证券代码：688392 证券简称：骄成超声 公告编号：2026-002 上海骄成超声波技术股份有限公司 持股 5%以上股东减持股份计划公告 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 截至本公告披露日，上海骄成超声波技术股份有限公司（以下简称"公司"） 的股东上海鉴霖企业管理合伙企业（有限合伙）（以下简称"鉴霖企管"）持有公 司股份 7,587,584 股，占公司总股本的 6.56%，其中 6,467,542 股已于 2023 年 9 月 27 日起上市流通，1,120,042 股已于 2025 年 9 月 29 日起上市流通。以上股份 均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。 减持计划的主要内容 因自身资金需求，鉴霖企管拟于本减持计划公告披露之日起 15 个交易日后 的 3 个月内，通过集中竞价和/或大宗交易方式减持合计不超过 1,896,896 股，即 合计不超过公司总股本的 1.64%。上述股份减持价格按照市场价格确定。 近日，公司收到持股 ...

Core Viewpoint - The major shareholder of the company, Shanghai Jianlin Enterprise Management Partnership (Limited Partnership), plans to reduce its stake due to funding needs, which may impact the stock price and investor sentiment [1] Group 1 - The shareholder holds 7.5876 million shares, representing 6.56% of the company [1] - The planned reduction is up to 1.8969 million shares, which is 1.64% of the total shares [1] - The reduction will occur within three months, starting 15 trading days after the announcement, through centralized bidding and/or block trading [1] Group 2 - Of the total shares to be reduced, up to 1.1573 million shares will be sold through centralized bidding, and up to 739,600 shares through block trading [1] - The selling price will be determined based on market conditions [1]

一、 本次签字注册会计师变更情况 证券代码：688392 证券简称：骄成超声 公告编号：2026-001 上海骄成超声波技术股份有限公司 上海骄成超声波技术股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第二届董事会第七次会议和第二届监事会第七次会议，于 2025 年 5 月 6 日召开 2024 年年度股东大会，审议通过了《关于续聘 2025 年度会计师事务所的 议案》，同意聘任容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师事 务所"）为公司 2025 年度审计机构，详见公司于 2025 年 4 月 12 日在上海证券 交易所网站（www.sse.com.cn）披露的《关于续聘 2025 年度会计师事务所的公 告》（公告编号：2025-017）。 近日，公司收到容诚会计师事务所出具的《关于变更签字注册会计师的函》， 现将相关变更情况公告如下： 关于变更签字注册会计师的公告 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。 (一) 基本信息 二、 本次变更签字注册会计师的基本信息、诚信记录和独立 ...

融资方面，骄成超声当日融资买入3080.91万元。当前融资余额3.79亿元，占流通市值的2.92%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，骄成超声12月31日融券偿还0.00股，融券卖出1300.00股，按当日收盘价计算，卖出金额 14.59万元；融券余量3400.00股，融券余额38.15万元，低于近一年50%分位水平，处于较低位。 12月31日，骄成超声跌2.00%，成交额2.84亿元。两融数据显示，当日骄成超声获融资买入额3080.91万 元，融资偿还3128.84万元，融资净买入-47.93万元。截至12月31日，骄成超声融资融券余额合计3.79亿 元。 分红方面，骄成超声A股上市后累计派现1.67亿元。 机构持仓方面，截止2025年9月30日，骄成超声十大流通股东中，富国天惠成长混合(LOF)A/B （161005）位居第五大流通股东，持股400.00万股，为新进股东。富国新活力灵活配置混合A （004604）位居第十大流通股东，持股100.24万股，为新进股东。大成科技消费股票A（008934）、大 成成长进取混合A（010371）、富国新兴产业股票A（001048）退出十大流 ...

2025年，骄成超声凭借半导体设备突破与新能源业务复苏，实现市值与业绩双爆发。2025年全年股价涨 幅为176.90%，年末总市值为129.85亿元；前三季度归母净利润同比激增359.81%，半导体先进封装设备 打破海外垄断，成为第二增长曲线。投资者关系管理方面，全年接待机构调研22次，覆盖超400家机 构，信息披露考评维持B级。 一、市值管理与投资者关系核心成效 1.1 市值表现：股价翻倍，市值近130亿元 骄成超声（688392.SH）2025年全年股价涨幅为176.90%，年末总市值为129.85亿元，全年成交额为 502.38亿元，换手率达785.72%。 公司2025年业绩表现强劲，前三季度实现营业收入5.21亿元，同比增长27.53%；归母净利润9403万元， 同比增长359.81%。受益于动力电池设备需求回暖、半导体先进封装设备突破及高毛利配件业务持续放 量，市场对公司成长性预期显著提升，推动股价与交易活跃度同步走高。 1.2 投资者关系管理：高频调研+透明沟通 ●机构交流：全年发布投资者接待纪要22次，覆盖458家次机构（单次最高118家，10月29日），重点沟 通半导体设备进展、固态电池布局 ...

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][3]. Core Views - The company is a rare platform-type entity in the A-share market, mastering the underlying technology of ultrasound and continuously advancing applications in various segments, including lithium batteries, semiconductor advanced packaging, and medical aesthetics. This platform capability provides resilience across economic cycles, with the second growth curve already beginning to materialize [1][7][14]. - The company is positioned to replicate its growth trajectory in the lithium battery sector within the advanced packaging equipment market, driven by strong domestic demand for localization [7][21]. Financial Data and Valuation - The company forecasts total revenue growth from 5.25 billion CNY in 2023 to 15.32 billion CNY in 2027, with year-on-year growth rates of 34% and 40% for 2025 and 2026 respectively [2][8]. - The net profit attributable to shareholders is expected to rise from 670 million CNY in 2023 to 3.81 billion CNY in 2027, with significant growth rates of 76% and 64% for 2025 and 2026 respectively [2][8]. - The company's price-to-earnings (PE) ratio is projected to decrease from 206.9 in 2023 to 36.2 by 2027, indicating improving valuation metrics as earnings grow [2][8]. Company Overview - The company has been a leader in the domestic ultrasound equipment market for nearly 20 years, with a comprehensive ultrasound technology platform that supports various industries, including lithium batteries, photovoltaic energy storage, semiconductors, automotive wiring, and medical aesthetics [7][34]. - The company has established a stable revenue stream from consumables, which accounted for 31.42% of total revenue in 2024, reflecting a strong business model that combines equipment sales with high-margin consumables [34][30]. Growth Curves - The first growth curve is driven by the recovery in capital expenditures in the lithium battery sector, with new technologies like solid-state batteries creating additional demand for equipment [18][21]. - The second growth curve focuses on advanced packaging equipment, where the company has secured orders and is positioned to lead in domestic market share [21][22]. - The third growth curve involves strategic expansion into the medical aesthetics sector, with significant market potential anticipated in the coming years [21][22]. Profitability and Financial Performance - The company has shown a compound annual growth rate (CAGR) of 32.32% in revenue from 2018 to 2024, with a notable recovery in profitability expected as market conditions improve [39][42]. - The gross margin for consumables is projected to reach 75.93% in 2024, significantly higher than the overall product margins, contributing to enhanced profitability [27][30]. - The company maintains a high research and development expenditure rate, which supports its long-term growth strategy and technological advancements [51].

Core Viewpoint - The company has established stable long-term partnerships with key clients in the lithium battery sector, benefiting from a significant recovery in market conditions and the rapid growth of the energy storage market, which is expected to continue driving industry prosperity [1][3]. Group 1: Industry Insights - The lithium battery sector has seen a notable recovery this year, with the company strengthening its competitive position by aligning with client product upgrades and equipment renewal needs [1][3]. - The energy storage market is experiencing rapid growth, and ongoing technological iterations in the industry are anticipated to sustain this positive trend [1][3]. Group 2: Product Development - The company has launched several ultrasonic devices for solid-state batteries, including ultrasonic ear welding and ultrasonic testing equipment, to expand the application of ultrasonic technology [1][4]. - In the power semiconductor field, the company offers a complete range of ultrasonic solutions, including ultrasonic terminal welding machines, ultrasonic PIN needle welding machines, ultrasonic bonders, and ultrasonic scanning microscopes, all of which have achieved mass production [1][3]. Group 3: Financial Performance - The gross margin for the company's new energy battery equipment was 48.43%, while the gross margin for ultrasonic equipment in wire harness connectors was 59.71%, and for semiconductor ultrasonic equipment, it was 56.65% [2][4]. - In the first three quarters of 2025, the overall gross margin improved to 65% due to a higher revenue share from products with better margins and enhanced operational management efficiency [2][4]. Group 4: Technological Advantages - The company's ultrasonic die-bonding machine utilizes ultrasonic energy to create strong metal bonds at lower preheating temperatures, reducing the risk of damage to heat-sensitive components and offering high efficiency and low energy consumption [2][5]. - The ultrasonic die-bonding technology is expected to have significant applications in various fields, including optical communications, 5G RF, filters, and MEMS [5].

Core Viewpoint - The company Jiao Cheng Ultrasonic has filed a lawsuit against Sa Chi Intelligent Equipment Co., Ltd. and Anhui Ji Chi Tire Co., Ltd. for unpaid debts totaling 48.7971 million yuan and overdue payment penalties [1][4]. Group 1: Lawsuit Details - The lawsuit stems from a Strategic Cooperation Framework Agreement signed in May 2024, which required Sa Chi to pay in full within two months of delivery for equipment or parts purchased [3][6]. - Jiao Cheng Ultrasonic completed all orders by July 2024, but Sa Chi only made partial payments and is currently in default for 48.7971 million yuan, with penalties amounting to 4.3592 million yuan [3][6]. - The Shanghai Minhang District People's Court has accepted the case, but it has not yet gone to trial [3][6]. Group 2: Company Backgrounds - Sa Chi specializes in high-end tire intelligent equipment, with products including intelligent semi-steel radial tire forming machines and frame-type semi-steel hydraulic vulcanizers [3][6]. - Ji Chi Tire, originally known as Anhui He Ding Tire Technology Co., Ltd., was established in April 2011 and has faced internal disputes, with Jiangsu Shunbang Investment Co., Ltd. holding a 51.1% stake [3][6]. - Jiangsu Shunbang's 49.55% stake in Ji Chi Tire has been seized by the court, with an assessed value of 19.4035 million yuan, and is set for judicial auction from January 12 to January 13, 2026 [3][6].

Core Viewpoint - The company Jiaocheng Ultrasonic has filed a lawsuit against its former partners, Sachi Intelligent Equipment Co., Ltd. and Anhui Jichi Tire Co., Ltd., to recover overdue payments totaling 48.7971 million yuan and associated late fees [2][3]. Group 1: Legal Proceedings - Jiaocheng Ultrasonic initiated legal action on December 19, 2024, against Sachi and Jichi for unpaid debts stemming from a strategic cooperation agreement signed in May 2024 [2]. - The lawsuit claims that Sachi has failed to pay the remaining balance of 48.7971 million yuan, with additional overdue payment penalties amounting to 4.3592 million yuan [3]. - The Shanghai Minhang District People's Court has accepted the case, although it has not yet been scheduled for a hearing [3]. Group 2: Company Background and Financial Issues - Sachi Intelligent Equipment is described as a leading global manufacturer of high-end intelligent equipment, with a product range that includes semi-steel radial tire forming machines and hydraulic vulcanizers [9]. - Jichi Tire has faced internal disputes, with allegations of mismanagement and financial misconduct by the previous management team, which has contributed to its current financial troubles [9]. - The equity held by Jiangsu Shunbang in Jichi Tire, amounting to 49.55%, has been frozen by the court, with an assessed value of 19.4035 million yuan, and is set for judicial auction in January 2026 [10].

上海骄成超声波技术股份有限公司 关于公司提起诉讼的公告 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： 涉案的金额：上海骄成超声波技术股份有限公司（以下简称"公司"或 "原告"）请求法院判令萨驰智能装备股份有限公司、安徽吉驰轮胎股份有限公 司向原告支付剩余欠款 4,879.71 万元及逾期付款违约金等其他费用。 是否会对上市公司损益产生负面影响：截至 2025 年 9 月 30 日，公司已 根据企业会计准则对本次诉讼涉及的应收账款计提坏账准备金额 431.89 万元， 根据应收账款预计可回收性及诉讼进展情况，公司未来存在对该项应收账款进一 步增加计提应收账款坏账准备的风险，将对公司当期或者以后年度的业绩产生不 利影响。本次诉讼不会对公司日常生产经营产生重大不利影响。公司在本次诉讼 案件中为原告，鉴于本次诉讼案件尚未开庭审理，上述事项对公司当期利润或期 后利润造成的影响具有不确定性，最终实际影响以法院判决及实际执行结果为准。 一、本次重大诉讼起诉的基本情况 公司就与萨驰智能装备股份有限公司（以下简称"被告一" ...