Hit by five crises in a single day, the tens-of-billion-yuan leading optoelectronic enterprise has recorded two consecutive limit-downs.
The RMB 10-billion leading optoelectronics enterprise Lianchuang Optoelectronics encountered five major "dilemmas" in a single day.
On August 4, Lianchuang Optoelectronics released an announcement stating that the company and its actual controller Wu Rui are under case-filing investigation by the China Securities Regulatory Commission (CSRC) on suspicion of illegal acts including failure to disclose non-operating fund transactions in accordance with relevant regulations.
In addition, Lianchuang Optoelectronics also disclosed that Wu Rui has applied to resign from the position of the company's president due to work reasons. After the resignation, he will still serve as the company's chairman, director of the Strategic and Sustainable Development Committee of the board of directors and other positions.
On the same day, Lianchuang Optoelectronics also intensively disclosed four announcements: partial shares of the controlling shareholder being judicially frozen and to be judicially auctioned, partial borrowings and bills from financial institutions of the company and its subsidiaries being overdue, RMB 396 million of funds in the bank accounts of the holding subsidiary being applied for freezing, as well as litigation and arbitration cases with a total involved amount of RMB 402 million.
On August 5 and 6, the share price of Lianchuang Optoelectronics hit the 10% daily limit drop for two consecutive days, with a total market value of about RMB 10 billion.
It is worth noting that after releasing an impressive financial report with both revenue and net profit growing last year, the performance of Lianchuang Optoelectronics in the first quarter of this year suddenly "took a sharp turn": the company achieved a single-quarter revenue of RMB 612 million, a year-on-year decrease of 23.63%, and the attributable net profit to shareholders was only RMB 83 million, 28.8% lower than the same period of last year.
The leading optoelectronics enterprise is put on file for investigation, and its annual report was once issued with a qualified audit opinion
On August 4, Lianchuang Optoelectronics released an announcement stating that on the grounds that the company and its actual controller Wu Rui are suspected of illegal acts including failure to disclose non-operating fund transactions in accordance with regulations, the CSRC decided to file a case against the company and Wu Rui in accordance with the Securities Law, the Administrative Penalty Law and other laws and regulations.
Lianchuang Optoelectronics stated that all the company's business operations are being carried out normally at present. During the investigation period, the company and its actual controller Wu Rui will actively cooperate with the CSRC's investigation work, and strictly fulfill the information disclosure obligations in accordance with relevant laws, regulations and regulatory requirements.
On the same day, Lianchuang Optoelectronics also announced that Wu Rui, who holds the positions of chairman and president, has applied to resign from the position of the company's president due to work reasons.
After the resignation, Wu Rui still holds the positions of the company's chairman, director of the Strategic and Sustainable Development Committee of the board of directors, and member of the Remuneration and Assessment Committee.
Leida Finance noted that before being put on file for investigation by the CSRC, the 2025 financial statements of Lianchuang Optoelectronics were once issued an audit report with a qualified opinion by Zhonghua Certified Public Accountants LLP.
Zhonghua Certified Public Accountants LLP pointed out in the audit report that Lianchuang Optoelectronics conducts business through its wholly-owned subsidiary Jiangxi Lianchuang Optoelectronics Marketing Center Co., Ltd. (hereinafter referred to as the "Marketing Center"), and there are situations of advance payment to the suppliers of this business and partial refund of such payments.
Zhonghua Certified Public Accountants LLP has implemented audit procedures such as verifying relevant contracts, checking relevant vouchers, and consulting public information.
However, Lianchuang Optoelectronics stated that the relevant business involves state secrets and cannot provide further audit evidence, which makes Zhonghua Certified Public Accountants LLP unable to implement further audit procedures to judge the commercial substance of the aforementioned payment, refund and business cooperation. Therefore, the firm cannot judge the impact of the above matters on the recognition and information disclosure of the relevant items in the financial statements of Lianchuang Optoelectronics.
Zhonghua Certified Public Accountants LLP believes that the above matters may have a significant impact on the financial statements of Lianchuang Optoelectronics. Therefore, the firm issued a qualified opinion on the 2025 financial statements of Lianchuang Optoelectronics.
The accounting firm also emphasized that the financial statement items affected by the matters related to the qualified opinion are relatively limited, do not constitute the main part of the financial statements, do not affect the going concern ability of Lianchuang Optoelectronics, and will not lead to other serious consequences. Therefore, the firm judges that the possible impact of the matters on the 2025 financial statements of Lianchuang Optoelectronics is not pervasive.
It is worth noting that last October, due to the inaccurate financial information in the relevant periodic reports previously disclosed by the company, Lianchuang Optoelectronics and its actual controller Wu Rui once received a warning letter issued by the Jiangxi Securities Regulatory Bureau.
Negative news broke out all at once, five crises hit the company in one day
When the company and its actual controller were put on file for investigation, Lianchuang Optoelectronics also simultaneously disclosed four other pieces of negative news.
On August 4, Lianchuang Optoelectronics released an announcement stating that the company recently received a notice from the controlling shareholder Jiangxi Provincial Electronics Group Co., Ltd. (referred to as the "Electronics Group"), and learned through the system query of the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. that the company's shares held by the Electronics Group are subject to judicial freezing, successive judicial freezing and judicial auction.
Among them, the total number of shares judicially frozen this time by the Electronics Group is about 28.8399 million shares, accounting for 33.23% of the company's shares held by it, and 6.4% of the total share capital of the company; the total number of shares subject to successive judicial freezing is 7.5605 million shares, accounting for 8.71% of the company's shares held by it, and 1.68% of the total share capital of the company; in addition, 9.7081 million shares are planned to be judicially auctioned, accounting for 11.19% of the company's shares held by it, and 2.15% of the total share capital of the company.
Lianchuang Optoelectronics stated that up to now, the matters of partial shares of the Electronics Group being frozen and judicially auctioned will not lead to the change of the company's control right, and will not have an impact on the company's operation.
On the same day, Lianchuang Optoelectronics also disclosed the announcement that partial borrowings and bills from financial institutions of the company and its subsidiary Marketing Center are overdue.
As of the disclosure date of this announcement, the total principal of the overdue borrowings and bills from financial institutions of Lianchuang Optoelectronics and its subsidiary is RMB 506 million, accounting for more than 10% of the company's latest audited net assets. The creditors include Qingyunpu Sub-branch of Postal Savings Bank of China, Nanchang Branch of Ping An Bank, Nanchang Honggutan Sub-branch of China CITIC Bank and so on.
The announcement shows that among the above-mentioned overdue debts, the total face value of the electronic commercial acceptance bills issued by the Marketing Center as the drawer and acceptor is RMB 165 million, while the overdue amount of the guarantee provided by Lianchuang Optoelectronics as the guarantor for the Marketing Center is about RMB 165 million.
Lianchuang Optoelectronics said frankly that due to the overdue of partial borrowings and bills from financial institutions, the company may face the situation of paying relevant overdue interest, which will further lead to the increase of financial expenses. At the same time, the overdue of borrowings and bills from financial institutions may lead to the decline of the company's financing capacity.
Due to the provision of guarantees for the financing credit business of the Marketing Center, Lianchuang Optoelectronics may also face risks such as litigation, arbitration, performance of guarantee liability, bank accounts being frozen and assets being frozen due to the overdue of borrowings and bills from financial institutions, which may have a certain adverse impact on the daily production and operation, and affect the performance of this year.
Lianchuang Optoelectronics emphasized that the company is expanding financing channels through various ways, striving to raise debt repayment funds, and actively communicating with creditors to negotiate debt repayment plans such as extending the maturity and adjusting the repayment plan.
At the same time, the company will take effective measures to do its utmost to ensure production and operation, continue to intensify the collection of receivables, and strive to improve the company's operating conditions.
It is worth noting that in the announcements of the company's accumulated litigation and arbitration situations, and the partial bank account funds of the holding subsidiary being frozen disclosed by Lianchuang Optoelectronics on the same day, the above-mentioned debt overdue matter has become one of the "root causes of trouble".
Relevant announcements show that as of August 4, there are 25 accumulated unreported litigation and arbitration cases of Lianchuang Optoelectronics and its subsidiaries within the consolidated statement scope in the past 12 consecutive months, with a total involved amount of RMB 402 million, accounting for 9.01% of the company's audited net assets of last year. All the above cases are in the trial stage.
According to the disclosure of Lianchuang Optoelectronics, the involved amount of RMB 153 million among them comes from the financial loan contract dispute with Qingyunpu Sub-branch of Postal Savings Bank of China.
As of August 4, the accumulated amount of funds in the bank accounts of the holding subsidiary of Lianchuang Optoelectronics applied for freezing is RMB 396 million, accounting for 8.87% of the company's latest audited net assets; the accumulated actual frozen amount is RMB 11.1041 million, accounting for 0.25% of the company's latest audited net assets.
Verified by Lianchuang Optoelectronics, the freezing of the bank accounts of its holding subsidiary mainly involves the financial contract dispute of the subsidiary Marketing Center, the house lease dispute of the subsidiary Zhongjiu Optoelectronics Industry Research Institute, and the construction project contract dispute of the subsidiary Xiamen Hualian Electronics.
Affected by the above multiple pieces of negative news, the share price of Lianchuang Optoelectronics hit the 10% daily limit drop for two consecutive days on August 5 and 6. As of the close of August 6, Lianchuang Optoelectronics closed at RMB 22.18 per share, with a market value of about RMB 10 billion.
Performance "took a sharp turn" in the first quarter, both revenue and net profit declined
Tianyancha information shows that Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. (referred to as "Lianchuang Optoelectronics") was registered and established in 1999, and was listed on the Shanghai Stock Exchange in March 2001.
According to the company's official website, the current product layout of Lianchuang Optoelectronics includes industrial sectors such as high-power laser devices and equipment, high-temperature superconducting magnets and applications, intelligent control components, backlight sources and applications, wires and cables.
In 2025, the annual revenue of Lianchuang Optoelectronics reached RMB 3.342 billion, a year-on-year increase of 7.66%; the attributable net profit to shareholders was RMB 480 million, a sharp year-on-year increase of 99.08%.
By product, the revenue of the laser series and traditional LED chip products of Lianchuang Optoelectronics reached RMB 337 million last year, a year-on-year surge of 328.33%, and the gross profit margin increased by 23.08 percentage points over the previous year to 20.26%, which significantly drove the improvement of the company's overall performance.
In the same period, the backlight source and its application products of the company also achieved remarkable performance, contributing a total annual revenue of RMB 1.145 billion, a year-on-year increase of 22.27%. At the same time, the profitability improved, and the gross profit margin increased by 3.55 percentage points year-on-year to 7.48%.
However, the other two major businesses of the company - intelligent control products, optoelectronic communication and intelligent equipment cables and metal material products - experienced a decline in revenue last year.
Among them, the annual revenue of intelligent control products decreased by 11.41% year-on-year to RMB 1.662 billion, which was mainly due to the company's strategic adjustment of product structure and active contraction of low-gross-margin product business; at the same time, affected by the international situation and tariffs, overseas orders declined to some extent, leading to the decrease of revenue.
While the revenue of the company's optoelectronic communication and intelligent equipment cables and metal material products in the same period reached RMB 131 million, a year-on-year decrease of 17.61%.
However, due to the company's active exploration of new fields and continuous promotion of cost reduction and efficiency improvement, the gross profit margin of the company's intelligent control products increased by 2.86 percentage points over the previous year to 27.89%, and the attributable net profit to shareholders decreased by only 0.15% year-on-year, which was lower than the revenue decline of the main business.
On the whole, in 2025, the gross profit margin of Lianchuang Optoelectronics' main business was 20.4%, an increase of 1.97 percentage points over the same period of last year.
However, entering 2026, the performance of Lianchuang Optoelectronics suddenly "took a sharp turn", and the company delivered a first-quarter report card of "both profit and revenue declining".
The financial report shows that in the first quarter of this year, the revenue of Lianchuang Optoelectronics was only RMB 612 million, a year-on-year decrease of 23.63%; the attributable net profit to shareholders was RMB 83 million, 28.8% lower than the same period of last year.
Regarding the decline of the company's profit in the first quarter, Lianchuang Optoelectronics stated that on the one hand, affected by the market situation and international situation, the demand of some customers declined to some extent, and the price of raw materials rose at the same time, leading to the decline of gross profit margin.
On the other hand, the delay in the confirmation of some customers' orders is also one of the important factors affecting the current profit.
It is worth noting that in 2019, Lianchuang Optoelectronics participated in the establishment of Lianchuang Superconducting, and actively deployed the high-temperature superconducting industry.
Last year, Lianchuang Superconducting officially entered the commercial aerospace electromagnetic launch field, and completed the "high-power low-temperature refrigeration system and prototype superconducting magnet development service project" for the first time, which successfully passed the customer's acceptance.
In early July this year, Lianchuang Optoelectronics released an announcement on abnormal stock price fluctuations, stating that the company's main business does not involve the business sectors related to high-temperature superconductivity and controlled nuclear fusion.
Lianchuang Optoelectronics emphasized that Lianchuang Superconducting is an affiliated company in which the company holds 40% shares, and its business operation does not belong to the company's main business. In addition, Lianchuang Superconducting recorded a net loss of RMB 24.6453 million in 2025.
Leida Finance will continue to pay attention to the subsequent development of Lianchuang Optoelectronics.
This article is from the WeChat official account "Radar Finance", Author: Zhou Hui, Editor: Meng Shuai, 36