Group 1 - The core point of the news is that a block trade of 121,000 shares of Jiao Cheng Ultrasonic occurred on October 22, with a transaction amount of 11.91 million yuan, at a price of 98.45 yuan, which represents a discount of 13.11% compared to the closing price of the day [2][3] - The buyer of the block trade was an institutional proprietary trading department, while the seller was Guolian Minsheng Securities Co., Ltd. Wuxi Qingyang Road Securities Business Department [2][3] - In the last three months, Jiao Cheng Ultrasonic has recorded a total of 11 block trades, with a cumulative transaction amount of 41.69 million yuan [2] Group 2 - The latest margin financing balance for Jiao Cheng Ultrasonic is 318 million yuan, which has decreased by 35.996 million yuan over the past five days, representing a decline of 10.17% [3] - The company, Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., was established on February 13, 2007, with a registered capital of 115.73336 million yuan [3] - On October 22, the closing price of Jiao Cheng Ultrasonic was 113.30 yuan, down by 1.09%, with a daily turnover rate of 2.72% and a total transaction amount of 353 million yuan, while the net inflow of main funds for the day was 2.0713 million yuan [2]

Core Viewpoint - The article discusses the recent large-scale trading activities of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., highlighting significant trading volumes, price discounts, and institutional participation in the transactions [2][3]. Trading Activity Summary - On October 21, a total of 10 large transactions occurred, with a cumulative trading volume of 302,500 shares and a total transaction value of 29.78 million yuan [2]. - The average transaction price was 98.45 yuan, representing a discount of 14.05% compared to the closing price of 114.55 yuan on the same day [2][3]. - Institutional specialized seats participated in 5 of the transactions, with a total transaction value of 13.41 million yuan and a net purchase of 13.41 million yuan [2]. Stock Performance Summary - The stock closed at 114.55 yuan, reflecting a daily increase of 9.12%, with a turnover rate of 4.97% and a total trading volume of 653 million yuan [2]. - Over the past 5 days, the stock has increased by 13.05%, while the net capital outflow during this period amounted to 40.67 million yuan [2]. Margin Financing Summary - The latest margin financing balance for the stock is 347 million yuan, which has increased by 14.75 million yuan over the past 5 days, marking a growth rate of 4.44% [3]. Company Background - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, with a registered capital of 115.73 million yuan [3].

Core Insights - On October 21, 2025, Jiao Cheng Ultrasound executed a block trade of 302,500 shares, amounting to 29.7813 million yuan, which represented 4.36% of the total trading volume for the day. The transaction price was 98.45 yuan, reflecting a discount of 14.05% compared to the market closing price of 114.55 yuan [1] Summary by Category Trading Activity - The block trade involved a total of 302,500 shares at a price of 98.45 yuan per share [1] - The total transaction value was 29.7813 million yuan [1] - The trade accounted for 4.36% of the total trading volume on that day [1] Price Comparison - The transaction price of 98.45 yuan was 14.05% lower than the market closing price of 114.55 yuan [1] Institutional Participation - Multiple institutional buyers participated in the trade, with significant amounts being transacted by specialized institutions [2]

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), is actively advancing its product offerings in the semiconductor advanced packaging sector, focusing on ultrasonic solutions and establishing significant partnerships with well-known enterprises in the industry [1][3]. Group 1: Product Development and Market Position - The company has developed a comprehensive range of ultrasonic solutions for power semiconductors, including ultrasonic terminal welding machines and ultrasonic bonding machines, which have achieved mass production [1]. - In the advanced packaging field, the company is promoting new products such as advanced ultrasonic scanning microscopes and ultrasonic die bonders, successfully securing formal orders from reputable domestic clients [1][3]. - The company is also making strides in the IC packaging sector, focusing on high-end ultrasonic die bonders and ball bonding machines to break the long-standing monopoly of foreign manufacturers [3][4]. Group 2: Technology Advantages - Ultrasonic detection technology offers significant advantages over optical and X-ray detection methods, particularly in its ability to penetrate materials and quantify internal interface defects without causing damage [2]. - The ultrasonic bonding technology enhances the reliability and efficiency of packaging processes by utilizing ultrasonic energy to facilitate atomic diffusion at the interface, resulting in stronger metal bonds compared to traditional methods [4]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 323 million yuan, a year-on-year increase of 32.5%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [6]. - The second quarter of 2025 saw a main revenue of 175 million yuan, up 42.46% year-on-year, with a net profit of 34.40 million yuan, marking a significant increase of 718.65% [6]. Group 4: Client Base and Industry Applications - In the wire harness connector sector, the company's ultrasonic welding machines are utilized in applications such as new energy vehicles and charging stations, collaborating with notable clients like BYD and Amphenol [5]. - The company is also expanding its product offerings in the medical field, having obtained five registration certificates for ultrasonic dental medical devices, with plans for further development in mid-to-high-end applications [6].

Core Insights - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. and Jiemi Technology have reached a consensus on establishing a long-term strategic partnership [1] - The two companies discussed key topics including technology research and development, market operations, and the construction of an industrial chain and ecosystem [1] - A strategic cooperation agreement was signed between the two parties [1]

Core Insights - On October 13, Jiao Cheng Ultrasonic saw a stock price increase of 11.97% with a trading volume of 728 million yuan [1] - The company reported a financing buy-in amount of 95.51 million yuan and a net financing buy of 10.27 million yuan on the same day [1] - As of October 13, the total financing and securities lending balance for Jiao Cheng Ultrasonic was 332 million yuan, which is 2.78% of its circulating market value [1] Financing and Securities Lending - The financing buy-in for Jiao Cheng Ultrasonic on October 13 was 95.51 million yuan, with a current financing balance of 332 million yuan, exceeding the 90th percentile level over the past year [1] - In terms of securities lending, there were no shares repaid on October 13, with 900 shares sold, amounting to 93,100 yuan at the closing price [1] - The securities lending balance was 34,120 yuan, which is below the 50th percentile level over the past year, indicating a low position [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment [2] - The company's revenue composition includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, and 2.09% from non-metal ultrasonic equipment [2] - For the first half of 2025, Jiao Cheng Ultrasonic achieved a revenue of 323 million yuan, representing a year-on-year growth of 32.50%, and a net profit of 58.04 million yuan, reflecting a significant increase of 1005.12% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Jiao Cheng Ultrasonic was 4,733, a decrease of 4.88% from the previous period [3] - The average circulating shares per person increased by 6.54% to 14,948 shares [3] - The company has distributed a total of 144 million yuan in dividends since its A-share listing [3]

Market Overview - The battery sector experienced a decline of 0.53% on the previous trading day, with Defu Technology leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in the Battery Sector - Haike Xinao (301292) saw a closing price of 26.44, with a significant increase of 12.46% and a trading volume of 317,800 shares, amounting to 788 million yuan [1] - Jinyinhai (300619) closed at 37.67, up 12.35%, with a trading volume of 224,800 shares and a turnover of 810 million yuan [1] - Qiaocheng Ultrasonic (688392) closed at 103.40, rising by 11.97% with a trading volume of 72,800 shares, totaling 728 million yuan [1] Top Losers in the Battery Sector - Defu Technology (301511) closed at 32.27, down 5.95%, with a trading volume of 288,100 shares and a turnover of 928 million yuan [2] - Keda Li (002850) closed at 174.01, decreasing by 5.05%, with a trading volume of 87,900 shares and a turnover of 1.526 billion yuan [2] - Anfu Technology (603031) closed at 39.85, down 4.18%, with a trading volume of 71,500 shares and a turnover of 285 million yuan [2] Capital Flow in the Battery Sector - The battery sector experienced a net outflow of 3.121 billion yuan from institutional investors, while retail investors saw a net inflow of 3.336 billion yuan [2][3] - Notable net inflows from retail investors included Tianqi Materials (002709) with 2.12 billion yuan and Greenmei (002340) with 2.11 billion yuan [3] - Major net outflows from institutional investors included Shida Shenghua (603026) with 94.291 million yuan and Jinyinhai (300619) with 71.922 million yuan [3]

Core Viewpoint - On October 10, 2023, Jiao Cheng Ultrasonic experienced a decline of 8.02% in stock price, with a trading volume of 468 million yuan, indicating market volatility and investor sentiment concerns [1] Financing Summary - On the same day, Jiao Cheng Ultrasonic had a financing purchase amount of 78.05 million yuan, with a repayment of 71.70 million yuan, resulting in a net financing purchase of 635.45 thousand yuan [1] - As of October 10, the total financing and securities lending balance for Jiao Cheng Ultrasonic was 322 million yuan, representing 3.01% of its circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had no shares repaid or sold in the securities lending market on October 10, with a remaining securities lending balance of 22.16 thousand yuan, which is below the 20th percentile of the past year, indicating low activity in this area [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, is located in Shanghai and specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and components, as well as automation solutions for the new energy battery manufacturing sector [2] - The company's revenue composition includes: 31.42% from components, 25.86% from new energy battery ultrasonic equipment, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other sources [2] - For the first half of 2025, Jiao Cheng Ultrasonic reported a revenue of 323 million yuan, a year-on-year increase of 32.50%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a significant year-on-year growth of 1005.12% [2] Dividend and Shareholder Information - Since its A-share listing, Jiao Cheng Ultrasonic has distributed a total of 144 million yuan in dividends [3] - As of June 30, 2025, the number of shareholders was 4,733, a decrease of 4.88% from the previous period, with an average of 14,948 circulating shares per person, an increase of 6.54% [2][3] - Notable institutional shareholders include Dazheng Technology Consumer Stock A, which increased its holdings by 122,800 shares, and new shareholder Fuguo Emerging Industry Stock A/B, holding 955,600 shares [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Viewpoints - The company is deeply engaged in ultrasonic technology and is making continuous breakthroughs in new fields such as semiconductors and liquid cooling, which is expected to create a diversified growth curve [2][12]. - The company has a strong platform capability and a superior "equipment + consumables" business model, indicating robust profitability and long-term growth potential [2][12]. Summary by Relevant Sections Company Overview - The company focuses on ultrasonic technology applications in various sectors including new energy, semiconductors, and medical fields, with plans to explore more markets [2][12]. - The company has successfully received formal orders from well-known domestic clients for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [12]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 150 million and 242 million yuan in 2025 and 2026, respectively, corresponding to P/E ratios of 71 and 44 times [12][18]. Market Performance - The company has shown a significant market performance compared to the CSI 300 index, with a notable increase in stock price over the past 12 months [12].

Core Points - On September 29, a total of 25 listed companies had their restricted shares unlocked, with a total market value of approximately 24.818 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Luzhou Laojiao (000568) with 102,700 shares from equity incentive restrictions - East China Pharmaceutical (000963) with 215,000 shares from equity incentive restrictions - Taiyuan Heavy Industry (600169) with 11.6502 million shares from equity incentive restrictions - Jinfat Technology (600143) with 7.406 million shares from equity incentive restrictions - Guotai Junan (601211) with 3.2495 million shares from equity incentive restrictions - Guanglian Da (002410) with 3.2334 million shares from equity incentive restrictions - Ningbo Port (601018) with 3.647 billion shares from A-share issuance to legal person allocation - Zhongjin Environment (300145) with 852,070 shares from equity incentive restrictions - Keli Ke (002782) with 768,000 shares from equity incentive restrictions - Yingjie Electric (300820) with 62,500 shares from equity incentive restrictions - Laobaixing (603883) with 868,400 shares from equity incentive restrictions - Zhaoxun Media (301102) with 218 million shares from extended lock-up period - Zhongjing Technology (003026) with 20,000 shares from equity incentive restrictions - Woge Optoelectronics (603773) with 14.8003 million shares from A-share issuance to original shareholders allocation - Hanrui Cobalt (300618) with 104,670 shares from equity incentive restrictions - Fujilai (301258) with 55.362 million shares from extended lock-up period - Wankai New Materials (301216) with 225 million shares from extended lock-up period - Weiteou (301319) with 29.8 million shares from pre-issue share restrictions - Guanshi Technology (605588) with 19,870 shares from equity incentive restrictions - Sanwang Communication (688618) with 13,500 shares - Xidi Micro (688173) with 771,800 shares - Rendu Biology (688193) with 8.4316 million shares - Jinchang Protein (688137) with 7.145 million shares - Jiao Cheng Ultrasound (688392) with 43.8612 million shares - Aike Saibo (688719) with 824,800 shares [1]