Core Viewpoint - The company, Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd., has shown significant growth in revenue and net profit, indicating strong operational performance in the ultrasonic equipment sector [2]. Group 1: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 521 million yuan, representing a year-on-year growth of 27.53% [2]. - The net profit attributable to the parent company reached 94.03 million yuan, marking a substantial increase of 359.81% year-on-year [2]. - As of December 31, the company’s financing balance was 379 million yuan, accounting for 2.92% of its market capitalization, which is above the 90th percentile of the past year [1]. Group 2: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 8,133, up by 71.84% from the previous period [2]. - The average circulating shares per person decreased by 4.81% to 14,230 shares [2]. - The company has distributed a total of 167 million yuan in dividends since its A-share listing [3]. Group 3: Market Activity - On December 31, the company’s stock price fell by 2.00%, with a trading volume of 284 million yuan [1]. - The financing buy amount on that day was 30.81 million yuan, while the financing repayment was 31.29 million yuan, resulting in a net financing outflow of 479,300 yuan [1]. - The company had a total of 3,400 shares available for short selling, with a short selling balance of 381,500 yuan, which is below the 50th percentile of the past year [1].

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" ...

差异化分红事项的核查意见 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 开发行股票并上市持续督导保荐机构，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 等相关法律、行政法规、部门规章及其他规范性文件的相关规定，对公司 2025 年前三季度利润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关 事项进行了审慎核查，并出具核查意见如下： 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 根据《上市公司股份回购规则》等规定，上市公司回购专用证券账户中的股 份，不享有股东大会表决权、利润分配等权利。因此，公司回购专用证券账户中 1 的股份将不参与公司本次利润分配，故本次申请实施差异化权益分派。 二、本次差异化分红方案 一、本次差异化分红的原因 公司于 2024 年 2 月 4 日召开第一届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于人民币 5,000 万元、不超过人民币 10,000 ...

证券代码：688392 证券简称：骄成超声 公告编号：2025-052 上海骄成超声波技术股份有限公司 2025年前三季度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/12/25 | 2025/12/26 | 2025/12/26 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经上海骄成超声波技术股份有限公司（以下简称"公司"） 2025 年 5 月 6 日的2024年年度股东大会授权董事会在符合利润分配的前提条件下 具体制定，并经 2025 年 10 月 28 日召开的第二届董事会第十一次会议审议通过。 二、分配方案 1、发放年度：2025年前三季度 2、分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （上海骄成超声波技术股份有限公司回购专用证券账户除外）。 根 ...

Core Viewpoint - The company has filed a lawsuit against Saqi Intelligent Equipment Co., Ltd. and Anhui Jichi Tire Co., Ltd. regarding a sales contract dispute, seeking payment of outstanding debts totaling 48.7971 million yuan and overdue payment penalties [1] Group 1 - The lawsuit was filed in the Minhang District People's Court of Shanghai [1] - As of September 30, 2025, the company has made a provision for bad debts amounting to 4.3189 million yuan [1] - There is a potential risk for further provisions, which may adversely affect the company's performance [1]