刚上市就成A股“股王” 中一签可赚82万 联讯仪器的狂欢能持续多久？

This article reviews the skyrocketing stock price of newly listed Lianxun Instrument and the hidden risks behind it. Key takeaways are as follows:

1. Core background: Lianxun Instrument is a leading Chinese manufacturer of optical communication and semiconductor testing equipment, and one of the few global vendors capable of mass-producing core testing instruments for 400G, 800G, and 1.6T high-speed optical modules. Since its IPO in April 2026, its share price has surged more than 20 times above the offering price in 23 trading days, briefly outpacing Kweichow Moutai to become the highest-valued A-share new stock. Investors who received one allotment still hold an unrealized profit of nearly 820,000 yuan, and the company’s latest total market capitalization exceeds 170 billion yuan.

2. Risks for retail investors: On the operational side, more than half of the company’s assets are tied up in accounts receivable and inventory. It relies heavily on a small number of key clients, faces slow collection and high bad debt risks. With a technical iteration cycle of only 12 to 18 months for optical modules, its large inventory is at high risk of devaluation. On the capital side, its trailing price-to-earnings ratio exceeds 300, far above the industry average. Free float accounts for less than 20% of total shares, and more than 80% of shares will become eligible for sale in the next three years, creating massive downside risk at current stretched valuations. Investors should avoid chasing the rally blindly.

Lianxun Instrument’s growth path as a leading Chinese high-end testing instrument brand offers valuable insights for domestic hard technology brands. Key takeaways are as follows:

1. Sector and consumer trends: The AI boom has driven explosive demand for high-speed optical modules, leaving massive gaps for domestic substitution in upstream core testing instruments. With strong market demand, domestic brands that seize the window of technological breakthrough can capture substantial industry dividends. Lianxun’s nearly five-fold revenue growth in three years, turning from losses to a net profit of 174 million yuan annually, is a textbook example.

2. Channel expansion experience: Lianxun has not only secured orders from leading domestic optical module manufacturers including Zhongji InnoLight and Eoptolink, but also successfully entered the supply chains of multiple global giants. It now ranks first in market share in China’s optoelectronic device testing equipment market. Its strategy of establishing a domestic foothold before expanding globally offers a replicable path for similar brands.

3. Operational risks to watch: To capture market share, Lianxun loosened its payment terms and became overly reliant on major clients, leaving it with weak pricing power and slow collections, with half of its assets tied up in receivables and inventory. Brands must balance market expansion with risk control to avoid long-term operational vulnerabilities.

This article outlines the opportunities and risks in the upstream optical communication testing instrument sector for industry practitioners. Key insights are as follows:

1. Current market opportunities: The boom in AI computing power has driven exponential growth in demand for 800G and 1.6T high-speed optical modules, creating a massive shortage of upstream core testing instruments. Currently, only a handful of global vendors, among which very few are domestic players like Lianxun, can mass-produce high-end products. The entire sector remains a fast-growing blue ocean, and sellers with existing technical reserves still have opportunities to enter the market.

2. Actionable growth lessons: By pre-emptively developing testing technology for high-end 1.6T optical modules and seizing the policy and market window for domestic substitution, Lianxun broke the monopoly of overseas manufacturers, quickly entered the supply chains of leading domestic and international clients, and achieved explosive growth. Its path is worthy of reference for sellers in the same sector.

3. Risk warnings: The industry’s technical iteration cycle is only 12-18 months, and demand fluctuates sharply with AI-related capital expenditures. If future AI demand falls short of expectations, large inventory holdings face significant devaluation risk. Meanwhile, the downstream optical module industry is highly concentrated, leaving sellers vulnerable to over-reliance on major clients, weak pricing power, slow collections and high bad debt rates—all risks that are amplified during industry downturns.

Lianxun Instrument’s explosive growth offers clear market opportunities and operational insights for domestic high-end manufacturing facilities. Key takeaways are as follows:

1. Identifiable business opportunities: Amid the current boom in demand for high-speed optical modules, upstream testing instrument manufacturers generally stock up on core components 3-6 months in advance to secure market share, and downstream demand continues to grow, bringing incremental orders to core component manufacturers. At the same time, there is still huge room for domestic substitution in high-end testing instruments, and factories with design and production capabilities can enter this high-growth sector to share industry dividends.

2. R&D and production insights: Lianxun broke foreign domination and claimed the largest domestic market share by covering core testing links across the entire optical communication industry chain and being the first to mass-produce high-end 1.6T testing instruments. This demonstrates that manufacturing facilities that persist in high-end R&D and seize the domestic substitution window can achieve leapfrog growth.

3. Operational management insights: When expanding during a sector boom, factories should not excessively loosen payment terms to win orders or stock up inventory blindly. They also need to diversify their client base to reduce dependence on a small number of major clients, avoiding the dual crisis of bad debt and inventory devaluation when the industry cools.

This article summarizes current development trends and corporate pain points in the optical communication testing instrument industry for relevant service providers. Key insights are as follows:

1. Industry development trends: The boom in large AI models has driven explosive global demand for AI computing power, spurring rapid expansion of the high-speed optical module industry and exponential growth in demand for upstream core testing instruments. Domestic manufacturers are rapidly replacing overseas products through technological breakthroughs, keeping the industry in a high-growth cycle with continuously expanding market size. This has brought a large number of new clients for supporting service providers.

2. Core client pain points: Domestic testing instrument vendors generally face two core pain points during rapid expansion: First, to capture market share, they widely accept extended payment terms, leading to surging accounts receivable, slow collections, and widespread cash flow shortages. Second, they pre-build inventory to meet explosive demand, leading to continuously rising inventory levels. Combined with the industry’s fast iteration pace, this creates high inventory devaluation risk.

3. Business opportunities for service providers: Financial service providers can develop supply chain financial products tailored to the industry’s characteristics, such as accounts receivable factoring and order pledge financing, to solve manufacturers’ cash flow problems. Supply chain management service providers can offer optimized inventory management services to help manufacturers reduce inventory devaluation risk, creating broad market opportunities.

Lianxun Instrument’s post-IPO performance and underlying issues offer insights for the operation and management of capital market platforms. Key takeaways are as follows:

1. New characteristics of post-IPO tech firms: Today, specialized "little giant" tech firms aligned with AI and domestic substitution trends are easily targeted by speculative capital after listing, often seeing explosive short-term share price gains and valuations far above reasonable industry levels. In addition, most shares are under lock-up in the early listing stage, resulting in very low free float. This allows limited capital to drive outsized share price gains, increasing the risk of excessive speculation.

2. Potential risks to watch: Most newly listed shares face concentrated unlocks of restricted shares. For example, more than 80% of Lianxun’s total shares will become eligible for sale gradually over the next three years. After excessive early-stage speculation, shareholder selling after the unlock can easily trigger sharp share price volatility, harming retail investors and undermining market stability.

3. Directions for operational optimization: Platforms can strengthen risk disclosure requirements for high-valuation newly listed stocks, push companies to proactively disclose potential operational risks, and step up risk warnings for investors. They can also guide companies and existing pre-IPO shareholders to voluntarily extend lock-up periods to stabilize market expectations and avoid extreme share price volatility.

The wealth creation event from Lianxun Instrument’s IPO provides a representative case study for research on China’s domestic high-end instrument industry and capital market pricing. Key research insights are as follows:

1. New industry trends: The AI computing boom has driven upward growth across the entire optical module industry chain. Domestic leading players have achieved technological breakthroughs in the upstream core testing instrument segment, breaking the long-standing monopoly of overseas manufacturers. Domestic leaders have already entered the supply chains of global giants, markedly accelerating the domestic substitution process. In addition, Suzhou has developed an industrial and capital ecosystem conducive to the growth of high-tech hard tech enterprises, with state-owned capital making early and continued investments to nurture multiple leading players in the optical module sector. This industrial incubation model merits in-depth research.

2. New issues in industry and capital markets: Capital markets currently assign extreme valuation premiums to high-quality domestic substitution plays in the AI upstream. Lianxun’s trailing P/E ratio exceeds 300, far above the electronic measurement instrument industry’s average of 55-75x, showing clear overvaluation that has already priced in far future growth. The extremely low free float in the early post-IPO stage amplifies the impact of market sentiment on share prices, inflating valuation bubbles, and allows industry growth to mask long-term weaknesses in working capital management and client structure.

3. Research value of the business model: The testing instrument industry’s long-payment-cycle acceptance-based payment model, combined with the highly concentrated downstream client structure, creates enormous cash flow pressure for fast-growing firms. How to optimize and adapt this business model is also a topic worthy of in-depth research.