Market Overview - On June 18, A-shares saw a slight increase in the three major indices, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index by 0.24%, and the ChiNext Index by 0.23%. The total market turnover reached 12,217 billion [1]. Semiconductor Industry - The semiconductor industry chain experienced a significant rise in the afternoon, with sectors such as PCB, CPO, storage chips, and AI PCs leading the gains. PCB leader Huadian Co., Ltd. saw a limit-up, with a net inflow of 7.18 billion from main funds, ranking first in A-shares [4]. - Huadian's recent investor relations activity indicated a sustained growth in demand for AI-driven servers and high-speed network infrastructure, with expectations for capacity improvements by the second half of 2025 [4]. - In Q1, Huadian reported a revenue of 40.38 billion, a year-on-year increase of 56.25%, and a net profit of 7.62 billion, up 48.11% year-on-year, indicating rapid growth [4]. CPO Sector - The CPO (Co-Packaged Optics) sector surged in the afternoon, with stocks like Kexiang Co. hitting the limit-up, and other companies such as Lian Te Technology and Shengyi Electronics also seeing significant gains [6]. - According to YOLE Group, the CPO market is expected to reach a value of 8.1 billion by 2030, with a compound annual growth rate of 137%, driven by the transition from pluggable optical modules to CPO and from copper cables to optical communication [9]. - JPMorgan's report suggests that CPO technology is accelerating towards commercialization, with industry leaders positioned favorably for the next growth cycle [9]. Solid-State Battery Sector - The solid-state battery sector showed a rebound in the afternoon, with stocks like Pulutong and Nord Co. hitting the limit-up, and Jinyinhai rising over 10% [11]. - Xiaomi's recent patent for solid-state battery composite electrodes, which enhances ion transport efficiency, was published, indicating advancements in solid-state battery technology [13]. - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" is scheduled for June 25, focusing on the latest technologies and industrial applications in the field [14]. - China Galaxy Securities highlights that solid-state batteries are a core focus in the lithium battery supply chain, with significant growth potential for leading cell and material companies [14].

Group 1 - The company plans to distribute a cash dividend of 0.35 yuan per share for the 2024 fiscal year, approved at the annual shareholders' meeting on May 6, 2025 [2][3][8] - The total number of shares eligible for the dividend distribution is 112,824,424 shares after excluding shares in the company's repurchase account, resulting in a total cash dividend payout of approximately 39.49 million yuan (including tax) [8][10][12] - The company will not issue bonus shares or increase capital reserves during this distribution [3][8][10] Group 2 - The company's total share capital increased from 114,800,000 shares to 115,733,360 shares due to the registration of 933,360 shares from the 2024 restricted stock incentive plan [4][19][33] - The company has implemented a differentiated dividend distribution plan, where the actual cash dividend per share is adjusted based on the total number of shares participating in the distribution [9][10][12] - The company will handle the distribution of dividends through China Securities Depository and Clearing Corporation Limited, with specific arrangements for shareholders who have not completed designated transactions [10][11][12] Group 3 - Shareholder Zhu Xiang's stake has been diluted to 5.00% due to the increase in total share capital and his reduction of shares through block trading [19][20][21] - Zhu Xiang's shareholding decreased from 7,000,000 shares (6.10% of total shares) to 5,786,700 shares (5.00% of total shares) following the dilution and his share reduction [20][21][32] - The company confirms that this change in shareholding will not affect the control of the company or its governance structure [19][24][48]

Summary of Key Points Core Viewpoint - On June 16, a total of 12 stocks on the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 175 million yuan [1]. Group 1: Trading Overview - There were 22 block trades executed, totaling 5.4936 million shares and an aggregate transaction value of 175 million yuan [1]. - The stock with the highest transaction amount was Qi Anxin, with 2 block trades totaling 880,000 shares and a transaction value of 28.7232 million yuan [1]. - Other notable stocks in terms of transaction value included Jiao Cheng Ultrasound and Siwei Technology, with transaction amounts of 26.9882 million yuan and 20.4719 million yuan, respectively [1]. Group 2: Price and Performance Analysis - The average discount rates for block trades relative to the closing prices were highest for Aotewei, Jingyuan Environmental Protection, and Jiao Cheng Ultrasound, with discount rates of 19.67%, 16.62%, and 11.01% respectively [1]. - The STAR 50 Index fell by 0.21% on the same day, while 399 stocks (67.86%) on the STAR Market saw an increase, with an average increase of 2.07% for stocks involved in block trading [1]. - The top gainers among the stocks with block trades included Jiao Cheng Ultrasound, Aike Saibo, and Delong Laser, with increases of 11.37%, 8.62%, and 6.30% respectively [1]. Group 3: Institutional Participation - Among the block trades, 10 transactions involved institutional buyers or sellers, covering 8 stocks [2]. - The stocks with the highest institutional buying amounts were Siwei Technology, Huitong Co., and Changguang Huaxin, with buying amounts of 20.4719 million yuan, 19.14 million yuan, and 10.524 million yuan respectively [2]. - The stocks with the highest institutional selling amounts included Buke Co., with a selling amount of 9.9384 million yuan [2]. Group 4: Fund Flow Analysis - Five stocks experienced net inflows of main funds, with the highest net inflow recorded for Aike Saibo at 17.0268 million yuan [2]. - The stocks with the highest net outflows included Siwei Technology, Jiao Cheng Ultrasound, and Huitong Co., with net outflows of 14.9344 million yuan, 14.2761 million yuan, and 9.6260 million yuan respectively [2].

Core Viewpoint - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. has announced an adjustment to its 2024 annual profit distribution cash dividend total, maintaining a cash dividend of 3.50 yuan (including tax) per 10 shares, while adjusting the total amount due to changes in the company's total share capital [1][2]. Summary by Sections Adjustment Reason - The adjustment is due to the completion of the first vesting period of the restricted stock incentive plan, which has changed the company's total share capital and the number of shares eligible for distribution [1]. Pre-Adjustment Profit Distribution Plan - The company planned to distribute a cash dividend of 3.50 yuan per 10 shares, with a total cash dividend amount of 39,161,872.40 yuan (including tax), based on a total share capital of 114,800,000 shares, after deducting 2,908,936 shares in the repurchase account [1]. Post-Adjustment Profit Distribution Plan - Following the adjustment, the total share capital increased to 115,733,360 shares, leading to a revised total cash dividend amount of 39,488,548.40 yuan (including tax), based on a new total of 112,824,424 shares after the same deduction [2].

证券代码：688392 证券简称：骄成超声 公告编号：2025-028 上海骄成超声波技术股份有限公司 关于调整 2024 年年度利润分配现金分红总额的公告 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： 上海骄成超声波技术股份有限公司（以下简称"公司"）2024 年年度利 润分配拟维持每 10 股派发现金红利 3.50 元（含税）不变，派发现金红利总额由 39,161,872.40 元（含税）调整为 39,488,548.40 元（含税）。 本次调整原因：自公司 2024 年年度利润分配预案披露之日起至本公告披 露日期间，公司完成了 2024 年限制性股票激励计划首次授予部分第一个归属期 的股份归属登记工作，致使公司总股本及可参与分派的股份数量发生变动。公司 按照维持每股利润分配比例不变的原则，对 2024 年年度利润分配现金分红总额 进行相应调整。 一、调整前利润分配方案 公司于 2025 年 4 月 10 日召开第二届董事会第七次会议及第二届监事会第七 次会议，并于 2025 年 5 月 6 日召开 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to benefit from the growth in accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business is entering a replacement cycle, while the semiconductor segment is expanding into wafer-level packaging and panel-level packaging [3][4] - The financial forecasts have been adjusted upwards, with expected net profits for 2025-2027 revised to 1.5 billion, 2.2 billion, and 3.8 billion respectively, reflecting a strong growth trajectory [3] Financial Data Summary - For 2024, the main revenue is projected to be 5.8455 billion yuan, a year-on-year increase of 11.3%, with a net profit of 858.7 million yuan, up 29% [1] - In Q4 2024, the main revenue reached 1.76 billion yuan, a quarter-on-quarter increase of 7%, with a net profit of 650 million yuan, a significant quarter-on-quarter increase of 330% [1] - The first quarter of 2025 shows a revenue of 1.48 billion yuan, a year-on-year increase of 22%, with a net profit of 240 million yuan, marking a substantial increase from the previous year [1] Business Segment Performance - The accessory business generated 1.84 billion yuan in revenue for 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2] - The harness connector ultrasonic equipment business achieved 0.81 billion yuan in revenue, a remarkable year-on-year increase of 352.37%, with a gross margin of 59.71% [2] - The semiconductor ultrasonic equipment segment reported 0.47 billion yuan in revenue, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.27 yuan, with a price-to-earnings (P/E) ratio of 39.82 [4] - The company’s market capitalization is approximately 5.81 billion yuan, with a price-to-book (P/B) ratio of 3.46 [6][4] - The expected revenue growth rates for the years 2025 to 2027 are 47.43%, 41.89%, and 39.65% respectively [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to see growth driven by its accessory and harness businesses, with semiconductor contributions providing additional growth. The accessory business benefits from a consumable nature entering an iterative cycle, while the semiconductor segment is expanding into wafer, 2.5D/3D packaging, and panel-level packaging products. Successful validation orders for ultrasonic scanning microscopes from well-known clients have been achieved [3][4]. Financial Data Summary - For 2024, the main revenue is projected to be 585 million yuan, a year-on-year increase of 11.3%. The net profit attributable to the parent company is expected to be 86 million yuan, up 29% year-on-year. The gross margin is forecasted at 56.89%, a slight decrease of 0.09 percentage points [1][4]. - In Q4 2024, the main revenue is expected to reach 176 million yuan, a quarter-on-quarter increase of 7%. The net profit attributable to the parent company is projected to be 65 million yuan, a significant quarter-on-quarter increase of 330% [1]. - For Q1 2025, the revenue is anticipated to be 148 million yuan, a year-on-year increase of 22%, while the net profit is expected to be 24 million yuan, a substantial increase compared to only 1 million yuan in Q1 2024 [1]. Business Segment Performance - The accessory business is expected to generate revenue of 184 million yuan in 2024, a year-on-year increase of 70.45%, with a gross margin of 75.93% [2]. - The harness connector ultrasonic equipment business is projected to achieve revenue of 81 million yuan, a year-on-year increase of 352.37%, with a gross margin of 59.71% [2]. - The semiconductor ultrasonic equipment segment is expected to generate revenue of 47 million yuan, a year-on-year increase of 195.66%, with a gross margin of 56.65% [2]. Profit Forecast - The profit forecast for the company has been revised upwards, with expected net profits for 2025, 2026, and 2027 being 150 million yuan, 220 million yuan, and 380 million yuan respectively, compared to previous estimates of 90 million yuan, 130 million yuan, and 0 [3][4].

证券代码：688392 证券简称：骄成超声 公告编号：2025-027 上海骄成超声波技术股份有限公司 关于 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。 ? 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 本次股票上市流通总数为933,360股。 ? 本次股票上市流通日期为2025 年 6 月 5 日。 上海骄成超声波技术股份有限公司（以下简称"公司"）于近日收到中国证券 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》，公司完成了 2024 年限制性股票激励计划（以下简称"本激励计划"）首次授予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、本次限制性股票归属的决策程序及相关信息披露 （一）2024 年 3 月 18 日，公司召开第一届董事会第二十一次会议，审议通过 了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》 《关于公司 重要内容提示： 《关于公司<2024 年限制性股票 ...

证券代码：688392 证券简称：骄成超声 公告编号：2025-027 上海骄成超声波技术股份有限公司 关于 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 933,360股。 本次股票上市流通总数为933,360股。 本次股票上市流通日期为2025 年 6 月 5 日。 上海骄成超声波技术股份有限公司（以下简称"公司"）于近日收到中国证券 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》，公司完成了 2024 年限制性股票激励计划（以下简称"本激励计划"）首次授予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： （五）2024 年 4 月 11 日，公司召开第一届董事会第二十二次会议与第一届监 事会第十九次会议，审议通过了《关于调整公司 2024 年限制性股票激励计划相关 事项的议案》《关于向激励对象首次授予限制性股票的议案》。监事会对首次授予 日 ...

上海骄成超声波技术股份有限公司董事会 （一）公司于 2025 年 5 月 23 日收到股东鉴霖企管及其一致行动人段忠福先 生出具的《关于减持股份暨权益变动触及 1%整数倍的告知函》。2025 年 4 月 30 日至 2025 年 5 月 23 日，鉴霖企管通过集中竞价方式合计减持公司股份 617,907 股，鉴霖企管及其一致行动人段忠福先生持有公司股份数量由 9,736,376 股减少 至 9,118,469 股，占公司总股本的比例由 8.48%减少至 7.94%，触及 1%的整数倍， 具体情况如下： 变动前 变动后 资金来 变动前股数 变动后股数 权益变动的 投资者名称 比例 比例 权益变动方式 源（仅增 （万股） （万股） 时间区间 （%） （%） 持填写） 发生直接持股变动的主体： 上海鉴霖企 集中竞价 ? 业管理合伙 2025/04/30- 企业（有限 2025/05/23 合伙） 其他： / 未发生直接持股变动的主体： 段忠福 2.0012 0.02 2.0012 0.02 / / / 合计 973.6376 8.48 911.8469 7.94 -- -- -- 注：上表变动比例数相加之和与合计数 ...