本公司董事会及全体董事保证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： 证券代码：688392 证券简称：骄成超声 公告编号：2025-037 股东大会召开日期：2025年8月8日 上海骄成超声波技术股份有限公司 关于召开2025年第一次临时股东大会的通知 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 至2025 年 8 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （一） 股东大会类型和届次 2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 8 月 8 日 14 点 30 分 召开地点：公司会议室（上海市闵行区沧源路 ...

第二届监事会第九次会议决议公告 证券代码：688392 证券简称：骄成超声 公告编号：2025-034 上海骄成超声波技术股份有限公司 本公司监事会及全体监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。 一、监事会会议召开情况 上海骄成超声波技术股份有限公司（以下简称"公司"）第二届监事会第九 次会议于 2025 年 7 月 23 日在公司会议室以现场表决的方式召开。本次会议通知 已于 2025 年 7 月 20 日以书面或邮件方式送达公司全体监事。本次会议由监事会 主席殷万武先生主持，应出席会议监事 3 名，实际出席会议监事 3 名。本次会议 的召集、召开符合有关法律、行政法规、部门规章、规范性文件和《上海骄成超 声波技术股份有限公司章程》（以下简称《公司章程》）的有关规定。 二、监事会会议审议情况 (一) 审议通过《关于变更注册资本、取消监事会、修订<公司章程>并办理 工商变更登记的议案》 鉴于公司2024年限制性股票激励计划首次授予部分第一个归属期归属股份 合计933,360股已完成归属并上市流通，公司注册资本由114,800,000元 ...

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Views - The company is expected to benefit from the recovery in its main business and the growth of its semiconductor segment, particularly in 3D packaging technology [2][8] - The company has shown significant revenue growth, with a projected increase in revenue from 5.85 billion yuan in 2024 to 7.58 billion yuan in 2025, representing a year-on-year growth of 30% [9][11] - The net profit is expected to rise from 1.40 billion yuan in 2025 to 2.25 billion yuan in 2026, indicating a strong growth trajectory [9][11] Summary by Sections Revenue Growth - In 2024, the company achieved revenue of 5.85 billion yuan, a year-on-year increase of 11.30%, with Q4 alone contributing 1.76 billion yuan, a remarkable growth of 153% year-on-year [2] - For Q1 2025, the company reported revenue of 1.48 billion yuan, up 22.35% year-on-year, continuing the upward trend [2] - The revenue breakdown shows significant contributions from various segments: lithium battery equipment, consumables, automotive wiring harnesses, and semiconductors, with the latter experiencing a 196% increase in 2024 [2][3] Profitability - The company reported a net profit of 0.86 billion yuan in 2024, a year-on-year increase of 29.04%, with Q4 net profit reaching 0.65 billion yuan, up 804% year-on-year [3] - The net profit margin improved significantly, with a net margin of 14.52% in 2024, and Q4 net margin reaching 36.81%, reflecting a substantial enhancement in profitability [3][7] - The gross margin for 2024 was 56.89%, with Q4 gross margin at 69.66%, indicating strong operational efficiency [3][7] Semiconductor Business - The company has established a comprehensive ultrasonic technology platform, expanding into various sectors including power batteries, automotive wiring harnesses, and advanced packaging in semiconductors [8][14] - The semiconductor segment is expected to see rapid growth, with projected revenues of 0.99 billion yuan in 2025, increasing to 3.94 billion yuan by 2027, reflecting a compound annual growth rate of 100% [23][24] Investment Outlook - The company is projected to achieve revenues of 10.44 billion yuan in 2026 and 14.46 billion yuan in 2027, with net profits expected to reach 2.25 billion yuan and 3.42 billion yuan respectively [9][11] - The earnings per share (EPS) is forecasted to grow from 1.21 yuan in 2025 to 2.95 yuan in 2027, indicating strong growth potential [9][11] - The current price-to-earnings (PE) ratio is considered low compared to peers, suggesting potential for price appreciation [9][28]

Group 1 - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - Mr. Zhu planned to reduce his holdings by up to 1,750,000 shares, which is not more than 1.52% of the company's total share capital, due to personal funding needs [1] - As of June 25, 2025, Mr. Zhu successfully reduced his holdings by 1,750,000 shares, accounting for 1.51% of the current total share capital [1] Group 2 - The company's total share capital increased from 114,800,000 shares to 115,733,360 shares after the completion of the first vesting period of the 2024 restricted stock incentive plan [4] - The actual reduction of shares was consistent with the previously disclosed reduction plan [5] - The reduction plan was completed within the specified time frame and did not fall short of the minimum reduction quantity [5]

Key Points - The major shareholder, Mr. Zhu Xiang, held 7,000,000 shares, representing 6.10% of the company's total share capital before the reduction plan [1] - The reduction plan was announced on March 24, 2025, allowing Mr. Zhu to sell up to 1,750,000 shares, which is 1.52% of the total share capital at that time [1] - As of June 25, 2025, Mr. Zhu completed the reduction by selling 1,750,000 shares, which is 1.51% of the current total share capital [2] - The shares were sold through block trading at a price range of 47.07 to 61.34 yuan per share, totaling approximately 91.91 million yuan [2] - After the reduction, Mr. Zhu holds 5,250,000 shares, which is 4.54% of the total share capital [2][3] - The total share capital increased from 114,800,000 shares to 115,733,360 shares due to the completion of the first vesting period of the 2024 restricted stock incentive plan [2][3]

证券代码：688392 证券简称：骄成超声 公告编号：2025-032 上海骄成超声波技术股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，上海骄成超声波技术股份有限公司（以下简称"公 司"）的股东朱祥先生持有公司股份 7,000,000 股，占公司当时总股本的 6.10%， 已于 2024 年 1 月 29 日起全部上市流通。以上股份来源于公司首次公开发行前及 上市后资本公积转增股本取得的股份。 股东名称 朱祥 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 （5%以上非第一大股东） 一、减持主体减持前基本情况 | | 董事、监事和高级管理人员 | □是 | √否 | | --- | --- | --- | --- | | | 其他： / | | | | 持股数量 | 7,000,000股 | | | | 持股比例 | 6.10% | | | | 当前持股股份 | IPO 前取得 ...

Summary of Key Points Core Viewpoint - On June 25, 2023, Jiao Cheng Ultrasound experienced significant trading activity on the block trading platform, with a total transaction volume of 536,700 shares and a total transaction value of 32.92 million yuan, indicating strong institutional interest in the stock [2]. Trading Activity - The average transaction price was 61.34 yuan, representing a discount of 9.99% compared to the closing price of the day [2]. - Institutional proprietary seats were involved in all four transactions, with a total transaction amount of 32.92 million yuan and a net purchase of 32.92 million yuan [2]. - Over the past three months, Jiao Cheng Ultrasound has recorded a total of 21 block trades, amounting to 143 million yuan [2]. Stock Performance - The closing price of Jiao Cheng Ultrasound on the same day was 68.15 yuan, reflecting an increase of 3.23% [2]. - The stock had a turnover rate of 4.73%, with a total trading volume of 223 million yuan and a net inflow of main funds amounting to 3.66 million yuan for the day [2]. - In the past five days, the stock has risen by 12.95%, with a total net inflow of funds amounting to 50.96 million yuan [2]. Margin Trading Data - The latest margin financing balance for Jiao Cheng Ultrasound is 252 million yuan, which has decreased by 36.17 million yuan over the past five days, representing a decline of 12.57% [2].