Core Insights - The report emphasizes the strong growth potential in the testing services industry, particularly driven by emerging sectors such as commercial aerospace and new technologies [4][6] - The testing services sector is closely linked to macroeconomic growth, with a projected global market size of approximately 2.3 trillion RMB by 2024, reflecting a CAGR of about 6% from 2021 to 2024 [4][24] - In China, the testing services market is expected to reach around 487.6 billion RMB by 2024, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust growth trajectory [5][24] Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16][24] - The industry is characterized by a large market space and stable growth, with demand closely tied to macroeconomic trends and government regulations [20][24] - Emerging technologies such as AI, electric vehicles, and commercial aerospace are expected to create new testing demands, raising the entry barriers for new players [6][20] Company Performance - The report analyzes 19 listed companies in the testing services sector, highlighting their revenue and profit performance, with notable companies including Huace Testing, Guangdian Measurement, and Su Testing [2][11] - In the first three quarters of 2025, the testing services sector in China reported a revenue of 30.4 billion RMB, a decline of 7% year-on-year, but a growth of 3% when excluding companies heavily involved in medical testing [5][57] - Leading companies such as Huace Testing, Guangdian Measurement, and Su Testing demonstrated superior performance, with revenue growth rates of 7%, 12%, and 9% respectively, significantly outpacing the industry average [5][62] Market Dynamics - The testing services market is experiencing a structural shift, with a trend towards consolidation as larger firms gain market share and smaller firms face challenges [44][50] - The report notes that the majority of testing institutions in China are small and micro-sized, which limits their ability to withstand economic pressures [50][51] - Government policies are increasingly supporting the marketization and consolidation of testing institutions, aiming to enhance the overall quality and efficiency of the industry [51][53] Financial Metrics - The report indicates that the average gross margin for the testing services sector has improved, reaching 26.2% in the first three quarters of 2025, reflecting a recovery in profitability [63] - The accounts receivable turnover days have increased from 90 days in 2019 to 176 days in 2025, indicating a slowdown in cash flow and potential credit risks within the industry [67][68] - The report highlights that the proportion of accounts receivable in relation to revenue has risen to 50%, suggesting increasing challenges in managing receivables [71]

Group 1 - The stock price of ST Sike Rui (688053) has shown a fluctuating upward trend, closing at 46.48 yuan on February 12, with a daily increase of 2.15% and a cumulative increase of 3.82% over the past five days [1] - In the last seven days, the stock price experienced a fluctuation range of 3.96%, with a highest price of 47.10 yuan and a lowest price of 45.30 yuan, with a trading volume of approximately 44.19 million yuan [1] - On February 11, there was a net outflow of 2.7381 million yuan from major funds, while retail funds saw a net inflow of 3.9776 million yuan, indicating a divergence in short-term capital [1] Group 2 - On February 10, ST Sike Rui announced the resignation of board secretary Wu Changnian due to work arrangements, with Qin Zhulin appointed as the new secretary, who lacks experience in listed company secretarial work [2] - The company disclosed a performance forecast for 2025, expecting a net loss attributable to shareholders of 15.32 million to 22.98 million yuan, primarily due to increased depreciation from new factory buildings and rising costs [3] - The changes in management and the anticipated performance loss may raise market concerns regarding the company's governance and profitability [3]

Core Points - The resignation of Ms. Wu Changnian as the Secretary of the Board of Chengdu Sicore Microelectronics Co., Ltd. was due to work arrangement adjustments, and she will no longer hold any position in the company but will continue to serve in a subsidiary [1][2] - Ms. Wu holds 3.84% of the company's total shares, amounting to 3.8436 million shares, which will continue to be managed according to relevant laws and regulations [1] - The company has appointed Mr. Wang Hua as the new Deputy General Manager and Mr. Qin Zhulin as the new Secretary of the Board, effective from the date of the board meeting on February 9, 2026 [2][3] Appointment Details - Mr. Wang Hua, born in 1978, has a background in law from Tsinghua University and has held various positions in the aviation industry, including Deputy General Manager at Shaanxi Haice Electronic Technology Service Co., Ltd. since September 2025 [4] - Mr. Qin Zhulin, born in 1983, has a degree in financial management from Southwest University of Finance and Economics and has experience in investment and securities, serving as the Investment Relations Manager at Chengdu Sicore Microelectronics since October 2025 [5] - Both appointees meet the qualifications required by the Company Law and relevant regulations, and neither holds shares in the company nor has any related party relationships with major shareholders or management [5]

成都思科瑞微电子股份有限公司 关于董事会秘书离任 证券代码：688053 证券简称：ST 思科瑞 公告编号：2026-005 吴常念女士担任公司董事会秘书期间恪尽职守、勤勉尽责，公司董事会对吴 常念女士多年来为公司改革发展、规范运作做出的贡献表示衷心感谢！ 三、关于聘任副总经理、董事会秘书的情况 为适应公司经营发展需要，保证公司董事会日常运作，根据《公司法》《公 司章程》的相关规定，经公司董事长及总经理提名、董事会提名委员会审查，公 司于 2026 年 2 月 9 日召开第二届董事会第十八次会议，审议通过了《关于公司 聘任副总经理、董事会秘书的议案》，同意聘任王华先生为公司副总经理、秦竹 林先生为董事会秘书，任期自第二届董事会第十八次会议审议通过之日起至本届 董事会任期届满之日止。公司提名委员会对王华先生担任公司副总经理、秦竹林 先生担任董事会秘书的任职资格发表了同意的审查意见。 及聘任副总经理、董事会秘书的公告 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、准确性和完整性承担法律责任。 重要内容提示： 成都思科瑞微电子股份有限公司（以下简称"公司"）董 ...

Fundraising Overview - The company, Chengdu Sike Rui Microelectronics Co., Ltd., has successfully completed its initial public offering (IPO) of 25 million shares at a price of RMB 55.53 per share, raising a total of RMB 138,825 million, with a net amount of RMB 125,250.66 million after deducting issuance costs [1] Fund Management and Usage - The company held meetings to approve the use of excess raised funds to increase the registered capital of its subsidiary, Hainan Guoxing Feice Technology Co., Ltd., for new project investments [2] - A special account for the raised funds was established at the Industrial and Commercial Bank of China, Chengdu Qinglong Branch, with a balance of 0 RMB as of January 30, 2026, designated solely for the project [3][9] Tripartite Supervision Agreement - The tripartite supervision agreements were signed between the company, its subsidiary, the banks, and the sponsor, China Galaxy Securities Co., Ltd., to ensure proper management of the raised funds and protect investor rights [2][9] - The agreements stipulate that the funds can only be used for the designated project and outline the responsibilities of each party in monitoring and reporting on fund usage [3][10] Reporting and Compliance - The bank is required to provide monthly account statements to the company and the sponsor, and any withdrawals exceeding RMB 50 million or 20% of the net raised funds must be reported [5][11] - The sponsor has the right to supervise the fund usage and can conduct checks at least biannually [4][10] Legal and Regulatory Framework - The agreements are governed by relevant laws and regulations, including the Securities Issuance and Listing Sponsorship Management Measures and the Shanghai Stock Exchange's self-regulatory guidelines [2][9] - In case of any violations or investigations by regulatory authorities, the sponsor has the authority to freeze the funds as necessary [5][12]

Group 1 - The company, Chengdu Sicor Microelectronics Co., Ltd., has signed a tripartite supervision agreement for the storage of raised funds [2][3] - The company successfully raised a total of RMB 138,825 million through the issuance of 25 million shares at a price of RMB 55.53 per share, with a net amount of RMB 125,250.66 million after deducting issuance costs [2] - The raised funds have been fully deposited and verified by Zhonghui Certified Public Accountants [2] Group 2 - The company held meetings to approve the use of excess raised funds to increase the capital of its subsidiary, Hainan Guoxing Feice Technology Co., Ltd., for new project investments [3] - A special account for the raised funds was established at the Industrial and Commercial Bank of China, with a balance of 0 yuan as of January 30, 2026 [4][8] - The tripartite supervision agreement outlines that the special account is exclusively for the storage and use of funds related to the Sicor Testing and Reliability Wenchang Engineering Center project [4][8] Group 3 - The agreement stipulates that the sponsor, China Galaxy Securities Co., Ltd., will supervise the use of the raised funds and conduct at least biannual inspections [5][9] - Any withdrawal exceeding RMB 50 million or 20% of the net raised funds must be reported to the sponsor [6][10] - The agreement will remain effective until all funds are spent and the account is legally closed [7][11]

证券代码：688053 证券简称：ST思科瑞 公告编号：2026- 004 成都思科瑞微电子股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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、准确性和完整性承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意成都思科瑞微电子股份有限公司 首次公开发行股票注册的批复》（证监许可〔2022〕1115 号），同意成都思科 瑞微电子股份有限公司（以下简称"公司"或"思科瑞"）首次公开发行股票 的注册申请，并经上海证券交易所同意，公司首次向社会公众公开发行人民币 普通股（A 股）股票2,500.00万股，发行价格为每股人民币55.53元，募集资金 总额为人民币138,825.00万元，扣除各项发行费用（不含增值税）人民币 13,574.34万元后，实际募集资金净额为人民币125,250.66万元。上述募集资金 已全部到位，并经中汇会计师事务所（特殊普通合伙）审验，于2022年7月5日 出具《验资报告》（中汇会验〔2022〕5892号）。募集资金到账后，公司已对 募集资金进行了专户存储，公司 ...

Core Viewpoint - ST Sike Rui (688053.SH) is expected to continue reporting losses in 2025, with a projected net profit attributable to shareholders ranging from -22.98 million to -15.32 million yuan [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is estimated to be between -24.37 million and -16.71 million yuan [1] Reasons for Performance Change - The company has seen some success in market expansion, with an increase in testing order volume [1] - Significant increases in depreciation and amortization expenses due to the completion and operation of new facilities and core testing equipment have negatively impacted financial performance [1] - Rising costs associated with labor, utilities, and other supporting expenses have contributed to the overall increase in costs, leading to the reported losses [1]

Core Viewpoint - ST Sike Rui (688053.SH) is expected to continue incurring losses in 2025, with a projected net profit attributable to shareholders ranging from -22.98 million to -15.32 million yuan [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -24.37 million and -16.71 million yuan [1] Reasons for Performance Change - The company has seen some success in market expansion, with an increase in testing order volume [1] - Significant increases in depreciation and amortization expenses due to the completion and operation of new facilities and core testing equipment have negatively impacted financial performance [1] - Rising costs associated with labor, utilities, and other supporting expenses have contributed to the overall increase in costs, leading to the reported losses [1]

Group 1 - The core viewpoint of the article indicates that ST Sike Rui is expected to continue incurring losses in 2025, with a projected net profit attributable to the parent company ranging from -22.98 million to -15.32 million yuan compared to the same period last year [1] - The main reason for the performance change is attributed to significant increases in depreciation and amortization expenses due to the commissioning of new facilities and core testing equipment, alongside rising labor costs and utility expenses, leading to an overall increase in costs [1] Group 2 - The article also highlights a booming nuclear power construction industry, with equipment manufacturers experiencing high demand, with orders already scheduled until 2028, and employees working in three shifts to maintain 24-hour production lines [1]