Pinzhun Laser Surges 488.61% on Debut, Single Lot Gains Up to RMB 556,600

On August 18, Shanghai Pinzhun Laser Technology Co. , Ltd. listed on the STAR Market of the Shanghai Stock Exchange under the ticker 688826. The company publicly offered 10 million shares at an issue price of RMB 186.88 per share, the highest IPO price for an A-share new listing since 2026, with a price-to-earnings ratio of 49.42 times and total proceeds of RMB 1.869 billion. On its first trading day, the stock opened at RMB 1,100, up 488.61% from the issue price, and touched an intraday high of RMB 1,300, representing a gain of 595.7%. Based on the opening price, a single lot of 500 shares yielded a paper profit of approximately RMB 456,600; based on the intraday high, the profit per lot was about RMB 556,600, setting a new record for first-day per-lot profit since the full implementation of the registration system on the A-share market. As of the midday close, the stock was at RMB 1,186, up 534.5%. The final online allotment rate was 0.02013739%, with 8.1096 million valid subscription accounts.

Founded in November 2017, Pinzhun Laser primarily engages in the research, development, production, and sale of precision lasers, with products applied in quantum technology, semiconductor manufacturing, and frontier scientific research. The company has developed a precision laser technology route combining 'seed source + fiber amplification + nonlinear frequency conversion + frequency stabilization,' achieving narrow linewidth, low noise, high frequency stability, and high-power laser output across the full band from 177 nm to 5,000 nm. As of the end of 2025, the company held 113 domestic authorized patents and 2 overseas patents, including 88 invention patents. In 2024, the company's global market share in quantum information lasers reached 9.21%, and its domestic market share was 16.85%, ranking first among domestic brands. In the semiconductor field, its products cover wafer manufacturing, wafer metrology and inspection, and wafer stealth dicing, and have entered the supply chains of domestic semiconductor equipment makers such as Zhongan Semiconductor and Angkun Vision.

Financial data show that from 2023 to 2025, Pinzhun Laser generated operating revenue of RMB 148 million, RMB 292 million, and RMB 418 million, respectively, representing a compound growth rate of 68.2%. Net profit attributable to shareholders was RMB 60 million, RMB 116 million, and RMB 159 million, respectively. During the reporting period, cumulative R&D investment accounted for 14.56% of operating revenue, and the comprehensive gross margin exceeded 65%. The core R&D team, led by 16 PhDs, comes from the Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences.

According to the prospectus, the proceeds will be used for the precision laser system industrialization construction project, the R&D center construction project, the Wuhan R&D center construction project, and to supplement working capital. The industrialization project aims to expand production lines and increase capacity to meet orders in the semiconductor and other fields; the R&D center project plans to extend product applications to solid-state lasers, medical lasers, and optical equipment. The company's products have been sold to overseas research institutions including Harvard University, MIT, Caltech, and ETH Zurich, as well as domestic universities, research institutes, and enterprises such as the Chinese Academy of Sciences, Tsinghua University, QuantumCTek, Guoyi Quantum, and Huayi Quantum.