Investment Rating - The report maintains an "Outperform" rating for the semiconductor testing equipment industry [1]. Core Insights - The rapid development of AI chips and HBM (High Bandwidth Memory) is driving new testing demands in the semiconductor industry, highlighting the need for improved domestic production capabilities in testing equipment [1][4]. - The domestic semiconductor testing equipment market is expected to grow significantly, with projections indicating a market size of 26.74 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [16]. - The report emphasizes the importance of post-manufacturing testing to ensure that chips meet design specifications, with a focus on the core testing equipment: testing machines, sorting machines, and probe stations [8][14]. Summary by Sections 1. Semiconductor Post-Manufacturing Testing - Semiconductor testing is crucial across design, manufacturing, and packaging stages to ensure chip functionality meets design specifications [6][8]. - The testing equipment market is stable, with testing machines accounting for over 61.9% of the market share in 2022 [16]. 2. New Requirements from AI Chips and HBM - AI chips are experiencing rapid growth, with the global AI chip market expected to reach approximately $92 billion by 2025, growing at a CAGR of 27.7% [22]. - The complexity of AI chip designs and advanced manufacturing processes increases testing challenges, necessitating more efficient testing systems [29]. 3. Domestic Semiconductor Testing Equipment Market - The domestic market for semiconductor testing equipment is primarily dominated by foreign companies, with a significant opportunity for domestic manufacturers to increase their market share [40]. - Current projections indicate that the domestic localization rate for storage testing machines will only be 8% by 2025, and for SOC testing machines, it will be 9% by 2027 [44]. 4. Investment Recommendations - The report suggests focusing on domestic companies such as Changchuan Technology, Huafeng Measurement and Control, Jinhaitong, Jingzhida, and Helin Micro-Nano, which are expected to benefit from the growing demand for semiconductor testing equipment [4].

Core Viewpoint - The company, Jingzhida (688627.SH), announced the completion of a share reduction plan by its major shareholders, which involved a total reduction of 939,607 shares, representing 1% of the company's total share capital [1][3][5]. Shareholder Reduction Details - The shareholders involved in the reduction are Shenzhen Yuanchuangli Qingyuan Venture Capital Partnership, Changzhou Qingyuan Angel Venture Capital Partnership, Suzhou Xinlin Phase II Venture Capital, and Shanghai Lihua Qingyuan Venture Capital, collectively holding 7,094,655 shares, or 7.55% of the total shares [1][2]. - The reduction was executed through centralized bidding from April 28, 2025, to June 23, 2025, with a total reduction of 939,607 shares at a price range of 71.38 to 83.30 CNY per share, amounting to a total of 73,060,503.64 CNY [3][4]. Current Shareholding Status - After the reduction, the remaining shares held by the shareholders are 6,155,048, which is 6.55% of the total share capital [5]. - The original plan allowed for a maximum reduction of 940,118 shares, indicating that the plan was nearly fully executed with only 511 shares remaining untransacted [5]. Company IPO and Fundraising - Jingzhida was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 18, 2023, with an initial public offering of 23,502,939 shares at a price of 46.77 CNY per share, raising a total of 109,923.25 million CNY [5]. - The net proceeds from the offering, after deducting issuance costs, amounted to 98,656.46 million CNY, exceeding the original fundraising target by 38,656.46 million CNY [5]. Underwriter Participation - The underwriter, CITIC Securities, participated in the offering with a follow-on investment of approximately 4% of the total shares issued, amounting to 940,118 shares, with an investment of 43,969,318.86 CNY, subject to a 24-month lock-up period [6].

Core Points - The article outlines the insider information management system of Shenzhen Jingzhida Technology Co., Ltd, aimed at regulating insider information handling and protecting investors' rights [1][2][3] Chapter Summaries General Principles - The system is established to ensure the confidentiality of insider information and maintain fair information disclosure [1] - The board of directors is responsible for the accuracy and completeness of insider information records, with the chairman as the main responsible person [2] - Unauthorized disclosure of insider information by any department or individual is prohibited [2] Scope of Insider Information and Insiders - Insider information refers to significant information affecting the company's market price that has not been publicly disclosed [3] - The scope of insider information includes major changes in business strategy, significant asset transactions exceeding 30% of total assets, and major losses or debts [4][5] Management and Registration of Insiders - The company must maintain a detailed record of insiders who have access to insider information before it is publicly disclosed [6] - Insiders include company directors, senior management, and significant shareholders, among others [5][6] Confidentiality and Accountability - Insiders are required to keep insider information confidential and are prohibited from trading based on this information [14][15] - The company will impose penalties on insiders who violate confidentiality rules, including administrative and economic sanctions [16][17] Additional Provisions - The system includes specific procedures for reporting insider information to regulatory bodies and maintaining records for at least ten years [20][21] - The board of directors is responsible for interpreting and revising the system, which will take effect upon approval [18][19]

Core Viewpoint - The document outlines the investor relations management measures of Shenzhen Jingzhida Technology Co., Ltd., emphasizing the importance of effective communication between the company and its investors to enhance transparency, protect investor rights, and improve corporate governance. Group 1: General Principles - The purpose of investor relations management is to foster a positive relationship with investors, enhance their understanding of the company, and maximize overall corporate benefits while protecting investor rights [1][2]. - The basic principles of investor relations management include compliance, equality, proactivity, and honesty [2]. Group 2: Management Structure - The board secretary is responsible for investor relations management, and only authorized personnel may represent the company in investor relations activities [3]. - The investor relations management team must possess comprehensive knowledge of the company, including its operations, financials, and governance [16]. Group 3: Communication Channels - The company should utilize multiple channels for investor communication, including its website, media platforms, and direct interactions such as meetings and conferences [4][5]. - Investor communication should be timely, transparent, and accessible, ensuring that all investors, especially minority shareholders, have the opportunity to participate [5][10]. Group 4: Information Disclosure - The company must adhere to legal and regulatory requirements for information disclosure, ensuring that all disclosed information is accurate, complete, and understandable [11][12]. - The company is required to establish a dedicated investor relations section on its website to facilitate communication and provide relevant information [7][8]. Group 5: Handling Investor Complaints - The company has established a dedicated office for handling investor complaints, ensuring timely and fair resolution of issues related to information disclosure and corporate governance [17][18]. - A structured process for documenting and addressing complaints is in place, with a focus on maintaining confidentiality and adhering to legal requirements [20][21].

中信建投证券股份有限公司（以下简称"保荐机构"）对该事项出具了明确 同意的核查意见。现将有关情况公告如下： 证券代码：688627 证券简称：精智达 公告编号：2025-061 深圳精智达技术股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的公告 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。 深圳精智达技术股份有限公司（以下简称"精智达"或"公司"）于 2025 年 7 月 16 日召开第四届董事会第二次会议，审议通过了《关于使用部分暂时闲 置募集资金进行现金管理的议案》，同意公司及子公司使用额度不超过人民币 6 亿元暂时闲置募集资金（含超募资金）进行现金管理，使用期限自公司上一授权 期限到期日（2025 年 7 月 27 日）起 12 个月内有效。在上述授权额度及期限内， 资金可以循环滚动使用，并于到期后归还至募集资金专项账户。公司使用部分闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 一、本次使用闲置募集资金进行现金管理的基本情况 （一）现金管理目的 为提高公司募集资 ...

证券代码：688627 证券简称：精智达 公告编号：2025-062 深圳精智达技术股份有限公司 股东减持股份结果公告 | | 股东名称 | 持有数量 （股） | 持有比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | --- | | | 源创力清源及 | | | 前述主体的执行事务合 伙人及管理人同受深圳 | | 第一组 | 其一致行动人 | 7,094,655 | 7.55% | 清源时代投资管理控股 | | | | | | 有限公司控制 | | | 合计 | 7,094,655 | 7.55% | — | 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，深圳源创力清源创业投资合伙企业（有限合伙）（以 下简称"源创力清源"）、常州清源天使创业投资合伙企业（有限合伙）（以下简 称"常州清源"）、苏州新麟二期创业投资企业（有限合伙）（以下简称"新麟二 期"）及上海力合清源创业投资合伙企业（有限合伙）（以下简称"力合清源" ...

中信建投证券股份有限公司 关于深圳精智达技术股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 深圳精智达技术股份有限公司（以下简称"精智达"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《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，对精智 达使用部分闲置募集资金进行现金管理进行了审慎核查，发表核查意见如下： 一、本次使用部分闲置募集资金进行现金管理的基本情况 （一）现金管理目的 1、募集资金基本情况 （二）现金管理额度及期限 公司拟使用不超过人民币6亿元的暂时闲置募集资金（含超募资金）进行现 金管理，使用期限自公司上一授权期限到期日（2025年7月27日）起12个月内有 效。 在上述授权额度及期限内，资金可以循环滚动使用，并于到期后归还至募集 资金专项账户。公司使用部分闲置募集资金进行现金管理将严格遵守上海证券交 易所关于上市公司募集资金管理的相关规定。 （三）资金来源 本次现金管理的资金来源为 ...

深圳精智达技术股份有限公司 投资者关系管理办法 投资者关系管理办法 广东·深圳 二〇二五年七月 | 第一章 总则 2 | | --- | | 第二章 投资者关系管理的对象与工作内容 4 | | 第三章 投资者关系管理的实施 5 | | 第三章 投资者关系管理的部门设置 11 | | 第四章 投资者投诉处理 13 | | 第五章 附则 16 | 深圳精智达技术股份有限公司 投资者关系管理办法 深圳精智达技术股份有限公司 （五）增加公司信息披露透明度，不断完善公司治理。 2 深圳精智达技术股份有限公司 投资者关系管理办法 第一章 总则 第一条 为了加强深圳精智达技术股份有限公司（以下简称"公司"）与投资 者之间的信息沟通，形成公司与投资者的良性互动，倡导理性投资，切实保护投资 者特别是社会公众投资者的合法权益，并在投资公众中建立公司的诚信度，完善 公司治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司投资者关系 管理工作指引》《上海证券交易所科创板股票上市规则》（以下简称"《科创板上 市规则》"）、《深圳精智达技术股份有限公司章程》（ ...

深圳精智达技术股份有限公司 内幕信息知情人登记管理制度 深圳精智达技术股份有限公司 内幕信息知情人登记管理制度 广东·深圳 二〇二五年七月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 内幕信息和内幕信息知情人范围 1 | | | 第三章 | 内幕信息知情人管理与登记备案 4 | | | 第四章 | 保密及责任追究 7 | | | 第五章 | 附则 | 9 | 深圳精智达技术股份有限公司 内幕信息知情人登记管理制度 深圳精智达技术股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范深圳精智达技术股份有限公司（以下简称"公 司"）内幕信息管理，加强公司内幕信息保密工作，维护信息披露的公平原则， 保护广大投资者的合法权益。根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司信息披露管理办法》《上市公司监管指引第5号——上市 公司内幕信息知情人登记管理制度》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第2号——信息披露事务管理》等有关 法律法规、规范性文件及《深圳精智达技术股份有限公司章程》（以下简称 "《 ...

Summary of Conference Call Records Company Overview - The company discussed is Jinzhida, a testing equipment company with a focus on semiconductor testing and detection equipment [1][2]. Key Industry Insights - The semiconductor equipment industry is experiencing rapid growth, with Jinzhida's semiconductor business showing a year-on-year growth rate of nearly 200% for 2024 [1]. - The company emphasizes the importance of self-sufficiency in semiconductor equipment to ensure the security and upgrade of the industrial chain [2]. Financial Performance - In Q1, the company's revenue grew by 83%, indicating strong performance [1]. - For 2024, the overall revenue growth is approximately 24%, with R&D expenses increasing significantly by about 53% [8]. - The semiconductor business revenue reached approximately 250 million, a year-on-year increase of 200%, with a gross margin of 32.6% [9][23]. - The company aims for semiconductor revenue to exceed 50% of total revenue by 2025 [20]. R&D and Product Development - R&D investment has increased by 50%, with over 400 technical staff contributing to product development [3][6]. - The company has launched multiple new products across its two main product lines, including traditional aging repair testing equipment and new FT testing devices [10][12]. - Jinzhida is expanding its product line to include advanced packaging testing equipment and is establishing a new R&D base in Nanjing [13][22]. Strategic Goals - The company is committed to deepening its focus on testing equipment and expanding its product categories to leverage strategic advantages in the industry [4]. - Jinzhida plans to enhance its capabilities in DRAM testing equipment and aims to solidify its position in the semiconductor testing market [17][18]. - The company has set ambitious revenue targets for the next three years, aiming for 1 billion in 2025 and 2.8 billion by 2027, with a significant portion coming from semiconductor-related products [21][42]. Market Position and Client Base - Major clients include leading domestic DRAM manufacturers and top display panel manufacturers in China [7]. - The company is also expanding its overseas business, including partnerships with significant clients like Meta [7][11]. Challenges and Future Outlook - The company faces challenges related to gross margin fluctuations due to product structure changes, particularly in the display business [23][24]. - There is a strong focus on domestic production and self-sufficiency in key components to mitigate supply chain risks [33]. - The company is optimistic about future growth, driven by increased demand for semiconductor testing solutions and advancements in technology [42]. Conclusion - Jinzhida is positioned for significant growth in the semiconductor testing equipment market, with a strong emphasis on R&D, product innovation, and strategic partnerships. The company aims to become a leading platform for semiconductor testing solutions both domestically and globally [43].