Lianxun Instruments rings the bell for its launch on the STAR Market today! A benchmark for high-end testing instruments with high barriers to entry and high growth, driven by independent and controllable technology.

On April 24, Suzhou Lianxun Instruments Co., Ltd. (stock abbreviation: Lianxun Instruments, stock code: 688808) officially rang the bell to list on the Shanghai Stock Exchange’s STAR Market. The offering price was RMB 81.88 per share, and the total fund-raising amount was RMB 2.1B. Lianxun Instruments is a leading domestic high-end test instrumentation equipment company. Its main business covers the R&D, manufacturing, sales, and services of electronic measurement instruments and semiconductor test equipment. It is an important force in China’s push to achieve localization of core basic instrument equipment in key national strategic demand areas, and to ensure independent, controllable supply.

Positioned in the high-end test instrumentation track, Lianxun Instruments demonstrates the “three highs” characteristics of high growth potential, high technological barriers, and high customer barriers, driven by sustained leading R&D investment, a global top-tier customer matrix, and a multi-curve coordinated growth path. Its value core is deeply rooted in long-term efforts to tackle underlying core technologies, as well as precise positioning within the wave of global cutting-edge technological developments.

High growth potential: catching the dual waves of AI and domestic substitution, with performance entering a phase of rapid release

Lianxun Instruments’ growth is not based on vague industry visions, but on solid orders and financial data, showing a clear “S-shaped” growth curve.

Explosive growth in performance, with profitability fully realized. The prospectus shows that from 2022 to 2024, the company’s operating revenue surged from RMB 214 million to RMB 789 million, with a two-year compound annual growth rate as high as 91.79%. More importantly, against the backdrop of high-intensity R&D investment, the company successfully crossed the break-even point in 2024, achieving net profit attributable to shareholders of RMB 140 million. In 2025, the company realized operating revenue of RMB 1.19B, up 51.41% year over year. In the first quarter of 2026, the company expects operating revenue of RMB 480 million to RMB 500 million, representing an increase of 138.68% to 148.63% year over year; it also expects net profit attributable to parent of RMB 110 million to RMB 125 million, up 469.10% to 546.71% year over year, demonstrating strong growth acceleration.

Deeply benefiting from AI compute demand, securing the 400G/800G/1.6T test high ground. The explosive data-center demand from artificial intelligence is driving rapid iteration of high-speed optical modules toward 400G, 800G, and even 1.6T. Optical module test instruments are the “bottleneck” step in this industry chain. Lianxun Instruments is one of only a few companies globally—and extremely rare in China—that can mass-produce and supply the core testing instruments for 400G, 800G, and 1.6T high-speed optical modules. It is also the second company in the world to launch all the core testing instruments for 1.6T optical modules. Products such as its 65GHz sampling oscilloscopes and 120GBaud clock recovery units have already become standard equipment for global mainstream optical module manufacturers including Jiexin Xuchuang, New Hennessy, OFS Technology, Lumentum, and others. They directly share the certain upside created by the construction of AI compute infrastructure.

Horizontal and vertical expansion opens up long-term space, building a platform-level growth path. Lianxun Instruments has not stopped at optical module testing. Relying on three major platform-level core technologies—high-speed signal processing, weak-signal processing, and ultra-precision motion control—the company has extended its business boundaries into the testing of power semiconductors and integrated circuits. In the market for test equipment for silicon carbide power devices, it has risen to #1 in domestic market share. In addition, the company is actively laying out storage chip test equipment, which is expected to open the next growth curve of the next “hundred-billion” scale.

High technological barriers: solid core technology, breaking overseas monopolies, forging a long-term moat

High-end test instruments are a typical technology-intensive industry, with high R&D barriers, fast iteration cycles, and very strict requirements for independent and controllable core technologies. Since its founding, Lianxun Instruments has built R&D moats that are difficult to replicate by focusing on technology, becoming one of the few domestic companies that can compete with international giants.

Sustained high-intensity R&D investment, with STAR Market attributes maximized. During the reporting period, Lianxun Instruments’ R&D spending continued to climb year after year. From 2022 to 2024, cumulative R&D investment exceeded RMB 349 million, and the R&D-to-revenue ratio has remained at 24% or above for a long time, staying consistently high. The proportion of R&D personnel is over 40%, and as of September 2025, it holds 113 invention patents applicable to its main businesses and capable of industrialization. High-intensity investment has resulted in core technology breakthroughs. The company has formed a platform-level technical system centered on high-speed signal processing, weak-signal processing, and ultra-precision motion control. It covers the full chain from self-developed chips, core algorithms, hardware circuit boards, to precision motion systems. Key components are independently controllable, reducing dependence on external parties.

Product performance matches international levels; multiple achievements as the only domestic/leading globally. In the field of optical communications testing, Lianxun Instruments is the second company globally and the only one domestically that can mass-produce and supply a complete set of core testing instruments for 1.6T optical modules. It has already fully mass-produced its 65GHz sampling oscilloscopes, 120GBaud clock recovery units, and 1.6Tbps bit error analyzers, covering the full-rate requirements of 400G/800G/1.6T. In the semiconductor testing field, the company’s precision source measure unit has achieved minimum current resolution below 0.1fA, approaching the international top tier. Its silicon carbide power device wafer-level burn-in system ranks first domestically in market share. Its optical/electronic device test equipment also ranks first domestically in market share. Multiple products fill domestic gaps and break overseas monopolies.

Platform-based technology reuse expands capabilities without limits. Lianxun Instruments’ core technologies can be reused across different fields. Starting from optical communications testing, it extends to power device testing, semiconductor integrated circuit testing, and storage chip testing—forming a “one core, multiple poles” product matrix. The extensibility of its technology becomes the underlying support for sustained growth, avoiding reliance on a single product and continuously expanding growth boundaries.

High customer barriers**:**** Deeply bind global leading enterprises; long certification cycles and extremely strong stickiness, with a basically solid performance base**

In the ToB high-end equipment industry, customer barriers are the strongest moat. With strict product quality and long-term validated reliability, Lianxun Instruments has entered the core supply chain of global industrial chains. Customers are highly concentrated with top-tier structure, and cooperation is deeply bound, making it hard to replace.

Top-tier customer matrix, covering global optical communications + semiconductor leaders. Lianxun Instruments’ customers are all industry leaders, with breakthroughs at home and abroad in parallel. In the optical communications sector, it covers mainstream global manufacturers such as Jiexin Xuchuang, New Hennessy, Fiberhome, Hisense Group, Lumentum, Coherent, Broadcom, Sumitomo Japan, and others. In the semiconductor power device sector, it covers international top companies such as BYD Semiconductor and Silan Microelectronics, as well as ONSEMI. Products have entered major global markets including the United States, Japan, South Korea, Singapore, and Malaysia. Its overseas revenue share has rapidly increased to 32.59%, and its global layout has taken shape.

Extremely high certification barriers, with long-term stable cooperation. Certification cycles for high-end test equipment are typically 1 to 2 years. Customer verification processes are stringent and switching costs are extremely high. Once a company is admitted into the supplier chain, it forms a long-term symbiotic relationship. Lianxun Instruments is not only a supplier, but also a partner in customers’ frontier R&D. It upgrades in step with downstream technological iterations such as 800G/1.6T optical modules, silicon carbide power devices, advanced packaging, and more. With deep binding to downstream demand, it has strong order continuity and stability.

Conclusion

Overall, Lianxun Instruments is a STAR Market hard-technology benchmark with a high-quality track, deep barriers, and predictable growth: it sits in the golden track for high-end test instruments and benefits from the dual tailwinds of domestic substitution and high downstream market conditions. It has R&D and customer dual high barriers; the competitive landscape is clear, and high growth performance is sustainable.

Against the backdrop of science and technology self-reliance becoming a national strategy, Lianxun Instruments shoulders the mission of replacing high-end test instruments domestically, while combining technological barriers, customer barriers, and growth potential. With this listing on the STAR Market, the company will leverage capital strength to accelerate technological breakthroughs and capacity expansion, moving toward the goal of becoming a global leader in the high-end test instrumentation industry.

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