Core Viewpoint - The company, 日联科技 (688531.SH), has successfully acquired land use rights for a project, which aligns with its long-term strategic planning and operational development needs [1] Group 1: Land Acquisition - The company obtained a land use right through a bidding process on October 29, 2025, and signed a contract with the Wuxi Natural Resources and Planning Bureau on November 10, 2025 [1] - The land price for this acquisition is 25.12 million yuan [1] Group 2: Strategic Development - Following the acquisition, the company plans to strictly adhere to its strategic plan and steadily advance the construction of the project [1] - The company will continue to focus on its core business, enhance research and development investments, and actively expand its business scale to achieve expected investment returns [1] - This investment is expected to help expand the company's production capacity and improve its market competitiveness [1]

Core Viewpoint - The company, RIKEN Technology (688531.SH), has successfully acquired land use rights through a bidding process, which is expected to enhance its production capacity and market competitiveness [1] Group 1: Land Acquisition - The company obtained a notice of successful bidder on October 29, 2025, and signed a land use rights transfer contract with the Wuxi Natural Resources and Planning Bureau on November 10, 2025 [1] - The land price for this acquisition is 25.12 million yuan [1] Group 2: Strategic Development - Following the acquisition, the company plans to adhere to its strategic planning and steadily advance the construction of the project [1] - The company will continue to focus on its core business, increase R&D investment, and actively expand its business scale to achieve expected investment returns [1] - This investment aligns with the company's long-term strategic planning and operational development needs [1]

Summary of the Conference Call for 日联科技 Company Overview - **Company**: 日联科技 (Riyuan Technology) - **Industry**: Integrated circuits and electronic manufacturing, X-ray detection equipment, new energy battery testing equipment Key Financial Performance - **Revenue**: 7.36 billion RMB for the first three quarters of 2025, a year-on-year increase of 41.54% [2][4] - **Quarterly Revenue**: 2.77 billion RMB in Q3 2025, a year-on-year increase of 54.57% [2][4] - **Net Profit**: 1.25 billion RMB, a year-on-year increase of 18.83% [4] - **Net Profit (Excluding Non-recurring Items)**: 0.96 billion RMB, a year-on-year increase of 41.54% [4] - **Gross Margin**: - Integrated circuits and electronic manufacturing X-ray detection equipment: 48% [2] - New energy battery testing equipment: 32.82% [2] Business Segmentation - **Integrated Circuits and Electronic Manufacturing**: - Revenue: 3.36 billion RMB, 45.62% of total revenue, year-on-year growth of 51.23% [5] - **New Energy Battery Testing Equipment**: - Revenue: 1.63 billion RMB, 22.10% of total revenue, year-on-year growth of 63.41% [5] - **Other Segments**: - Castings, welding, and materials: 1.38 billion RMB, 18.71% of total revenue, year-on-year growth of 16% [5] - Food foreign object detection equipment: 0.17 billion RMB, approximately 2% of total revenue, year-on-year growth of 56% [5] Order and Market Demand - **New Orders**: 10 billion RMB in new orders signed in the first three quarters of 2025, with an average of over 1 billion RMB per month [2][7] - **Market Demand**: Strong market demand indicated by sustained monthly order levels [2] Strategic Developments - **Product Launch**: Successful small-batch shipment of nano-level open-tube X-ray detection equipment, breaking foreign monopolies [2][8] - **Acquisition of SSTI**: Completed acquisition of Singapore's SSTI, a semiconductor testing and diagnostic equipment supplier, expected to bring technological and market synergies [2][9] - **Other Acquisitions**: Acquired Creative Innovation Electronics and Zhuhai Jiuyuan to enhance channel, customer service, and technical synergies [2][14] Future Growth Strategies - **International Expansion**: Plans to increase overseas revenue from over 10% to over 30% in the next 3-5 years through expanding overseas targets and enhancing overseas capacity [3][26][28] - **Technological Synergies**: Combining strengths in semiconductor defect diagnosis and analysis with SSTI's capabilities to enhance market competitiveness [10][12] Market Position and Trends - **Market Size**: The high-end semiconductor integrated circuit testing market has an annual demand of approximately 1-1.4 billion RMB, with significant growth potential for 日联科技 [17] - **Lithium Battery Business**: Revenue growth of 4% in 2024 despite industry downturn, with a threefold increase in order volume in 2025 [18][19] - **Industrial Detection Growth Logic**: Driven by increasing downstream industrial detection demand, particularly in emerging fields like AI and new energy batteries [22] Operational Capacity and Challenges - **Production Capacity**: Expected to exceed 3,000 units in 2025, with current capacity at around 2,000 units [23] - **Labor Shortage**: Skilled labor shortage is a significant bottleneck due to the manual nature of ray source manufacturing [23] Conclusion 日联科技 is positioned for robust growth with strong financial performance, strategic acquisitions, and a focus on expanding its international presence and technological capabilities in the semiconductor and industrial detection markets. The company is well-placed to capitalize on emerging market trends and increasing demand across various sectors.

Core Viewpoint - The stock of Risen Technology has experienced a significant increase of 96.17% year-to-date, but has recently seen a decline of 5.36% over the past five trading days, indicating potential volatility in the stock price [1]. Group 1: Company Overview - Risen Technology Group Co., Ltd. is a leading domestic supplier of industrial X-ray intelligent detection equipment, established on July 22, 2009, and listed on March 31, 2023 [2]. - The company's main business includes the research, production, sales, and service of micro-focus and high-power X-ray intelligent detection equipment, with applications in integrated circuits, electronic manufacturing, new energy batteries, and materials testing [2]. - The revenue composition of Risen Technology includes: X-ray intelligent detection equipment (47.07%), integrated circuits and electronic manufacturing (24.31%), new energy battery testing (11.24%), castings and welds testing (10.58%), spare parts and others (5.81%), and other X-ray detection equipment (0.94%) [2]. Group 2: Financial Performance - For the period from January to September 2025, Risen Technology achieved an operating income of 737 million yuan, representing a year-on-year growth of 44.01%, and a net profit attributable to shareholders of 125 million yuan, with a year-on-year increase of 18.83% [2]. - Since its A-share listing, Risen Technology has distributed a total of 177 million yuan in dividends [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Risen Technology was 9,895, an increase of 2.51% from the previous period, with an average of 10,809 circulating shares per person, a decrease of 2.45% [2]. - Notable new institutional shareholders include Huatai-PineBridge Minying Vitality Mixed Fund, holding 1.5597 million shares, and Hong Kong Central Clearing Limited, holding 1.4629 million shares [3].

证券代码：688531 证券简称：日联科技 公告编号：2025-067 日联科技集团股份有限公司 二、说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 14 日（星期五） 下午 13:00-14:00 （二） 会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 关于召开 2025 年第三季度业绩说明会的公告 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： 日联科技集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日下午 13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情 ...

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,976.52, up by 0.55% [4] - The report highlights the performance of various sectors, including power equipment and new energy, with significant developments in companies like JianTou Energy and others [4][10] Industry Commentary - The power equipment and new energy sector is focusing on multi-energy integration, emphasizing wind, solar, water, and nuclear energy during the 14th Five-Year Plan [6][8] - The National Energy Administration outlined five key areas for the development of new energy during the 14th Five-Year Plan, including expanding supply and improving consumption levels [8] Company Analysis - JianTou Energy reported a significant increase in Q3 earnings, with a net profit of 6.86 billion yuan, up 566.79% year-on-year, driven by cost optimization and stable electricity demand [12][13] - The company plans to enhance its competitive edge through a capital increase to support the construction of the Xibaipo Power Plant, which will utilize advanced coal-fired power generation technology [15] - The report indicates that JianTou Energy's revenue for the first three quarters reached 164.82 billion yuan, a 4.51% increase year-on-year [12] Price Tracking - The report provides insights into the pricing trends of various materials, including polysilicon, silicon wafers, and battery components, indicating a stable pricing environment despite fluctuations in demand [11][9][11] - The average price of polysilicon remains stable at 52.0 yuan/kg, while silicon wafer prices are also holding steady, suggesting a balanced supply-demand scenario [8][9] Investment Recommendations - The report recommends focusing on companies involved in new technologies and supply-side improvements, such as Aiko Solar and Longi Green Energy, while also highlighting opportunities in energy storage and market-oriented electricity sectors [11][12] - Companies like Xinyi Solar and Tongwei Co. are suggested for their strong market positions and growth potential in the renewable energy sector [11][12]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a focus on semiconductor supply chains benefiting from eased export controls and AI commercialization driven by technological breakthroughs [4][10]. Core Insights - The easing of US-China tech tensions provides a one-year buffer for the global high-tech supply chain, with the US pausing the "50% penetration rule" and China delaying export controls on rare earths, creating certainty for the flow of key tech components [4][10]. - NVIDIA's GTC conference showcased significant advancements, including the launch of the Vera Rubin chip with a performance increase of 3.3 times, and plans for further enhancements by 2027 [4][10]. - Domestic breakthroughs in AI computing power are highlighted by Moore Threads' successful IPO, raising RMB 8 billion for AI chip development, marking a significant step towards technological autonomy [4][10]. Summary by Sections Investment Recommendations - Key investment targets include Wuxi Unicomp Technology, Beijing Kingsoft Office Software, Hand Enterprise, Hikvision, Newland Digital Technology, Autel, Hygon, with Dawning Information Industry as a related target [4][10]. Market Developments - The report notes that international cooperation and self-sufficiency are emerging as dual tracks in global AI computing power development, with NVIDIA's agreements in South Korea significantly boosting local AI infrastructure [4][10]. Financial Projections - The report includes earnings per share (EPS) forecasts for recommended companies, with notable figures such as Wuxi Unicomp Technology projected to have an EPS of 1.30 in 2025, and Hikvision with an EPS of 1.47 in the same year [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated continuous high growth in performance, with a significant increase in orders driven by favorable conditions in downstream industries such as lithium batteries and electronic semiconductors [2] - The company has successfully developed and mass-produced the first domestic open tube X-ray equipment, which enhances its capabilities in high-end semiconductor testing and reduces reliance on imports [3] - The company is advancing its global M&A strategy, having acquired SSTI, a leader in high-end semiconductor fault analysis equipment, which is expected to enhance its performance and expand its business in high-end semiconductor testing [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 737 million yuan, a year-on-year increase of 44.01%, and a net profit attributable to shareholders of 125 million yuan, up 18.83% [2] - The company forecasts net profits of 178 million, 317 million, and 462 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.08, 1.91, and 2.79 yuan [2] - The projected revenue for 2025 is 1.178 billion yuan, reflecting a year-on-year growth of 59.3% [6] Strategic Developments - The company is focusing on enhancing its core components, AI, and testing equipment capabilities, including a strategic partnership with Silan Technology to develop specialized computing chips for industrial testing [3] - The acquisition of SSTI is expected to contribute an average after-tax profit of no less than 62.7 million yuan from 2026 to 2028, further solidifying the company's position in the high-end semiconductor testing market [4]

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [6]. Core Insights - The company has shown impressive growth in new orders, with a significant increase in revenue and net profit for Q3 2025, achieving a revenue of 737 million yuan (up 44.01% year-on-year) and a net profit of 125 million yuan (up 18.83% year-on-year) [1][3]. - The company plans to acquire a 66% stake in SSTI, a leading supplier of semiconductor testing and diagnostic equipment, which is expected to enhance its capabilities in the high-end semiconductor testing equipment market [4][7]. - The company has established strong technical barriers in the industrial X-ray detection field, benefiting from robust demand in various sectors, including electronics, lithium batteries, and automotive components [3][5]. Financial Performance - For the fiscal year 2025, the company is projected to achieve a net profit of 180 million yuan, representing a year-on-year growth of 25.4%, with an expected EPS of 1.08 yuan [9][13]. - The company’s revenue is forecasted to grow significantly, reaching 1.073 billion yuan in 2025, with a gross margin of 43.9% [9][12]. - The company’s contract liabilities reached 97 million yuan by the end of Q3 2025, reflecting a year-on-year increase of 46.97%, indicating a strong order backlog [3][4]. Market Position and Strategy - The company has a well-established global presence with three domestic and three overseas bases, enhancing its manufacturing and marketing capabilities [3][5]. - The strategic acquisition of SSTI is aligned with the company's goal of expanding its business boundaries and creating synergies in the semiconductor testing equipment sector [4][7]. - The company is focusing on continuous improvement in its core competencies, including product strength, brand recognition, and channel capabilities, which are expected to drive rapid growth in order scale [7].

Core Viewpoint - On November 3, the company announced that it will not implement a share buyback in October 2025 [2] Group 1 - The announcement was made in an official statement by the company [2]