Group 1 - The core point of the news is that Gaoce Technology Co., Ltd. experienced a stock price decline of 5.11%, with the current share price at 9.66 yuan, a trading volume of 543 million yuan, and a turnover rate of 6.97%, resulting in a total market capitalization of 7.395 billion yuan [1] - Gaoce Technology, established on October 20, 2006, and listed on August 7, 2020, is based in Qingdao, Shandong Province, and specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials [1] Group 2 - From the perspective of major fund holdings, one fund under Hive Fund has a significant position in Gaoce Technology, with the Hive Trend Selection Mixed A Fund (019985) holding 69,000 shares, accounting for 3.07% of the fund's net value, ranking as the seventh largest holding [2] - The Hive Trend Selection Mixed A Fund was established on April 23, 2024, with a latest scale of 8.3356 million yuan, and has achieved a year-to-date return of 23.71%, ranking 3056 out of 8180 in its category [2] - The fund manager, Xu Zhan, has a tenure of 10 years and 119 days, with the fund's total asset scale at 16.1304 million yuan, and the best and worst returns during his tenure being 89.04% and -46.77%, respectively [2]

Core Viewpoint - The article highlights the achievements of Gaoce Co., Ltd. in the context of China's "14th Five-Year Plan," emphasizing its role in technological innovation and industry upgrades since its listing on the STAR Market five years ago [1][6]. Group 1: Company Growth and Strategy - Gaoce Co., Ltd. has leveraged its listing on the STAR Market to deepen its focus on technological innovation and overcome industry bottlenecks, showcasing a successful growth trajectory aligned with the "14th Five-Year Plan" [1][6]. - The company has transitioned from being a niche leader in the photovoltaic silicon wafer cutting sector to a multi-track innovator, expanding into semiconductor, new energy, and high-end equipment sectors [2][3]. - Gaoce has established a platform-based technology system focusing on precision cutting, grinding, and electroplating, moving from "technology following" to "standard defining" [3]. Group 2: Capital Market Support - The STAR Market has provided crucial support for Gaoce's technological innovation and production capacity, enabling the company to convert its technological explorations into actual market competitiveness [4]. - Since its listing, Gaoce has strategically allocated funds raised on the STAR Market towards R&D and industrialization projects, enhancing its resilience during industry cycles [4]. Group 3: Production Capacity and Achievements - Gaoce has made significant investments in production capacity, with multiple projects launched between 2021 and 2024, including a 320 million km capacity for diamond wire and various solar wafer projects totaling 63 GW [5]. - The company has achieved a compound annual growth rate (CAGR) of 56.5% in revenue from 2020 to 2025, reflecting its robust profitability and commitment to shareholder returns through cash dividends totaling 925 million yuan [6]. Group 4: Future Outlook - Looking ahead, Gaoce aims to continue its commitment to R&D, focusing on precision technologies and expanding into frontier fields such as semiconductors and humanoid robotics, with the goal of becoming an international enterprise [7].

Core Points - The company has announced the early redemption and delisting of its convertible bonds, "Gaoce Convertible Bonds" [1][4][16] - The redemption registration date is set for September 8, 2025, and trading of the bonds will cease from September 4, 2025 [2][15] - The last conversion date for the bonds is also September 8, 2025, with only three trading days remaining until this date [3][15] Redemption Details - Upon completion of the early redemption, the "Gaoce Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting September 9, 2025 [4][16] - Investors can either continue trading the bonds in the secondary market within the specified timeframe or convert them at a conversion price of 7.37 CNY per share [4][5] - If not converted, the bonds will be forcibly redeemed at a price of 100.1742 CNY per bond, which includes accrued interest [4][9] Conditions for Redemption - The conditional redemption clause has been triggered as the company's stock price has been above 130% of the conversion price for at least 15 trading days within a 30-day period [5][7] - The redemption price is calculated based on the face value plus accrued interest, which is approximately 0.1742 CNY per bond [11][12] Important Dates - Redemption registration date: September 8, 2025 [2][6] - Last trading day: September 3, 2025 [6][15] - Redemption payment date: September 9, 2025 [14] Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, resulting in a net redemption amount of approximately 100.1394 CNY per bond after tax [17][18]

Key Points - The company, Qingdao Gaoce Technology Co., Ltd., has announced the early redemption of its convertible bonds, "Gaoce Convertible Bonds," due to the stock price meeting the conditions for redemption [1][2] - The redemption date is set for September 8, 2025, with a redemption price of 100.1742 CNY per bond [1][2] - The last trading day for the bonds will be September 3, 2025, and trading will cease from September 4, 2025 [1][2] - The bonds will be delisted from the Shanghai Stock Exchange on September 9, 2025, following the completion of the redemption [1][2] - The company’s stock price has been above 130% of the conversion price for at least 15 trading days, triggering the conditional redemption clause [1][2] - Investors are advised to convert or sell their bonds before the deadline to avoid potential losses, as the market price significantly exceeds the redemption price [1][2]

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。 青岛高测科技股份有限公司 关于实施"高测转债"赎回暨摘牌的第八次提示性公 告 | 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-067 | | --- | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | | 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 自2025年9月4日起，"高测转债"停止交易。 最后转股日：2025年9月8日 截至2025年9月3日收市后，距离2025年9月8日（"高测转债"最后转股日）仅 剩3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摘 牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照7.37元/股 的转股价格进行转 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

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].