联特科技递交港交所打造A+H平台800G光模块增速全球第一

2026年6月29日，已登陆深交所创业板的武汉联特科技股份有限公司（证券代码：301205，简称“联特科技”）正式向香港联合交易所主板递交H股IPO申请版本，独家保荐人为中信证券（香港）有限公司，公司将搭建“A+H”双上市资本平台，深度布局AI算力高速光互连黄金赛道。

Global Offering Link:

https://www1.hkexnews.hk/app/sehk/2026/108694/documents/sehk26062902259_c.pdf

一、公司基本面：垂直整合光模块厂商，全球化双基地布局

Infinera was founded in Wuhan in 2011 and listed on the ChiNext of the Shenzhen Stock Exchange in 2022, 9. It is a global optical module supplier with complete vertical integration capabilities. The company started in the traditional telecom market and rapidly expanded into the AI data communications sector, offering products覆盖400G、800G、1.6T全系列高速光模块At the same time, we are proactively advancing next-generation frontier optical interconnect technologies—including XPO ultra-high-density pluggable, NPO near-package, and CPO co-packaged optics—making us one of the few global players to achieve1.6T optical module commercial mass production的企业之一。

Production adopts a dual-base model in Wuhan, China, and Penang, Malaysia, to mitigate global trade policy volatility and strengthen supply chain resilience:

1.武汉基地建筑面积51904平方米，槟城基地18273平方米；

2. By the end of 4 2026, design capacity for 0G and above high-speed optical modules reached 160 thousand units, with a compound annual growth rate of 438.5% from 2023 to 2025.

3.低速率产品适度外包，2025年外包加工费仅占销售成本3.6%，自研自制为核心产能支撑。

客户覆盖北美、欧洲、国内头部云厂商、AI算力运营商、电信设备商，Overseas revenue accounted for 89.4% of total revenue in 2025North America is the core sales market, with overseas布局 deeply aligned with the global expansion of AI data centers.

产品应用

2. Industry standing shines: 800G revenue growth rate leads the world

According to Frost & Sullivan's 2025 industry report, the company ranks among the global leaders in multiple core metrics:

1. Full-rate optical transceiver module: Ranked 11 globally and 8 domestically, with a global market share of 0.8% and total annual optical module revenue of 120 billion yuan;

2.400G Gbps and above high-speed optical modules: Ranked 11 globally; CAGR of 2023-2025 annual revenue was 247.6%, placing it among the top 11 vendors with the highest growth rate at rank 3;

3.800G Gbps and above high-speed optical modules: Ranked 10 globally, with a compound annual growth rate of 1069% in revenue from 2023 to 2025,Ranked first among the top ten global vendors in growth rate，是公司核心增长引擎。

At the industry level, AI compute expansion is driving a surge in the optical module market: The global optical module market size reached 2025 billion yuan in 1618, and is projected to grow to 2030 billion yuan by 5034. Among them, data communication optical modules were valued at 2025 billion yuan in 1149, with expectations to reach 2030 billion yuan by 4294. Products of 80G and above are forecasted to generate a market size of 80 billion yuan in 2025, representing a five-year CAGR of 653%, signaling sustained long-term growth.

三、三年业绩高速增长，毛利率持续抬升，短期存流动性压力

招股书披露2023-2025年完整财务数据（单位：人民币），公司收入、利润、毛利率同步稳步上行：

Core Revenue and Profitability

·Revenue: 2023 year 6.06 billion yuan → 2024 year 8.90 billion yuan → 2025 year 12.54 billion yuan; 3-year CAGR 43.8%

·毛利总额：1.13亿→2.06亿→3.06亿元；

·Gross margin: 18.6% → 23.2% → 24.4%, driven by a rising share of high-growth, high-margin products that improved profitability.

·年度净利润：2648万元（2023）、9295万元（2024）、1.03亿元（2025），盈利规模持续放大。

Cash Flow and Assets

Net cash flow from operating activities in 1.2025 was -2.06 billion yuan, primarily due to increased inventory buildup for capacity expansion; as of year-end 2025, inventory stood at 9.62 billion yuan with a turnover period of 289 days, making inventory impairment risk a key operational focus.

2. Rising customer concentration: 2025 years ago, the top five customers accounted for 65.7% of total revenue, with the largest single customer representing 22.7%—highlighting significant concentration risk.

3.2026年一季度业绩承压：受武马两地产线搬迁、光芯片供给紧张、汇率亏损、人员扩张费用上涨多重因素影响，一季度经营出现阶段性下滑。

四、高研发投入，持续攻坚下一代光互连技术

公司将研发作为核心竞争力，研发团队规模与投入持续加码：

1. Personnel: As of year-end 2025, the company employed 471 R&D staff, accounting for 32.8% of total employees. R&D centers are established in Wuhan and Shanghai, with a laboratory in the United States.

2. Expense Side: R&D expenditures for 2023–2025 were 5731, 5837, and 9856 thousand yuan, respectively; the R&D expense ratio in 2025 was 7.9%.

3.技术路线：同步推进1.6T量产、12.8TXPO、6.4T/7.2TNPO、CPO共封装等前沿技术研发，紧跟AI算力迭代需求。

5. H-Share Proceeds Allocated to Four Key Areas, Anchoring a Global Long-Term Strategy

The proceeds from this H-share issuance (net of offering expenses) are planned for four key purposes:

1.产能升级（占比最高）：扩充高速光模块产线，提升工厂自动化、智能制造水平，匹配800G/1.6T长期订单需求；

2. R&D Investment: Continued investment in next-generation technologies such as CPO, NPO, and ultra-high-speed optical modules.

3.全球业务扩张：拓展海外客户、完善海外生产与服务网络；

4. Supplement working capital to support raw material procurement and daily operational cash flow.

公司表示，登陆港交所H股核心战略目标为深化全球化布局、提升国际品牌影响力、拓宽海外融资管道，进一步强化面向全球AI客户的综合竞争力。

六、股权架构与上市监管安排

Actual Controlling Entity: Founders Zhang Jian and Yang Xianwen are acting in concert, collectively holding 34.53% of the company's shares prior to the IPO, making them the largest single shareholder group.

Leveraging the long-term growth tailwinds of the AI computing power sector and the disruptive growth advantage of its 800G product line, Linktel Technologies is targeting a dual listing on both the A-share and Hong Kong markets, becoming another domestic high-speed optical module company pursuing a HKEX IPO. The company's core growth logic rests on its dual-base production capacity, end-to-end R&D and manufacturing capabilities, and rapid expansion in high-speed products. However, risks such as customer concentration, overseas trade exposure, inventory levels, and cash flow require ongoing monitoring. This application version is a draft; data and the offering plan are subject to adjustment. Completion of the H-share listing remains contingent upon multiple rounds of review by the Hong Kong Stock Exchange and the China Securities Regulatory Commission.