Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.2 billion yuan, with China International Capital Corporation (CICC) as the sponsor [1][3]. Group 1: IPO Journey - The company was established on October 18, 2011, with a registered capital of 520 million yuan, focusing on high-temperature superconducting materials [3]. - Key milestones include the start of IPO counseling on November 28, 2024, and the acceptance of the IPO application on June 18, 2025 [3]. Group 2: Business and Governance Risks - The company faces high customer concentration, with the top five clients contributing over 70% of revenue. A 30% decline in the State Grid's procurement volume in 2024 has led to an increase in inventory turnover days to 287 days, compared to 180 days in 2022 [5][6]. - The commercial viability of its technology is questioned, as claims of entering fields like controlled nuclear fusion and medical devices remain unproven, with large-scale applications expected to take 5-10 years to develop [7]. - The chairman, Ma Tao, has limited public information available, and his past associations raise concerns about governance and transparency [8][10]. Group 3: Financial Data Analysis - The company reported revenues of 0.35 billion yuan in 2022, increasing to 0.83 billion yuan in 2023, and projected to reach 2.39 billion yuan in 2024. However, it also faced net losses of 0.28 billion yuan in 2022 and 0.04 billion yuan in 2023, with a projected profit of 0.72 billion yuan in 2024 [12]. - The high accounts receivable, which accounted for 52% of revenue, raises concerns about the quality of earnings, especially given that some major clients are relatively new companies [12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 6,000 kilometers, while the global market for high-temperature superconducting materials is only about 50 kilometers in 2024, indicating a severe supply-demand mismatch [12]. Group 4: Regulatory Inquiry Anticipation - The company may face inquiries regarding its technology commercialization capabilities, governance structure without a controlling shareholder, and high accounts receivable potentially indicating bad debt risks [13]. - Investors are advised to monitor three critical signals: the ability to diversify the customer base, the potential for positive cash flow, and the feasibility of capacity utilization [13].

Group 1: Industry Development - The nuclear fusion industry is entering an accelerated development phase driven by funding support, policy backing, and technological breakthroughs [1] - In February 2023, China National Nuclear Power and Zhejiang Energy Power announced investments of 1 billion and 750 million yuan respectively in China Fusion Energy Co., indicating strong financial interest in the sector [1] - The National Energy Administration of China has committed to supporting the research and development of frontier technologies like nuclear fusion [1] Group 2: Project Acceleration - Domestic and international fusion projects are accelerating, with the Hefei BEST facility officially starting construction, expected to be completed by 2027 and potentially generating power by 2030 [2] - The CRAFT "Kua Fu" project, a key system for the Hefei fusion reactor, is in critical stages and is expected to be fully operational by the end of 2025 [2] - The "Spark One" project has completed its comprehensive review and is entering the funding and bidding phase, with a total investment exceeding 20 billion yuan and a technical goal of achieving a Q value greater than 30 [2] Group 3: Company Opportunities - Lianchuang Superconductor is expected to see a significant increase in orders, participating in the "Spark One" project with an estimated investment of over 20 billion yuan [2] - The company has secured a subcontract for the development and testing of superconducting coils for China National Nuclear Group, laying the groundwork for larger-scale magnet supply [2] - Lianchuang Superconductor has established a presence in various sectors including metal thermal processing, photovoltaics, semiconductors, and nuclear fusion, which is anticipated to drive substantial revenue growth [2] Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 3.75 billion, 4.12 billion, and 4.62 billion yuan, with year-on-year growth rates of 21%, 10%, and 12% respectively [3] - Expected net profits for the same period are 600 million, 770 million, and 990 million yuan, with growth rates of 150%, 27%, and 29% respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 46, 36, and 28 times for 2025 to 2027 [3]

Core Viewpoint - The article discusses the advancements in superconductivity research, particularly focusing on the recent breakthrough achieved by a team from Southern University of Science and Technology, which has successfully demonstrated superconductivity in nickel-based materials at ambient pressure, surpassing the "McMillan limit" of 40 Kelvin [9][10]. Group 1: Importance of Superconductivity - Superconductivity allows for "zero resistance" electrical flow, which can significantly reduce energy loss during transmission, with global transmission losses estimated at 5%-10% of total electricity generation annually [7]. - Traditional conductive materials like copper and aluminum incur energy losses due to resistance, leading to inefficiencies in power systems, especially as demand for computing power increases [7]. - The application of superconducting materials can lead to substantial energy savings and efficiency improvements in various technologies, such as MRI machines and urban power grids [7][8]. Group 2: Recent Breakthroughs in Superconductivity - The discovery of high-temperature superconductors, such as copper-based and iron-based materials, has expanded the potential applications of superconductivity by allowing operation at higher temperatures [9]. - The recent achievement of nickel-based superconductivity at ambient pressure marks a significant milestone, potentially paving the way for further advancements in superconducting materials and their applications [9][10]. - This breakthrough is seen as a critical step towards achieving "room temperature superconductivity," which would revolutionize energy transmission and storage [10]. Group 3: Applications and Future Prospects - Superconductivity has diverse applications, including magnetic levitation for trains and quantum computing, which could lead to unprecedented computational speeds [10][11]. - The development of superconducting cables, such as those used in Shenzhen, demonstrates the practical benefits of superconductivity, including reduced transmission losses and increased capacity [8]. - The ongoing research in superconductivity is expected to bridge the gap between fundamental science and industrial transformation, enhancing various sectors [11].