period from 2022 to the first half of 2025 [1][6][33] - The company has seen a revenue increase of 274% and a fivefold increase in net profit from 2022 to 2024, driven by its stable partnership with Zhongji Xuchuang [6][33][34] - The company plans to raise 913 million yuan through its IPO, with 582 million yuan allocated for intelligent production line construction and 251 million yuan for R&D center development [2][30][31] Group 2 - Lieqi Intelligent's R&D investment has a compound annual growth rate of 90.71% from 2022 to 2024, supporting the technological upgrades required by Zhongji Xuchuang [1][28][37] - The company has achieved a global market share ranking of first in optical module placement equipment and second in optical module coupling equipment [2][29][37] - The company has signed significant contracts with Zhongji Xuchuang, totaling 334 million yuan for optical module packaging testing equipment from April 2022 to May 2025 [4][31][32] Group 3 - The company has a high dependency on its top five customers, which contribute approximately 80% of its revenue, with Zhongji Xuchuang being the largest [11][14][37] - Lieqi Intelligent's main products include placement equipment, coupling equipment, aging testing equipment, and automation solutions, which are essential for the optical module packaging process [11][38] - The company has faced challenges with accounts receivable, which accounted for 40% of its revenue, primarily from Zhongji Xuchuang, and has reported negative cash flow from operating activities in the first half of 2025 [18][20][30]

Group 1: AI and Consumer Electronics - The widespread application of AI is driving the demand for hardware facilities, leading to a recovery in consumer electronics demand [1][2] - IDC forecasts global AI smartphone sales to reach 170 million units in 2024, accounting for 15% of total smartphone shipments, with a year-on-year growth rate of 233% [2] - Canalys predicts that AI PC shipments will represent 18% of total PC shipments in 2024, reaching 48 million units, with a compound annual growth rate of 44% from 2024 to 2028 [2] Group 2: LED Industry Insights - The global LED lighting market is projected to reach a value of $56.058 billion in 2024, with significant growth opportunities in smart and plant lighting [3] - Mini LED backlight TV shipments are expected to double in 2024, reaching 9.3 million units by 2025 [3] - The global mini LED direct display market is anticipated to grow at a compound annual growth rate of approximately 40% from 2024 to 2028 [3] Group 3: Semiconductor Business Development - The company plans to establish a SIP packaging division to introduce new products in the semiconductor process, targeting new markets [5] - The company has developed equipment for the third-generation semiconductor field, focusing on applications in new energy vehicles and aerospace [5] Group 4: Market Expansion and Product Development - The company is increasing investment in R&D to enhance product competitiveness, recently launching the MLED specialized ultra-high-speed solid crystal machine S20 [4] - The company’s market share in high-end solder paste printing equipment is expected to continue rising due to the growing demand in emerging industries [6] - The overseas revenue accounted for 14.58% of total revenue in 2024, indicating further potential for market share growth in international markets [6]