Group 1 - The core point of the article highlights the recent decline in the stock price of Gaoce Co., Ltd., which fell by 5.03% to 10.96 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 2.66%, resulting in a total market capitalization of 9.105 billion CNY [1] - Gaoce Co., Ltd. specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials, with its main business revenue composition being: silicon wafer and cutting processing services (48.98%), photovoltaic cutting consumables (23.42%), other cutting equipment and consumables (9.14%), other waste income (8.91%), photovoltaic cutting equipment (7.45%), services and others (2.08%), and rental income (0.02%) [1] Group 2 - Among the top ten circulating shareholders of Gaoce Co., Ltd., one fund from China Europe Fund, the China Europe Digital Economy Mixed Fund A (018993), has recently entered the list, holding 11.0093 million shares, which accounts for 1.33% of the circulating shares, with an estimated floating loss of approximately 6.3854 million CNY [2] - The China Europe Digital Economy Mixed Fund A (018993) was established on September 12, 2023, with a latest scale of 5.274 billion CNY, achieving a year-to-date return of 135.13% and ranking 6th out of 8150 in its category, while its one-year return is 175.4%, ranking 3rd out of 8043 [2]

Group 1 - The photovoltaic equipment sector experienced a decline in the afternoon trading session on November 4, with notable drops in stock prices [1] - Hongyuan Green Energy fell over 7%, while Sunshine Power dropped more than 5% [1] - Other companies such as Dike Co., High Measurement Co., and Tongwei Co. also saw declines in their stock prices [1]

Core Viewpoint - The photovoltaic equipment sector experienced a decline in the afternoon trading session, with several companies showing significant drops in their stock prices [1] Company Performance - Hongyuan Green Energy saw a decline of over 7% [1] - Sunshine Power dropped by more than 5% [1] - Other companies such as Dike Co., High Measurement Co., and Tongwei Co. also experienced declines in their stock prices [1]

Core Viewpoint - Gaoce Co., Ltd. has experienced a stock price increase of 43.69% year-to-date, despite a recent decline of 2.17% on November 4, with a current share price of 11.29 CNY [1] Financial Performance - For the period from January to September 2025, Gaoce Co., Ltd. reported a revenue of 2.431 billion CNY, a year-on-year decrease of 29.17%, and a net profit attributable to shareholders of -81.63 million CNY, a decline of 139.76% [2] - The company has distributed a total of 925 million CNY in dividends since its A-share listing, with 878 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Gaoce Co., Ltd. increased by 7.50% to 21,700, with an average of 38,279 circulating shares per shareholder, up by 0.95% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.7984 million shares, an increase of 4.2482 million shares from the previous period [3] Market Activity - On November 4, 2023, the stock saw a trading volume of 58.4171 million CNY, with a turnover rate of 0.62% and a total market capitalization of 9.379 billion CNY [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 59.9678 million CNY on May 8 [1]

Market Overview - The photovoltaic equipment sector experienced a decline of 0.59% on October 31, with Micro导纳米 leading the losses [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included 弘元绿能, which rose by 10.00% to a closing price of 29.48, and 高测股份, which increased by 4.95% to 11.45 [1] - Conversely, 微导纳米 saw a significant drop of 4.96%, closing at 49.87, while 阿特斯 fell by 4.62% to 15.50 [2] Trading Volume and Capital Flow - The trading volume for 弘元绿能 was 158,200 shares, with a transaction value of 466 million yuan, while 高测股份 had a volume of 542,500 shares and a value of 624 million yuan [1] - The photovoltaic equipment sector experienced a net outflow of 2.914 billion yuan from institutional investors, while retail investors saw a net inflow of 2.858 billion yuan [2] Individual Stock Capital Flow - 安彩高科 had a net inflow of 72.155 million yuan from institutional investors, while retail investors had a net outflow of 47.600 million yuan [3] - 弘元绿能 also saw a net inflow of 70.382 million yuan from institutional investors, with retail investors experiencing a net outflow of 34.266 million yuan [3]

证券代码：688556 证券简称：高测股份 青岛高测科技股份有限公司 2025 年第三次临时股东会会议资料 2025 年 11 月 1 / 10 青岛高测科技股份有限公司 2025 年第三次临时股东会会议资料 青岛高测科技股份有限公司 2025 年第三次临时股东会会议资料 青岛高测科技股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股 东会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《青 岛高测科技股份有限公司章程》等相关规定，特制定公司 2025 年第三次临时股 东会会议须知： | | | 七、会议主持人可安排公司董事、高级管理人员回答股东所提问题。对于可 能将泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持 人或其指定的有关人员有权拒绝回答。 3 / 10 一、为保证本次股东会的严肃性和正常秩序，切实维护参会股东的合法权 益，除出席股东会的股东、股东代理人、公司董事、公司高级管理人员、股东会 见证律师及公司董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 二、为确认本次股东会出席者的出席资格，会 ...

中信建投证券股份有限公司 关于青岛高测科技股份有限公司 向客户提供担保的核查意见 中信建投证券股份有限公司作为青岛高测科技股份有限公司（以下简称"高 测股份、"公司"）的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》等相关规定，对公司本次向客户提供担保事项进行了审 慎核查，具体情况如下： 一、担保情况概述 （一）担保基本情况 为进一步促进公司业务的开展，加快公司资金回笼，公司拟与青岛银行股份 有限公司（以下简称"青岛银行"或"债权人"）开展合作，公司客户曲靖阳光 新能源股份有限公司（以下简称"曲靖阳光"）拟向青岛银行申请总计不超过人 民币 5,000 万元的银行贷款，贷款期限不超过 18 个月，贷款资金将专项用于支 付曲靖阳光对高测股份的应付账款。 曲靖阳光实际控制人谭文华及其配偶赵秀芹、曲靖阳光实际控制人谭鑫及其 配偶陈曼、曲靖阳光全资子公司锦州佑华硅材料有限公司（以下简称"锦州佑华"） 为该笔贷款向青岛银行提供连带责任保证担保，高测股份为该笔贷款提供连带责 任保证担保。同时，曲靖阳光实际控制人谭文华及 ...

Summary of the Conference Call for Gaoce Co., Ltd. Company Overview - **Company**: Gaoce Co., Ltd. - **Date**: October 29, 2025 Key Points Financial Performance - **Net Profit**: For the first three quarters of 2025, the company reported a net loss of 81.63 million yuan, a year-on-year decline of 139%. However, in Q3, the net profit was 6.92 million yuan, showing a year-on-year increase of 110% and a quarter-on-quarter increase of 148% [2][3] - **Total Revenue**: The total revenue for the first three quarters was 2.431 billion yuan, a year-on-year decrease of 29%. Q3 revenue was 979 million yuan, a year-on-year increase of 24.71% and a quarter-on-quarter increase of 27.81% [3] - **Gross Margin**: The gross margin for the first three quarters was 12.49%, down 10.49 percentage points year-on-year. In Q3, the gross margin improved to 13.58%, up 1.39 percentage points year-on-year [3] Revenue Breakdown - **Revenue Composition**: - Slicing services accounted for 52% of total revenue - Diamond wire revenue accounted for 23% - Photovoltaic equipment revenue accounted for 5% - Innovative business revenue (including semiconductors and silicon carbide) accounted for 8.74% [2][4][5] Product Performance - **Diamond Wire Shipment**: In the first three quarters, the company shipped approximately 49 million kilometers of diamond wire, with tungsten wire accounting for 77.29% and carbon wire for 17.06% [6] - **Silicon Wafer Cutting Sales**: The silicon wafer cutting sales reached 43.9 GW for the year, with Q3 sales at 17.9 GW, significantly exceeding last year's total [6] Inventory and Cost Management - **Inventory Increase**: Inventory rose to 1.045 billion yuan by the end of Q3, primarily due to increased shipments of tungsten wire and inventory buildup to support the silicon rod segment [7] - **Price Adjustment Strategy**: The company intends to raise prices on some products to restore reasonable profits but will do so gradually through reduced discounts rather than large-scale price hikes [9] Industry Outlook - **Market Dynamics**: The company believes that specialized manufacturers will have advantages in the future industry landscape, focusing on cost control, quality, and delivery capabilities to enhance customer loyalty [12] - **Competition and Pricing**: The company does not foresee significant price reductions in the industry due to existing guidelines to maintain price stability. The focus will be on cost and quality competition [9] Future Projections - **Q4 Expectations**: Although Q4 customer production plans are not yet clear, the company anticipates that the situation will be more optimistic than Q3, despite potential slight declines in November due to customer scheduling uncertainties [29][26] - **Long-term Equipment Demand**: The company remains optimistic about future equipment market demand, particularly as existing equipment approaches the end of its useful life, leading to replacement needs [31] R&D and Innovation - **R&D Investment**: The company invested 132 million yuan in R&D in the first three quarters, indicating a commitment to innovation despite current financial challenges [3] - **Robotics Development**: The company is actively developing robotic technologies, including gear reducers, and is focused on enhancing automation and digital capabilities [17][20] Risk Management - **Accounts Receivable Risks**: The company maintains a strong customer structure to mitigate risks associated with accounts receivable and has strict controls over risky clients [10] - **Payment Terms**: The company continues to enforce standard payment terms of two to three months, with some flexibility based on market conditions [11] Conclusion - **Overall Performance**: The company has shown significant improvement in profitability in Q3, with a focus on enhancing operational efficiency and customer relationships. The outlook for the future remains cautiously optimistic, with strategic plans in place to navigate market challenges and capitalize on growth opportunities in both the photovoltaic and robotics sectors [28][32]

Group 1 - The core point of the article is that Gaoce Co., Ltd. (688556.SH) reported a significant decline in its financial performance for the first three quarters of 2025, with total operating revenue of 2.431 billion yuan, a year-on-year decrease of 29.17% [1] - The net profit attributable to shareholders of the parent company was -81.6347 million yuan, compared to a net profit of 205 million yuan in the same period last year [1] - The basic earnings per share for the company was -0.11 yuan [1]

Company Summary - Gaoce Co., Ltd. (SH 688556) announced that as of October 22, 2025, the actual guarantee balance of the company and its controlling subsidiaries is approximately 185 million yuan, accounting for 5.03% of the latest audited net assets and 2.39% of total assets [1] - The guarantee balance provided by the company to its controlling subsidiaries is approximately 139 million yuan, representing 3.78% of the latest audited net assets and 1.79% of total assets [1] - As of the report date, Gaoce Co., Ltd. has a market capitalization of 9 billion yuan [1] Industry Summary - For the fiscal year 2024, the revenue composition of Gaoce Co., Ltd. is as follows: the photovoltaic industry accounts for 89.62%, other businesses account for 6.2%, and additional business activities account for 4.18% [1]