On August 18, Shanghai Pinzhun Laser Technology Co., Ltd. (hereinafter referred to as "Pinzhun Laser") made its official debut on the Science and Technology Innovation Board of the Shanghai Stock Exchange. As of the time of reporting, Pinzhun Laser's stock had soared by 536%, trading at 1,190 yuan per share, with a total market capitalization reaching 47.6 billion yuan. A single lot (comprising 500 shares) generated profits exceeding 500,000 yuan.

Pinzhun Laser's public offering encompassed no more than 10 million ordinary shares, representing 25.00% of the total share capital post-issuance. After deducting issuance expenses, the net proceeds are earmarked for investment in the industrialization project of precision laser systems, the construction project of the R&D center, the construction project of the Wuhan R&D center, and supplementary working capital.

Established in 2017, this company has swiftly evolved from a fledgling startup into a leading supplier in the precision laser industry. The company's primary revenue stream stems from the sales of laser products, which account for over 96% of its total business revenue.

In the semiconductor sector, the domestic substitution rate for semiconductor equipment in China remains relatively low. Among domestic wafer manufacturing and measurement & inspection equipment, precision laser products are predominantly supplied by companies such as Coherent (US), Oxide (Japan), IPG (US), the issuer (Pinzhun Laser), Thorlabs (China), and Changchun New Industries. This market landscape clearly reveals that overseas manufacturers still dominate the core optical components of high-end precision lasers, leaving significant room for domestic substitution.

According to research data from QYResearch and subsequent calculations, in 2024, the issuer's revenue in the semiconductor sector amounted to 75 million yuan, representing 1.98% of the domestic market share. Although the current market share is modest, considering the technical barriers associated with precision lasers in the semiconductor sector and the pressing need for domestic substitution, Pinzhun Laser, as one of the few domestic companies capable of providing high-performance precision lasers, possesses immense growth potential.

In terms of financial performance, during the reporting period, Pinzhun Laser's financial data exhibited remarkably robust growth. In 2023, the company achieved revenues of 147.7214 million yuan, net profit of 60.4636 million yuan, and net profit attributable to the parent company's owners of the same amount. In 2024, the company's revenues surged to 291.8572 million yuan, marking a year-on-year increase of 97.58%; net profit reached 115.6160 million yuan, up by 91.23% year-on-year; and net profit attributable to the parent company's owners also stood at 115.6160 million yuan. In 2025, the company's revenues further increased to 417.9165 million yuan, representing a year-on-year rise of 43.18%; net profit climbed to 159.4429 million yuan, up by 37.92% year-on-year; and net profit attributable to the parent company's owners matched this figure.

The company anticipates achieving revenues of 230 million to 260 million yuan from January to June 2026, representing a year-on-year increase of 27.58% to 44.22%. It expects net profit attributable to the parent company's owners to range from 90 million to 105 million yuan, marking a year-on-year increase of 26.93% to 48.08%. After deducting non-recurring gains and losses, it projects net profit attributable to the parent company's owners to be between 85 million and 100 million yuan, representing a year-on-year increase of 28.49% to 51.16%. The aforementioned performance estimates for January to June 2026 are preliminary calculations and do not constitute the company's profit forecasts or performance commitments.