Core Viewpoint - On August 15, the Shanghai Stock Exchange officially accepted the listing application of Suzhou Lianxun Instrument Co., Ltd. (hereinafter referred to as "Lianxun Instrument"), which plans to raise 1.954 billion yuan for the development and industrialization of next-generation optical communication, automotive-grade chips, storage testing, and digital testing equipment and instruments [1][5]. Group 1: Company Overview - Lianxun Instrument, established in 2017, is a domestic high-end testing instrument supplier, primarily engaged in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [2]. - The company provides core testing instruments and equipment with high speed, high precision, and high efficiency for global high-speed communication and semiconductor clients [2]. Group 2: Financial Performance - Financial data indicates that Lianxun Instrument's revenue is projected to grow from 214 million yuan in 2022 to 789 million yuan in 2024, representing a compound annual growth rate (CAGR) of over 90% [2]. - The cumulative R&D investment is 350 million yuan, with R&D personnel accounting for 40.32% by the end of 2024 [2]. Group 3: Product Offerings - In optical communication, Lianxun Instrument has mass-produced core testing instruments for 400G and 800G high-speed optical modules, including 50GHz sampling oscilloscopes and 800Gbps error analyzers [3]. - The company has expanded its product line for automotive-grade power device testing, with key products achieving industrial application [3]. - In semiconductor integrated circuit testing, the company offers precision source meters with a minimum current resolution of 1fA [3]. Group 4: Market Position - According to Frost & Sullivan data, Lianxun Instrument ranks third in the Chinese optical communication testing instrument market in 2024, being the only domestic company among the top five [3]. - The company holds the first market share in the 2024 Chinese silicon carbide power device wafer-level aging system market [3]. Group 5: Customer Base and Global Expansion - Lianxun Instrument has established a customer base in the optical communication sector, covering major players such as Zhongji Xuchuang and Broadcom [4]. - The company has also expanded its global footprint through subsidiaries in Japan, Singapore, and Malaysia, increasing its overseas revenue share from 13.54% in 2022 to 20.23% in early 2025 [4]. Group 6: Fundraising Plans - The company plans to use the 1.954 billion yuan raised for six main projects, including the development of next-generation optical communication testing equipment and automotive chip testing equipment [5].

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has officially submitted its IPO application for the Sci-Tech Innovation Board, aiming to raise 1.954 billion yuan, positioning itself as a leading supplier of high-end testing instruments in China [1] Group 1: Company Overview - Lianxun Instrument specializes in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment, providing high-speed, high-precision, and high-efficiency core testing instruments for clients in the global high-speed communication and semiconductor sectors [1] - The company plays a crucial role in the domestic production of core basic instrument equipment, supporting national strategic needs in key technology areas such as artificial intelligence and new energy [1] Group 2: Technological Strengths - Lianxun Instrument has developed three core technological pillars: high-speed signal processing, weak signal processing, and ultra-precision motion control, establishing a platform-level technology system with high reusability [2] - The company has achieved significant breakthroughs in the optical communication testing field, with core products like the 50GHz sampling oscilloscope and 800Gbps error analysis instrument, enabling large-scale testing of 400G and 800G optical modules [2] - In the semiconductor testing field, Lianxun Instrument holds a 43.6% market share in the carbon silicon power device wafer-level aging system market, ranking first in China [3] Group 3: Financial Performance - From 2022 to 2024, Lianxun Instrument's revenue grew rapidly from 214 million yuan to 789 million yuan, with a compound annual growth rate exceeding 90%, and net profit reaching 140 million yuan in 2024 [3] - The company has invested a total of 350 million yuan in R&D from 2022 to 2024, with over 40% of its workforce dedicated to research and development by the end of 2024 [3] Group 4: Market Potential - The global electronic measurement instrument market is projected to grow from 10.08 billion USD in 2020 to 12.93 billion USD in 2024, with further growth expected to 18.38 billion USD by 2029 [4] - The semiconductor testing equipment market is also anticipated to recover, with a year-on-year growth of 10.15% in 2024, driven by advancements in artificial intelligence and the recovery of consumer electronics [5] Group 5: Global Expansion - Lianxun Instrument has established a market network covering major domestic and international clients, including partnerships with leading companies in the optical communication and semiconductor sectors [7] - The company's overseas revenue share increased from 13.54% in 2022 to 20.23% in the first quarter of 2025, reflecting its successful integration into the global supply chain [7] Group 6: Future Plans - The funds raised from the IPO will be invested in the R&D and industrialization of next-generation optical communication, automotive-grade chips, storage testing, and digital testing equipment, aiming to strengthen its competitive edge in these fields [8]

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise funds for the development and industrialization of next-generation optical communication testing equipment and other projects, positioning itself as a key player in the high-end testing instrument market for telecommunications and semiconductors [2][8]. Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, specializing in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [2]. - The company provides core testing instruments that enhance product development and mass production efficiency in advanced technology sectors such as artificial intelligence, new energy, and semiconductors [2]. Product Offerings - The company’s electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with a focus on optical communication testing [2][4]. - Lianxun Instrument is one of the few manufacturers globally that can supply core testing instruments for 400G and 800G high-speed optical modules, and it is the second company worldwide to launch all core testing instruments for the industry’s highest level 1.6T optical modules [3][4]. Market Position - According to Frost & Sullivan, Lianxun Instrument ranks third in the Chinese optical communication testing instrument market in 2024, being the only domestic company in the top five [4]. - The company also ranks first in the Chinese optical electronic device testing equipment market in 2024, indicating a strong competitive position [5]. Technological Capabilities - Lianxun Instrument has developed a core technology system focused on high-speed signal processing, weak signal processing, and ultra-precision motion control, which are critical for the testing industry [3][9]. - The company has successfully industrialized key products such as the wafer-level aging system and power chip KGD sorting testing system, demonstrating its technological capabilities in the power device testing field [6]. IPO Fund Utilization - The company plans to raise 1.954 billion yuan through its IPO, which will be allocated to various projects including the R&D and industrialization of next-generation optical communication testing equipment, automotive chip testing equipment, and storage testing equipment [7][8]. - The funding will also support the construction of R&D and manufacturing centers, enhancing the company's existing R&D and production capabilities [8][9].