On August 31, 2026, National Instruments Company (688828) disclosed that it hosted an institutional research visit on August 21, 2026, attracting participation from a distinguished roster of financial powerhouses including CSC Financial, Guotai Haitong Securities, Guotai Junan, Taikang Asset Management, Taikang Fund, Huatai Securities, AEGON-Industrial Fund, Fullgoal Fund, Caitong Securities, CCB Fund, Guotai Haitong Asset Management, Guojin Fund, GF Fund, Debang Fund, Bright Future Limited, Changsheng Fund, and China Life Asset Management.

Company Overview: Driven by its mission of "building instruments for the nation," the company has focused on high-end scientific instrument development since its inception. Targeting the world's scientific frontiers and major national strategic needs, it has made breakthroughs with flagship products like electron paramagnetic resonance (EPR) spectrometers and electron microscopes, while steadily advancing quantum precision measurement technology toward industrial applications. This strategy has established its business footprint across quantum information technology with spin resonance, electron microscopy, gas adsorption, and measurement-while-drilling technologies. Serving sectors including quantum technology, materials science, chemistry, biomedicine, and advanced manufacturing, the company supplies high-end scientific instruments, core critical components, and comprehensive solutions to universities, research institutions, and enterprises worldwide. From 2023 to 2025, its core business revenue reached RMB 389.5064 million, RMB 483.7542 million, and RMB 662.6571 million respectively, achieving a compound annual growth rate of nearly 30% over the three-year period.

Core Business Focus: The company is primarily engaged in the R&D, manufacturing, sales, and technical services of high-end scientific instruments, with a strategic emphasis on quantum information technology with spin resonance and electron microscopy. This has yielded a product ecosystem centered on quantum precision measurement with applications across multiple industries. Revenue figures for 2023-2025 remain as reported above, and the company intends to maintain its focus on the high-end scientific instrument sector while advancing core technology development and product industrialization.

Quantum Information and Spin Resonance Product Portfolio: Building on spin resonance technology, the company has developed products including EPR spectrometers—covering continuous wave, pulsed, X-band, and W-band configurations—as well as nuclear magnetic resonance (NMR) spectrometers in models such as CN400 and CN600. These instruments serve applications in chemistry, materials science, life sciences, energy, and semiconductor material analysis. The company will continue iterative product upgrades and application expansion based on customer requirements.

Quantum Sensing Progress and Industrial Applications: The company has established complete quantum sensing capabilities—from R&D and production to commercial delivery—based on the NV color center technology pathway. Its product line includes scanning NV probe microscopes, wide-field NV microscopes, and quantum diamond single-spin spectrometers, primarily targeting frontier fields such as condensed matter physics, materials science, and life sciences, delivering high-sensitivity and high-resolution measurement solutions. These technologies extend to geophysical exploration, geomagnetic mapping and navigation, biomagnetic imaging, non-destructive material testing, battery raw material quality inspection, power grid electromagnetic environment monitoring, and chip non-destructive testing. The company is actively transitioning quantum sensing applications from purely scientific research toward broader industrial adoption.

Electron Microscopy Core Technologies and Uses: The electron microscope product range spans scanning electron microscopes and dual-beam systems, with core technologies covering electron guns, high-voltage power supplies, electron optics, vacuum systems, and focused ion beams. Applications include semiconductor failure analysis, chip structure characterization, transmission electron microscope sample preparation, micro-nano fabrication, and structural analysis and quality inspection of materials, biological specimens, and industrial products. The company will continue enhancing product performance, stability, and ease of use through ongoing development and application adaptation.

Semiconductor Sector Business Development: Semiconductors represent a critical application area for the company's high-end instruments. It addresses demands for chip inspection, semiconductor material analysis, and failure analysis and structural characterization by advancing electron microscope and quantum precision measurement products for these applications. Although semiconductor-related revenue currently accounts for a modest share of total revenue with applications still in an expansion phase, the company will enhance its product and service capabilities in response to semiconductor industry growth and localization demands. Specific operational metrics will be detailed in the company's periodic reports and announcements.

Overseas Market Expansion: The company's EPR spectrometers and electron microscopes have already reached developed markets including Europe, North America, and South Korea. International expansion has shown meaningful progress, with overseas revenue exceeding 10% of total sales in 2025 on an end-customer basis. The company remains committed to strengthening product competitiveness and international service capabilities to steadily broaden its global footprint.

Synergies and Market Growth Outlook: The company's business segments are unified around quantum information technology with spin resonance and electron microscopy, creating synergies in underlying technologies, R&D platforms, manufacturing, customer relationships, and application services. Market growth potential stems not only from new products, applications, and customer demand but also from replacement of existing equipment, maintenance and upgrade services, and expanded applications. The company will maintain its strategic focus, advancing product iteration, application development, and localized service capabilities to improve operational quality and market competitiveness.

Financial Highlights: National Instruments Company (688828) specializes in high-end scientific instrument R&D for quantum technology, materials science, chemical engineering, biomedicine, and advanced manufacturing, delivering instruments, core critical components—including enhanced quantum sensors—and solutions to universities, research institutions, and enterprises globally. According to its 2026 interim report, first-half revenue reached RMB 259 million, up 51.03% year-over-year. Net loss attributable to shareholders narrowed to RMB -70.3197 million, improving 3.11%, while non-GAAP net loss was RMB -77.8608 million, down 5.3%. In Q2 2026 alone, quarterly revenue surged 76.12% year-over-year to RMB 206 million, with quarterly net profit attributable to shareholders turning positive at RMB 1.0927 million, up 103.73%, and non-GAAP net loss shrinking to RMB -0.962 million, up 96.3%. The company reported a debt ratio of 51.43%, investment income of RMB 3.208 million, financial expenses of RMB 3.5715 million, and a gross margin of 45.58%. Over the past 90 days, one institution has issued a "buy" rating for the stock. Margin trading data indicates net financing outflows of RMB 77.9909 million over the past three months, with financing balance declining; securities lending saw no net inflow (0.0), though the lending balance increased.