Core Points - Weicai Technology experienced a decline of 6.47% on November 3, with a stock price of 96.34 CNY per share and a total market capitalization of 14.349 billion CNY [1] Company Overview - Shanghai Weicai Semiconductor Technology Co., Ltd. was established on May 6, 2016, and went public on October 26, 2022 [1] - The company specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] - Revenue composition includes wafer testing at 55.40%, chip finished product testing at 40.09%, and other services at 4.51% [1] Fund Holdings - A fund under Shangyin Asset Management holds a significant position in Weicai Technology, with 25,500 shares, representing 0.34% of the fund's net value, making it the seventh-largest holding [2] - The fund, Shangyin Fengrui One-Year Holding Period Mixed Initiation A (019787), has a current scale of 235 million CNY and has reported a year-to-date return of 2.76% [2] - The fund manager, Zhao Zhiyue, has a tenure of 10 years and 178 days, with a total asset scale of 1.768 billion CNY [2]

Group 1 - The core point of the news is that Weicet Technology's stock has increased by 5.07%, reaching a price of 105.30 CNY per share, with a trading volume of 847 million CNY and a turnover rate of 5.53%, resulting in a total market capitalization of 15.684 billion CNY [1] - Weicet Technology, established on May 6, 2016, and listed on October 26, 2022, is primarily engaged in wafer testing, chip finished product testing, and related integrated circuit testing services. The revenue composition is as follows: wafer testing 55.40%, chip finished product testing 40.09%, and others 4.51% [1] Group 2 - From the perspective of major fund holdings, one fund under GF Fund has a significant position in Weicet Technology. The GF Arbitrage Fund (000992) held 5,838 shares in the third quarter, accounting for 0.97% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit today is approximately 29,700 CNY [2] - The GF Arbitrage Fund (000992) was established on February 6, 2015, with a latest scale of 53.5627 million CNY. Year-to-date return is 1.9%, ranking 7,649 out of 8,152 in its category; the one-year return is 2.7%, ranking 7,510 out of 8,038; and the return since inception is 20.43% [2] Group 3 - The fund managers of GF Arbitrage Fund (000992) are Sun Di and Yi Wei. As of the report, Sun Di has a cumulative tenure of 7 years and 323 days, with a total fund asset size of 3.438 billion CNY, achieving the best fund return of 234.15% and the worst return of -46.52% during his tenure. Yi Wei has a cumulative tenure of 2 years and 118 days, with a total fund asset size of 3.872 billion CNY, achieving the best fund return of 67.93% and the worst return of -2.24% during his tenure [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6]. Core Insights - The company achieved a revenue of 1.083 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 46.22%. The net profit attributable to shareholders reached 202 million yuan, up 226% year-on-year, with a net profit margin increasing by 10.3 percentage points to 18.70% [1][4]. - In Q3 2025, the company recorded a revenue of 448 million yuan, marking a quarterly high and a year-on-year increase of 44.40%. The net profit attributable to shareholders was 101 million yuan, reflecting a year-on-year growth of 98% [1][2]. - The gross margin for the first three quarters of 2025 was 38.68%, an increase of 4.3 percentage points year-on-year, with Q3 2025 gross margin at 44.59%, up 2.1 percentage points year-on-year [2][3]. - The company is benefiting from increased demand for advanced packaging testing and domestic testing, driven by AI testing needs, rising penetration of smart driving, and the recovery of consumer electronics [3][4]. Financial Forecast and Metrics - The company’s projected revenues for 2025-2027 are 2.70 billion yuan, 3.26 billion yuan, and 4.31 billion yuan respectively, with corresponding PE ratios of 40x, 33x, and 25x based on the stock price as of October 24, 2025 [4][5]. - The forecasted operating revenues for 2023, 2024, 2025E, 2026E, and 2027E are 737 million yuan, 1.077 billion yuan, 1.542 billion yuan, 1.965 billion yuan, and 2.392 billion yuan respectively, with growth rates of 0.5%, 46.2%, 43.2%, 27.5%, and 21.7% [5][29]. - The projected net profit for 2025 is 270 million yuan, with a significant increase of 110.6% compared to the previous year [5][29].

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-089 | | --- | --- | --- | | 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 2024 年限制性股票激励计划预留部分 第一个归属期归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 109,448股。 本次股票上市流通总数为109,448股。 本次股票上市流通日期为2025 年 11 月 4 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，上海伟测半导体科技股份有限公司（以下简称"公司"） 于 2025 年 10 月 28 日收到中国证券登记结算有限责任公司上海分公司出具的《证 券变更登记证明》，公司已完成了 2024 年限制性股票激励计划预留部分第一个归 属期的股份登记工作。现将有关情况公告如下： 一、本激励计划已履行的决策程序 ...

Core Points - Weicai Technology (688372) closed at 102.10 yuan on October 27, with a significant increase of 15.22% [1] - The stock had a turnover rate of 14.36%, with a trading range of 9.01% and a total transaction amount of 2.164 billion yuan [1] - The stock was listed on the daily trading list due to its closing price increase of 15% [1] Trading Activity - The top five trading departments accounted for a total transaction amount of 1.033 billion yuan, with a buying amount of 549 million yuan and a selling amount of 485 million yuan, resulting in a net buying of 64.29 million yuan [1] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 379.22 million yuan [1] - The second largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 146.87 million yuan [1] Fund Flow - The stock experienced a net outflow of 262 million yuan from main funds throughout the day [1]

Group 1 - Jinpan Technology reported a net profit of 486 million yuan for the first three quarters, a year-on-year increase of 20.27%, with total revenue of 5.194 billion yuan, up 8.25% [1] - Saisir announced the maximum price for its H-share issuance at 131.5 HKD per share, with the public offering starting on the same day and expected to end on October 31 [1] - Jinghua Laser plans to invest approximately 200 million yuan in a new project to produce 20,000 tons of UV laser platinum embossed anti-counterfeiting materials [2] Group 2 - Zhenyu Technology intends to invest 2.11 billion yuan in a project for robots and precision structural components, to be developed in three phases from 2025 to 2030 [3] - Qianyuan Power reported a net profit of 493 million yuan for the first three quarters, a year-on-year increase of 85.74%, with total revenue of 2.169 billion yuan, up 47.99% [4] - Haohua Energy's net profit decreased by 50.5% to 554 million yuan, with total revenue of 6.307 billion yuan, down 7.85% [7] Group 3 - Kangtai Biological's net profit fell by 86% to 49.16 million yuan, with total revenue of 2.063 billion yuan, up 2.24% [8] - Huafeng Aluminum reported a net profit of 896 million yuan for the first three quarters, a year-on-year increase of 3.24%, with total revenue of 9.109 billion yuan, up 18.63% [10] - Beiyuan Group's net profit decreased by 10.88% to 214 million yuan, with total revenue of 6.762 billion yuan, down 9.91% [12] Group 4 - Noying Co. reported a net profit of 450 million yuan for the first three quarters, a year-on-year decrease of 22.95%, with total revenue of 31.562 billion yuan, up 2.01% [14] - Chuanhua Zhili's net profit increased by 168.36% to 637 million yuan, despite a revenue decline of 2.74% to 18.84 billion yuan [16] - Jiangsu Sop's net profit decreased by 39.21% to 126 million yuan, with total revenue of 4.661 billion yuan, down 5.74% [18] Group 5 - Yiling Pharmaceutical's net profit increased by 80.33% to 1 billion yuan, with total revenue of 5.868 billion yuan, down 7.82% [20] - Hengwei Technology's net profit decreased by 50.16% to 39.01 million yuan, with total revenue of 739 million yuan, up 16.14% [22] - Gaode Infrared reported a net profit increase of 1058.95% to 582 million yuan, with total revenue of 3.068 billion yuan, up 69.27% [24] Group 6 - Sanxia Water reported a net profit decrease of 8.53% to 351 million yuan, with total revenue of 7.611 billion yuan, down 6.06% [26] - Junda Co. reported a net loss of 419 million yuan for the first three quarters, with total revenue of 5.682 billion yuan, down 30.72% [28] - Shanghai Energy's net profit decreased by 59.22% to 255 million yuan, with total revenue of 5.64 billion yuan, down 22.03% [30] Group 7 - Haizheng Biomaterials reported a net profit decrease of 85.34% to 490,570 yuan, with total revenue of 621 million yuan, down 5.74% [32] - Huisheng Lithium reported a net loss of 103 million yuan, with total revenue of 539 million yuan, up 62.29% [34] - Weicet Technology's net profit increased by 226.41% to 202 million yuan, with total revenue of 1.083 billion yuan, up 46.22% [36] Group 8 - Mengjie Co. reported a net profit increase of 28.69% to 26.52 million yuan, with total revenue of 1.099 billion yuan, down 7.97% [38] - Qingdao Beer terminated its acquisition of 100% equity in Jimo Yellow Wine due to unmet conditions [40] - Sifang Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [42]

Core Viewpoint - Weizhi Technology (688372.SH) experienced a significant increase of 15.22% in stock price, reaching a historical high, with a turnover rate of 14.36% and a transaction volume of 2.164 billion yuan [1] Trading Activity - The Shanghai Stock Connect saw a net purchase of 232 million yuan, with 379 million yuan bought and 147 million yuan sold [1] - CITIC Securities' asset management department was the largest seller, with a net sale of 202 million yuan [1] - The top five buying entities accounted for 25.36% of total transactions, while the top five selling entities accounted for 22.39% [1] Top Buying and Selling Entities - The largest buying entity was the Shanghai Stock Connect, contributing 379.22 million yuan, which is 17.52% of total transactions [1] - The largest selling entity was CITIC Securities' asset management department, with a sale amount of 202.89 million yuan, representing 9.37% of total transactions [1]

Core Viewpoint - The storage chip sector experienced a collective surge in stock prices, indicating strong market interest and potential growth opportunities in this industry [2] Group 1: Stock Performance - The stocks of companies such as Shikong Technology, Dwei Co., and Yingxin Development reached their daily limit increase [2] - Companies like Purun Co. and Weicet Technology saw their stock prices rise by over 10% [2] - Other companies including Nanda Optoelectronics, Tuojing Technology, and Demingli also experienced upward movement in their stock prices [2]

Core Viewpoint - On October 27, a total of 10 listed companies had their restricted shares unlocked, with a total market value of approximately 18.54 billion yuan [1] Summary by Category Restricted Share Unlocking - Xiamen Bank (601187) extended the lock-up period for 1.348 billion shares [1] - Guangzheng Eye Hospital (002524) released 2.2245 million shares under equity incentive restrictions [1] - Shapuaisi (603168) released 30,000 shares under equity incentive restrictions [1] - Yifeng Pharmacy (603939) released 195,000 shares under equity incentive restrictions [1] - Jihong Co., Ltd. (002803) released 1.98 million shares under equity incentive restrictions [1] - Mingyang Circuit (300739) released 1.2387 million shares under equity incentive restrictions [1] - Arrow Home (001322) released 800 million shares under pre-issue restrictions [1] - Ruichen Environmental Protection (301273) released 3.70125 million shares under pre-issue restrictions [1] - Jinchengzi (688291) released 6.9 million shares [1] - Weice Technology (688372) released 2.70328 million shares [1]

Group 1 - The 2025 Financial Street Forum Annual Conference will be held from October 27 to 30 in Beijing, focusing on the theme of "Global Financial Development under Innovation, Transformation, and Restructuring" with over 400 key guests from more than 30 countries and regions [1] Group 2 - Domestic fuel prices are expected to see their ninth reduction of the year, with the new pricing window opening on October 27. This year has seen a total of twenty pricing adjustments, resulting in a decrease of 480 yuan per ton for gasoline and 460 yuan per ton for diesel compared to the end of last year [2] Group 3 - On October 27, a total of 15 companies will have their restricted shares unlocked, amounting to 2.39 billion shares with a total market value of 25.564 billion yuan. Notably, Xiamen Bank, Arrow Home, and Waigaoqiao have the highest unlock volumes [3] Group 4 - One company has disclosed its stock repurchase progress, with Tian Di Digital announcing a repurchase plan not exceeding 178,100 yuan [4]