| 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-068 | | --- | --- | --- | | 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"赎回暨摘牌的第九次提示性公 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 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4日收市后，距离2025年9月8日（"高测转债"最后转股日）仅 剩2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 ...

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 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司名称：青岛高测科技股份有限公司 | | --- | --- | | 保荐代表人姓名：陈昶 | 联系方式：021-68804278 | | | 联系地址：上海市浦东新区浦东南路 528 号 | | | 证券大厦北塔 2206 室 | | 保荐代表人姓名：张世举 | 联系方式：021-68801563 | | | 联系地址：上海市浦东新区浦东南路 号 528 | | | 证券大厦北塔 2206 室 | 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 青岛高测科技股份有限公司（以下简称"高测股份"、"公司"）2022 年度向特定 对象发行股票的持续督导机构，根据《上海证券交易所科创板股票上市规则》等 相关规定，对高测股份进行持续督导。2025 年半年度，中信建投证券对高测股份 的持续督导工作情况总结如下： | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | ...

Group 1 - The core point of the announcement is that Gaoce Co., Ltd. will redeem its convertible bonds ("Gaoce Convertible Bonds") early, with the last conversion date set for September 8, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on September 9, 2025 [2] - Investors can either continue trading the convertible bonds in the secondary market within the specified time or convert them at a price of 7.37 yuan per share [2] - If investors do not take action, they will face a forced redemption at a face value of 100 yuan per bond plus accrued interest, totaling 100.1742 yuan per bond, which may lead to significant investment losses [2]

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23.71%， 同类排名3056/8180；近一年收益50.91%，同类排名2290/7978；成立以来收益39.06%。 蜂巢趋势臻选混合A（019985）基金经理为徐嶒。 9月4日，高测股份跌5.11%，截至发稿，报9.66元/股，成交5.43亿元，换手率6.97%，总市值73.95亿 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A（019985）二季度持有股数6.9万 股，占基金净值比例为3.07%，位居第七大重仓股。根据测算，今日浮亏损失约3.59万元。 截至发稿，徐嶒累计任职时间10年119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 ...

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].