Core Points - The company, Suzhou Tianzhun Technology Co., Ltd., has received approval from the Shanghai Stock Exchange Listing Review Committee for its application to issue convertible bonds to unspecified objects [1] - The issuance of these convertible bonds is subject to approval from the China Securities Regulatory Commission (CSRC), and the timeline for this approval remains uncertain [1] Group 1 - The Shanghai Stock Exchange Listing Review Committee held its 34th meeting on September 10, 2025, to review the company's application [1] - The application for issuing convertible bonds meets the conditions for issuance, listing, and information disclosure requirements [1] - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the situation progresses [1]

上海证券交易所上市审核委员会于 2025 年 9 月 10 日召开 2025 年第 34 次审 议会议（以下简称"会议"），对苏州天准科技股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议结果，公司 本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 证券代码：688003 证券简称：天准科技 公告编号：2025-049 苏州天准科技股份有限公司 关于向不特定对象发行可转换公司债券申请获得上海证券 交易所上市审核委员会审核通过的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会（以下简称"证监会"）作出同意注册的决定后方可实施。本次发行最 终能否获得证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项 的进展情况，按照相关规定和要求及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 苏州天准科技股份有限公司董事会 2025 年 9 月 11 日 ...

Core Viewpoint - Tianzhun Technology (688003.SH) has received approval from the Shanghai Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Shanghai Stock Exchange's Listing Review Committee held its 34th review meeting of 2025 on September 10, 2025 [1] - The review concluded that the company's application for issuing convertible bonds complies with issuance conditions, listing conditions, and information disclosure requirements [1]

Group 1 - The market showed mixed performance on September 5, with the ChiNext Index rising over 1% and the Sci-Tech Innovation Board AI Index increasing by 0.22% [1] - Notable stocks in the AI sector included Aerospace Hongtu and Lanke Technology, both rising over 1%, along with other companies like Optoelectronics, Cambricon Technologies, and others [1] - The Sci-Tech Innovation Board AI ETF (588930) turned positive during trading, increasing by 0.27% with a trading volume exceeding 23 million yuan [2] Group 2 - The Sci-Tech Innovation Board AI ETF (588930) has seen net inflows in 4 out of the last 5 trading days, accumulating over 310 million yuan [2] - The index tracks 30 large-cap companies in the AI sector, reflecting the overall performance of representative AI industry stocks in the Sci-Tech Innovation Board [2] - The 2025 World Intelligent Industry Expo is set to open in Chongqing, focusing on "AI+" and "smart connected new energy vehicles," featuring over 100 new industry standards and technologies [3] Group 3 - The expo will showcase over 3,000 new products and technologies from more than 600 leading domestic and international companies [3] - The event includes five specialized sectors and will host six high-level professional competitions, providing a platform for global industry practitioners [3] - According to First Capital Securities, the AI industry is thriving due to supportive policies, continuous technological iteration, and diverse downstream demands, with a focus on advancements in domestic AI capabilities [3]

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]

Group 1 - The core viewpoint of the news is that Tianzhun Technology's stock has experienced a decline of 5.11%, with a current price of 53.89 yuan per share and a total market capitalization of 10.462 billion yuan [1] - Tianzhun Technology, established on August 20, 2009, and listed on July 22, 2019, specializes in the research, development, production, and sales of industrial vision equipment [1] - The company's main business revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1] Group 2 - From the perspective of fund holdings, only one fund under Furong Fund has a significant position in Tianzhun Technology, specifically the Furong Fuxin Mixed A fund, which holds 842 shares [2] - The Furong Fuxin Mixed A fund has a net asset value proportion of 3.58% in Tianzhun Technology, ranking as the seventh largest holding in the fund [2] - The fund manager, Jiang Fan, has been in position for 1 year and 76 days, with the fund's total asset scale at 19.4021 million yuan [2]

Core Viewpoint - Tianzhun Technology's stock has experienced fluctuations, with a year-to-date increase of 29.90% but a recent decline of 7.32% over the past five trading days [1] Financial Performance - As of June 30, 2025, Tianzhun Technology reported a revenue of 597 million yuan, representing a year-on-year growth of 10.32% [2] - The company recorded a net profit attributable to shareholders of -14.19 million yuan, which is a 45.92% increase compared to the previous period [2] Stock and Market Activity - Tianzhun Technology's stock price was 55.60 yuan per share, with a market capitalization of 10.794 billion yuan [1] - The stock saw a net outflow of 6.9074 million yuan in principal funds, with significant selling pressure [1] Shareholder Information - The number of shareholders increased by 7.37% to 11,000 as of June 30, 2025, while the average number of circulating shares per person decreased by 6.87% to 17,586 shares [2] - Major shareholders include various funds, with notable increases in holdings from several institutional investors [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned as a core supplier of global visual equipment, focusing on machine vision technology and artificial intelligence to drive industrial transformation. It has established itself in various sectors including consumer electronics, new energy vehicles, photovoltaics, PCB, and semiconductors. The Chinese machine vision market is projected to reach 39.54 billion yuan by 2025, with a compound annual growth rate (CAGR) of 21.2% from 2025 to 2027 [14][22]. Financial Data and Profit Forecast - Total revenue is forecasted to be 1.609 billion yuan in 2024, with a growth rate of -2.4%. For 2025, revenue is expected to increase to 1.788 billion yuan, reflecting a growth rate of 11.1%. By 2027, revenue is projected to reach 2.499 billion yuan, with a growth rate of 14.1% [2]. - The net profit attributable to the parent company is expected to be 125 million yuan in 2024, with a significant decline of 42.1%. However, it is projected to recover to 153 million yuan in 2025, growing by 22.3%, and further increase to 254 million yuan by 2027, with a growth rate of 23.1% [2]. - Earnings per share (EPS) are forecasted to be 0.65 yuan in 2024, -0.07 yuan in 2025, and expected to rise to 1.31 yuan by 2027 [2]. Business Segments Overview - The company has diversified its business into several segments: 1. **Visual Measurement Equipment**: Expected revenue growth of 10%, 20%, and 15% from 2025 to 2027, driven by stable contributions from consumer electronics and battery sectors [8]. 2. **Visual Inspection Equipment**: Anticipated revenue decline of 10% in 2025, followed by recovery with growth rates of 20% and 15% in subsequent years, as new products are launched [8]. 3. **Visual Process Equipment**: Revenue growth is expected to be robust at 30%, 20%, and 10% from 2025 to 2027, particularly in the PCB sector [8]. 4. **Intelligent Driving Solutions**: This segment is projected to see significant growth, with revenue increases of 50% for both 2025 and 2026, and 20% in 2027, fueled by high demand in autonomous vehicles and logistics [8]. Market Position and Strategic Partnerships - The company has become a partner of NVIDIA's Jetson Thor platform, which is expected to enhance the value of its humanoid robot controllers significantly. The partnership is anticipated to lead to increased orders in humanoid robotics and improvements in product performance [7][54]. - The company has established a strong foothold in the intelligent driving sector, collaborating with major players in the industry and developing a comprehensive product line that includes domain controllers and AI edge computing platforms [31][34]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 75, 56, and 45 for the years 2025 to 2027, respectively. This is below the average PE ratios of comparable companies, which are 96, 68, and 51 for the same periods [7].

Core Insights - The humanoid robot industry is transitioning from technology breakthroughs to commercial applications, with significant interest in business collaborations and order volumes [6] - Companies are focusing on developing humanoid robots and their core components, with expectations of substantial growth in related business by 2025 [1][2] Group 1: Company Developments - Tianzhun Technology is currently providing brain controllers for humanoid robots and has received multiple bulk orders from clients this year [7] - Efort is developing humanoid robot prototypes and optimizing their designs, with plans to release new models in 2025 [4] - Boke Co. has achieved a transition from small batch orders to bulk orders in the humanoid robot sector, expecting over 100% year-on-year growth in related business by the first half of 2025 [6] Group 2: Industry Trends - The humanoid robot market is anticipated to see significant commercial activity by 2025, with a focus on specific application scenarios [2] - Companies like Ruishun Technology are building technical reserves in AI and motion control, although they have not yet engaged directly in humanoid robot business [3] - The industry is characterized by a strong manufacturing base and diverse application scenarios in China, which are conducive to the development of humanoid robots [3] Group 3: Technological Innovations - Boke Co. is concentrating on motion control solutions for both bipedal and wheeled humanoid robots, with core products including frameless torque motors and hollow actuators [2] - Tianzhun Technology integrates NVIDIA tools and models to create comprehensive solutions for humanoid robots, enhancing their competitive edge [7] - Companies are exploring various visual perception technologies, such as depth cameras and LiDAR, to enhance humanoid robot capabilities [7]

Core Insights - Suzhou Tianzhun Technology Co., Ltd. has obtained a patent for a device and method related to "full basket detection and pre-selection docking of silicon wafers" with the authorization announcement number CN 119297114 B, applied on September 2024 [1] Company Overview - Suzhou Tianzhun Technology Co., Ltd. was established in 2009 and is located in Suzhou, primarily engaged in the manufacturing of instruments and meters [1] - The company has a registered capital of 192.445 million RMB [1] - Tianzhun Technology has invested in 15 enterprises and participated in 68 bidding projects [1] - The company holds 77 trademark registrations and 809 patent records, along with 28 administrative licenses [1]