Jiangxi Lianchuang Optoelectronic Science and Technology Co., Ltd. (600363)

Equity Research Report | Industry: Consumer Electronics Components & Military High-End Equipment (Laser/Superconductor) | Report Date: September 13, 2026 | As of the close on September 11, 2026; primary market data sourced from CFI.cn and Aigugu; Investing.com's same-day closing price of RMB 15.04 differs from other sources and was not included in core calculations.

This report was automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

The most decision-relevant fact about Lianchuang Optoelectronic is this: in H1 2026, the company's operating revenue was RMB 1.324 billion, down 19.64% year-on-year; net profit attributable to shareholders was RMB 167 million, down 36.70% year-on-year; non-recurring net profit attributable to shareholders was RMB 154 million, down 34.97% year-on-year. Meanwhile, the company and its actual controller are under CSRC investigation for suspected failure to disclose non-operating fund transfers as required, and there exist major issues including approximately RMB 1.692 billion in related-party fund occupation, RMB 506 million in overdue borrowings and notes, and the stock faces the possibility of being subject to other risk warning. The importance of the above matters has clearly surpassed mere valuation or technical changes.

The company's 2025 results had improved markedly, with full-year revenue of RMB 3.342 billion, up 7.66% year-on-year, and net profit attributable to shareholders of RMB 480 million, up 99.08% year-on-year, mainly driven by laser business volume growth and reduced losses in the backlight business. Among these, revenue from laser series and traditional LED chips grew 328.33% year-on-year, with gross margin rising from -2.82% in 2024 to 20.26%; however, in H1 2026, laser segment revenue fell to RMB 50.5 million, and backlight gross margin also fell from 7.48% in 2025 to 3.01%, indicating that the previous growth and profitability recovery have not yet been continuously validated.

The company's business structure is relatively diversified. Intelligent controllers remain the largest revenue source, with 2025 revenue of RMB 1.662 billion, accounting for 49.74%, but down 11.41% year-on-year; backlight revenue was RMB 1.145 billion, accounting for 34.27%, with gross margin of only 7.48%. Laser and high-end equipment are the main direction of the company's strategic transformation and profit elasticity. The company states it has formed an industry chain from pump sources and lasers to complete system integration, but the sustainability of related capabilities and orders still needs to be verified against subsequent operating data. At the same time, the top five customers in 2025 accounted for approximately 66.9% of main business revenue, indicating high customer concentration; downstream tendering, price reductions, and order transfers have already affected some businesses.

As of September 11, 2026, the company's stock closed at RMB 15.20, close to the 52-week low of RMB 14.92, and significantly down from the 52-week high of RMB 78.76; the stock price is below MA5, MA10, and MA20, MACD is below the zero line, margin financing balance has recently declined, and the technical structure remains weak. The 14-day RSI is approximately 33.99, and the stock price is near the lower Bollinger Band, implying a possible short-term technical rebound, but there is currently no clear confirmation of trend reversal, and the market is still in a phase where information regarding the investigation, fund occupation, and freezing of controlling shareholder's shares continues to unfold.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Intelligent control series products: 2025 revenue RMB 1.662 billion, accounting for 49.74%, gross margin 27.89%, revenue -11.41% year-on-year
• Backlight and application products: 2025 revenue RMB 1.145 billion, accounting for 34.27%, gross margin 7.48%, revenue +22.27% year-on-year
• Laser series and traditional LED chip products: 2025 revenue RMB 337.5 million, accounting for 10.10%, gross margin 20.26%, revenue +328.33% year-on-year
• Optoelectronic communication and intelligent equipment cables and metal materials products: 2025 revenue RMB 131.0 million, accounting for 3.92%, gross margin 38.54%, revenue -17.61% year-on-year
• Other: 2025 revenue RMB 66 million, gross margin 43.89%

2.3 Industry Chain Position and Cost-Profit Structure

The company describes its strategic positioning as "based on the intelligent control industry, with emphasis on two major industries: lasers and high-temperature superconductors," and "optimizing and upgrading traditional industries with limited development space and thin profits." The business spans intelligent controllers, backlights, laser chips and complete systems, wires and cables, and metal materials. Its position in the industry chain varies by segment: the laser segment claims to have built a complete chain from "pump source → laser → complete system" with independent production of core components, while the overall upstream cost and downstream bargaining structure is characterized by "upstream self-sufficiency varying by segment, and high downstream customer concentration with customers holding the initiative in tendering and pricing."

• Intelligent controllers (Hualian Electronics): Upstream consists of IC chips, PCB boards, and other electronic components. Research reports state that "there are numerous suppliers, midstream manufacturers have limited dependence on any single supplier, and production cost fluctuations are relatively small," giving moderate-to-strong bargaining power over upstream (Source: brokerage research report, one-sided statement, not company disclosure, single source)
• Wires, cables, and metal materials: Upstream consists of copper and aluminum. Industry sources state that "copper, aluminum, and other core raw material costs account for 60%-80%," squeezed by high commodity price volatility, with some SMEs incurring losses due to lack of hedging capability; the company is a typical price taker in this segment (Source: Tonghuashun F10 business analysis citing Qianzhan Industry Research Institute data)
• Backlight: Upstream consists of five major components: light source, light guide plate, optical film, structural parts, and drive circuit; the company is at "a key core link in the midstream of the display industry chain"
• Laser: The company states it has built a complete chain from "pump source → laser → complete system," with independent production of high-power pump sources as core components, and "100% localization rate of the entire industry chain, not subject to external technology restrictions"; this statement is the company's own, single source (IR record 2025-07-31), not verified by a third party
• Cost pressure: The company explicitly acknowledges that "upstream main raw material market prices are rising, company product costs are under pressure, and combined with the lag in transmitting product price adjustments on the market side, the company's overall gross margin declined year-on-year during the reporting period" (Source: IR record 2026-05-21, explaining the gross margin decline in Q1 2026)
• 2025 downstream major customer structure: Laser segment serves military and classified customer China **** Institute (RMB 306.02 million, cooperation over 5 years); backlight segment serves Wuhan China Star Optoelectronics (RMB 365.19 million), Tianma Microelectronics (RMB 231.67 million), TPV Display (Wuhan) (RMB 213.72 million), Hefei Hangjia Electronics (RMB 90.82 million), Hefei Xinsheng Optoelectronics (RMB 64.15 million); intelligent control segment serves ELECTROLUX (RMB 410.74 million), ARCELIK (RMB 171.65 million), Yealink Network (RMB 141.85 million), JOMOO (RMB 75.23 million), CANDY (RMB 63.11 million); optoelectronic communication cables and metal materials segment serves Zhenjiang Saihe Communication Equipment (RMB 14.62 million), Jiangsu Junzhi Technology (RMB 9.16 million), Hefei Chenting Trading (RMB 6.77 million), ZTE Kangxun Electronics (RMB 6.39 million), Wuhan Huazhong CNC (RMB 4.41 million) (Source: Company's 2025 Annual Report Information Disclosure Regulatory Inquiry Letter Response Announcement)
• 2024 corresponding top five customers totaled RMB 1,825.88 million; 2025 top five customers totaled RMB 2,190.94 million. 2025 top five customers totaling RMB 2.191 billion ÷ main business revenue of RMB 3.276 billion ≈ 66.9%; single largest customer ELECTROLUX approximately RMB 411 million, approximately 12.5% of main business revenue (Source: above inquiry letter response announcement; concentration calculation is an estimated value based on data from that announcement)
• Customer bargaining dynamics (the customer changes disclosed by the company serve as evidence): JOMOO lost a tender in H2 2024 leading to share decline; CANDY's mass production orders from May 2025 switched to centralized procurement bidding, making order acquisition more difficult; HATCH BABY transferred orders to Southeast Asian suppliers due to US-China tariffs; A.O. Smith experienced delayed new order intake due to product iteration; Zhenjiang Saihe "secured orders by offering appropriate price reductions." All of the above point to downstream brand customers holding tendering/pricing initiative and suppliers being replaceable, which forms an asymmetry with the research report's claim of "numerous upstream suppliers and limited dependence," and is a structural cause of gross margin pressure (Source: above inquiry letter response announcement)
• Top five accounts receivable total: end-2021 RMB 209 million (22.20% of accounts receivable), end-2022 RMB 163 million, end-2023 RMB 156 million, end-2024 RMB 318 million (first place RMB 115 million) (Source: Sina Finance financial notes, 2021 annual report Sohu reprint). 2025 top five customers' corresponding accounts receivable balance was RMB 626 million (of which ELECTROLUX RMB 260 million, ARCELIK RMB 182 million, Tianma Microelectronics RMB 66 million); compared with 2025 net profit attributable to shareholders of RMB 480 million, the top five customers' accounts receivable balance alone exceeds that year's net profit attributable to shareholders; from 2024→2025, top five customer receivables rose slightly from RMB 609 million to RMB 626 million, and the subsequent settlement rate dropped from 96% (584/609) to 71% (447/626), indicating a slowdown in collection pace, showing that the company is in a position of being owed funds in some downstream links (Source: inquiry letter response announcement, East Money performance report). Accounts payable clue: stock forum paraphrase states "from end-2024 to end-2025, accounts payable were RMB 964 million respectively..." (content truncated), source is stock forum paraphrase, not cross-verified, not used as a conclusion. Also note: the company's 2025 annual report received a regulatory inquiry letter from the exchange (research memo original text truncated here).
• 2025 top five customers totaled RMB 2,190.94 million (RMB 2.191 billion), accounting for approximately 66.9% of main business revenue of RMB 3.276 billion, indicating high customer concentration; single largest customer ELECTROLUX approximately RMB 411 million, approximately 12.5% of main business revenue. Data source: Company's "Response Announcement on the Regulatory Inquiry Letter Regarding 2025 Annual Report Information Disclosure" (Securities Daily electronic edition 2026-08-29, Jiufang Zhitou full-text reprint, Sina Finance announcement). 2024 corresponding top five customers totaled RMB 1,825.88 million. Limitation note: only 2024 and 2025 two-year customer details by business segment were obtained; 2025 data source is the inquiry letter response announcement (primary announcement), but this memo is a single search result, subject to the latest annual report; 2026 segment and customer data comes from East Money dynamic main business composition page, not cross-verified by a second source, use with caution.

The company spans the middle of the smile curve and some upstream links: intelligent controllers and backlights are midstream component/assembly links with moderate-to-low gross margins (2025: intelligent control 27.89%, backlight 7.48%), high customer concentration, downstream brands and panel makers holding tendering/pricing initiative, and characterized as being owed funds; wires, cables, and metal materials are midstream processing links with upstream copper and aluminum costs accounting for 60%-80% and lack of bargaining power over commodity prices; the laser segment company states it has achieved full-chain localization from "pump source → laser → complete system," and if true, is in a relatively upstream high-value-added link, with 2025 revenue +328.33% year-on-year and gross margin recovering from -2.82% in 2024 to 20.26%, which is key to the company's positioning upgrade from midstream processing to high-end equipment. Further profit margin improvement drivers are mainly: laser segment product mix upgrade and order volume growth (but 2026H1 this segment's revenue fell to RMB 50.5 million, requiring continuous tracking of order recognition pace), sustainability of backlight gross margin recovery, and cost transmission capability against downstream customer tendering price reduction pressure; rather than a vague "intense industry competition."

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 semi-annual report (disclosed 2026-08-28/29). 2026H1: non-recurring net profit attributable RMB 154 million, -34.97% year-on-year; basic EPS RMB 0.37; weighted average ROE 3.67%; gross margin approximately 16.06%; asset-liability ratio 41.91%. 2026Q2 single quarter non-recurring RMB 83.838 million, -39.25% year-on-year. 2026Q1: EPS RMB 0.18, ROE 1.84%. 2025 Annual Report (disclosed 2026-04-30): non-recurring approximately RMB 400 million; diluted EPS RMB 1.06; ROE 10.76%; gross margin 20.86%; asset-liability ratio 41.85%; operating cash flow net RMB 180 million; R&D investment RMB 163 million (4.87%); no distribution or capitalization for 2025. 2024 EPS RMB 0.53; 2023 EPS RMB 0.73-0.75. 2025 earnings forecast (disclosed evening of 2026-01-23) expected 2025 net profit attributable to shareholders +80%~121% year-on-year (corresponding to approximately RMB 432-530 million), actual result RMB 480 million. Sources: Stockstar, China Securities Journal·CS.com.cn, Sina Finance, East Money performance report, Jiemian News, Marketscreener/S&P Capital IQ, Guosen Securities research data, National Business Daily/Phoenix Finance.

2026H1 overall was under significant pressure, with revenue declining 19.64% year-on-year and net profit attributable to shareholders declining 36.70% year-on-year. Notably, 2026H1 investment income reached RMB 269 million, and financial expenses were RMB 55.2886 million, meaning current period net profit is highly dependent on investment income, and the main business (non-recurring basis) profitability is relatively weak, requiring key attention. Income statement verification: 2026-06-30 total operating revenue RMB 1,324,002,367.56, net profit RMB 189,196,368.55 (including minority interests, attributable RMB 167 million). TTM basis: operating revenue (TTM) approximately RMB 3.019 billion (-5.8%); net profit attributable (TTM) approximately RMB 384 million (+39.0%); non-recurring net profit (TTM) approximately RMB 365 million (+66.0%). Source: Stockstar financial analysis.

3.2 Earnings Forecast

The above table shows Guosen Securities (Li Cong, 2026-02-11, initial coverage "Outperform") forecast data, report date closing price RMB 63.17, corresponding dynamic PE 60/49/44x. Other institutional forecasts (all predating the significant H1 2026 performance decline and August 2026 CSRC investigation, and can be considered stale/invalid): Zheshang Securities (Qiu Shiliang et al., 2026-01-28 "Buy") 2026/2027E EPS RMB 1.36/1.70; 2025-12-24 version 2025-2027 net profit attributable RMB 500/620/770 million, corresponding PE 52/42/34x. China Post Securities (Ma Qiang, 2025-09-08 "Overweight") 2025-2027 net profit attributable RMB 572/711/869 million, +137%/+24%/+22% year-on-year, revenue RMB 3.527/3.890/4.323 billion, EPS RMB 1.26/1.57/1.92, PE 46/37/30x. Other institutions' 2026E/2027E/2028E EPS: Founder Securities 2025-11-04 RMB 1.11/1.69/2.19 (net profit approximately RMB 768 million/2026); Huachuang Securities 2025-11-02 RMB 1.25/1.53/1.82; CITIC Securities 2025-09-03 RMB 1.31/1.86/2.21; Everbright Securities 2025-09-01 RMB 1.23/1.46/1.73; Zheshang Securities 2025-09-08 RMB 1.02/1.40/1.78. Consensus (six months ago basis, for reference only): an aggregation page shows 2026E, 2027E EPS forecast averages of approximately RMB 1.28/1.45 (Guosen basis only), number of covering institutions has shrunk to 1, source aniu, page data coverage questionable, use with caution. ⚠ Key limitation: existing sell-side forecasts were all published between September 2025 and February 2026, predating the significant H1 2026 performance decline and August 2026 CSRC investigation, and none reflect the latest fundamentals; they can be considered "stale/invalid" forecasts; H1 2026 net profit attributable was only RMB 167 million (-36.7%), a huge gap from institutional forecasts of RMB 580-620 million for the full year, these forecasts no longer have reference value and should be considered invalid, pending new research coverage.

3.3 Valuation Levels and Institutional Ratings

As of 2026-09-11, stock closing price RMB 15.20 (East Money), total market cap/circulating market cap approximately RMB 6.854 billion (total shares 451 million). P/E ratio: PE(TTM) approximately 17.87x; PE(static, 2025) approximately 14.27x; some sources show 20.2-20.6x on a dynamic basis; CFI.cn shows PE approximately 19.2x, non-recurring PE approximately 20.1x. P/B ratio: approximately 1.46-1.48x (LF basis some sources show 1.4-1.8x). P/S ratio (PS, TTM): approximately 2.3-2.7x. Net assets per share approximately RMB 10.06 (2026Q1). Valuation position: multiple sources show current PE/PB at relatively low levels over the past three years, below industry average (e.g., Baidu Stock Connect "relative valuation score 10, historically relatively low"), significantly down from early 2026 (Guosen report gave 2024 PE of 119x, report date corresponding to approximately 60x). ⚠ Different sources show PE(TTM) divergence of 17.8 vs 21.4, mainly due to different pricing dates and whether non-recurring/adjusted or annualized basis is used; should be interpreted as "as of specific date + specific price" (CS.com.cn 8/28 basis PE approximately 21.38, Sina 8/28 basis approximately 18.36). ⚠ Major uncertainty: on the evening of 2026-08-04, the company announced that the company and actual controller Wu Rui received CSRC "Investigation Notification," under investigation for suspected failure to disclose non-operating fund transfers as required; the stock hit consecutive limit-down on August 5 and 6, accompanied by debt defaults, account freezes, judicial disposal of equity, and other negative news; on 2026-09-07, the company announced that controlling shareholder Jiangxi Electronic Group had a total of 142 million shares subject to rotating freeze, accounting for 163.98% of its holdings and 31.56% of total shares; the market is concerned about possible risk warning (ST). Bullish ratings were published when the stock price was at a high level; subsequently the stock fell from its historical high of RMB 78.76 on 2026-01-12 all the way to approximately RMB 18 in August, a range decline of approximately 71%-77%, severely diverging from research expectations; media noted that the bullish research report publication period highly overlapped with the controlling shareholder's high-level reduction window exceeding RMB 400 million. No new ratings/target prices were found after the August 2026 investigation and mid-year report decline; there is currently a lack of effective latest sell-side coverage. The current point (mid-September 2026) is in an "information vacuum period" after the investigation and with no updated brokerage research coverage; the latest effective institutional target price/rating is missing.

IV. Recent News and Announcements

4.1 2026-09-08 | Controlling Shareholder's Shares Subject to Rotating Freeze (Second Recent Occurrence)

Announcement No. 2026-065. Electronic Group holds 86,781,526 shares, accounting for 19.25% of total shares. This new rotating freeze involves 142,301,344 shares, accounting for 163.98% of its holdings, 31.56% of total shares; the freezing applicant/court is Nanchang Honggutan District People's Court, rotating freeze start date September 5, 2026. Cumulative frozen shares: 71,150,672 (81.99% of its holdings, 15.78% of total shares); cumulative rotating freeze: 336,354,826 shares (including this one, 387.59% of its holdings, 74.60% of total shares). Company notes: if the frozen shares are not properly resolved subsequently, it may lead to forced transfer, judicial auction, and thus control stability risk.

4.2 2026-09-04 | Controlling Shareholder's 82.2984 Million Shares Subject to Rotating Freeze

Electronic Group's holdings subject to cumulative rotating freeze total 82,298,400 shares, accounting for 94.83% of its holdings, 18.25% of total shares; of which Nanchang Intermediate People's Court rotating freeze 11.1478 million shares (start date 2026-09-01), Chongqing Fifth Intermediate People's Court rotating freeze 71.1507 million shares (start date 2026-09-03). Note: only 21st Century Business Herald single source; other media reports on 9-07/9-08 are basically consistent with this account.

4.3 2026-08-30 | Stock May Be Subject to Other Risk Warning (ST) Notice

Announcement No. 2026-060. Wholly-owned subsidiaries Jiangxi Lianchuang Optoelectronic Marketing Center Co., Ltd. and Jiangxi Lianchuang Digital Intelligence Technology Co., Ltd., through signing trade agreements and paying advance payments, made payments to related parties actually controlled by the controlling shareholder, with advance payments ultimately flowing to the controlling shareholder. Due to the controlling shareholder's debt crisis, as of the 2026 semi-annual report period end, RMB 1,692,042,200 (approximately RMB 1.692 billion) in advance payments had not been returned, constituting non-operating fund occupation. According to Article 9.8.1 of the SSE "Stock Listing Rules" (April 2026 revision), if the controlling shareholder fails to complete repayment/rectification within 1 month, the company's stock may be subject to other risk warning. The company states the controlling shareholder and relevant responsible persons are preparing for repayment, but the repayment plan has not yet been clarified.

4.4 Around 2026-08-27 | 2026 Semi-Annual Report Shows Significant Performance Decline

2026 H1 operating revenue RMB 1.324 billion, -19.64% year-on-year; net profit attributable to shareholders RMB 167 million, -36.70% year-on-year (prior year same period RMB 263 million); non-recurring net profit attributable RMB 154 million, -34.97% year-on-year; operating activities cash flow net -RMB 1.464 billion. Note: operating activities cash flow net -RMB 1.464 billion appears only in Sina-related reports, consistent with fund occupation and debt crisis background, but not word-for-word verified from the company's semi-annual report original text, marked as pending verification.

4.5 2026-08-18 | Partial Equity of Subsidiaries and Associate Companies Frozen

Announcement No. 2026-052. The company has a financial loan contract dispute with Postal Savings Bank of China Nanchang Qingyunpu District Branch; the court ordered property preservation based on (2026) Gan 0103 Min Chu No. 7602 ruling, freezing: Xiamen Hongfa Electroacoustic 20.0001% equity (corresponding amount approximately RMB 1,096,290,700), Xiamen Hualian Electronics 50.0116% equity (approximately RMB 1,539,716,600? original value needs verification), Zhongjiu Optoelectronic Industry Co., Ltd. 47.6667% equity (approximately RMB 2,034,666,700). Freeze periods extend to 2029-07-27, 2029-07-28, 2029-08-04 respectively. Company notes: Xiamen Hualian Electronics and Zhongjiu Optoelectronic are important controlled subsidiaries, Xiamen Hongfa Electroacoustic is an important associate company; if the equity is disposed of, it will have a material impact on future performance. Note: the corresponding amounts in the announcement table have formatting issues due to webpage layout; specific amounts subject to the original announcement.

4.6 2026-08-05 | Overdue Borrowings and Notes, Cumulative Litigation and Arbitration

Announcement No. 2026-045, 2026-047. As of disclosure date, the company and subsidiaries' overdue financial institution borrowings and notes principal totaled RMB 506 million, exceeding 10% of the most recent audited net assets. Of which, electronic commercial acceptance bills issued/accepted by Marketing Center as drawer/acceptor totaled RMB 165 million, with the company as guarantor; the company's guaranteed overdue amount for Marketing Center is RMB 165 million. One of the holders, Chongqing Fumin Bank, has issued a "Commercial Acceptance Bill Collection Notice." Risks include possible litigation, arbitration, performance of guarantee obligations, bank account/asset freezing, etc.

4.7 2026-08-04 | Company and Actual Controller Under CSRC Investigation + Chairman Resigns as President

Announcement No. 2026-048. The company and actual controller Wu Rui each received CSRC "Investigation Notification" (Numbers: Zhengjian Li An Zi 0252026007, 0252026008), under investigation for suspected failure to disclose non-operating fund transfers as required and other violations. Wu Rui resigned as company President due to work reasons, still serving as Chairman, Chairman of the Board Strategy and Sustainable Development Committee, and Member of the Remuneration and Assessment Committee.

4.8 2026-08-04/05/06→08-07 Disclosure | Abnormal Stock Trading Fluctuation

Announcement No. 2026-050. On August 4, 5, and 6, the cumulative closing price deviation over three consecutive trading days exceeded 20%. As of disclosure date, Electronic Group's cumulative judicial freeze was 28,839,876 shares (33.23% of its holdings, 6.40% of total shares); cumulative rotating freeze was 7,560,500 shares (8.71% of its holdings, 1.68% of total shares). From 10:00 on August 20, 2026 to 10:00 on August 21, Electronic Group's 9,708,100 shares will be subject to judicial auction (11.19% of its holdings, 2.15% of total shares). Controlling shareholder's cumulative pledge accounts for 81.99% of its total holdings.

4.9 2026-05-08 | Controlling Shareholder's Block Trade Reduction Plan Completed

Announcement No. 2026-030. Reduction period 2026-02-09 to 2026-05-08, Electronic Group cumulatively reduced 7,954,566 shares through block trades, accounting for 1.76% of total shares, reduction price range RMB 43.25—60.31/share, total reduction amount RMB 422,262,643.18 (approximately RMB 422 million). After reduction, holdings were 86,781,526 shares, ownership percentage decreased from 21.01% to 19.25%, still controlling shareholder. Reduction reason: repaying pledged borrowings and own business development needs. (Original plan cap 2%) This reduction occurred in February-May 2026, corresponding to the reduction plan in Announcement No. 2026-003 dated 2026-01-17.

4.10 2026-04-29/30 | 2025 Annual Report + 2026 Q1 Report

2025 Full Year: Operating revenue RMB 3.342 billion, +7.66% year-on-year; net profit attributable to shareholders RMB 480 million, +99.08% year-on-year (consistent with the 2026-01-24 earnings forecast range of RMB 435—532 million). By segment: Intelligent control revenue RMB 1.662 billion (-11.41%), backlight RMB 1.145 billion (+22.27%), laser series & traditional LED chips RMB 337.5 million (+328.33%), optoelectronic communication & intelligent equipment cables RMB 131 million (-17.61%). Important risk point: Zhonghua Certified Public Accountants issued a [Qualified Opinion] audit report on the company's 2025 financial report; the company separately disclosed "Special Explanation by the Board of Directors on Matters Relating to the 2025 Qualified Opinion Audit Report." 2025 profit distribution plan: no cash dividend, no bonus shares, no capitalization (2025 repurchase amount of RMB 149,421,943.42 treated as equivalent to cash dividend, accounting for 31.12% of net profit attributable to shareholders). 2026 Q1: Revenue RMB 612 million, -23.63% year-on-year; net profit attributable to shareholders approximately RMB 82.67 million, -28.8% year-on-year; basic EPS RMB 0.1833 (-28.4% year-on-year).

4.11 2026-01-24 | 2025 Annual Earnings Forecast

Expected 2025 net profit attributable to shareholders RMB 435—532 million, +80.36%—+120.57% year-on-year; non-recurring net profit RMB 383—492 million, +100.7%—+157.82% year-on-year. Main reasons for increase: significant growth in laser business, significant loss reduction in backlight business.

4.12 2026-01-16/17 | Controlling Shareholder Reduction Plan Announcement

Announcement No. 2026-003. Electronic Group (then holding 94,736,092 shares, 21.01%) planned to reduce no more than 9,017,769 shares (no more than 2%) through block trades from 2026-02-09 to 2026-05-08, due to repaying pledged borrowings and own business development needs.

4.13 2025-12-26 | Controlled Subsidiary Share Repurchase and Capital Reduction

Announcement No. 2025-097/098. Controlled subsidiary Xiamen Hualian Electronics plans to use own/self-raised funds of no more than RMB 319,932,200 to repurchase 44,591,000 shares (34.49% of Hualian Electronics) held by shareholder Lianfa Group and reduce capital; after completion, the company's stake in Hualian Electronics will increase from 50.01% to 76.34%. Still requires state-owned asset public listing transfer process, and the transaction parties have not yet signed a formal agreement, there is uncertainty.

4.14 2025-11-12 | Company Share Repurchase Implementation Results

Announcement No. 2025-086. First repurchase 2025-03-04; plan implementation completed 2025-11-10. Cumulative repurchase of 2,626,000 shares, approximately 0.5790% of total shares, transaction price RMB 53.44—62.00/share, average repurchase price RMB 56.90/share, total payment RMB 149,421,943.42; all repurchased shares used for cancellation and capital reduction. Original repurchase price cap was no more than RMB 70.00/share, adjusted on 2025-06-25 due to 2024 equity distribution to no more than RMB 69.95/share.

4.15 2025-09-06 | External Investment and Related-Party Transaction (Commercial Space)

Announcement No. 2025-072. The company planned to jointly invest with related party Gongqingcheng Ruimai Investment Partnership, non-related party Sichuan Xiaozihanglü Technology, and Ziyang Hangyuan Zhike to establish Ziyang Commercial Space Industry Operations Company, leveraging the superconductor technology of associate subsidiary Lianchuang Superconductor to enter the electromagnetic launch/efficient rocket launch direction. At the time, only the "Capital Contribution Agreement" was signed, and the joint venture registration had not yet been completed.

4.16 2025-09-10 | Controlled Subsidiary Xiamen Hualian Electronics Plans to Delist from NEEQ

Controlled subsidiary Xiamen Hualian Electronics plans to terminate its listing on the National Equities Exchange and Quotations (NEEQ).

4.17 Other Routine Matters in 2025 (for Verification)

Multiple share repurchase progress announcements (2025-05-08, 06-04, 07-03, 08-05, 09-02, 10-10); controlling shareholder multiple partial equity pledge releases and re-pledges (2025-07-16, 08-29, 09-02, 09-06); regarding repayment of borrowings and repurchase of subsidiary Jiangxi Lianchuang Display Technology Co., Ltd. minority equity (2025-08-02, 10-10, 10-16 completed industrial and commercial change); directors, supervisors, and senior management shareholding increases (2025-07-30 director, vice president increase).

4.18 Uncertainties and Contradictions Requiring Special Attention

1. 2026 semi-annual report performance contradicts a certain interactive platform Q&A (important): a 2026-07-14 Q&A response on irm.cninfo.com.cn stated that the 2026 H1 earnings forecast had been disclosed, with 2026 H1 net profit attributable to shareholders expected to increase 104.79%~180.24% year-on-year; however, the actual 2026 semi-annual report data shows net profit attributable to shareholders of RMB 167 million, -36.70% year-on-year, completely opposite direction. This Interactive Easy page belongs to the Shenzhen Stock Exchange system (600363 is an SSE-listed stock), suspected content mismatch/non-company Q&A/auto-generation error. This data cannot be relied upon, listed as a further verification item, and the report should not cite H1 forecast increase of 104.79%~180.24%.

2. Stock price level anomaly: a Sina report dated 2026-09-08 was found with a stock quote widget showing Lianchuang Optoelectronic (15.940, -0.11, -0.69%), a huge gap from the controlling shareholder's reduction average price range of RMB 43.25—60.31/share during February-May 2026 (approximately -70%). Considering the August 2026 debt crisis, ST risk, investigation, and other negative news, the significant decline direction can be explained, but the specific figure of RMB 15.94 comes only from a single JS quote widget, possibly cached/delayed/garbled data, and must be verified through a market data terminal before use.

3. Freeze/rotating freeze quantity exceeds holdings: the announcement's rotating freeze of 142,301,344 shares > Electronic Group's actual holdings of 86,781,526 shares is due to cumulative queuing of multiple rotating freezes, and does not mean all shares have been actually frozen (multiple media and announcements explain this), interpretation should distinguish between judicial freeze and rotating freeze.

4. 2025 annual report received a qualified opinion audit report — this is an important risk signal, but this search only confirmed its existence and announcement number clues (special explanation disclosed 2026-04-30), without obtaining the original details of the specific matters involved in the qualified opinion; recommend obtaining the full text of that special explanation before citing reasons.

5. Multi-source cross-verification status: Cross-verified consistent (multi-source) events: controlling shareholder reduction 1.76%/cashed out approximately RMB 422 million (CFI.cn, China Fund News, Sina, Stockstar); controlling shareholder shares frozen/rotating freeze/auction (Shanghai Securities News, East Money, Securities Times, 21st Century Business Herald); CSRC investigation (Securities Times, China News Service, International Finance News); 2026H1 revenue RMB 1.324 billion, net profit attributable RMB 167 million (Sina 7x24, International Finance News, finet/Caizhongshe). Single source, use with caution: 2026-09-04 rotating freeze specific court details (only 21st Century Business Herald); 2026H1 operating cash flow -RMB 1.464 billion (only Sina-related reports). Source quality note: this section mainly uses SSE announcement full-text reprint pages (Shanghai Securities News paper.cnstock.com, Securities Daily epaper.zqrb.cn, East Money announcement page, Stockstar announcement page) and financial news flashes (Securities Times stcn.com, China Fund News, 21st Century Business Herald, Gelonghui/Jiufang Zhitou), not relying on JS quote widget pages.

4.19 Current Time Point and Data Basis

Data as of: approximately September 8, 2026 (latest announcement date 2026-09-08, announcement No. 2026-065). Most recent periodic report disclosed: 2026 semi-annual report (2026-08-29 disclosure basis). Market cap/PE/PB and other valuation data not obtained in this section (not within the scope of recent news and announcements, and quote widget reliability is questionable, requiring separate verification). Events still ongoing: CSRC investigation, controlling shareholder debt crisis and fund occupation (approximately RMB 1.692 billion in advance payments not returned), debt overdue (RMB 506 million), share freeze/rotating freeze/judicial auction, and the decision on whether to implement other risk warning (ST), all have subsequent developments and major uncertainties; recommend continuously referring to the company's latest announcements on the SSE website (www.sse.com.cn) and designated media.

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Lianchuang Optoelectronic closed at RMB 15.20, close to the 52-week low of RMB 14.92, approximately 80.7% below the 52-week high of RMB 78.76. Over the past month, the stock price fell from approximately RMB 20.55 to RMB 15.20, with the most recent five trading days continuously weakening. The stock price is below the unadjusted independent estimates of MA5, MA10, and MA20, MACD is below the zero line, ADX shows high trend strength, and the overall technical structure is weak. RSI is near the oversold observation zone, Bollinger Bands show the stock price near the lower band, possible short-term technical rebound, but no trend reversal confirmation has formed. Recent turnover and turnover rate have declined from the earlier period of large fluctuations, fund flow remains highly volatile, and margin financing balance is also declining; no sustained fund absorption signal has been seen yet.

5.3 Short-Term Outlook (Next Week, Scenario Deduction, for Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario deduction based on data as of the September 11, 2026 close, publicly available historical prices, and technical indicators. It does not constitute investment advice, nor is it a deterministic prediction of future prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weight, Not Statistical Probability)

• Consolidation (subjectively relatively high weight, approximately 50%-60%; this weight is a subjective judgment based on current technicals and fund flows, not statistical probability): Price range approximately RMB 14.9~16.2. Trigger conditions include no sustained volume breakdown near RMB 14.9, daily turnover broadly maintained at RMB 280~430 million, and repeated contention near RMB 15.8~16.0 but no effective break above RMB 16.4. This scenario only represents low-level turnover and technical repair, does not mean the medium-term downtrend has changed.
• Weaker Downside (subjectively moderate weight; this weight is a subjective judgment based on current technicals and fund flows, not statistical probability): Price range approximately RMB 14.3~14.9. Trigger conditions include effective close below RMB 14.9, single-day turnover significantly above recent average with closing near the day's low, main force funds continuing net outflow or margin financing balance continuing to decline, and related electronics, communications sectors weakening in tandem. If the RMB 14.3~14.7 strong support zone is also breached on volume, short-term risk range may shift further down.
• Rebound Strengthening (subjectively low-to-moderate weight; this weight is a subjective judgment based on current technicals and fund flows, not statistical probability): Price range approximately RMB 15.8~16.8. Trigger conditions include reclaiming RMB 16.0~16.2, then breaking above RMB 16.4 on volume and holding at least one trading day without retreat, single-day turnover continuously expanding to approximately RMB 450 million or more, and main force funds shifting from net outflow to consecutive net inflow, with related electronics and communications sectors recovering in tandem. Even if holding RMB 16.6~16.8, before breaking above MA20 or higher-period moving averages it should still be defined as an oversold rebound, not a trend reversal.

③ Fund and Liquidity Background

As of September 11, 2026, the most recent five trading days turnover was approximately RMB 281~432 million, turnover rate approximately 4.00%~5.87%, average turnover approximately RMB 367 million, average turnover rate approximately 5.13%. For a stock with total market cap of approximately RMB 6.855 billion, this level can support normal trading, but is significantly lower than some trading days in mid-August exceeding RMB 600 million to RMB 1 billion; during rapid declines or news shocks, bid-ask depth may decrease, price slippage and intraday volatility may expand. Shareholder structure: as of June 30, 2026 semi-annual report, top ten shareholders collectively hold approximately 26.74%, controlling shareholder holds 19.25%, while Hong Kong Central Clearing, insurance funds, public funds, and social security funds and other institutional or quasi-institutional investors are visible. This shareholder data is time-lagged and cannot be directly regarded as the real-time chip structure as of September 11, 2026.

Observation signals: if in the coming week single-day turnover reaches approximately RMB 450 million or more for two consecutive days, while closing price returns to and holds the RMB 16.0~16.4 range, this can be regarded as a volume-price confirmation signal of improved short-term fund participation; if turnover expands but the stock price continues to break below RMB 14.9, it is more likely a release of selling pressure rather than active entry.

④ Points of Attention (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 14.9~15.2 support zone can stop falling; do not directly regard a single-day intraday rebound as a trend reversal.
• Observe whether the RMB 16.0~16.4 resistance zone can be broken on volume and close above it.
• Observe whether turnover can continuously exceed approximately RMB 450 million, while main force funds shift from net outflow to consecutive net inflow.
• Observe the RMB 14.3~14.7 Bollinger lower band and strong support zone; if this area is breached, short-term risk range may shift further down. All of the above are observation ideas, not trading instructions.

The above scenario deduction is based on September 11, 2026 closing data and historical prices, technical indicator calculations. Short-term stock prices will also be affected by multiple factors including news, funds, and overall market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell recommendations. Please combine the latest market information for independent judgment and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company's industry classification varies: exchange/IPO classification is "Computer, Communication and Other Electronic Equipment Manufacturing," most third-party quote sites classify it under "Consumer Electronics — Consumer Electronics Components & Assembly," while the company's business actually spans consumer electronics components and military/high-end equipment (lasers, high-temperature superconductors). The research memo does not provide complete market size and growth data for each sub-industry including intelligent controllers, backlights, and lasers; the following is organized only based on information appearing in the memo.

6.2 Competitive Landscape

• The industry classification discrepancy itself indicates the company's business spans consumer electronics components and military/high-end equipment, and its valuation should not be simply understood as "consumer electronics" (Source: aastocks company profile page, askci, East Money IndustryAnalysis)
• Intelligent controller upstream consists of IC chips, PCBs, and other electronic components, with numerous suppliers, midstream manufacturers have limited dependence on any single supplier (Source: brokerage research report, one-sided statement, not company disclosure, single source)
• Wire and cable industry: copper, aluminum, and other core raw material costs account for 60%-80%, squeezed by high commodity price volatility, some SMEs incur losses due to lack of hedging capability (Source: Tonghuashun F10 business analysis citing Qianzhan Industry Research Institute data)
• Backlight: Upstream consists of five major components: light source, light guide plate, optical film, structural parts, and drive circuit; a key core link in the midstream of the display industry chain (Source: Tonghuashun business analysis "Backlight Industry" section)
• Laser: The company states it has built a complete chain from "pump source → laser → complete system," with independent production of high-power pump sources as core components, and "100% localization rate of the entire industry chain, not subject to external technology restrictions" (Source: IR record 2025-07-31, company statement, single source, not verified by a third party)
• Downstream customer bargaining dynamics: JOMOO lost tender in H2 2024, CANDY switched to centralized procurement bidding, HATCH BABY order transfer to Southeast Asia, A.O. Smith new order intake delayed, Zhenjiang Saihe price reduction for orders, all pointing to downstream holding tendering/pricing initiative (Source: Company's 2025 Annual Report Information Disclosure Regulatory Inquiry Letter Response Announcement)
• The research memo does not provide market share, industry ranking, or other quantitative competitive landscape data for the company's various business segments

6.3 Main Competitors

The research memo does not provide complete financial and market share comparison data for peer comparable companies; only limited comparison can be made from known information: Zhiliao Caibao shows the company's profitability is "above the consumer electronics components & assembly III industry average (12.09%)," with annual average gross margin at the upper-middle level of the industry; in the intelligent controller field, the research memo mentions search results related to "controller leading listed companies" (Nanfang Caifu Wang), but does not provide specific comparable company financial data, making it impossible to construct a quantitative peer comparison. Additionally, the industry classification discrepancy (exchange classification vs third-party "consumer electronics components & assembly" classification) means that selecting comparable companies under different industry classifications will yield different valuation reference systems; when using peer comparison data, the basis must first be clarified.

VII. Risk Warnings

• CSRC investigation and information disclosure risk: The company and actual controller Wu Rui are under investigation for suspected failure to disclose non-operating fund transfers as required; investigation results may further affect the company's information disclosure evaluation, responsibility determination, and subsequent regulatory arrangements.
• Related-party fund occupation and ST risk: The company disclosed that two subsidiaries made payments to related parties actually controlled by the controlling shareholder through trade agreements and advance payments; as of the 2026 semi-annual report period end, approximately RMB 1.692 billion had not been returned; if the controlling shareholder fails to complete repayment or rectification within the prescribed period, the company's stock may be subject to other risk warning.
• Debt overdue and liquidity risk: As of the relevant announcement disclosure date, the company and subsidiaries' overdue financial institution borrowings and notes principal totaled RMB 506 million, including RMB 165 million in electronic commercial acceptance bills by Marketing Center and corresponding guarantee obligations, which may subsequently trigger litigation, arbitration, asset freezing, or guarantee compensation.
• Controlling shareholder and control stability risk: Jiangxi Electronic Group holds 19.25%, and its shares have been subject to judicial freeze and multiple rotating freezes; in September 2026, an additional 142 million shares were subject to rotating freeze; subsequently there is the possibility of forced transfer, judicial auction, and further changes in controlling shareholder's holdings.
• Risk of equity disposal of important subsidiaries and associate companies: The company disclosed that partial equity of Xiamen Hualian Electronics, Zhongjiu Optoelectronic, and Xiamen Hongfa Electroacoustic has been frozen, of which Xiamen Hualian Electronics and Zhongjiu Optoelectronic are important controlled subsidiaries; if the relevant equity is disposed of, it may affect the company's future business, earnings, and asset structure.
• Main business decline and earnings quality risk: In H1 2026, revenue declined 19.64% year-on-year, net profit attributable to shareholders declined 36.70% year-on-year, non-recurring net profit declined 34.97% year-on-year; during the same period, investment income reached RMB 269 million, profit is highly dependent on non-core investment income, and main business profitability recovery remains unstable.
• Laser business sustainability risk: The laser segment's 2025 revenue grew 328.33% year-on-year, gross margin rose to 20.26%, but H1 2026 revenue was only RMB 50.5 million, significantly down from H1 2025's RMB 127.9 million; if order recognition is delayed or demand cannot be sustained, it may weaken the company's earnings elasticity.
• Customer concentration and bargaining risk: 2025 top five customers accounted for approximately 66.9% of main business revenue, single largest customer ELECTROLUX approximately 12.5% of main business revenue; JOMOO tender loss, CANDY switching to centralized procurement bidding, HATCH BABY order transfer, and some customers requesting price reductions may cause pressure on order share, gross margin, and collection pace.
• Accounts receivable and cash flow risk: 2025 top five customers' accounts receivable balance was approximately RMB 626 million, higher than that year's RMB 480 million net profit attributable to shareholders, and the subsequent settlement rate dropped from 96% in 2024 to 71% in 2025; if combined with related-party fund occupation and debt pressure, it may further intensify the company's working capital tightness.
• Audit and financial information uncertainty risk: The company's 2025 financial report was issued a qualified opinion audit report, and the specific matters involved are not fully elaborated in existing materials; before the investigation and fund occupation matters are clarified, the comparability and sustainability of historical financial data and earnings forecasts are uncertain.

VIII. Conclusion and Outlook

From a business logic perspective, Lianchuang Optoelectronic's medium-to-long-term growth still depends on whether the business structure can further shift from intelligent control and low-margin backlights to lasers, high-end equipment, and superconductor-related businesses. The laser segment's revenue and gross margin improved simultaneously in 2025, indicating this direction once demonstrated strong earnings elasticity; however, in H1 2026, the company's overall revenue, non-recurring profit, and laser segment revenue all declined significantly, and it is currently insufficient to confirm that the laser business has formed a stable, sustained growth curve.

From a financial quality and governance environment perspective, the company's H1 2026 net profit included RMB 269 million in investment income, with main business profitability under pressure; the company's 2025 financial report was issued a qualified opinion audit report, and in 2026 there have been significant fund occupation, debt overdue, freezing of important subsidiary and associate company equity, and other matters. The core of subsequent judgment is not only order and gross margin recovery, but also whether fund occupation can be repaid on schedule, whether debt and judicial matters can be properly resolved, whether investigation and audit-related matters can be clarified, and whether controlling shareholder and control stability can be restored.

Existing sell-side earnings forecasts were mainly published between September 2025 and February 2026, predating the H1 2026 performance decline and August 2026 investigation, and cannot be directly used as a basis for current performance outlook. The company's future performance needs to be re-observed through laser order recognition, backlight gross margin, operating cash flow, accounts receivable collection, and governance risk resolution progress; before the relevant matters are fully clarified, a relatively low valuation does not equate to the elimination of operational and governance risks.

Data Sources

• 600363 Lianchuang Optoelectronic
• Lianchuang Optoelectronic (600363) Business Analysis_Stock Quotes_Tonghuashun Finance
• Lianchuang Optoelectronic (600363) Fund Flow_Stock Quotes_Tonghuashun Finance
• [Lianchuang Optoelectronic (600363) Company Profile-Quote Center-Hexun