The A-share market has just witnessed history. Pinzhun Laser (stock code: 688826) delivered the highest first-day gain for any new stock since the implementation of the full registration system, with a single-lot investor earning a peak paper profit of 556,600 yuan. The stock, officially listed on the Shanghai Stock Exchange's STAR Market, saw its shares open at 1,100 yuan, a 488.61% premium over its issue price, before surging to an intraday high of 1,300 yuan and closing at 1,152 yuan — up 516.44% from the offering price. Turnover hit 72.72 billion yuan with an 81.22% turnover rate.
The IPO raised 1.869 billion yuan from issuing 10 million shares at 186.88 yuan apiece, making it the highest-priced new listing of 2026. For investors, each 500-share lot required a 93,400 yuan subscription, yielding an impressive 482,600 yuan gain at the closing price and a maximum intraday profit of 556,600 yuan. At 186.88 yuan, this listing has set a new benchmark for first-day returns since the registration system reforms were fully rolled out.
Fund Allocation: Production Capacity and R&D at the Core
Proceeds from the IPO will be directed toward four key initiatives: 637 million yuan for the precision laser system industrialization project, 372 million yuan for the main R&D center, 152 million yuan for a Wuhan-based R&D facility, and 250 million yuan for working capital. The industrialization project aims to expand production capacity to meet surging demand from the quantum technology and semiconductor sectors, while the R&D centers will intensify efforts in high-performance laser sources, frequency stabilization systems, and core upstream components. Leveraging Wuhan's scientific research ecosystem, the company also plans to explore solid-state and medical laser applications.
Looking ahead, Pinzhun Laser intends to deepen its vertical integration by developing and manufacturing core upstream components such as light source materials and optical elements. The company will maintain heavy R&D investment to launch higher-performance products and broaden its portfolio, delivering comprehensive light source solutions for quantum computing, quantum precision measurement, wafer fabrication, inspection, and stealth dicing.
Strong Growth with Gross Margins Near 70%
According to the prospectus, Pinzhun Laser's revenue grew from 148 million yuan in 2023 to 292 million yuan in 2024 and 418 million yuan in 2025, a compound annual growth rate of approximately 68%. Net profit attributable to shareholders rose steadily from 60 million yuan to 116 million yuan and then 159 million yuan over the same period. In the first quarter of 2026, the company recorded revenue of 101 million yuan and net profit of 28 million yuan.
The company's gross margin has consistently hovered near the 70% mark — roughly double the 34% average seen among comparable A-share laser companies and even surpassing Germany's Toptica, a leading overseas high-end laser maker, which sits around 55%. R&D spending has remained stable at about 14% of revenue, with investments of 22.12 million yuan, 41.71 million yuan, and 61 million yuan recorded from 2023 to 2025, underpinning continuous product iteration and technological leadership.
Dual-Track Strategy: Quantum Technology and Semiconductors
Pinzhun Laser's products have already entered the supply chains of leading domestic and international research institutions and major domestic semiconductor equipment manufacturers. According to QY Research data, the company held a 9.21% global market share in the quantum technology laser market in 2024, with a 16.85% share in China — ranking first among domestic brands. Its lasers have been deployed in national-level projects such as the Jiuzhang photonic quantum computing prototype, serving prestigious institutions including the Chinese Academy of Sciences, Tsinghua University, Peking University, and key industry players like Guodun Quantum and Guoyi Quantum.
Semiconductors represent the company's second growth engine. This market has long been dominated by foreign players such as America's Coherent and Japan's Oxide. Pinzhun Laser is steadily winning customers through superior technical performance and localized service advantages. From 2023 to 2025, semiconductor business revenue grew at a compound annual rate of 103.80%, reaching 75 million yuan in 2024 with a 1.98% domestic market share — leaving ample room for expansion. As domestic wafer fabs scale up and semiconductor localization policies accelerate, demand for precision light sources in wafer inspection and stealth dicing is rising rapidly.
Full-Chain Self-Developed Technology: Breaking the Monopoly
Founded in late 2017 by Dr. Zhang Lei, a Chinese Academy of Sciences Ph.D., Pinzhun Laser is a national high-tech enterprise and a key "Little Giant" specialized in niche technologies. The company focuses on the R&D, production, and sale of precision lasers, with a team of over 400 employees including more than ten Ph.D. holders.
Historically, high-end precision lasers were monopolized by overseas manufacturers using traditional semiconductor and titanium-sapphire laser routes, which faced limitations in line width, noise, and wavelength coverage. After years of innovation, Pinzhun Laser developed a proprietary "seed source + fiber amplification + nonlinear frequency conversion + frequency stabilization" technical pathway, achieving full autonomy from core components to complete systems. This approach enables wavelength coverage from 177nm to 5000nm with ultra-narrow line width, ultra-low noise, high stability, and high power — with several core metrics now surpassing or replacing foreign alternatives.
In quantum technology, the company's lasers are essential for qubit preparation, manipulation, and readout — serving as the core light source in quantum computing systems. In semiconductors, its products support critical processes including wafer fabrication, inspection, and stealth dicing, strengthening the domestic semiconductor equipment supply chain. With this dual-track positioning in two of the A-share market's most sought-after sectors, Pinzhun Laser closed its debut session with extraordinary market enthusiasm, cementing its status as the year's most lucrative new stock listing.
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