Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 737 million yuan in the first three quarters of 2025, representing a year-on-year growth of 44.01%. The net profit attributable to the parent company was 125 million yuan, up 18.83% year-on-year, while the net profit excluding non-recurring items was 96 million yuan, increasing by 41.54% year-on-year [3][4] - The company has a strong order backlog and continues to see growth in orders, driven by its core competitiveness and the rapid increase in new orders from downstream industries [4] - The company plans to acquire 66% of SSTI, a Singapore-based semiconductor testing equipment supplier, which is expected to enhance domestic production capabilities and break foreign technology monopolies in the semiconductor testing equipment sector [6] Financial Performance Summary - For Q3 2025, the company reported a single-quarter revenue of 277 million yuan, a year-on-year increase of 54.57%. The net profit attributable to the parent company was 42 million yuan, up 48.84% year-on-year, and the net profit excluding non-recurring items was 36 million yuan, growing by 126.09% year-on-year. The gross margin for Q3 was 44.23%, a slight decrease of 0.40 percentage points year-on-year [4] - The company forecasts its earnings per share (EPS) to be 1.15 yuan, 1.70 yuan, and 2.43 yuan for the years 2025, 2026, and 2027, respectively [6][13] Product and Market Development - The company has expanded its product line to include various types of X-ray sources, achieving full-spectrum coverage. In the first half of 2025, it launched 8 new X-ray source products, with some already recognized by leading clients in the electronic semiconductor field [5] - The company provides advanced industrial X-ray detection solutions for well-known PCB manufacturers and has also supplied X-ray detection equipment and solutions to some semi-solid battery manufacturers [5]

Group 1 - The stock price of Riheng Technology (688531.SH) fell by 2.43% to 62.65 yuan as of the market close [1] - Riheng Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2023, with an initial public offering (IPO) of 19.851367 million shares at a price of 152.38 yuan per share [1] - The highest price recorded for Riheng Technology's stock since its listing was 241.11 yuan on the first trading day, indicating the stock is currently in a state of decline [1] Group 2 - The total amount raised from the IPO was 302,495.13 million yuan, with a net amount of 273,079.07 million yuan, exceeding the original plan by 213,079.07 million yuan [1] - The company planned to use the raised funds for projects including X-ray source industrialization, construction of an X-ray detection equipment production base in Chongqing, and a research and development center [1] - The total issuance costs for the IPO amounted to 29,416.06 million yuan (excluding tax), with underwriting fees accounting for 26,178.79 million yuan [1] Group 3 - Riheng Technology announced a dividend plan on May 31, 2024, proposing a stock bonus of 4.5 shares for every 10 shares held and a pre-tax dividend of 8 yuan [1] - A subsequent dividend plan was released on July 4, 2025, proposing a stock bonus of 4.5 shares for every 10 shares held and a pre-tax dividend of 6 yuan [2]

Investment Overview - The company, Rilian Technology Group Co., Ltd., approved the investment project for the construction of "Rilian Technology's annual production of 3,000 sets of industrial ray intelligent detection equipment" during the board meeting on October 16, 2025, and plans to purchase land use rights for 43,077 square meters (approximately 64.62 acres) in Wuxi City [2][4]. Project Progress - On October 29, 2025, the company obtained the winning bidder notification and signed the land use rights transfer contract with the Wuxi Natural Resources and Planning Bureau on November 10, 2025 [3][4]. Contract Details - The land transfer contract was signed between the Wuxi Natural Resources and Planning Bureau and Rilian Technology Group Co., Ltd., with a land price of 25.12 million yuan [4]. Impact of Land Acquisition - The acquisition of land use rights is expected to expand the company's production capacity and aligns with its long-term strategic planning and operational development needs. The funding for the project will come from self-owned funds and bank loans, which will not adversely affect the company's main business or financial stability [4]. Land and Project Specifications - The land is located on the east side of the East Canal Road in the Xinwu District, designated for industrial use, covering an area of 43,077 square meters (approximately 64.62 acres), with a planned building area of about 100,000 square meters and a usage period of 50 years [6].

Core Points - The company, Nichiren Technology Group Co., Ltd., announced the approval of a project to purchase land use rights and invest in the construction of a second phase for the production of 3,000 sets of industrial ray intelligent detection equipment annually [1] - The company will acquire 43,077 square meters (approximately 64.62 acres) of land use rights in the Xinwu District of Wuxi City [1] - The management team has been authorized to handle the purchase of land use rights and related project construction matters [1] - The company received a notification of winning the bid on October 29, 2025, and signed the land use rights transfer contract with the Wuxi Natural Resources and Planning Bureau on November 10, 2025 [1]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report highlights a significant growth in the sales of excavators and loaders, with excavator sales reaching 18,096 units in October, a year-on-year increase of 7.8%, and loader sales increasing by 27.7% [12][58] - The humanoid robot sector is experiencing rapid advancements, with companies like Xiaopeng and ZhiYuan launching new models aimed for mass production by 2026 [12][55] - The report emphasizes the resilience of companies like Rihuan Technology and Kangst, which have shown strong revenue growth despite external pressures [3][4][14] Summary by Sections 1. Company Highlights - Rihuan Technology, a leading supplier of industrial X-ray intelligent detection equipment, saw a nearly 100% increase in new orders year-on-year and a 44.01% revenue growth in the first three quarters [3] - Kangst, involved in digital detection instruments, reported a 22.24% increase in revenue and a 30.66% increase in net profit in Q3, demonstrating strong operational resilience [4][14] - Newrui Co., which produces hard alloys and tools, experienced a significant profit increase of 75.40% in Q3, driven by effective cost management amid rising raw material prices [5][15] 2. Industry Trends - The machinery sector is witnessing a broad recovery, with excavator and loader sales showing strong growth, indicating a positive trend in construction and infrastructure investment [12][58] - The humanoid robot market is set for significant growth, with advancements in technology and increasing investments from major companies [12][55] 3. Market Performance - The machinery index saw a slight decline of 0.25% last week, while other major indices like the Shanghai Composite Index increased by 1.08% [16] - The report notes that the machinery industry is experiencing varied performance across sub-sectors, with some segments like power distribution equipment showing strong gains [22] 4. Policy Support - Recent government policies are aimed at enhancing the industrial machinery sector, including support for high-end machine tools and automation technologies [28][35]

Group 1 - The stock price of Riheng Technology (688531.SH) fell by 1.38% to 64.21 yuan as of the market close [1] - Riheng Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2023, with an initial public offering (IPO) of 19.851367 million shares at a price of 152.38 yuan per share [1] - The highest price reached by Riheng Technology on its first trading day was 241.11 yuan, marking the peak since its listing [1] - Currently, Riheng Technology is in a state of share price decline, having fallen below its IPO price [1] Group 2 - The total amount raised from the IPO by Riheng Technology was 302.49513 million yuan, with a net amount of 273.07907 million yuan, exceeding the original plan by 213.07907 million yuan [1] - The company planned to raise 60 million yuan for projects including X-ray source industrialization, a production base in Chongqing, a research and development center, and to supplement working capital [1] - The total issuance costs for the IPO amounted to 29.41606 million yuan (excluding tax), with underwriting fees accounting for 26.17879 million yuan [1] Group 3 - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony at the Shanghai Stock Exchange, changing its A-share name from "Guotai Junan" to "Guotai Haitong" while retaining the A-share code "601211" [2] - Riheng Technology announced a dividend plan on May 31, 2024, proposing a stock bonus of 4.5 shares for every 10 shares held, along with a pre-tax dividend of 8 yuan [2] - A subsequent dividend plan was released on July 4, 2025, proposing a stock bonus of 4.5 shares for every 10 shares held, with a pre-tax dividend of 6 yuan [3]

关于竞得土地使用权并投资建设项目的进展公告 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、项目投资概述 日联科技集团股份有限公司（以下简称"日联科技"或"公司"）于2025 年10月16日召开了第四届董事会第十五次会议，审议通过了《关于拟购买土地 使用权并投资建设项目的议案》，同意公司开展"日联科技年产3000台套工业 射线智能检测设备"项目二期建设，购买无锡市新吴区43,077平方米（约64.62 亩）土地使用权，同时授权公司经营管理层具体负责购买土地使用权及项目建 设相关事宜。 具体内容详见公司于2025年10月17日在上海证券交易所网站（www.sse.com. cn）披露的《关于拟购买土地使用权并投资建设项目的公告》（公告编号： 2025-063）。 二、项目进展情况 公司于 2025 年 10 月 29 日通过招拍挂取得了竞得入选人通知书，2025 年 11 月 10 日按照相关法律规定和法定程序与无锡市自然资源和规划局签署了《国 有建设用地使用权出让合同》（合同编号：3202912025CR0031）。 ...

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.