Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company has experienced a significant decline in revenue and profit in H1 2025, with a revenue of 1.451 billion yuan, down 45.16% year-on-year, and a net profit of -89 million yuan [1]. - The company is rapidly increasing its production capacity for tungsten wire diamond wire, achieving a sales volume of approximately 30.3 million kilometers in H1 2025, with tungsten wire diamond wire accounting for about 77.29% [2]. - The company is actively entering the robotics sector, leveraging its core technology in semiconductor cutting applications and developing key components for humanoid robots, which is expected to provide strong support for long-term growth [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 2.896 billion yuan, 3.457 billion yuan, and 4.053 billion yuan respectively, with corresponding net profits of -34 million yuan, 157 million yuan, and 269 million yuan [4][6]. - The company is expected to achieve a PE ratio of 55x in 2026 and 32x in 2027, indicating potential for growth as it expands into new markets [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 performance shows a sequential improvement, with a recovery in its main business and the robot segment opening a second growth curve [1] - The photovoltaic industry is experiencing a recovery, with the company's core business competitiveness highlighted by its significant market share in wafer processing [7] - The company is actively entering the humanoid robot market, leveraging its core technology in grinding equipment and tungsten wire materials to create new growth opportunities [7] Financial Performance Summary - For 2023, total revenue is projected at 6,184 million yuan, with a year-on-year growth of 73.19%. However, revenue is expected to decline in 2024 and 2025, with forecasts of 4,474 million yuan and 3,817 million yuan respectively [1][8] - The net profit attributable to the parent company is expected to recover from a loss of 44.23 million yuan in 2024 to a profit of 52.54 million yuan in 2025, reflecting a significant year-on-year growth of 218.78% [1][8] - The earnings per share (EPS) is projected to improve from -0.06 yuan in 2024 to 0.07 yuan in 2025, indicating a recovery trend [1][8] Business Segment Analysis - The company's photovoltaic segment faced challenges in H1 2025, with a significant decline in revenue from photovoltaic cutting equipment, down 91.99% year-on-year. However, the segment is expected to benefit from the industry's recovery [7] - The robot business is positioned to capitalize on the growing demand for humanoid robots, with the company developing key components such as planetary roller screws and innovative tungsten wire tendons for robotic hands [7] Market Position and Competitive Advantage - The company is strengthening its leading position in the wafer processing market, benefiting from the trend of "anti-involution" in the photovoltaic manufacturing sector, which is expected to enhance its competitive edge [7] - The integration of equipment, consumables, and processing services creates a closed-loop business model that enhances customer loyalty and establishes a competitive barrier [7]

| 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-066 | | --- | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | | 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上 海证券交易所科创板股票上市规则》和公司《募集说明书》的有关条款，就赎回 有关事项向全体"高测转债"持有人公告如下： 一、赎回条款 青岛高测科技股份有限公司 关于实施"高测转债"赎回暨摘牌的第七次提示性公 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： 特提醒"高测转债"持有人注意在期限内转股或卖出，以避免可能出现的投 资损失。 赎回登记日：2025年9月8日 赎回价格：100.1742元/张 赎回款发放日：2025年9月9日 最后交易日：2025年9月3日 截至2025年9月2日收市后，距离2025年9月3日（"高测转债"最后交易日）仅 剩1个交易日，2025年9月3日为"高测转债"最后一个交易日。 最后转股日：2025年9月8日 截至2025年9月 ...

Core Viewpoint - Gaoce Technology Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential growth opportunities for investors [1]. Company Overview - Gaoce Technology, established on October 20, 2006, is located in Qingdao, Shandong Province, and specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials [1]. Stock Performance - On September 2, Gaoce's stock rose by 5.82%, reaching a price of 11.28 CNY per share, with a trading volume of 659 million CNY and a turnover rate of 8.13%, resulting in a total market capitalization of 8.635 billion CNY [1]. Fund Holdings - The Hive Fund has a significant position in Gaoce shares, with its "Hivetrend Selected Mixed A" fund holding 69,000 shares, accounting for 3.07% of the fund's net value, making it the seventh-largest holding [2]. - The fund has achieved a year-to-date return of 27.57% and a one-year return of 54.81%, ranking 2916 out of 8184 and 2135 out of 7971 in its category, respectively [2]. Fund Manager Profile - Xu Zhan, the fund manager of "Hivetrend Selected Mixed A," has a tenure of over 10 years and has managed assets totaling 16.13 million CNY, with the best fund return during his tenure being 89.04% [2].

Core Points - The company announced the redemption of its convertible bonds, "Gaoce Convertible Bonds," with a redemption price of 100.1742 CNY per bond, effective from September 9, 2025 [1][2] - The last trading day for the bonds is September 3, 2025, and the last conversion day is September 8, 2025 [1][2] - The redemption was triggered as the company's stock price met the condition of being at least 130% of the conversion price for 15 out of 30 trading days [1][2] Redemption Details - Redemption Registration Date: September 8, 2025 [1] - Redemption Price: 100.1742 CNY per bond, which includes accrued interest of approximately 0.1742 CNY [2] - Redemption Payment Date: September 9, 2025 [1][2] - The bonds will be delisted from the Shanghai Stock Exchange on September 9, 2025 [1][2] Conditions for Redemption - The company has the right to redeem the bonds if the stock price conditions are met, specifically if the closing price is at least 130% of the conversion price for 15 trading days [1][2] - The calculation for accrued interest is based on a 1.20% annual interest rate for the period from July 18, 2025, to September 9, 2025 [2] Investor Instructions - Investors are advised to convert or sell their bonds before the last trading day to avoid potential losses [1][2] - The bonds will be frozen after the redemption registration date, and any unconverted bonds will be redeemed at the specified price [2]

| 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-065 | | --- | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | | 青岛高测科技股份有限公司 关于实施"高测转债"赎回暨摘牌的第六次提示性公 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： 特提醒"高测转债"持有人注意在期限内转股或卖出，以避免可能出现的投 资损失。 赎回登记日：2025年9月8日 赎回价格：100.1742元/张 赎回款发放日：2025年9月9日 最后交易日：2025年9月3日 截至2025年9月1日收市后，距离2025年9月3日（"高测转债"最后交易日）仅 剩2个交易日，2025年9月3日为"高测转债"最后一个交易日。 最后转股日：2025年9月8日 截至2025年9月1日收市后，距离2025年9月8日（"高测转债"最后转股日）仅 剩5个交易日，2025年9月8日为"高测转债"最后一个转股日。 本次提前赎回完成后，"高测转债"将自2025年9月9日起在上海证券交易所 ...

蜂巢趋势臻选混合A（019985）成立日期2024年4月23日，最新规模833.56万。今年以来收益27.07%， 同类排名2776/8254；近一年收益57.59%，同类排名1989/8037；成立以来收益42.84%。 蜂巢趋势臻选混合A（019985）基金经理为徐嶒。 截至发稿，徐嶒累计任职时间10年116天，现任基金资产总规模1613.04万元，任职期间最佳基金回报 89.04%， 任职期间最差基金回报-46.77%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月1日，高测股份跌5.05%，截至发稿，报10.52元/股，成交2.41亿元，换手率2.93%，总市值80.53亿 元。 资料显示，青岛高测科技股份有限公司位于山东省青岛市高新区崇盛路66号，成立日期2006年10月20 日，上市日期2020年8月7日，公司主营业务涉及高硬脆材料切割设备和切割耗材的研发、生产和销售。 从基金十大重仓股角度 数据显示，蜂巢基金旗下1只基金重仓高测股份。蜂巢趋势臻选混合 ...

Core Points - The company has announced the redemption and delisting of its convertible bonds, "Gaoce Convertible Bonds," with the last trading day set for September 3, 2025 [2][4][15] - The last conversion date for the bonds is September 8, 2025, after which the bonds will be redeemed at a price of 100.1742 CNY per bond [3][6][10] - The redemption was triggered as the company's stock price met the condition of being at least 130% of the conversion price for 15 out of 30 trading days [5][9] Redemption Details - The redemption price is set at 100.1742 CNY per bond, which includes the face value and accrued interest [10][12] - The accrued interest is calculated based on a 1.20% annual interest rate for a period of 53 days [11][12] - The redemption will take place on September 9, 2025, with the bonds being delisted from the Shanghai Stock Exchange on the same day [4][15] Important Dates - Last trading day: September 3, 2025 [2][14] - Last conversion day: September 8, 2025 [3][14] - Redemption date: September 9, 2025 [6][15] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid potential losses [5][18] - The company will notify bondholders of the redemption process and results through official announcements [13][20]

| 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | | 青岛高测科技股份有限公司 关于实施"高测转债"赎回暨摘牌的第五次提示性公 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： 特提醒"高测转债"持有人注意在期限内转股或卖出，以避免可能出现的投 资损失。 赎回登记日：2025年9月8日 赎回价格：100.1742元/张 赎回款发放日：2025年9月9日 最后交易日：2025年9月3日 截至2025年8月29日收市后，距离2025年9月3日（"高测转债"最后交易日） 仅剩3个交易日，2025年9月3日为"高测转债"最后一个交易日。 最后转股日：2025年9月8日 截至2025年8月29日收市后，距离2025年9月8日（"高测转债"最后转股日） 仅剩6个交易日，2025年9月8日为"高测转债"最后一个转股日。 本次提前赎回完成后，"高测转债"将自2025年9月9日起在上海证券交 ...

Group 1 - The company has announced the early redemption of its convertible bonds "Gaoce Convertible Bonds" due to the stock price meeting the redemption conditions [10][12][9] - The last trading day for the "Gaoce Convertible Bonds" is September 3, 2025, and the last conversion day is September 8, 2025 [21][7] - The redemption price is set at 100.1742 CNY per bond, which includes accrued interest [14][20][17] Group 2 - In the first half of 2025, the company achieved a revenue of 1.451 billion CNY, focusing on cost reduction and efficiency improvement amid a challenging photovoltaic industry [31][32] - The company has maintained its leading market share in photovoltaic cutting equipment and has expanded its production capacity for tungsten wire [32][33] - The company has successfully entered the humanoid robot sector, developing components for robotic applications and establishing a dedicated product line [37][38] Group 3 - The company has reported a total of 1,108 patents and 71 software copyrights as of June 30, 2025, reflecting its commitment to innovation and technology leadership [39][38] - The company is actively implementing a "quality improvement and efficiency return" action plan to enhance shareholder value and maintain stable returns [45][46] - The company has established a robust governance structure to ensure compliance with regulations and protect shareholder interests [42][43]