A-share subscription | Lianxun Instruments (688808.SH) opens for subscription as one of the few companies in the industry covering the core testing links of the entire optical communication industry chain.

On April 14th, Lunsun Instruments (688808.SH) began its subscription with an issue price of 81.88 yuan per share, a subscription limit of 60,000 shares, a P/E ratio of 63.64 times, listed on the Shanghai Stock Exchange, with CITIC SEC as its sponsoring institution. According to the prospectus, Lunsun Instruments is a leading domestic high-end testing equipment company, specializing in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment. They specialize in providing high-speed, high-precision, and efficient core testing equipment for global users in the fields of high-speed communications and semiconductors, helping advance product development and production efficiency in industries such as artificial intelligence, new energy, and semiconductors. They are an important force in achieving the localization and self-controllability of core basic instruments and equipment in areas of national strategic needs. The company's electronic measurement instruments include communication test instruments and electrical performance test instruments, aimed at optical communication testing, including core testing equipment such as sampling oscilloscopes, clock recovery units, and error analyzers. Their semiconductor testing equipment includes devices aimed at optical communication testing, power device testing, and semiconductor integrated circuit testing. The company is one of the few in the industry that covers core testing needs in the optical communication industry chain, with global operations and among a handful domestically supplying core testing instruments for high-speed optical modules such as 400G, 800G, and 1.6T. They are also one of the few domestically that can provide multiple product matrices for electrical performance testing instruments, as well as manufacturers that have successfully industrialized wafer-level aging testing equipment and bare chip-level sorting testing equipment. They are one of the few that have independent capabilities in core testing components such as precision sources, among semiconductor testing equipment manufacturers, and their core performance indicators are industry-leading. Since its establishment, the company has gradually gained core chip and self-developed core algorithm, hardware, and ultra-precise motion technology capabilities by successfully developing and applying core testing equipment in the optical communication field. This has enabled them to establish a platform-level core technology system focused on high-speed signal processing, low signal processing, and ultra-precision motion control. Relying on this strong platform-level core technology system, the company has continually solidified its vertical competitiveness in the optical communication field while expanding horizontally to achieve significant competitive advantages in power devices, semiconductor integrated circuits, and other fields. In the field of optical communication, the company provides communication test instruments, optical electronic device testing equipment, and electrical performance testing instruments, making them one of the few companies that cover core testing sectors in the entire optical communication industry chain. According to Frost & Sullivan data, by 2024, the company ranked first in the Chinese optical electronic device testing equipment market share. In the optical communication field, the company has served mainstream customers such as Unity Group, Zhongji Innolight, Eoptolink Technology Inc., Accelink Technologies, Hisense Group, Huagong Zhengyuan, Salecom, Lumentum, Coherent, Broadcom, Global Communications, Sumitomo Electric, Furukawa Electric, and other domestic and foreign customers along the optical communication industry chain. In the field of semiconductor integrated circuits, the company primarily provides electrical performance testing instruments and equipment to users. Focused on the reuse value of core technology, they have actively developed a product line of electrical performance testing equipment, which includes WAT testers and wafer-level reliability testing systems, making them one of the few manufacturers in China with independent capabilities in core testing components such as precision sources. Their representative customers in the semiconductor integrated circuit field include Customer Two, Unity Group, BYD Company Limited Semiconductor, Beijing YanDong MicroElectronic, Hangzhou Silan Microelectronics, X-FAB, and other well-known domestic and foreign companies. Financially, in 2022, 2023, 2024, and January to September 2025, the company achieved operating revenues of approximately 214 million yuan, 276 million yuan, 789 million yuan, and 806 million yuan, respectively. During the same periods, their net profits were approximately -37.888 million yuan, -56.703 million yuan, 141 million yuan, and 97.68 million yuan, respectively.