Group 1 - The company announced that its first extraordinary general meeting of shareholders for 2025 will be held on August 8, 2025 [2] - The meeting will review and approve several proposals, including the change of registered capital, the cancellation of the supervisory board, and the revision and handling of business registration changes [2]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. as of August 8, 2025, indicating a decline in stock price and significant net outflow of funds [1][3] - The company's stock closed at 82.1 yuan, down 1.62%, with a trading volume of 18,100 hands and a transaction amount of 1.51 billion yuan [1] - The net outflow of main funds was 29.39 million yuan, accounting for 19.52% of the transaction amount, with large orders contributing to the majority of the outflow [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 148 million yuan, a year-on-year increase of 22.35%, and a net profit attributable to shareholders of 23.63 million yuan, a significant increase of 2152.47% [1] - The company’s non-recurring net profit was 19.77 million yuan, reflecting a year-on-year growth of 1068.17%, with liquidity ratios indicating strong financial health [1] - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established in 2007, primarily engaged in the rubber and plastic products industry, with a registered capital of 114.8 million yuan [2]

关于非独立董事辞任暨选举职工代表董事的公告 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、非独立董事辞任的情况说明 证券代码：688392 证券简称：骄成超声 公告编号：2025-039 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董事会 2025 年 8 月 9 日 附件：职工代表董事简历 上海骄成超声波技术股份有限公司（以下简称"公司"）董事会于近日收到 董事段忠福先生提交的辞职报告。因公司内部工作调整，段忠福先生申请辞去公 司第二届董事会非独立董事及董事会战略委员会委员职务。根据《上海证券交易 所科创板股票上市规则》（以下简称《科创板上市规则》）、《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》）等相关规定，段忠福先生的辞任导 致公司董事会人数低于法定最低人数，为保障董事会正常运作，其将按照相关规 定继续履行公司董事职责，至新任董事选举产生之日止。 段忠福先生，1982 年出生，中国国籍，无境外永久居留权，上海交通大学 机械制造及其自动化专业硕士，高级工程师。2010 年 3 月 ...

证券代码：688392 证券简称：骄成超声 公告编号：2025-038 上海骄成超声波技术股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 8 月 8 日 （二）股东大会召开的地点：公司会议室（上海市闵行区沧源路 1488 号） （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东 及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 151 | | --- | --- | | 普通股股东人数 | 151 | | 2、出席会议的股东所持有的表决权数量 | 67,308,139 | | 普通股股东所持有表决权数量 | 67,308,139 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.6574 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.6574 | （四）表决方 ...

骄成超声 法律意见书 江苏世纪同仁律师事务所关于 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会的法律意见书 致：上海骄成超声波技术股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师出席贵公司 2025 年第一次临时股东大会，并就本次股东大会的召集、 召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效 性等事项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必须查阅的文件，并对有关问题进行了 必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法 对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025 年 7 月 23 日，贵公司召开第二届董 事会第九次会议，决定于 2025 年 8 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [7]. Core Insights - The company is a leading domestic player in ultrasonic equipment, experiencing a short-term performance inflection point due to strong growth in lithium battery production and rapid adoption of new products [3][25]. - The company has established a comprehensive ultrasonic technology platform, which supports its long-term growth logic by enabling expansion into various high-growth sectors such as solid-state batteries, medical devices, and robotics [4][54]. - The traditional lithium battery sector is recovering, with significant demand for ultrasonic welding equipment, particularly in multi-layer ear welding applications, which are critical for battery performance [63][69]. Summary by Sections Section 1: Domestic Ultrasonic Equipment Leader - The company specializes in ultrasonic equipment, with products including power battery welding equipment, automotive wiring harness welding equipment, and semiconductor ultrasonic devices, serving leading players in each segment [9][12]. - The revenue from the power battery segment has historically been the main driver of growth, with a CAGR of 48% from 2018 to 2022 [25][27]. Section 2: Mastery of Ultrasonic Platform Technology - The company has built a robust ultrasonic technology platform that spans theoretical, technical, and product levels, allowing for continuous innovation and revenue generation [4][54]. - The competitive landscape shows that the company faces high barriers to entry, with competitors primarily being foreign leaders, which enhances its profitability [4][57]. Section 3: Power Battery Sector - The recovery of traditional lithium batteries is evident, with major players like CATL and BYD restarting production, leading to a clear revival in demand for ultrasonic welding equipment [5][69]. - The company expects significant revenue growth from the power battery segment, with projected revenues of 1.5 billion yuan in 2024, supported by a high market share in ear welding applications [72]. Section 4: 3D Packaging as a Key Growth Area - The company is well-positioned to benefit from the expansion of advanced packaging technologies, with projected revenues from semiconductor equipment expected to grow significantly [6][54]. - The demand for ultrasonic scanning microscopes is anticipated to increase as traditional inspection methods become less effective in advanced packaging scenarios [6][54]. Section 5: Investment Recommendations - The report forecasts revenues of 7.58 billion, 10.44 billion, and 14.46 billion yuan for 2025-2027, with corresponding net profits of 1.40 billion, 2.25 billion, and 3.42 billion yuan, indicating strong growth potential [7].

Investment Rating - Overweight (Maintain) on new lithium battery materials, with expectations for accelerated industrialization [1] Core Viewpoints - Composite current collectors are a new type of material for lithium batteries, offering advantages in cost and performance compared to traditional copper and aluminum foils [4][18] - The transition from traditional copper foils to composite copper foils is expected to be the largest cost reduction segment in battery materials over the next 2-3 years [28] - The industrialization of composite current collectors is anticipated to accelerate, benefiting leading companies in the sector [66] Summary by Sections 1. Introduction to Composite Current Collectors - Composite current collectors differ from traditional materials by using a "metal-polymer substrate-metal" sandwich structure [15] - They are designed to reduce costs and improve safety, with composite copper foils reducing raw material costs by over 50% compared to traditional copper foils [19][23] 2. Advantages of Composite Current Collectors - Composite current collectors provide lower manufacturing costs, enhanced safety, lightweight properties, improved energy density, and extended cycle life [18][29][33] - The material's structure helps mitigate risks of thermal runaway in batteries, thus enhancing safety [29] 3. Application in Solid-State Batteries - The industrialization of solid-state batteries is accelerating, with composite current collectors being increasingly integrated into their applications [36][37] - Solid-state batteries have stringent requirements for current collectors, which composite materials can meet effectively [37] 4. Market Growth Potential - The market for composite current collectors is projected to grow significantly, with estimates suggesting a market size of 140 billion yuan by 2025 and over 700 billion yuan by 2030 [38] - The penetration rate of PET composite copper foils is expected to reach 25% by 2030, indicating strong demand [38] 5. Industry Chain Analysis - The industry chain includes upstream materials like PET and PP, core equipment for manufacturing, and downstream applications in various battery types [41][43] - The main manufacturing process for composite copper foils is the two-step method, which is currently the most mature and cost-effective [49][66] 6. Industrialization Acceleration - The production cost of composite copper foils is approaching that of traditional copper foils, with significant improvements in yield rates expected [66] - New national standards for battery safety are likely to create further opportunities for the adoption of composite current collectors in the market [67]

上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 二〇二五年八月 上海骄成超声波技术股份有限公司 2025 年第一次临时 股东大会会议资料 目 录 议案一：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 议案三：关于全资子公司以自有资产抵押向银行申请贷款暨公司对全资子公司提 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 五、 如股东或股东代表欲在本次股东大会上发言，可在签到时先向大会会 务组登记。会上主持人将统筹安排股东及股东代表发言。股东及股东代表的发言 主题应与本次会议议题相关；与本次股东大会议题无关或将泄漏公司商业秘密， 或有明显损害公司或股东的共同利益的质询，大会主持人或其指定的有关人员有 权拒绝回答。超出议题范围，欲了解公司其他情况的，可会后向公司董事会秘书 咨询。 上海骄成超声波技术股份有限公司 为了维护全体股东的合法权益，确保上海骄成超声波技术股份有限公司（以 下简称"公司"）股东大会的正常秩序和议事效率，保证股东大会的顺利进行， 根据《中华人民共和国公司法 ...

上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 上海骄成超声波技术股份有限公司 证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 二〇二五年八月 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 2025 年第一次临时股东大会会议须知 | 1 | | --- | --- | | 年第一次临时股东大会会议议程 2025 | 3 | | 2025 年第一次临时股东大会会议议案 | 5 | | 议案一：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 5 | | | 议案二：关于修订及制定公司部分治理制度的议案 | 6 | | 议案三：关于全资子公司以自有资产抵押向银行申请贷款暨公司对全资子公司提 | | | 供担保的议案 | 7 | 上海骄成超声波技术股份有限公司 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保上海骄成超声波技术股份有限公司（以 下简称"公司"）股东大会的正常秩序和议事效率， ...

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating expected performance above the market average [1]. Core Insights - The report highlights the trend of companies expanding overseas and identifies 2025 as the year of mass production for humanoid robots, presenting hardware investment opportunities [1][3]. - The easing of trade tensions between China and the US is expected to support the growth of domestic companies in overseas markets, particularly in the tool market where relocation to the US is challenging due to cost and efficiency advantages [3]. - Key companies to watch include Giant Technology, Changrun Co., Honghua Digital Science, and others, which are positioned to benefit from these trends [3][4]. Summary by Sections Recommended Stocks - The report lists preferred stocks with ratings: - Jack Co. (603337.SH) - Buy-A - Hengli Hydraulic (601100.SH) - Buy-A - Zhejiang Rongtai (603119.SH) - Accumulate-A - Qiaocheng Ultrasonic (688392.SH) - Buy-A - Honghua Digital Science (688789.SH) - Buy-A - Tianzhun Technology (688003.SH) - Buy-A - Jiechang Drive (603583.SH) - Accumulate-A [2][10]. Industry Key Data Tracking - Forklifts: In June 2025, 137,570 units were sold, a 23.1% increase year-on-year. For the first half of 2025, sales totaled 739,334 units, up 11.7% [13]. - Excavators: June 2025 sales reached 18,804 units, a 13.3% increase. Total sales for the first half were 120,520 units, up 16.8% [14]. - Automotive Cranes: June sales were 1,649 units, down 5.28%. Total sales for the first half were 10,752 units, down 8.4% [17]. - Tower Cranes: June sales were 437 units, down 44.8%. Total sales for the first half were 2,771 units, down 38% [21]. - Loaders: June sales were 12,014 units, up 11.3%. Total sales for the first half were 64,769 units, up 13.6% [22]. - Metal Cutting Machine Tools: June production was 70,500 units, up 12.7%. Total production for the first half was 403,000 units, up 13.5% [24]. - Industrial Robots: June production was 74,764 units, up 37.9%. Total production for the first half was 379,000 units, up 35.6% [28].