Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and profitability [1] Financial Performance - The company achieved a total operating revenue of 521 million yuan, representing a year-on-year increase of 27.53% [1] - The net profit attributable to shareholders reached 94.03 million yuan, showing a remarkable year-on-year growth of 359.81% [1] - The basic earnings per share were reported at 0.84 yuan [1] Dividend Announcement - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders [1]

证券代码：688392 证券简称：骄成超声 公告编号：2025-049 上海骄成超声波技术股份有限公司 关于 2025 年前三季度利润分配方案的公告 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： 每股分配比例：上海骄成超声波技术股份有限公司（以下简称"公司"） 拟向全体股东每 10 股派发现金红利 2.00 元（含税），不进行资本公积金转增股 本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中股份数量后的股份总数为基数，具体日期将在权益分派实施公告 中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股利 润分配比例不变，相应调整利润分配总额，并将另行公告具体调整情况。 金额占 2025 年前三季度归属于上市公司股东的净利润的比例为 24.00%。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股、 回购股份、股权激励授予股份回购注销、重大资产重组股份回购注销等致使公 司总股本发生变动的，公司拟维持每股利润分配比例不变，相应调整利润分 ...

Group 1 - The core viewpoint of the news is that Jiao Cheng Ultrasound has reported significant growth in its third-quarter performance for 2023, indicating strong financial health and operational efficiency [1]. - For the first three quarters of 2023, the company's revenue reached approximately 521 million yuan, representing a year-on-year increase of 27.53% [1]. - The net profit attributable to shareholders of the listed company was about 94.03 million yuan, showing a remarkable year-on-year increase of 359.81% [1]. Group 2 - As of the report date, Jiao Cheng Ultrasound has a market capitalization of 13.6 billion yuan [2]. - The A-share market has recently surpassed the 4000-point mark, indicating a significant market resurgence after a decade of stagnation, with technology stocks leading the way [2].

Financial Performance - The company's operating revenue for the third quarter reached ¥197,724,152.43, representing a year-on-year increase of 20.16%[3] - The total profit for the third quarter was ¥36,675,496.64, a significant increase of 144.14% compared to the same period last year[3] - The net profit attributable to shareholders for the third quarter was ¥35,988,998.80, reflecting a year-on-year growth of 136.81%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was ¥29,894,364.75, with an impressive increase of 288.55%[3] - Basic earnings per share for the third quarter were ¥0.32, up 146.15% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥520,517,440.41, a 27.5% increase from ¥408,165,580.05 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was ¥86,964,078.78, compared to ¥19,939,735.75 in 2024, marking a significant increase[19] - Earnings per share for the first three quarters of 2025 was ¥0.84, up from ¥0.18 in the same period of 2024[19] - The company reported a total comprehensive income of ¥87,008,604.73 for the first three quarters of 2025, compared to ¥19,937,620.30 in 2024[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,334,802,625.35, marking a 9.86% increase from the end of the previous year[4] - As of September 30, 2025, total assets amounted to RMB 2,334,802,625.35, an increase from RMB 2,125,272,452.34 as of December 31, 2024, reflecting a growth of approximately 9.87%[13] - Current assets totaled RMB 2,006,248,453.83, up from RMB 1,873,354,608.87, indicating an increase of about 7.14%[13] - Total liabilities rose to RMB 516,902,508.65 from RMB 423,849,668.48, marking an increase of about 21.93%[14] - Total liabilities rose to ¥535,676,960.78 from ¥433,864,205.39, reflecting increased financial obligations[15] - The company’s total liabilities to total assets ratio is approximately 22.14%, indicating a relatively low leverage position[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥33,736,843.61[3] - Cash flow from operating activities generated a net amount of ¥33,736,843.61, a recovery from a negative cash flow of ¥84,419,732.30 in 2024[22] - The company’s cash inflow from operating activities totaled ¥495,064,206.46, up from ¥304,210,189.28 in the previous year[22] - Net cash flow from investing activities was -$207.81 million, compared to -$264.53 million in the previous period, indicating an improvement of approximately 21.4%[23] - Total cash inflow from financing activities was $250.22 million, up from $217.07 million, representing an increase of about 15.3%[23] - Net cash flow from financing activities was $22.01 million, a significant recovery from -$121.58 million in the prior period[23] - The ending balance of cash and cash equivalents was $700.01 million, down from $778.57 million, reflecting a decrease of approximately 10%[23] - Cash outflow for debt repayment was $180 million, slightly decreased from $192.55 million, showing a reduction of about 6.5%[23] - Cash paid for dividends and interest was $43.41 million, compared to $27.41 million, marking an increase of approximately 58.4%[23] Research and Development - Research and development expenses totaled ¥42,681,121.44 for the quarter, accounting for 21.59% of operating revenue[4] - Research and development expenses increased to ¥118,259,418.61 from ¥106,061,500.74, indicating a focus on innovation[18] Shareholder Information - The company reported a total of 8,133 common shareholders at the end of the reporting period[9] - The company reported a total of 2,908,936 shares held in the repurchase special securities account, accounting for 2.51% of the total share capital[12] - Total equity attributable to shareholders increased to ¥1,800,069,241.82 from ¥1,691,390,028.35, showing growth in shareholder value[15] Corporate Governance - The board of directors announced the financial results on October 28, 2025, indicating ongoing corporate governance and transparency[25] - The company did not adopt new accounting standards starting in 2025, maintaining current reporting practices[24]

Core Points - Jiao Cheng Ultrasonic experienced a decline of 5.07%, trading at 114.50 CNY per share, with a total market capitalization of 13.251 billion CNY as of October 28 [1] - The company 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] Company Overview - Jiao Cheng Ultrasonic was established on February 13, 2007, and went public on September 27, 2022 [1] - The revenue composition of the company includes: - 31.42% from parts - 25.86% from ultrasonic equipment for new energy batteries - 18.51% from services and others - 13.92% from ultrasonic equipment for wire harness connectors - 8.03% from semiconductor ultrasonic equipment - 2.09% from non-metal ultrasonic equipment - 0.18% from other supplementary sources [1] Fund Holdings - Huatai-PB Fund holds a significant position in Jiao Cheng Ultrasonic, with its Huatai-PB Value Growth Mixed A Fund (460005) maintaining 193,900 shares, unchanged from the previous period, representing 1.89% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.1845 million CNY as of the latest update [2] - The Huatai-PB Value Growth Mixed A Fund was established on July 16, 2008, with a current size of 785 million CNY and has achieved a year-to-date return of 45.81% [2]

Group 1 - The core transaction on October 23 involved a block trade of 41,000 shares of Jiao Cheng Ultrasonic, with a transaction value of 4.0365 million yuan, at a price of 98.45 yuan, representing a discount of 12.49% compared to the closing price of the day [2] - In the last three months, the stock has seen a total of 12 block trades, with a cumulative transaction value of 45.7303 million yuan [3] - The closing price of Jiao Cheng Ultrasonic on the day of the transaction was 112.50 yuan, reflecting a decrease of 0.71%, with a daily turnover rate of 2.74% and a total transaction amount of 351 million yuan [3] Group 2 - The latest margin financing balance for the stock is 307 million yuan, which has decreased by 33.4642 million yuan over the past five days, representing a decline of 9.84% [4] - Jiao Cheng Ultrasonic was established on February 13, 2007, with a registered capital of 115.73336 million yuan [4]

Core Insights - On October 23, 2023, Jiao Cheng Ultrasound executed a block trade of 41,000 shares, amounting to a transaction value of 4.0365 million yuan, which represented 1.14% of the total trading volume for the day [1] - The transaction price was 98.45 yuan per share, reflecting a discount of 12.49% compared to the market closing price of 112.5 yuan [1]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Insights - The company is a domestic ultrasonic technology platform enterprise with diversified business growth, focusing on applications in various sectors such as power batteries, semiconductors, automotive, and tires [2][16] - In the first half of 2025, the company achieved revenue of 323 million yuan, a year-on-year increase of 32.50%, and a significant increase in net profit attributable to the parent company [2][27] - The company has maintained a research and development expense ratio exceeding 20% for two consecutive years, leading to technological breakthroughs and business expansion [2][23] Summary by Sections 1. Ultrasonic Technology Platform Enterprise - The company has established a comprehensive ultrasonic technology platform since its founding in 2007, providing solutions for various industries [16] - The actual controller has a strong technical background and has led the company to maintain high R&D investment [19][23] - The company’s revenue in 2024 was 585 million yuan, with a year-on-year growth of 11.30%, and the first half of 2025 showed a continued upward trend [27] 2. Lithium Battery Business - The lithium battery business benefits from downstream recovery and technological changes, with significant demand from leading manufacturers like CATL and BYD [2][39] - The company’s ultrasonic welding technology has distinct advantages over traditional methods, particularly in multi-layer ear welding [36] - The company is positioned as a key supplier for major battery manufacturers, enhancing its market competitiveness [39][40] 3. Semiconductor and Automotive Business - The semiconductor and automotive sectors are experiencing rapid growth due to domestic production acceleration, with the wire harness business expected to grow significantly [3][4] - The company provides comprehensive ultrasonic application solutions for the semiconductor market, benefiting from increased domestic production rates [3][4] 4. Parts and Consumables Business - The company has a high self-manufacturing rate for key components, providing stable cash flow from its consumables business [3][5] - The consumables business is expected to grow steadily as the installed base of equipment increases across various industries [3][5] 5. Profit Forecast and Valuation Analysis - The company is expected to see net profits of 137 million yuan, 212 million yuan, and 305 million yuan from 2025 to 2027, with corresponding year-on-year growth rates of 59.5%, 54.7%, and 43.8% [6][8] - The projected EPS for the same period is 1.18 yuan, 1.83 yuan, and 2.63 yuan, with a PE ratio of 96, 62, and 43 times respectively [6][8]

Group 1: Baia Co., Ltd. - Douyin remains a crucial platform for brand exposure and customer acquisition, with increased investment in Xiaohongshu showing positive trends [1] - Instant retail is growing rapidly, becoming a significant emerging channel with potential for new industry dividends [1] - The company reported over 100% revenue growth in the first three quarters, with a potential increase in net profit margin due to channel cost dilution [1] Group 2: Jiao Cheng Ultrasonic - The company provides comprehensive solutions in the power semiconductor field, including ultrasonic welding machines and scanning microscopes, with bulk shipments already made [2] - Ultrasonic detection offers irreplaceable advantages in wafer and advanced packaging defect detection, complementing X-ray detection [2] - The company is expanding into solid-state battery equipment and has received orders for ultrasonic solid crystal machines, highlighting its competitive edge in low-temperature and efficient solutions [2] Group 3: Siyuan Electric - The company is confident in achieving its annual target, with a 25% growth in orders, and progress is on track as of September [3] - Overseas orders are growing faster than average, while domestic orders in systems, renewable energy, and energy storage are also meeting expectations [3] - The company is collaborating on the IGCT project with Huairou Laboratory to advance industrialization, although new products will have a limited short-term revenue impact [3]

Group 1: Company Insights - iFlytek has accumulated over 50TB of industry corpus and over 1 billion daily user interactions, enhancing its data quality and multi-modal capabilities with the upgrade of its "Xunfei Spark Model" to version 4.0, which competes with GPT-4 Turbo [1] - Baiya Co. has seen over 100% revenue growth in the first three quarters, with a significant contribution from its health product series, which accounts for over 50% of revenue, and is expanding its product scale and upgrades [2] - Tunan Co. reported a decrease in net profit due to increased production but delayed revenue recognition, with a current order backlog corresponding to approximately 1.75 billion yuan [3] - Jiao Cheng Ultrasonic is advancing in the power semiconductor field with a range of welding machines and is developing equipment for solid-state batteries, benefiting from the electric and intelligent development trends [4] - Ben Gang Steel is focusing on high-value product development and efficiency improvements, with its automotive steel recognized as a benchmark in the industry [5] Group 2: Fund Insights - Quan Guo Fund, established in 2022, has an asset management scale of 22.384 billion yuan, ranking 119th among 210 public funds, with its best-performing product showing a 35.14% growth over the past year [5]