Lianchuang Electronic Technology Co., Ltd. (002036)

Equity Research Report | Industry: Optics, Optoelectronics and Intelligent Terminal Manufacturing | Report Date: September 13, 2026 | As of the September 11, 2026 close; moving averages, MACD, RSI and Bollinger Bands are primarily based on data as of the September 10, 2026 close; shareholder structure data as of June 30, 2026; shareholder-count data as of August 31, 2026

This report was automatically compiled and generated by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

The most decision-relevant fact about Lianchuang Electronic at present is the significant rise in operating and financial risks: revenue in the first half of 2026 was RMB 3.1935 billion, down 24.34% year on year; net profit attributable to the parent was a loss of RMB 357.95 million, while non-GAAP net profit attributable to the parent was a loss of RMB 371.36 million. As of September 2026, the cumulative overdue debt of the company and its subsidiaries had increased to RMB 356 million, outstanding external guarantees totaled RMB 8.214 billion, and overdue guarantees amounted to RMB 331 million. Liquidity and contingent-liability risks have become the core factors affecting the company’s fundamentals.

The company remains in the process of transitioning from touch-display and terminal manufacturing toward automotive optics and intelligent-sensing optics. In 2025, optical-component revenue was RMB 4.294 billion, accounting for 52.00% of total revenue, of which automotive-optics revenue was RMB 3.072 billion, up 49.10% year on year. However, total annual revenue fell 19.12% to RMB 8.259 billion, net profit attributable to the parent was a loss of RMB 1.011 billion, and automotive-optics gross margin was 18.39%, significantly below historical levels, indicating that business growth has not yet translated into stable profitability.

Traditional businesses came under clear pressure: touch-display revenue declined 61.50% year on year to RMB 986 million in 2025, while application-terminal revenue was RMB 2.979 billion, with a gross margin of only 4.74%. The company invested approximately RMB 842 million in R&D, equivalent to 10.19% of revenue, and continues to develop HUDs, intelligent lighting, machine vision, drone sensing, AI glasses and robotic-vision products. However, these businesses still need to achieve commercial realization through customer nominations, validation, mass-production ramp-up and cost control.

As of September 11, 2026, the stock closed at RMB 6.33, in the lower part of its 52-week range, below the MA5, MA10, MA20 and lower Bollinger Band. MACD remained in a bearish structure below the zero axis. RSI6 was 25.3, indicating the possibility of a technical rebound following short-term oversold conditions, but no trend-reversal signal had yet formed. The company is currently loss-making, so its dynamic P/E ratio has no normal comparative significance. Net assets declined from RMB 1.048 billion at the end of 2025 to approximately RMB 672.65 million at the end of June 2026. Both valuation and share-price performance therefore depend heavily on subsequent earnings recovery and whether liquidity risks can be alleviated.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Optical lenses and imaging modules: Covers molded-glass lenses, prisms, smartphone lenses, automotive lenses, automotive imaging modules, high-definition wide-angle lenses, action-camera lenses and intelligent-sensing modules, applied in smartphones, tablets, intelligent driving and smart cockpits, action cameras, drones, machine vision, police surveillance, HUDs and automotive lighting. In 2025, optical-component revenue was RMB 4.294 billion, accounting for 52.00% of revenue; automotive optics contributed RMB 3.072 billion, or 37.20%, up 49.10% year on year.
• Touch-display business: Main products include touchscreens, LCD modules, integrated touch-display modules and related electronic components, used in consumer electronics, IT equipment and automotive displays. Revenue was RMB 986 million in 2025, accounting for 11.94% of revenue and down 61.50% from 2024.
• Application-terminal business: Primarily reflects intelligent terminals and related products supplied to end customers. Revenue was RMB 2.979 billion in 2025, accounting for 36.06% of revenue and down 2.36% year on year; gross margin was 4.74%.
• New-business initiatives: Automotive HUDs and PGUs, automotive intelligent lighting, machine vision, drone TOF sensing modules, miniature medical endoscopes, 4D millimeter-wave radar, silicon lenses for optical-module arrays, AI glasses and optical products related to robotic vision.
• Business-structure changes: The company is shifting from a comprehensive electronics-manufacturing model with a high proportion of touch displays and terminal manufacturing toward a business structure driven by automotive optics and other high-technology optical products. Optical-component revenue rose from 40.70% of revenue in 2024 to 52.00% in 2025, while automotive optics increased from 20.18% to 37.20%; touch displays and non-automotive optics remained under pressure.

2.3 Position in the Industry Chain and Cost-Profit Structure

Lianchuang Electronic is positioned in the upper-middle portion of the optical industry chain: upstream, it procures optical materials, panels, chips, sensors and structural components; midstream, it conducts R&D and manufacturing of molded glass, prisms, optical lenses, camera modules and touch-display modules; downstream, it supplies automakers, automotive-electronics Tier 1 suppliers, intelligent-driving solution providers, smartphone ODMs, terminal brands and machine-vision customers. The company is not a mineral-resources enterprise. Its core resources are primarily reflected in its molded-glass lens and prism processes, R&D and mass-production experience in optical lenses and automotive imaging modules, automotive-grade certifications and customer-nomination capabilities.

• Major purchases include optical glass, molded-glass materials, plastic and glass-plastic hybrid lens materials, optical-coating materials, and materials related to lenses, prisms and molds.
• Automotive modules also require image sensors, chips, connectors, structural components, automotive-grade electronic devices and packaging materials; the touch-display business requires panels, touch-control chips, cover glass and electronic components.
• At the end of 2025, the book balance of raw materials was RMB 773 million, with an impairment provision of RMB 120 million; accounts payable included RMB 2.617 billion payable for materials. The company did not disclose procurement amounts by material category, so the cost share of any single material cannot be calculated accurately.
• The touch-display business cooperates with panel makers including BOE, Tianma and LGD. Panel prices and supply-demand conditions are affected by industry cycles, and the company is closer to a processor and module integrator in this area, giving it some sensitivity to upstream panel prices.
• The company has in-house manufacturing capabilities for certain core optical components, including molded-glass lenses and prisms, helping reduce reliance on external procurement. However, automotive modules remain dependent on externally sourced image sensors, chips and automotive-grade electronic components, and the company does not control pricing for upstream chips and sensors.
• The 2025 annual report did not disclose verifiable details on supplier names or procurement concentration. Supplier-concentration data is unavailable.
• Downstream customers include automakers and automotive-electronics Tier 1 suppliers, intelligent-driving solution providers such as Mobileye, NVIDIA, Horizon Robotics and Baidu, automakers such as BYD, NIO and Geely, and consumer-electronics customers such as Huaqin, Longcheer, ZTE, Lenovo and Transsion.
• Sales to the five largest customers totaled RMB 3.797 billion in 2025, accounting for 45.99% of annual sales; the largest customer accounted for 19.36%. These figures correspond to 2025. Customer names were disclosed anonymously, so concentration cannot be accurately mapped to specific automakers, Tier 1 suppliers, ODMs or terminal brands.
• The five largest customers accounted for 51.21% of sales in 2024 and 60.01% in 2022. Overall customer concentration remains relatively high but has declined. Because customer names were disclosed anonymously, the company’s reliance on any single automaker cannot be further verified. The specific customer structure is subject to subsequent company announcements and responses to regulatory inquiries.
• Downstream automakers and Tier 1 suppliers in the automotive-optics industry generally hold strong purchasing bargaining power. Product nomination and validation cycles are long, and products may face annual price reductions, technology upgrades and cost-reduction requirements after mass production. Automotive certifications and supply-chain entry create certain barriers, but do not mean that the company has strong downstream pricing power.
• Within the optical business, molded glass, prisms, core optical design and high-end ADAS lenses have relatively high value added; touch-display processing, application terminals and standardized modules are closer to lower-margin midstream activities.
• As of December 31, 2025, accounts receivable had a book balance of RMB 2.990 billion and a carrying value of RMB 2.304 billion, equivalent to approximately 36.2% and 27.9% of annual revenue, respectively. Of this, receivables aged more than two years had a book balance of approximately RMB 1.188 billion, or approximately 39.7% of total accounts receivable, while receivables aged more than three years were approximately RMB 590 million. Inventory had a carrying value of RMB 2.269 billion, and accounts payable totaled RMB 2.985 billion, including RMB 2.617 billion payable for materials. Accounts receivable and inventory occupy substantial working capital, and some customers have relatively long collection cycles. The large balance of payables for materials provides some offset to working-capital needs, but overall does not indicate that the company has significant downstream bargaining power. The available materials do not provide accounts-receivable turnover days or the ratio of receivables to net profit.
• Customer-concentration data: the five largest customers accounted for 45.99% of total sales in 2025, with the largest customer accounting for 19.36%; the five largest customers accounted for 51.21% in 2024 and 60.01% in 2022. These figures are based on the company’s annual reports, but customer names were disclosed anonymously, preventing cross-verification of specific customer types and reliance on any single automaker. The specific customer structure is subject to subsequent company announcements and regulatory responses. Supplier concentration was not disclosed.

Lianchuang Electronic is an upper-middle-stream optoelectronics manufacturer upgrading from touch displays and consumer-electronics manufacturing toward automotive optics and intelligent-sensing optics. It does not yet possess pricing power comparable to upstream core-chip manufacturers or downstream brand owners. The key to improving profitability is not simply expanding automotive-optics shipments, but increasing the proportion of high-value-added products such as high-end ADAS lenses, automotive imaging modules, HUDs/PGUs, intelligent lighting and machine vision, while improving product pricing, capacity utilization, cost control and accounts-receivable collections.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of September 13, 2026, the latest formal financial report disclosed by the company was the 2026 interim report, announced on August 20, 2026. Non-GAAP net profit attributable to the parent in the first half of 2026 was a loss of RMB 371.36 million, compared with a loss of RMB 32.002 million in the prior-year period, down 1060.43% year on year; consolidated net profit was a loss of RMB 388.03 million, while net cash flow from operating activities was approximately RMB 87.98 million. Full-year 2025 non-GAAP net profit attributable to the parent was a loss of RMB 1.00998 billion, compared with a loss of RMB 609.93 million in the prior year, down 65.59% year on year; basic EPS was -RMB 0.96 and weighted-average ROE was -65.11%.

Revenue in the first half of 2026 decreased by approximately RMB 1.027 billion year on year, while net profit attributable to the parent swung from a profit to a substantial loss and the non-GAAP loss widened, indicating a clear deterioration in profitability. The company said that a sharp increase in memory-chip prices, weak downstream terminal demand and intensified competition in consumer electronics led some terminal manufacturers to reduce production and shipment plans, resulting in temporarily lower orders and pressure on product gross margins. The company also proactively reduced its business scale to safeguard cash-flow security, but relatively high administrative and finance expenses and reduced government subsidies caused losses to widen. Actual net profit attributable to the parent in the first half of 2026 was a loss of RMB 357.95 million, exceeding the upper limit of the company’s previous loss forecast of RMB 309.72 million by approximately RMB 48.26 million. Net assets attributable to shareholders of the listed company declined from RMB 1.04806 billion at the end of 2025 to approximately RMB 672.65 million at the end of June 2026, continuing to contract.

3.2 Earnings Forecasts

According to the THS F10 system, as of the page update time, no institutions had issued earnings forecasts for the current year. Forecast data for 2026 and 2027 were blank, and no new buy, overweight, neutral, underweight or sell ratings had been recorded in the previous six months. The forecasts in the table mainly come from historical research reports published between June and August 2025, before the 2026 interim report, and should not be regarded as current consensus expectations. Since actual net profit attributable to the parent in the first half of 2026 was a loss of RMB 357.95 million, these historical earnings forecasts are clearly inconsistent with the latest operating results and have limited reference value; they are expected to require further downward revisions. The company’s 2026 operating targets are revenue of RMB 9.0 billion, optical-industry sales of RMB 5.0 billion and a return to profitability. However, these targets are not audited or binding earnings forecasts and cannot be used directly as valuation forecasts.

3.3 Valuation and Institutional Ratings

Based on the September 11, 2026 closing price of approximately RMB 6.26 and total market capitalization of approximately RMB 6.695 billion, the company was loss-making in both full-year 2025 and the first half of 2026. Its static and trailing P/E ratios therefore have no normal valuation significance; some market-data terminals may display negative P/E or “not applicable.” Net assets attributable to shareholders of the listed company were approximately RMB 672.65 million as of June 30, 2026, implying a P/B ratio of approximately 9.96x, close to the approximately 9.9x disclosed by market-data terminals. However, net assets had already declined further from RMB 1.04806 billion at the end of 2025, so it would be imprudent to judge valuation attractiveness solely on the basis of P/B. If Guoyuan Securities’ historical forecast from August 2025 is mechanically applied, the RMB 6.26 share price corresponds to a 2026 forecast P/E of approximately 23.2x and a 2027 forecast P/E of approximately 13.9x. However, those forecasts were made before the deterioration in first-half 2026 results and cannot be considered reliable current valuation inputs. The historical target price of RMB 10.08 was likewise based on an outdated earnings-recovery assumption and cannot directly serve as a reasonable-value reference as of September 2026. The company is currently characterized by high P/B and losses. Valuation depends primarily on whether it can return to profitability, whether automotive-optics revenue and margins can improve, whether consumer-electronics orders recover, whether memory-chip price pressure and debt and finance-expense burdens ease, and whether net assets continue to decline.

4. Recent News and Announcements

4.1 Expansion of Subsidiary Overdue-Debt and Guarantee Risks

On September 9, 2026, the company disclosed the Announcement on Subsidiary Overdue Debt and Guarantee Developments. As of August 15, 2026, certain bank and finance-lease debts of the company and its subsidiaries, together with unpaid commercial acceptance bills, totaled RMB 352.5252 million in arrears; RMB 43.6506 million had been resolved as of the announcement date. During the same period, newly overdue debt of RMB 46.6700 million arose due to tight working capital, bringing cumulative overdue debt to RMB 355.5446 million, equivalent to 33.92% of the company’s most recent audited net assets. The company plans to address the debt issues through loan renewals, extensions, repayment-plan adjustments, tighter cost controls and stronger accounts-receivable collection.

4.2 Large External-Guarantee Balance and Overdue Guarantees

As of September 9, 2026, the total external-guarantee limit of the company and its controlled subsidiaries was RMB 11.560 billion, equivalent to 1,102.99% of audited net assets at the end of 2025. The cumulative external-guarantee balance was RMB 8.2139615 billion, or 783.73% of audited net assets at the end of 2025. Overdue guarantees totaled RMB 330.9984 million, or 31.58% of the latest audited net assets. The company warned that if the relevant subsidiaries are unable to repay overdue debt, it may bear joint and several repayment liability within the guarantee scope and face penalty interest, liquidated damages, litigation, arbitration and the freezing of bank accounts or assets.

4.3 RMB 328.5 Million of New Guarantees in August 2026

On September 9, 2026, the company disclosed the Announcement on the Progress of Company Guarantees. The announcement showed that in August 2026 the company provided RMB 328.5 million of guarantees for subsidiaries within the consolidated reporting scope. As of the announcement date, the external-guarantee limit, guarantee balance and overdue-guarantee amount were broadly consistent with those disclosed in the overdue-debt announcement issued on the same day.

4.4 Preliminary Loss in the First Half of 2026 Worsened Further in the Interim Report

On July 15, 2026, the company disclosed its preliminary earnings forecast for the first half of 2026, expecting net profit attributable to shareholders of the listed company to be a loss of RMB 206.48 million to RMB 309.72 million. Non-GAAP net profit was expected to be a loss of RMB 207.78 million to RMB 310.62 million, and basic EPS was expected to be a loss of RMB 0.1954 to RMB 0.2932. Net profit attributable to the parent in the prior-year period was RMB 24.0939 million. The company attributed the expected loss mainly to weaker downstream demand caused by higher memory-chip prices, intense consumer-electronics competition, business-scale contraction, high administrative and finance expenses and lower government subsidies. The 2026 interim report was disclosed on August 20, 2026, showing a net loss attributable to the parent of approximately RMB 358 million; the THS announcement summary showed interim EPS of -RMB 0.34.

4.5 Termination of Former Jiangxi State-Owned Control-Change and Private-Placement Plans

From July 22 to July 23, 2026, the company disclosed the termination of the former control-change transaction. The original plan involved Jiangxi Xinsheng Investment Co., Ltd. transferring 70,866,141 shares, approximately 6.71% of the then total share capital, to the Nanchang Beiyuan Intelligent Industry Investment Partnership, together with a private placement of shares to a Jiangxi state-owned venture-capital entity. Because not all effectiveness conditions under the share-transfer agreement had been satisfied, the parties decided to terminate the agreement. On August 20, 2026, the company announced the termination of its 2025 private placement to specific investors. The original issue price was RMB 8.62 per share, with no more than 189,095,127 shares to be issued and no more than RMB 1.630 billion to be raised. The issuance had not been submitted to a shareholders’ meeting for consideration.

4.6 New Control-Change Agreement Signed; Transaction Not Yet Completed

On July 29, 2026, controlling shareholder Jiangxi Xinsheng, actual controller Han Shenglong and concert party Zeng Jiyong signed a share-transfer agreement with Shouxian Xinqiao Commercial Operations Management Co., Ltd., an industrial-investment platform under the Shouxian Finance Bureau and Shouxian State-owned Assets Supervision and Administration Commission. Jiangxi Xinsheng plans to transfer 76,930,822 shares, representing approximately 7.27% of total share capital, at RMB 8.19 per share, for total consideration of RMB 630,063,432.18, or approximately RMB 630 million. Upon completion, Shouxian Xinqiao is expected to become the controlling shareholder, and the Shouxian Finance Bureau and Shouxian SASAC are expected to become the actual controllers. Trading in the company’s shares was suspended from July 23, 2026 and resumed on July 30, 2026. The transaction still requires review and approval by relevant state-asset regulators, possible antitrust review, compliance confirmation by the Shenzhen Stock Exchange and registration of the share transfer with China Securities Depository and Clearing Corporation Limited. As of September 13, 2026, it had not been completed.

4.7 High Pledge Ratio of Shares Held by the Controlling Shareholder and Concert Parties

On August 12, 2026, the company disclosed a supplemental pledge announcement concerning shares held by controlling shareholder Jiangxi Xinsheng and warned that the number of pledged shares held by the controlling shareholder and its concert parties represented more than 80% of their total holdings. Third-party market data showed that as of August 12, 2026, Jiangxi Xinsheng had pledged approximately 78 million shares, equivalent to approximately 7.38% of the company’s total share capital. Specific pledge details are subject to company announcements and subsequent announcements concerning pledge releases and share transfers. A high pledge ratio may increase the execution difficulty of the control transfer and the risk of forced disposal at the shareholder level.

4.8 72 New Litigation and Arbitration Cases Involving Approximately RMB 107 Million

On August 25, 2026, the company disclosed the Announcement on Cumulative New Litigation and Arbitration Cases. From the previous cumulative litigation and arbitration announcement on April 28, 2026 through August 25, 2026, the company and its controlled subsidiaries had 72 new litigation and arbitration cases involving a total of RMB 106.6705 million, equivalent to 10.18% of the company’s latest audited net assets. Cases in which the company was the plaintiff totaled RMB 23.5146 million, or 22.04%; cases in which it was the defendant or a third party totaled RMB 83.1559 million, or 77.96%. Cases involving more than RMB 10 million individually included a lease-contract dispute of RMB 23.3750 million and a sales-contract dispute of RMB 13.9224 million. Some cases had not yet been heard or concluded, and their effects on current-period and subsequent-period profits remained uncertain.

4.9 Independent-Director Resignation and Changes in Shareholder Count

On August 8, 2026, the company disclosed the resignation of an independent director. No public information was found indicating that the resignation directly led to regulatory penalties or major changes in management. Public data showed that the shareholder count as of August 20, 2026, announced on that date, was 129,600, down 9,261 from July 31, 2026. The shareholder count as of August 31, 2026 was 127,453, a further decline of 2,147 from the prior period. These shareholder-count data come from third-party market-data and shareholder-data pages and are provided for reference only.

4.10 No New Buyback Plan or Regulatory Penalty Found During the Search Period

In the interim report as of August 20, 2026, the company stated that “progress in the implementation of share repurchases” was not applicable. No new share-repurchase plan or repurchase-implementation announcement from July to September 2026 was found. As of September 13, 2026, no new announcement was found indicating that the company had received administrative penalties, disciplinary sanctions or public regulatory measures from the China Securities Regulatory Commission, the Jiangxi office of the CSRC or the Shenzhen Stock Exchange during July–September 2026. The company continues to warn of its large external-guarantee balance, guarantees provided for highly leveraged subsidiaries, potential litigation, arbitration and asset freezes arising from overdue debt, and the need for regulatory approval, Shenzhen Stock Exchange compliance confirmation and share-transfer procedures for the control-change agreement.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Lianchuang Electronic failed to sustain its rebound above RMB 7.00 and fell back again, with the short-term price center moving lower. A high-volume decline occurred on September 4, after which trading volume fell. The September 11 close of RMB 6.33 was below the lower Bollinger Band of RMB 6.36 disclosed as of September 10 and below the MA5, MA10 and MA20. The overall technical pattern was weak. RSI6 declined to 25.3, indicating short-term oversold conditions and the possibility of a technical rebound, but MACD remained in a bearish structure below the zero axis, insufficient to confirm a trend reversal. The share price was currently in the lower part of its 52-week range and close to the 52-week low of RMB 5.90. In terms of fund flows, although main funds recorded a net inflow of approximately RMB 10.73 million on September 10, the cumulative net flow over the previous 10 trading days remained negative at approximately RMB 33.87 million. The margin balance represented a relatively high proportion of tradable market capitalization, so the effect of leveraged funds should be monitored for short-term volatility.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on the September 11, 2026 closing data, historical prices and publicly available technical indicators. It does not constitute investment advice or a definitive judgment regarding the future direction of the share price.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weightings, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher subjective heuristic weighting, approximately 50%; not a statistical probability): Watch approximately RMB 6.20–6.60. The trigger would be buying support in the RMB 6.15–6.30 area, trading value remaining near recent normal levels and no further consecutive high-volume declines. If the stock reclaims RMB 6.45 without a clear increase in volume, it is more likely to represent a weak technical rebound than a trend reversal.
• Weak downward move (medium subjective heuristic weighting, approximately 30%; not a statistical probability): Watch approximately RMB 5.90–6.20. Triggers include a decisive close below RMB 6.15, daily trading value remaining above recent average levels, and turnover rising back to approximately 5% or higher during the decline. Under this scenario, the strong-support zone of RMB 5.90–6.05 would be important.
• Strong rebound (relatively low subjective heuristic weighting, approximately 20%; not a statistical probability): Watch approximately RMB 6.60–6.90. Triggers include first reclaiming RMB 6.45–6.55 and then moving above RMB 6.65–6.70, while daily trading value is clearly above the recent five-day average of approximately RMB 266 million and the electronics, optics/optoelectronics or related technology sectors also strengthen. If the rebound occurs without volume, sustainability after a break above RMB 6.55 would remain uncertain.

③ Funding and Liquidity Background

As of September 11, 2026, turnover over the previous five trading days was approximately 1.89%–6.76%, while trading value was approximately RMB 136 million–RMB 499 million. The five-day average trading value was approximately RMB 266 million and the average turnover rate approximately 3.72%. After the high-volume decline on September 4, trading value fell to approximately RMB 136 million–RMB 276 million and turnover declined to approximately 1.89%–3.84%, indicating that selling pressure had eased but incremental buying support was not yet clear. Regarding shareholder data, as of June 30, 2026, the ten largest tradable shareholders held approximately 145 million shares in aggregate, equivalent to approximately 13.73% of tradable shares. Institutional holdings were approximately 121 million shares, or 11.46% of tradable shares; fund holdings accounted for approximately 0.52%, while other institutions accounted for approximately 10.91%. THS rated the degree of main-fund control as low. Among the ten largest shareholders, controlling shareholder Jiangxi Xinsheng Investment Co., Ltd. held approximately 91.5843 million shares, or 8.66% of total share capital, with a direct pledge ratio of approximately 85.17%. These shareholder-structure data lagged by at least one quarter and may have changed; they do not represent real-time holdings as of September 11, 2026. In practice, relatively dispersed ownership and low fund holdings, combined with declining recent trading value, indicate that short-term buying support still needs to be confirmed by volume. The high pledge ratio and relatively large margin balance may also amplify volatility, but existing data cannot determine specific liquidation pressure.

If daily trading value subsequently expands to approximately RMB 350 million or more for several consecutive sessions while the share price simultaneously reclaims RMB 6.45–6.55, this could serve as an observation signal of stronger short-term fund support. If volume expands while the share price continues to fall below RMB 6.15, this would more likely indicate further risk release or high-volume selling.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 6.15–6.30 area can stabilize the decline; if it fails, watch the strong-support zone of RMB 5.90–6.05.
• Observe whether the share price can reclaim RMB 6.45–6.55 and then challenge the RMB 6.65–6.70 resistance zone.
• Observe whether trading value can expand to approximately RMB 350 million or more for several consecutive sessions and rise in tandem with the closing price.
• Monitor the effects of the high margin balance, high pledge ratio of the controlling shareholder and dispersed ownership on short-term volatility and liquidity. The above are observation points only, not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices will also be affected by news flow, fund flows, broader market conditions and other factors. Technical indicators are inherently lagging and limited. This analysis does not guarantee the actual future trend and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The company operates across multiple segments, including automotive lenses and automotive camera modules, smartphone lenses and camera modules, security and action-camera lenses, machine vision and intelligent-sensing optics, touch-display modules, automotive displays, HUDs and intelligent lighting. Automotive optics is currently the most important growth segment. The increasing number of cameras per intelligent vehicle, upgrades from front-view cameras to higher pixels, greater penetration of L2+/L3 assisted driving and the development of intelligent cockpits are jointly driving demand for automotive optics.

6.2 Competitive Landscape

• Demand is growing relatively rapidly, particularly for ADAS, intelligent cockpits and machine-vision products.
• Competition on the supply side is intense, with consumer-electronics lens companies, camera-module manufacturers and traditional automotive-parts suppliers all entering the market.
• Automakers and Tier 1 customers possess strong bargaining power, while product nomination and validation requirements are demanding. After mass production, suppliers face annual price reductions and cost-reduction pressure.
• Product prices may continue to decline as mass production expands and intelligent-driving functions become more widespread. Competition is shifting from pure technology competition toward an integrated contest involving technology, reliability, delivery and cost control.
• Lianchuang Electronic’s automotive-optics output was 89.6242 million units/pieces, sales were 63.2464 million units/pieces and capacity utilization was 68.94%, all as of December 31, 2025. The approximately 130 million annualized units/pieces of capacity implied roughly from output and utilization is only an order-of-magnitude reference and should not be equated with the physical capacity of a single product.
• The Hefei Automotive Optics Industrial Park officially commenced production in October 2024, with designed annual capacity of 50 million automotive lenses and 50 million automotive imaging modules. The 2025 annual report disclosed that the Mexico plant continued to ramp up, while the Vietnam plant had been completed and put into production.

6.3 Major Competitors

Compared with major competitors, Lianchuang Electronic’s differentiated strengths include engineering capabilities in molded-glass lenses, prisms and optical lenses; R&D and mass-production experience in automotive ADAS lenses and automotive-grade products; and a multi-scenario presence spanning smartphones, automotive applications and action cameras. Compared with large integrated manufacturers such as Sunny Optical, the company is relatively weaker in scale, customer coverage, financial strength and supply-chain bargaining power. Compared with OFILM and Q Technology, it is more focused on lenses and optical components rather than solely pursuing large-scale module manufacturing. Competitor market-share data are not fully consistent. Apart from Sunny Optical’s global leadership claims supported by its annual report and website, Lianchuang Electronic’s specific global market share lacks a unified and independently verifiable disclosure basis.

7. Risk Factors

• Liquidity and overdue-debt risk: As of September 9, 2026, cumulative overdue debt of the company and its subsidiaries was RMB 356 million, and certain bank and finance-lease debts and commercial acceptance bills had not been resolved. If loan renewals, extensions or repayment-plan adjustments fall short of expectations, the situation could trigger further litigation, arbitration, penalty interest, liquidated damages and asset freezes.
• External-guarantee and joint-repayment risk: The external-guarantee balance of the company and its controlled subsidiaries was RMB 8.214 billion, equivalent to 783.73% of audited net assets at the end of 2025; overdue guarantees totaled RMB 331 million, or 31.58% of the latest audited net assets. If the relevant subsidiaries cannot repay their debts, the company may bear joint and several repayment liability within the guarantee scope.
• Continuing losses and net-asset contraction: Net profit attributable to the parent was a loss of RMB 1.011 billion in 2025 and a further loss of RMB 358 million in the first half of 2026. Net assets attributable to shareholders of the listed company were approximately RMB 673 million at the end of June 2026, significantly lower than at the end of 2025. If profitability does not recover promptly, net assets may continue to contract, increasing financing and guarantee pressure.
• High-growth, low-profit risk in automotive optics: Automotive-optics revenue increased 49.10% year on year in 2025, but costs rose 52.99%, reducing gross margin to 18.39%. Automakers and Tier 1 customers have strong bargaining power and may continue to demand annual price reductions and cost cuts after mass production. Automotive-business revenue growth may therefore not translate into equivalent profit growth.
• Declining consumer-electronics and touch-display businesses: Touch-display revenue declined 61.50% year on year in 2025, while application-terminal gross margin was only 4.74%. In the first half of 2026, the company was also affected by higher memory-chip prices, weaker terminal demand and customers’ production-plan reductions. Continued declines in consumer-electronics orders could further weigh on revenue, capacity utilization and cash flow.
• Working-capital and collection risk: At the end of 2025, accounts receivable had a book balance of RMB 2.990 billion, including approximately RMB 1.188 billion aged more than two years and approximately RMB 590 million aged more than three years. Inventory had a carrying value of RMB 2.269 billion. Heavy occupation by receivables and inventory, combined with slower-than-expected collections, could intensify liquidity pressure and asset-impairment risk.
• Litigation, arbitration and operational-disruption risk: From April 28 to August 25, 2026, the company and its controlled subsidiaries had 72 new litigation and arbitration cases involving approximately RMB 106.7 million, of which approximately RMB 831.559 million was attributable to cases in which the company was a defendant or third party. Some cases had not yet been heard or concluded and could have uncertain effects on profits, assets and daily operations.
• Control-change and shareholder-pledge risk: Shouxian Xinqiao plans to acquire shares from the controlling shareholder and obtain control, but the transaction still requires state-asset regulatory review, antitrust review, Shenzhen Stock Exchange compliance confirmation and share-transfer procedures and has not yet been completed. Meanwhile, pledged shares held by the controlling shareholder and concert parties represent more than 80% of their holdings, potentially increasing execution risk, forced share-disposal risk and control-stability risk.
• Technical and leveraged-fund volatility risk: As of September 11, 2026, the share price had fallen below short-term moving averages and the lower Bollinger Band, while MACD remained below the zero axis. The margin balance was approximately RMB 609 million, or approximately 8.93% of tradable market capitalization. If the share price continues to weaken, margin positions and the high-pledge structure may amplify short-term volatility. Oversold technical indicators do not mean that fundamentals or the trend have reversed.

8. Conclusion and Outlook

From a growth perspective, automotive optics is the company’s clearest current business driver. Automotive-optics revenue grew 49.10% year on year in 2025. The company has R&D and mass-production capabilities in molded-glass lenses, prisms, ADAS lenses and automotive imaging modules and has advanced capacity expansion in Hefei, Mexico and Vietnam. If automotive-optics products upgrade toward high-pixel ADAS lenses, HUDs/PGUs, intelligent lighting and high-value-added sensing modules, while capacity utilization, product pricing and cost control improve, the company’s business structure still has room to recover.

In the short term, however, the growth thesis is significantly constrained by profitability, cash flow and capital structure. Automotive-optics costs grew faster than revenue in 2025, reducing gross margin to 18.39%. Weaker consumer-electronics demand, higher memory-chip prices, order cuts by terminal customers and the company’s proactive contraction of business scale further deteriorated revenue and profit in the first half of 2026. Historical research forecasts for 2026–2027 were made before the earnings deterioration and cannot be regarded as current consensus expectations. The company’s target of RMB 9.0 billion in revenue and a return to profitability in 2026 is also not an audited or binding earnings forecast.

Key areas to monitor include whether automotive-optics revenue growth can translate into improved gross profit and cash flow, whether consumer-electronics orders recover, whether accounts receivable and inventory occupation decline, and whether overdue debt, guarantee obligations, litigation and arbitration and the control-change matter can be properly resolved. The control transfer has not yet been completed, the planned private placement has been terminated, and the high pledge ratio of the controlling shareholder and concert parties adds uncertainty. The company’s operating recovery, governance, financing capability and balance-sheet changes therefore remain subject to considerable uncertainty.

Data Sources

• Lianchuang Electronic (002036)_Stock Quotes, Quotes Home_CFi.cn
• Lianchuang Electronic (002036)_Company Announcements_Lianchuang Electronic: Announcement on Subsidiary Overdue Debt and Guarantee Developments_Sina Finance
• Lianchuang Electronic (002036)_Company Announcements_Lianchuang Electronic: Announcement on the Progress of Company Guarantees_Sina Finance
• Lianchuang Electronic (002036)_Company Announcements_Lianchuang Electronic: Preliminary Earnings Forecast for the First Half of 2026_Sina Finance
• Lianchuang Electronic_Individual Stock Calendar_East Money Data Channel
• Lianchuang Electronic (002036)_Company Announcements_Lianchuang Electronic: Announcement on the Termination of the 2025 Private Placement to Specific Investors_Sina Finance
• https://static.cninfo.com.cn/finalpage/2026-07-30/1225447271.PDF
• Lianchuang Electronic Technology Co., Ltd. Announcement on Progress of Planned Change of Control and Resumption of Trading | Shanghai Securities Journal
• https://disc.static.szse.cn/download/disc/disk03/finalpage/2026-08-12/b0040aba-7b29-4d2b-930e-00b5d8103c20.PDF
• Lianchuang Electronic (002036)_Company Announcements_Lianchuang Electronic: Announcement on Cumulative New Litigation and Arbitration Cases_Sina Finance
• Lianchuang Electronic (002036)_Material Events and News Announcements_Investment Alerts_Sina Finance
• https://static.cninfo.com.cn/finalpage/2026-08-20/1225484062.pdf
• Lianchuang Electronic (002036)_Stock Quotes, Quotes Home_CFi.cn
• Lianchuang Electronic (002036.SZ) Stock Quotes_Historical Data_Main Fund Flows_Dabolang Data
• Lianchuang Electronic (002036.SZ) Stock Quotes_Historical Data_Main Fund Flows_Dabolang Data
• Lianchuang Electronic (002036) Latest Developments_F10_THS Financial Services

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; moving averages, MACD, RSI and Bollinger Bands are primarily based on data as of the September 10, 2026 close; shareholder structure data are as of June 30, 2026; shareholder-count data are as of August 31, 2026. Timing differences may exist. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is intended solely as an information compilation and research reference and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.