Group 1 - The core viewpoint of the news is that Jiangcheng Ultrasonic experienced a decline in stock price, with a drop of 5.24% to 86.20 CNY per share, and a total market capitalization of 9.976 billion CNY [1] - Jiangcheng Ultrasonic, established on February 13, 2007, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The company's main business revenue composition includes: 31.42% from accessories, 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, 2.09% from non-metal ultrasonic equipment, and 0.18% from other sources [1] Group 2 - From the perspective of fund holdings, Western Benefit Fund has a significant position in Jiangcheng Ultrasonic, with its Carbon Neutral Mixed Fund A holding 411,400 shares, accounting for 3.21% of the fund's net value, ranking as the tenth largest holding [2] - The Carbon Neutral Mixed Fund A, established on August 9, 2021, has a latest scale of 619 million CNY and has achieved a year-to-date return of 35.33%, ranking 2181 out of 8172 in its category [2] - The fund manager, Chen Baoguo, has been in position for 5 years and 219 days, overseeing a total asset scale of 1.3 billion CNY, with the best fund return during his tenure being 160.14% and the worst being -21.47% [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 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首发限售股份；股票认购方式为网下，上市股数为44,981,239股。 ● 本次股票上市流通总数为44,981,239股。 ● 本次股票上市流通日期为2025年9月29日（因2025年9月27日为非交易日，故上市流通日顺延至下一交 易日）。 ● 基于对上海骄成超声波技术股份有限公司（以下简称"公司"、"骄成超声"或"发行人"）未来持续发展 的坚定信心和对公司长期价值的认可，为促进公司持续、稳定、健康发展，增强广大投资者信心，公司 控股股东江苏阳泰企业管理有限公司（以下简称"阳泰企管"）和实际控制人、董事长兼总经理周宏建先 生分别自愿承诺，除向上海交通大学教育发展基金会捐赠的300,000股股份外，自2025年9月29日起12个 月内不以任何方式减持所持有的公司股份，包括承诺期间该部分股份因资本公积转增股本、派送股票红 利、配股、增发等事项产生的股份。 一、本次上市流通的限售股类型 根据中国证 ...

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares for Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., with a total of 44,981,239 shares set to be released on September 29, 2025, following a 36-month lock-up period since the company's initial public offering [2][3][17]. Group 1: Listing Details - The total number of shares to be listed is 44,981,239, which represents 38.87% of the company's total share capital [4][17]. - The listing date is confirmed as September 29, 2025, due to the preceding non-trading day on September 27, 2025 [3][17]. - The shares being released are part of the initial public offering, which had a total of 82 million shares, with 6,455,265.2 million shares under lock-up conditions [4][5]. Group 2: Shareholder Commitments - The controlling shareholder, Jiangsu Yangtai Enterprise Management Co., Ltd., and the actual controller, Zhou Hongjian, have voluntarily committed not to reduce their holdings for 12 months post the release date, except for a donation of 300,000 shares to Shanghai Jiao Tong University [3][13]. - Other shareholders have also made similar commitments to not transfer or manage their shares for 36 months from the listing date [8][9]. Group 3: Capital Changes - The company's total share capital increased from 82 million to 114.8 million shares following a cash dividend distribution and a capital reserve conversion plan approved on May 30, 2023 [5]. - Following the completion of the first vesting period of the 2024 restricted stock incentive plan on May 28, 2025, the total share capital further increased to 115,733,360 shares [6]. Group 4: Regulatory Compliance - The underwriting institution, Guotai Junan Securities Co., Ltd., has confirmed that all shareholders have adhered to their commitments regarding the restricted shares, and the listing complies with relevant regulations [16].

Core Viewpoint - The announcement from Jiao Cheng Ultrasonic regarding the listing of restricted shares indicates a significant step in the company's capital market activities, with a total of 44,981,239 shares set to be released for trading on September 29, 2025 [1] Summary by Categories - **Company Announcement** - Jiao Cheng Ultrasonic has released a notice about the public offering of restricted shares, marking its first public issuance [1] - The total number of shares to be listed for circulation is 44,981,239 [1] - The shares will be available for trading starting from September 29, 2025 [1] - **Stock Offering Details** - The type of stock being listed is classified as initial restricted shares [1] - The method of subscription for these shares is through offline channels [1]

证券代码：688392 证券简称：骄成超声 公告编号：2025-047 上海骄成超声波技术股份有限公司 首次公开发行部分限售股上市流通公告 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首发限售股份；股票认购方式为网下，上市股数为 44,981,239股。 本次股票上市流通总数为44,981,239股。 本次股票上市流通日期为2025 年 9 月 29 日（因 2025 年 9 月 27 日为非交 易日，故上市流通日顺延至下一交易日）。 基于对上海骄成超声波技术股份有限公司（以下简称"公司"、"骄成超声" 或"发行人"）未来持续发展的坚定信心和对公司长期价值的认可，为促进公司持 续、稳定、健康发展，增强广大投资者信心，公司控股股东江苏阳泰企业管理有 限公司（以下简称"阳泰企管"）和实际控制人、董事长兼总经理周宏建先生分别 自愿承诺，除向上海交通大学教育发展基金会捐赠的 300,000 股股份外，自 2025 年 9 月 29 日起 12 个月内不以任何方式减持所持有的公司股份，包括承诺期 ...

国泰海通证券股份有限公司 关于上海骄成超声波技术股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海骄成超声波技术股份有限公司（以下简称"骄成超声"或"公司"）首次公 开发行股票并在科创板上市及持续督导的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等法律法规的相关规定，对骄成超声首次公开发行 部分限售股上市流通事项进行了核查，核查情况及核查意见如下: 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 7 月 18 日出具的《关于同意上海骄 成超声波技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 1547 号），同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发 行人民币普通股（A 股）2,050 万股，并于 2022 年 9 月 27 日在上海证券交易所 科创板上市，公司首次公开发行完成后总股本为 8,200 万 ...

每经AI快讯，骄成超声9月18日晚间发布公告称，公司限售股份约4498.12万股将于2025年9月29日解禁 并上市流通，占公司总股本比例为38.87%。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of Rmb 38,479 million and a target price of Rmb 36.50, indicating a 38% upside [3][5] - **LOPAL-H (2465.HK)**: Also rated "Buy", with a market cap of Rmb 6,913 million and a target price of Rmb 15.00, showing a 36% upside [3][5] - **CSSC (600150.SS)**: Rated "Buy", market cap of Rmb 171,652 million, target price of Rmb 45.50, with a 19% upside [3][7] - **Ronbay (688005.SS)**: Rated "Neutral", market cap of Rmb 20,698 million, target price of Rmb 26.00, indicating a -10% downside [3][6] 2. **Financial Metrics**: - **P/E Ratios**: Companies like Hongfa and CSSC have P/E ratios of 20x and 23x respectively for 2026E, while Ronbay has a significantly higher P/E of 175x for 2025E [3][5][6] - **ROE**: CSSC shows a ROE of 14% for 2026E, while Hongfa has a ROE of 18% for the same year [3][5][7] 3. **Profit Forecasts**: - **Net Profit Estimates**: Hongfa's net profit is projected to grow from Rmb 1,921 million in 2025E to Rmb 2,556 million in 2027E, reflecting a growth trajectory [3][5] - **Consensus vs. UBS Estimates**: For CSSC, UBS estimates a net profit of Rmb 1,479 million in 2026E, which is 35% higher than the consensus estimate [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in market cap, P/E ratios, and growth rates [5][6][7] Additional Important Insights 1. **Market Trends**: - The electric components sector is experiencing a shift towards more sustainable and efficient technologies, with companies like CATL leading in solid-state battery innovations [8][9] - The battery supply chain is under pressure with limited pricing opportunities, as indicated by the correlation between production schedules and battery index performance [11] 2. **Investment Risks**: - Companies like Nuode (600110.SH) and Yinghe (300457.SZ) are rated "Sell" due to significant projected declines in net profit and high P/E ratios, indicating potential investment risks [3][5][6] 3. **Future Catalysts**: - The potential for solid-state batteries in various applications, including electric vehicles, is highlighted as a significant growth driver for the industry [9][10] 4. **Sector Performance**: - The overall performance of the China Industrials sector is closely monitored, with specific attention to the electric components and battery supply chain segments, which are expected to see varying levels of growth and profitability [3][4][6] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the China Industrials sector, particularly focusing on electric components and battery supply chains.

Summary of the Conference Call for Jiao Cheng Ultrasonic Company Overview - Jiao Cheng Ultrasonic has made significant progress in the semiconductor and automotive wiring harness sectors, entering leading domestic storage companies and successfully delivering 3D packaging equipment. The automotive wiring harness business is tied to major companies like BYD, providing new growth momentum for the company [2][4]. Core Business and Revenue Structure - The company's revenue structure is diversifying, with a decrease in the proportion of revenue from power batteries and an increase in semiconductor and consumables. By 2024, consumables are expected to account for over 30% of revenue, semiconductor revenue will reach 8-9%, and automotive wiring harness will exceed 14% [2][7]. - The main business of Jiao Cheng Ultrasonic involves the manufacturing of ultrasonic welding equipment. Despite challenges in the lithium battery sector, the company's performance has improved due to the restart of downstream expansion [3][10]. Financial Performance - In the first half of 2025, the company's profit increased nearly tenfold year-on-year, with a profit of approximately 60 million yuan. The main business has shown a clear turning point, and this growth trend is expected to continue into 2026 [11][21]. - The gross margin has remained high, consistently above 50% from 2018 to 2024, reaching over 60% in Q1 2025. The gross margin for consumables is particularly high, exceeding 70% [12][19]. Research and Development - The company has significantly increased its R&D investment, particularly in the semiconductor field, with nearly 300 R&D personnel, about 100 of whom focus on semiconductors. This investment has driven rapid development in the semiconductor business [9][32]. - Jiao Cheng Ultrasonic has a strong R&D team, primarily composed of graduates from Shanghai Jiao Tong University, providing a solid foundation for continuous innovation [8]. Market Trends and Future Outlook - The solid-state battery and 3D packaging technologies are identified as key growth drivers. The value of solid-state batteries has increased by over tenfold, and the market for 3D packaging ultrasonic scanning microscopes could reach 3-5 billion yuan [5][22]. - The semiconductor sector is expected to see a significant increase in orders, with new orders in 2025 reaching 200 million yuan, and potential for doubling growth in the coming years [5][32]. Competitive Advantages - Jiao Cheng Ultrasonic maintains a competitive edge over foreign companies in various segments, achieving gross margins of 48% in lithium battery equipment, 60% in automotive wiring harnesses, and 57% in semiconductors. This is attributed to in-house production of core components and a robust R&D team [16][34]. Emerging Business Areas - The company is expanding into new markets such as solid-state batteries and medical devices, with significant potential for growth. The medical device market is expected to exceed 10 billion yuan in scale by 2026 [6][33]. - The automotive wiring harness business is projected to grow significantly, with revenues expected to increase by 50% to 300% in 2025 compared to 2024 [20]. Overall Valuation and Growth Potential - The company is expected to achieve a total profit of over 200 million yuan in 2025, with projections for 300-400 million yuan in 2026. Given its unique business model and profitability, the company's valuation is expected to exceed that of its peers, potentially reaching a market cap of around 10 billion yuan [21][34].

Core Viewpoint - The report outlines the continuous sponsorship and supervision of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. by Guotai Junan Securities Co., Ltd., detailing the company's IPO and subsequent operational oversight [2][9]. Summary by Sections IPO and Fundraising - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. issued 20.5 million shares at a price of RMB 71.18 per share, raising a total of RMB 145.919 million, with a net amount of RMB 129.636 million after expenses [2]. Continuous Supervision - The continuous supervision period is from September 27, 2022, to December 31, 2025, during which the sponsor will ensure compliance with regulations and proper information disclosure [2][3]. - The sponsor has established a continuous supervision agreement with the company, outlining mutual rights and obligations [3]. Operational Oversight - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [3][4]. - The company has maintained compliance with its commitments, with no unfulfilled promises reported during the supervision period [6]. Financial Performance - The company reported a revenue of RMB 32,279.33 million, a 32.50% increase from the previous year, and a net profit of RMB 5,803.69 million, reflecting a significant growth of 1,005.12% [16]. - The cash flow from operating activities improved to RMB 2,265.43 million, compared to a negative cash flow of RMB 8,221.56 million in the previous year [14]. Risks and Challenges - The company faces risks related to core competitiveness, particularly in the rapidly evolving sectors of new energy batteries and semiconductors, where continuous R&D is crucial [10][11]. - There is a risk of customer concentration, as the company relies heavily on major clients in the new energy battery sector, which could impact its business if these clients change suppliers [12]. R&D and Innovation - The company has a strong focus on R&D, with expenditures amounting to RMB 7,557.83 million, representing 23.41% of its revenue [18]. - The company has obtained 336 patents and 62 software copyrights, showcasing its commitment to innovation and technological advancement [18][19]. Client Relationships - The company has established strong relationships with major clients in various sectors, including new energy batteries and semiconductors, enhancing its market position [22][23]. - The company emphasizes customer service and has built a nationwide marketing network to support its clients effectively [20][21]. Fund Utilization - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage in line with its disclosed plans [24].