Based on the intraday peak price, investors who secured a lottery allotment of 500 shares would have seen paper gains of approximately 556,600 yuan. On August 18, Shanghai Precilasers Technology Co.,Ltd. (688826.SH) officially commenced trading on the Shanghai Stock Exchange's STAR Market, with an initial public offering price of 186.88 yuan per share. On its first trading day, the stock surged 488.61% at the open, reaching an intraday high of 1,300 yuan per share. By 2:00 PM, the share price had climbed over 524% to 1,166 yuan per share. According to the prospectus, the company's initial public offering aims to raise 1.41 billion yuan, which will be allocated towards a precision laser system industrialization project, a research and development center project, a Wuhan R&D center project, and supplementary working capital.

Public filings indicate that Shanghai Precilasers Technology Co.,Ltd. was established in November 2017, incubated by a core team with ties to the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences. The company's primary business involves the production and sale of precision lasers, catering mainly to quantum technology fields such as quantum computing and quantum precision measurement, as well as semiconductor sectors including wafer fabrication, wafer inspection and metrology, and wafer stealth dicing. According to the prospectus, strategic investors participating in this issuance include Beijing BOE Innovation Investment, Biwin Storage Technology, Shanghai Xin Zhi Times (a subsidiary of Hua Hong Group), AMEC, Lead Intelligent Equipment, and Lianxun Instruments, among other industry chain companies, collectively subscribing for 353 million yuan with a 12-month lock-up period.

In 2025, revenue from the quantum technology sector accounted for 69.9% of the company's main business income, while the semiconductor sector contributed 25.5%. Within the quantum technology domain, domestic clients include the Chinese Academy of Sciences, Tsinghua University, and other universities and research institutes, as well as quantum technology companies such as QuantumCTek, HyQ, and CIQTEK. Overseas clients include Harvard University, the University of Colorado, and the University of Chicago. In the semiconductor sector, the company's products serve major domestic semiconductor equipment manufacturers like Zhongan Semiconductor and Angkun Vision. According to research data from QY Research, in 2024, Shanghai Precilasers Technology Co.,Ltd. held a 9.21% market share in the global quantum technology laser market and a 16.85% share in China's domestic quantum technology laser market.

Regarding financial performance, the company's main business income primarily stems from laser product sales, accounting for over 96% of total revenue. From 2023 to 2025, Shanghai Precilasers Technology Co.,Ltd. reported revenues of 148 million yuan, 292 million yuan, and 418 million yuan, respectively, reflecting a compound annual growth rate of 68.20%. While the company's revenue scale has expanded rapidly, its overall size remains relatively modest, and the revenue compound annual growth rate has slowed compared to earlier periods. Net profits for 2023 to 2025 were 60 million yuan, 116 million yuan, and 159 million yuan, respectively. In the first quarter of 2026, operating performance continued to rise, with revenue reaching 101 million yuan, up 55.21% year-over-year, and net profit of 28 million yuan, up 33.50% year-over-year. For the first half of 2026, the company projects revenue growth of 27.58% to 44.22% and net profit growth of 26.93% to 48.08% year-over-year.

During the reporting period, the company's gross margin remained at a consistently high and stable level, recording 68.53%, 67.78%, and 69.33% for 2023, 2024, and 2025, respectively. However, it is noteworthy that the company's inventory turnover ratio has remained persistently low and below the industry average, standing at 0.59, 0.68, and 0.61 times per year from 2023 to 2025. The prospectus also highlights multiple risks the company may face in the future. Firstly, the company's primary clients are predominantly domestic and international universities and research institutions, indicating a high reliance on the scientific research market. QY Research forecasts that the global scientific research laser market will reach 3.65 billion US dollars by 2031, corresponding to a compound annual growth rate of 9.6% from 2025 to 2031. However, demand from research institutions is significantly influenced by the cyclical nature of research funding disbursements, and the risk of performance volatility cannot be overlooked. The company acknowledges that the downstream scientific research market is relatively limited in scale.

Additionally, competition from overseas giants poses significant pressure. In the quantum technology sector, companies such as Germany's Toptica, America's Spectra-Physics, and Denmark's NKT have established early-mover advantages and advanced technological barriers. In the semiconductor field, precision laser products are predominantly dominated by international leaders like America's Coherent, Japan's Oxide, and America's IPG. Although some of Shanghai Precilasers Technology Co.,Ltd.'s products have surpassed those of Germany's Toptica and Denmark's NKT in performance, the company's overall scale remains relatively small. In 2024, the company's revenue in the semiconductor sector amounted to 75 million yuan, capturing a 1.98% share of the domestic market.

Furthermore, the commercialization of technology presents uncertainties. According to the "Quantum Computing Development Situation Research Report" released by the China Academy of Information and Communications Technology in September 2025, China's quantum computing industry is still in its infancy. Domestic startups such as HyQ, Boson Quantum, Turing Quantum, and Zhongke Kuyuan secured various rounds of financing last year, but in terms of market profitability, the vast majority of quantum computing startups are currently in a loss-making state with R&D investment far exceeding revenue. In areas such as fintech, medical data, and the power industry, domestic quantum computers have undergone some trials, but existing practices have yet to truly demonstrate breakthroughs in exponential acceleration or quantum supremacy, and practical application still requires further exploration.