On May 22nd, Shanghai Pulse Laser Technology Co., Ltd. (Pulse Laser) saw the status of its application for an IPO on the Shanghai Stock Exchange's STAR Market updated to "registration submitted." China Securities Co., Ltd. is acting as the sponsor, with plans to raise approximately 1.41 billion yuan. According to its prospectus, Pulse Laser primarily serves the quantum technology sector—including quantum computing and quantum precision measurement—the semiconductor industry for wafer manufacturing, metrology, inspection, and stealth dicing, as well as cutting-edge scientific research areas like laser interference lithography and laser remote sensing. The company has developed a novel, precise laser technology roadmap, launching laser products with precise control over wavelength, linewidth, noise, power, and pulses to support the domestic advancement of China's quantum technology and semiconductor supply chains. Targeting the demand in quantum computing and precision measurement for broadband, narrow-linewidth, low-noise, high-power precision lasers, the company generates low-noise precision seed lasers from fiber DFB or semiconductor seed sources. These are then amplified via fiber amplifiers, with nonlinear frequency conversion techniques such as frequency doubling, sum-frequency, and difference-frequency generation used to achieve tunable lasers across the 177-5000nm spectrum, featuring low noise, narrow linewidth, and high power. Optical integration processes like frequency locking, beam splitting, combining, frequency shifting, and switching are performed as needed. The company serves renowned domestic and international universities, research institutes, and quantum technology firms, including Client A, the Chinese Academy of Sciences, and Client E, supporting rapid progress in both fundamental research and applied technologies within the quantum field. Additionally, the company's products are widely used in advanced research areas like laser interference lithography and laser remote sensing. In the domestic quantum technology market, clients are primarily universities, research institutes, and quantum tech companies. The company employs market promotion channels such as participation in optics industry exhibitions, referrals from existing clients, continuation of established business, proactive client visits, and advertising on well-known online platforms. It also promptly relays new technical or product requirements to its R&D department to help secure orders from both new and existing customers. Within the semiconductor sector, the company actively visits industry clients to promptly understand their needs, provides trial samples based on those requirements, continuously iterates on technology and products, and actively explores new business modules in the semiconductor supply chain to obtain orders. Furthermore, the company's products have gained a certain level of recognition in the industry, leading some clients to proactively inquire about procurement. Key clients include universities, research institutes, quantum technology companies, and semiconductor equipment manufacturers such as Client A, Client B, Client C, Client D, Angkun Vision, and the Chinese Academy of Sciences. In overseas markets, promotion is conducted mainly through recommendations from downstream industry professionals and exhibition showcases. In recent years, through ongoing international market expansion, the company's client base has come to include universities and research institutes in countries and regions such as the United States, Europe, Japan, and South Korea. During the reporting period, major overseas clients were universities, research institutes, and quantum technology companies in the quantum field, including Harvard University, the University of Colorado, the University of Chicago, and Stable Laser Systems, Inc. As approved by the company's second interim shareholders' meeting in 2025, the net proceeds from this offering, after deducting issuance expenses, will be allocated to the following projects: Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 148 million yuan, 292 million yuan, and 418 million yuan, respectively. During the same periods, net profits were approximately 60.4636 million yuan, 116 million yuan, and 159 million yuan, respectively.
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