Analysis of Production-Sales Ratio Fluctuations and Multi-Domain R&D Strategies of Lianxun Instruments

Based on the collected information, I will conduct an in-depth analysis of the production-sales ratio fluctuations and multi-domain R&D strategies of Lianxun Instruments.

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Suzhou Lianxun Instruments Co., Ltd. was founded in 2017, and is a high-tech enterprise focusing on electronic measurement instruments and semiconductor test equipment. The company’s products mainly include

, and other electronic measurement instruments, as well as , , and other semiconductor test equipment[1][2].

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Period	2022	2023	2024	Jan-Mar 2025
Production-Sales Ratio	80.08%	85.34%	71.39%	68.78%

Period	2022	2023	2024	Jan-Mar 2025
Production-Sales Ratio	97.70%	71.32%	60.11%	70.21%

1. Electronic Measurement Instruments
   : To ensure order delivery, the company maintains a certain amount of inventory at the end of the period, leading to an increase in finished goods inventory. As a result, the production-sales ratio dropped from 85.34% in 2023 to 68.78% in the first quarter of 2025[1].

2. Semiconductor Test Equipment
   : There is a certain cycle from product shipment to completion of acceptance, leading to a cycle mismatch between output and sales volume recognized as revenue. This caused the production-sales ratio to drop sharply from 97.70% in 2022 to 60.11% in 2024[1].

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Period	R&D Expenses (RMB 10,000)	R&D Expense Ratio
2022	5,357.28	24.99%
2023	10,471.57	37.97%
2024	19,143.44	24.27%
Jan-Mar 2025	5,680.59	28.25%

As of March 31, 2025, R&D personnel account for

of the company’s total employees. R&D expenses are mainly composed of employee compensation, material costs, and professional service fees, accounting for more than 90% of the total[1].

Lianxun Instruments plans to raise

through its STAR Market IPO, which will be mainly invested in the following R&D and industrialization projects:

Project Name	Planned Fundraising Amount (RMB 100 million)
R&D and Industrialization of Next-Generation Optical Communication Test Equipment	5.13
R&D and Industrialization of Automotive-Grade Chip Test Equipment	1.99
R&D and Industrialization of Memory Test Equipment	3.85
R&D and Industrialization of Digital Test Instruments	3.04
Construction Project of R&D Center and Manufacturing Center (Phase I)	4.03
Supplementary Working Capital	1.50

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1. Remarkable Technological Breakthroughs
   :
   • The company has broken the monopoly of overseas enterprises in high-speed optical module test instruments, and has become the
     second company globally
     to mass-produce all core test instruments for 1.6T optical modules[3]
   • It ranks third in the market share of optical communication test instruments in China, and is the
     only local enterprise
     among the top five[3]
   • It ranks first in China with a
     21.7% market share
     in the silicon carbide power device test equipment market, and its market share of silicon carbide power device wafer-level aging systems reaches as high as
     43.6%
     [3]

2. Strong Business Growth
   :
   • Operating revenue leaped from RMB 214 million in 2022 to RMB 789 million in 2024, with a
     revenue growth rate of 91.79% over the past three years
     [1][3]
   • It successfully turned profitable in 2024, achieving a net profit of RMB 141 million[1]
   • The comprehensive gross profit margin increased from 43.61% in 2022 to 59.14% in the first three quarters of 2025[3]

3. Core Technology Support
   :
   • Built a
     platform-level core technology system
     centered on high-speed signal processing, weak signal processing, and ultra-precision motion control
   • Mastered
     16 core technologies
     such as low-loss and low-noise high-speed signal circuit design, ultra-weak signal generation and measurement[3]

1. Continuous Decline in Production-Sales Ratio
   :
   • The production-sales ratio of electronic measurement instruments dropped from 85.34% to 68.78%, and that of semiconductor test equipment dropped from 97.70% to 60.11%, indicating
     pressure in capacity digestion
     [1]

2. High Customer Concentration
   :
   • The revenue share of the top five customers increased from 42.64% in 2022 to
     62.64%
     in the first quarter of 2025, showing a year-by-year increase in customer concentration[1]

3. Surge in Accounts Receivable
   :
   • The book balance of accounts receivable increased from RMB 89.6297 million in 2022 to
     RMB 305 million
     in the first quarter of 2025, accounting for as high as
     37.95%
     of the current operating revenue[1]

4. Cash Flow Volatility
   :
   • The net cash flow generated from operating activities fluctuates significantly, reaching RMB 6.9805 million in 2022, turning to
     -RMB 5.2590 million
     in 2023, RMB 80.7858 million in 2024, and turning to
     -RMB 52.5647 million
     again in the first quarter of 2025[1]

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Evaluation Dimension	Conclusion
Technical Rationality	Extended based on the core technology platform, R&D directions are highly correlated with existing businesses, with technological synergy effects
Market Matching Degree	IPO-funded projects are all targeted at high-growth fields such as high-speed communication, semiconductors, and new energy vehicles, which are in line with national strategic directions
Capital Pressure	The fundraising scale of RMB 1.954 billion is relatively large, but the R&D expense ratio of 24%-38% indicates that the company has established a relatively mature R&D investment mechanism
Execution Risk	Need to be alert to resource dispersion caused by multi-line operations, and balance the relationship between R&D investment and capacity digestion

1. Prioritize focus on core product lines that have formed technological advantages and market positions to ensure the production-sales ratio stabilizes and rebounds
2. Optimize the customer structure to reduce the risk of high customer concentration
3. Strengthen accounts receivable management to improve operating cash flow
4. Promote IPO-funded projects in phases, and dynamically adjust the R&D pace based on market demand and self-capabilities

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[1] Gangwan Business Observation - “Lianxun Instruments’ Surge in Accounts Receivable: Declining Production-Sales Ratio, Volatile Operating Cash Flow” (https://user.guancha.cn/main/content?id=1526237&s=fwtjgzwz)

[2] Shanghai Stock Exchange - Prospectus for the Initial Public Offering of Stocks by Suzhou Lianxun Instruments Co., Ltd. (https://static.sse.com.cn/stock/disclosure/announcement/c/202512/002075_20251202_65HH.pdf)

[3] Securities Times Network - “Leading the Industrial Upgrade of High-End Test Instruments, Lianxun Instruments’ STAR Market IPO is About to Be Reviewed” (https://www.stcn.com/article/detail/3579797.html)