China Chengxin International Credit Rating Co.,Ltd. [2025]304 中诚信国际关于终止青岛高测科技股份有限公司 2025 年 9 月 10 日，公司发布《青岛高测科技股份有限公司关于"高测转 债"赎回结果暨股份变动的公告》称，经公司董事会审议，公司决定行使"高测 转债"的提前赎回权，对赎回登记日登记在册的"高测转债"全部赎回。截至 2025 年 9 月 8 日（赎回登记日）收市，"高测转债"余额为 2,000,000.00 元（20,000 张），占可转债发行总额的 0.41%；共计支付赎回款 2,003,483.36 元（含当期利 息），赎回款发放日为 2025 年 9 月 9 日。截至本公告出具日，"高测转债"已赎 回完毕并完成摘牌，高测股份已无使用中诚信国际评级的存续债券。 根据相关监管制度和《中诚信国际终止评级制度》，经中诚信国际信用评级 委员会审议决定，中诚信国际终止对高测股份的主体信用评级及"高测转债"的 债项信用评级，自本公告发布之日起，上述评级结果失效，并将不再更新其信用 北京市东城区朝阳门内大街南竹杆胡同 2 号银河 SOHO5 号楼 ...

Core Viewpoint - The company has shown signs of recovery in its performance despite the overall pressure in the photovoltaic industry, with significant reduction in losses on a quarterly basis and a gradual improvement in profitability [1] Business Performance - The core business segments have demonstrated strong resilience, with successful overseas delivery of photovoltaic equipment, maintaining the top market share in the industry [1] - The company achieved a shipment volume of 30.3 million kilometers for diamond wire, accelerating its market share growth [1] - The silicon wafer cutting service business produced 26 GW, ranking among the top five in the industry, with a penetration rate increasing to 8.23%, enhancing market competitiveness [1] Innovation and Expansion - The company is accelerating the development of innovative businesses, successfully launching 3C equipment and rapidly expanding into overseas markets, thereby enhancing global supply capabilities [1] - With the deepening of anti-competition policies in the photovoltaic industry, the company's main business profitability is expected to further recover [1] Future Growth Strategies - The company is actively laying out plans for humanoid robotics, aiming to cultivate a new growth curve for long-term sustainable development [1] - The company will continue to increase R&D investment to accelerate the recovery of its main business profitability while deepening its layout in innovative businesses and humanoid robotics [1] - The focus is on unleashing the growth potential of new businesses and continuously strengthening core competitiveness to enhance performance and create long-term investment value for shareholders [1]

Group 1 - The company, Gaoce Co., Ltd. (688556.SH), is planning to develop humanoid robot planetary roller screw grinding equipment starting in the first half of 2025 [1] - The development is currently in the research and development stage and is progressing smoothly [1] - The process from product development to revenue generation typically involves multiple stages, including scheme design, detailed drawings, prototype manufacturing, and prototype testing [1] Group 2 - The company is enhancing technical communication with potential clients to actively promote subsequent progress [1]

Core Viewpoint - The company has shown signs of profit recovery despite pressure from the overall photovoltaic industry environment, with significant reduction in losses on a quarterly basis [1] Group 1: Financial Performance - The company's performance in the first half of the year was under pressure, but there has been a notable reduction in losses quarter-on-quarter [1] - The cutting service business for silicon wafers achieved a production capacity of 26GW, ranking among the top five in the industry, with a penetration rate increasing to 8.23% [1] Group 2: Market Position and Competitiveness - The company maintains its leading position in the photovoltaic equipment sector, achieving successful overseas full-line deliveries and securing the highest market share [1] - The shipment volume of diamond wire reached 30.3 million kilometers, with an accelerated increase in market share [1] Group 3: Innovation and Future Growth - The company is actively expanding into humanoid robotics, aiming to cultivate a new growth curve for sustainable long-term development [1] - The introduction of 3C equipment and rapid expansion into overseas markets are enhancing the company's global supply capabilities [1] Group 4: Strategic Focus - The company plans to increase R&D investment to accelerate the recovery of its main business profitability while deepening its layout in innovative businesses and humanoid robotics [1] - The company aims to strengthen its core competitiveness and enhance performance to create more long-term investment value for shareholders [1]

Core Viewpoint - The company has successfully launched composite metal tendon ropes suitable for humanoid robot dexterous hands and other parts, resulting in small batch orders [1] Group 1: Product Development - The company promotes composite tungsten wire tendon ropes designed for high flexibility requirements of dexterous hands, featuring a very small bending radius [1] - The unique molecular structure design of the composite tungsten wire tendon ropes provides superior wear resistance and fatigue performance [1] Group 2: Market Recognition and Collaboration - The product offers reliable, durable, and precise power transmission solutions for humanoid robot dexterous hands, receiving high recognition from customers [1] - The company has entered trials with multiple robotics-related enterprises and has engaged in in-depth R&D collaborations with leading domestic companies [1]

证券代码：688556 证券简称：高测股份 公告编号：2025-070 重要内容提示： （一）赎回条件的满足情况 关于 "高测转债" 赎回结果暨股份变动的公告 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。 青岛高测科技股份有限公司 青岛高测科技股份有限公司（以下简称"公司"）股票自2025年7月28日至2025 年8月15日已有15个交易日的收盘价不低于当期转股价格的130%（即9.58元/股）， 公司股票已满足连续三十个交易日中至少有十五个交易日的收盘价不低于"高测 转债"当期转股价格的130%，根据《青岛高测科技股份有限公司向不特定对象发 行可转债公司债券募集说明书》（以下简称"《募集说明书》"）的约定，已触发"高 测转债"有条件赎回条款。 （二）本次可转债赎回事项公告披露情况 公司于2025年8月15日召开第四届董事会第十三次会议审议通过了《关于提 前赎回"高测转债"的议案》决定行使"高测转债"的提前赎回权，提前赎回发行在 外的全部"高测转债"。具体内容详见公司于2025年8月16日在上海证券交易所网 站（www. ...

Core Viewpoint - The company has successfully launched composite metal tendons suitable for humanoid robot dexterous hands and other parts, resulting in small batch orders [1] Group 1: Product Development - The company promotes composite tungsten wire tendons to meet the high flexibility requirements of dexterous hands [1] - Composite tungsten wire tendons feature a very small bending radius and a unique molecular structure design that offers superior wear resistance and fatigue performance [1] Group 2: Market Recognition - The new tendon solution provides reliable, durable, and precise power transmission, receiving high recognition from customers [1] - The product has entered trial use with multiple robotics-related enterprises and has initiated in-depth R&D cooperation with leading domestic companies [1]

| 证券代码：688556 | 证券简称：高测股份 | 公告编号：2025-069 | | --- | --- | --- | | 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"赎回暨摘牌的最后一次提示性 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： 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5日收市后，距离2025年9月8日（"高测转债"最后转股日）仅 剩1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按照7.37元/股的转股价格进行转股外，仅 能选择以100元/张的票面价值加当期应计利息（即100.1742元/张）被强制赎 回。若被 ...

Core Viewpoint - The report outlines the ongoing supervision of Qingdao High Measurement Technology Co., Ltd. by CITIC Construction Investment Securities Co., Ltd., highlighting the company's significant financial decline and the challenges faced in the photovoltaic industry [1][2][3]. Continuous Supervision Work - CITIC Construction Investment has established a comprehensive supervision system for High Measurement Technology, ensuring compliance with regulations and effective communication [1]. - The company has not reported any violations or breaches of commitments during the supervision period [2]. - Regular assessments and checks have been conducted to ensure adherence to laws and regulations, as well as to maintain effective internal controls [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.45 billion yuan, a decrease of 45.16% year-on-year, and a net loss of 0.89 billion yuan, representing a 132.47% decline [6][8]. - The company's core business remains focused on the photovoltaic industry, which is currently experiencing a downturn, impacting revenue and profitability [6][8]. Industry Challenges - The photovoltaic industry is undergoing significant adjustments, with overall price declines leading to widespread losses across the supply chain [6][8]. - The company faces risks related to its core competitiveness, particularly if there are major technological shifts in the industries it serves, such as photovoltaics and semiconductors [3][4]. Risk Factors - The company is exposed to various risks, including significant declines in performance, core competitiveness risks, operational risks due to high customer concentration, and financial risks related to accounts receivable [5][6][8]. - The ongoing volatility in the photovoltaic sector may lead to further challenges in order fulfillment and cash flow management [6][8]. Research and Development - The company maintains a strong focus on R&D, with a commitment to enhancing its technological capabilities and product offerings [10][12]. - R&D expenditures for the reporting period were 89.42 million yuan, reflecting a strategic optimization of research projects [12][13]. Competitive Advantages - The company leverages its integrated service model, providing cutting equipment, consumables, and processing services, which enhances customer loyalty and market competitiveness [10][11]. - Strong partnerships with leading firms in the photovoltaic sector support the company's innovation and market presence [11][12].

Core Insights - In the past 10 days (from August 22 to September 4), overseas institutions conducted research on 346 listed companies, with Lens Technology being the most scrutinized, receiving attention from 72 overseas institutions [1] - A total of 885 companies were researched by institutions during this period, with securities companies leading at 856, followed by fund companies at 740, and overseas institutions at 346 [1] - The average stock price of companies researched by overseas institutions fell by 0.67% over the past 10 days, with notable gainers including Haon Automotive and Tianfu Communication, which saw increases of 61.38% and 45.04%, respectively [1] Company Focus - Lens Technology was the most researched company, with 72 overseas institutions participating in its research [1] - Tianfu Communication followed closely with 59 overseas institutions involved in its research [1] - Haon Automotive had the highest stock price increase among researched companies, with a rise of 61.38% [1] Stock Performance - Among the researched stocks, 219 experienced price declines, with the largest drop being 20.59% for Gaoce Co., Ltd [1] - The average stock price change for companies researched by overseas institutions was a decrease of 0.67% [1] - The stock price of Lens Technology increased by 6.56% during the research period [3]