Core Viewpoint - The company WeiCe Technology (688372.SH) has received a notification from bondholder RuiCe Semiconductor regarding a significant reduction in its holdings of WeiCe convertible bonds [1] Group 1 - RuiCe Semiconductor has reduced its holdings of WeiCe convertible bonds by 1.4029 million units, which accounts for 11.94% of the total issuance [1]

Core Points - Weicai Technology (688372.SH) announced that it received a notice from bondholder Ruicai Semiconductor on November 14, 2025, regarding a reduction in holdings of "Weicai Convertible Bonds" [1] - From October 27, 2025, to November 14, 2025, Ruicai Semiconductor reduced its holdings by 1.4029 million bonds, accounting for 11.94% of the total issuance [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported strong revenue and profit growth in Q3 2025, with revenue reaching 448 million yuan (up 44.40% year-on-year) and net profit attributable to shareholders at 101 million yuan (up 98.11% year-on-year) [1] - The growth in revenue and net profit is attributed to the surge in testing demand in the AI sector, increased penetration of smart driving, recovery in consumer electronics, and the acceleration of domestic substitution driving local testing demand [1][2] - The company has optimized its business structure, with high-end business accounting for 75% of Q3 revenue, leading to an increase in overall gross margin to 44.59% [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.083 billion yuan (up 46.22% year-on-year) and a net profit of 202 million yuan (up 226.41% year-on-year) [1] - The company has increased its capital expenditure to approximately 1.8 billion yuan in the first three quarters, driven by strong customer demand, particularly in computing power and automotive electronics [2] - The company expects to maintain high capacity utilization in Q4 2025, supported by the operational efficiency of its four testing bases [2] Financial Projections - The revenue forecast for 2025-2027 has been adjusted upwards, with expected revenues of 1.56 billion yuan, 2.08 billion yuan, and 2.69 billion yuan for 2025, 2026, and 2027 respectively [3] - The net profit forecast for the same period has also been revised, with expected net profits of 289 million yuan, 409 million yuan, and 568 million yuan for 2025, 2026, and 2027 respectively [3] - The company’s earnings per share (EPS) is projected to increase from 1.94 yuan in 2025 to 3.81 yuan in 2027 [3]

Core Viewpoint - Shanghai Weicai Semiconductor Technology Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Weicai Convertible Bonds," despite meeting the conditions for early redemption, to protect investor interests and demonstrate confidence in the company's long-term development [2][10]. Group 1: Convertible Bond Basic Information - The company issued 11.75 million convertible bonds with a total value of 1.175 billion yuan, with a maturity period from April 9, 2025, to April 8, 2031 [3]. - The initial conversion price for the bonds was set at 82.15 yuan per share, which has been adjusted multiple times due to stock incentive plans and capital increases [5][6][7]. Group 2: Redemption Terms and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [8][10]. - The stock price conditions for triggering the redemption were met between October 15, 2025, and November 11, 2025, with the stock price exceeding the required thresholds [10]. Group 3: Decision on Early Redemption - The company's board of directors held a meeting on November 11, 2025, and unanimously decided not to exercise the early redemption rights for the convertible bonds, citing confidence in the company's intrinsic value and current market conditions [2][10]. - The board also stated that if the redemption conditions are met again within the next three months, they will still not exercise the early redemption rights [10].

Core Viewpoint - Weicai Technology announced that its convertible bonds have triggered conditional redemption clauses, but the company has decided not to exercise this redemption right at this time [2]. Summary by Sections Company Announcement - Weicai Technology's stock price met the criteria for conditional redemption of its convertible bonds from October 15, 2025, to November 11, 2025, with 15 out of 30 trading days closing at or above 130% of the conversion price [2]. - The company's board of directors held a meeting on November 11, 2025, and approved a resolution not to redeem the convertible bonds early [2]. - The company will not exercise the early redemption right for the next three months, from November 12, 2025, to February 11, 2026, even if the redemption conditions are met again [2]. - Starting from February 12, 2026, if the convertible bonds trigger the redemption clauses again, the board will convene to decide on the redemption right [2].

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-093 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于不提前赎回"伟测转债"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。 重要内容提示： 上海伟测半导体科技股份有限公司（以下简称"公司"）股票自 2025 年 10 月 15 日至 2025 年 11 月 11 日期间，满足连续三十个交易日中有 15 个交易日 的收盘价格不低于"伟测转债"当期转股价格的 130%（含 130%），已触发"伟 测转债"的有条件赎回条款。 公司 2025 年 11 月 11 日召开第二届董事会第二十四次会议，审议通过了 《关于不提前赎回"伟测转债"的议案》，董事会决定本次不行使"伟测转债" 的提前赎回权利，不提前赎回"伟测转债"，且在未来 3 个月内（即 2025 年 11 月 12 日至 2026 年 2 月 11 日），如再次触及"伟测转债"有条件赎回条款时，公 ...

,-./0123456%&'()*+ 789:;<01=>?@ABCD+ 平安证券股份有限公司（以下简称"保荐人"）作为上海伟测半导体科技股份 有限公司（以下简称"公司"、"伟测科技"）向不特定对象发行可转换公司债券的 保荐人，根据《证券发行上市保荐业务管理办法》《可转换公司债券管理办法》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《上 海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对伟测科技 不提前赎回"伟测转债"的事项进行了审慎核查，核查情况及核查意见如下： 一、可转债基本情况 （一）可转债发行上市情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意 注册，公司向不特定对象发行了 1,175.00 万张可转换公司债券，每张面值为人民 币 100 元，发行总额为 117,500.00 万元，期限为自发行之日起六年，即 2025 年 4 月 9 日至 2031 年 4 月 8 日（非交易日顺 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, achieving a total revenue of 1.083 billion yuan, a year-on-year increase of 46.22%, and a net profit attributable to shareholders of 202 million yuan, a substantial increase of 226.41% compared to the same period last year [2][4][11] - The company's Q3 2025 revenue reached 448 million yuan, representing a year-on-year growth of 44.40% and a quarter-on-quarter increase of 28.44%. The net profit for the same quarter was 101 million yuan, up 98.11% year-on-year and 34.85% quarter-on-quarter, marking a historical high for quarterly revenue [2][4][11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.083 billion yuan, with a net profit of 202 million yuan, and a non-recurring net profit of 144 million yuan, reflecting year-on-year increases of 46.22%, 226.41%, and 173.31% respectively [2][4][11] - The gross margin for the first three quarters of 2025 was 38.68%, an increase of 4.3 percentage points year-on-year, while the net margin was 18.70%, up 10.32 percentage points year-on-year [11] Strategic Positioning - The company is transitioning from a "testing service provider" to a "high-end chip quality and reliability solution partner," focusing on high-demand markets such as AI, smart driving, and consumer electronics. R&D investment for the first three quarters of 2025 was 127 million yuan, accounting for 11.70% of revenue [11] - Capital expenditures reached 764 million yuan in Q3 2025, a year-on-year increase of 106.75%, with total capital expenditures for the first three quarters amounting to 1.841 billion yuan, exceeding the full-year target for 2024 [11] Future Projections - Revenue projections for 2025 to 2027 are estimated at 1.615 billion yuan, 2.180 billion yuan, and 2.975 billion yuan respectively, with net profits expected to be 311 million yuan, 479 million yuan, and 746 million yuan, corresponding to PE ratios of 45X, 30X, and 19X [11]

Core Viewpoint - The company has reported that its production capacity is currently at a saturation point for its Wuxi Phase III and Nanjing Phase I facilities, with plans to enhance capacity based on market demand and equipment procurement progress [1] Group 1 - The Wuxi Phase III and Nanjing Phase I facilities have commenced production [1] - Current production capacity is estimated to be at a saturation level [1] - Future capacity enhancements will depend on market demand and the pace of equipment procurement [1]

Core Viewpoint - The company, Weicet Technology, stated on November 5 that it cannot comment on specific clients due to commercial confidentiality principles [1] Group 1 - The company responded to investor inquiries on an interactive platform [1]