Core Viewpoint - The company Jingzhida (688627.SH) has not implemented any share buybacks as of October 2025, despite a previously approved plan to repurchase shares through centralized bidding on the Shanghai Stock Exchange [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 569,149 shares, which represents 0.61% of the total share capital [1] - The highest price paid for the repurchased shares was 75.19 RMB per share, while the lowest price was 60.53 RMB per share [1] - The total amount spent on the share buyback was 40.167 million RMB, excluding transaction fees such as stamp duty and commissions [1]

证券代码：688627 证券简称：精智达 公告编号：2025-082 深圳精智达技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 根据《上市公司股份回购规则》和《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份的实施情况公告如下： 2025 年 10 月，公司未实施股份回购。自 2025 年 3 月 10 日第三届董事会第二 十六次会议审议通过《关于以集中竞价交易方式回购公司股份方案的议案》之日 起至 2025 年 10 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易方式 已累计回购股份 56.9149 万股，占公司总股本比例为 0.61%，回购成交的最高价为 75.19 元/股，最低价为 60.53 元/股，支付的资金总额为人民币 4,016.70 万元（不含 印花税、交易佣金等交易费用）。 截至 2025 年 10 月 31 日，公司累计回购公司股份 163.6477 万股，占公司总股 本比例达到 1.74%，其中 106.7328 万股为公司前次回购计划实施期 ...

Core Viewpoint - The A-share market saw a significant rise in storage chip stocks on November 3, with several companies experiencing notable gains in their stock prices [1] Group 1: Stock Performance - Aerospace Intelligence (航天智装) reached a 20% limit up, with a market capitalization of 17.6 billion and a year-to-date increase of 89.65% [2] - Pulang Co. (普朗股份) increased by 10.10%, with a total market value of 20.9 billion and a year-to-date rise of 95.83% [2] - Shannon Chip Creation (香农芯创) rose by 7.30%, boasting a market cap of 65.9 billion and an impressive year-to-date growth of 400.17% [2] - Taiji Industry (太极实业) saw a 7.27% increase, with a market value of 19.5 billion and a year-to-date increase of 36.35% [2] - Jiangbolong (江波龙) gained 5.80%, with a market capitalization of 115.9 billion and a year-to-date rise of 221.48% [2] - Xicet Testing (西测测试) increased by 5.26%, with a market cap of 5.224 billion and a year-to-date growth of 65.61% [2] - Shangle Electronics (商络电子) rose by 4.79%, with a market value of 9.92 billion and a year-to-date increase of 28.47% [2] - Chengbang Co. (诚邦股份) increased by 4.59%, with a market capitalization of 3.671 billion and a year-to-date rise of 195.53% [2] - Zhaoyi Innovation (兆易创新) saw a 4.25% increase, with a market cap of 153 billion and a year-to-date growth of 115.36% [2] - Jingzhida (精智达) rose by 3.77%, with a market value of 1.68 billion and a year-to-date increase of 145.71% [2] - Dagang Co. (大港股份) increased by 3.29%, with a market capitalization of 10.2 billion and a year-to-date rise of 19.77% [2] - Baiwei Storage (佰维存储) saw a 3.05% increase, with a market cap of 63 billion and a year-to-date growth of 117.85% [2]

Core Viewpoint - Jingzhida is a leading enterprise in the field of new display device testing equipment in China, with significant growth momentum in semiconductor testing equipment and a differentiated advantage from self-developed core technologies [1] Group 1: Business Performance - In Q3 2025, Jingzhida's revenue was 753 million yuan, ranking 16th out of 61 in the industry, with the industry leader, Chuan Yi Co., achieving 4.89 billion yuan [2] - The net profit for the same period was 42.01 million yuan, ranking 30th in the industry, with the top performer, Chuan Yi Co., reporting 469 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jingzhida's debt-to-asset ratio was 25.44%, lower than the industry average of 27.43% [3] - The gross profit margin for Q3 2025 was 35.01%, which is below the industry average of 43.50% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 54.24% to 9,771, while the average number of circulating A-shares held per household decreased by 35.17% to 7,404.74 [5] - The largest circulating shareholder is Xingquan Helun Mixed A, holding 3.397 million shares, an increase of 1.0596 million shares from the previous period [5] Group 4: Growth Potential - The semiconductor testing equipment business revenue for the first three quarters of 2025 was 423 million yuan, a year-on-year increase of 220.5%, accounting for 56.22% of total revenue [5] - R&D investment for the same period totaled 105 million yuan, up 34.82% year-on-year [5] - Revenue projections for 2025 to 2027 are 1.258 billion yuan, 1.729 billion yuan, and 2.288 billion yuan, with corresponding net profits of 185 million yuan, 286 million yuan, and 419 million yuan [5] Group 5: Market Position - Jingzhida is expected to capture approximately 2.3% of the global memory testing equipment market in 2024, indicating significant domestic substitution potential [6] - The company is advancing in storage testing with the mass delivery of FT testing machines and has received orders for MEMS probe cards [6]

Core Points - The announcement from Jingzhida indicates a change in the designated sponsor representatives from CITIC Construction Investment Securities for ongoing supervision work [2] - Li Hailong will no longer serve as the sponsor representative due to personal work changes, and Liu Junwei has been appointed to take over this role [2] Company Summary - CITIC Construction Investment Securities has appointed Liu Junwei as the new sponsor representative to ensure the continuity of supervision work for Jingzhida [2] - The transition aims to maintain orderly supervision following the departure of Li Hailong [2]

证券代码：688627 证券简称：精智达 公告编号：2025-081 深圳精智达技术股份有限公司 关于变更持续督导保荐代表人的公告 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"公司"）于近日收到保荐机构中 信建投证券股份有限公司（以下简称"中信建投证券"）出具的《关于变更深圳 精智达技术股份有限公司首次公开发行股票并在科创板上市持续督导保荐代表 人的函》。 特此公告。 深圳精智达技术股份有限公司董事会 2025 年 11 月 1 日 附：柳俊伟先生的简历 柳俊伟先生：保荐代表人，硕士学历，现任中信建投证券投资银行业务管理 委员会副总裁，曾主持或参与的项目有：精智达首次公开发行、锦和商业首次公 开发行、仙琚制药非公开发行股票、北京电控公司债等，在保荐业务执业过程中 严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 中信建投证券原委派保荐代表人赵润璋先生、李海龙先生负责公司持续督导 工作。李海龙先生因个人工作变动，不再继续担任公司持续督导期间的保荐代表 人。为保证持续 ...

Economic News - China's National Energy Administration issued 229 million green certificates in September, involving 306,500 renewable energy projects, with 158 million being tradable, accounting for 68.86% [4] - The price of storage chips has accelerated in the fourth quarter due to a shift in production capacity towards high-end chips for AI and data centers, leading to a significant reduction in traditional storage chip supply [6] - The global smartphone market is expected to reach a shipment volume of 320.1 million units in Q3 2025, reflecting a 3% year-on-year growth, indicating signs of recovery after a weak first half [7] Company Insights - Sinopec Easy Joy and Taobao Flash Purchase announced a strategic partnership, with plans to have over 5,000 stores on the Taobao platform by the end of the year [5] - Pop Mart opened its first store in the Middle East at Hamad International Airport in Qatar, marking its first 24/7 operational store globally [5] - Youyan New Materials reported Q3 revenue of 2.674 billion yuan, a year-on-year increase of 20.43%, and a net profit of 115 million yuan, up 56.31% [5] - Tianli Lithium Energy's Q3 revenue was 569 million yuan, a 33.25% year-on-year increase, but it reported a net loss of 28.85 million yuan, an increase of 67.68% in losses [5] - China Telecom showcased its "Beidou Voice Message" service, becoming the first operator to implement this technology [5] Industry Analysis - The food and beverage industry is expected to benefit from the expansion of overall consumption, with new retail channels like instant retail and membership supermarkets emerging as significant opportunities [8][9] - The non-ferrous metals industry is poised for improvement in profitability and valuation levels due to a favorable supply-demand structure, driven by high-quality green development paths [11] - The production of ten non-ferrous metals in China is projected to grow at an annual rate of approximately 1.5% from 2025 to 2026, indicating a shift towards stable, high-quality growth [13] - The demand for metals is expected to expand significantly due to the growth of new energy industries and structural changes in demand, particularly for copper, lithium, and other metals [15][16]

Group 1: Company Performance Highlights - Hu Silicon Industry (688126.SH) achieved a revenue of 1.697 billion CNY in H1 2025, a year-on-year increase of 8.16%[9] - Jingzhida (688627.SH) reported a revenue of 444 million CNY in H1 2025, up 22.68% year-on-year[12] - Kingsoft Office (688111.SH) generated a revenue of 2.657 billion CNY in H1 2025, reflecting a 10.12% increase year-on-year[22] Group 2: Market Trends and Projections - The average selling price of 200mm semiconductor wafers has slightly rebounded due to product mix changes, although the market for 200mm and below wafers remains weak[11] - The smart connected vehicle market for wireless communication modules is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a CAGR of 21%[19] - The lithium battery equipment sector is expected to see a resonance of cycles and growth, potentially leading to a "Davis Double" effect due to domestic leadership in integration[36] Group 3: Investment Ratings and Forecasts - Hu Silicon Industry is projected to have EPS of 0.02, 0.09, and 0.13 CNY for 2025-2027, maintaining a "recommend" rating[11] - Jingzhida's EPS forecast for 2025-2027 is 1.92, 2.88, and 3.80 CNY, with a "recommend" rating[16] - Kingsoft Office's projected net profit for 2025-2027 is 1.768 billion, 2.150 billion, and 2.693 billion CNY, with a strong recommendation rating[24] Group 4: Risk Factors - Risks include lower-than-expected downstream demand, intensified market competition, and potential technological iteration risks across various sectors[17][35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth, with a 33% year-on-year increase in revenue for the first three quarters of 2025, reaching 753 million yuan. The semiconductor testing equipment business has been a significant driver, with revenue soaring by 220.5% to 423 million yuan, accounting for 56.22% of total revenue [5] - The company continues to invest in product research and development, with total R&D expenditure of 105 million yuan in the first three quarters of 2025, a 34.82% increase year-on-year, representing 13.89% of revenue [6] - The company has secured a significant order exceeding 300 million yuan in the DRAM business and successfully delivered its first high-speed testing machine to a key domestic customer, reinforcing its strategic advantage in semiconductor storage testing equipment [6] Financial Summary - Revenue projections for 2025-2027 are 1.258 billion yuan, 1.729 billion yuan, and 2.288 billion yuan, respectively, with corresponding net profits of 185 million yuan, 286 million yuan, and 419 million yuan [7] - The company’s gross margin is expected to improve from 32.8% in 2024 to 41.0% by 2027, indicating a positive trend in profitability [9] - The projected P/E ratios for 2025-2027 are 99X, 64X, and 44X, respectively, suggesting a decreasing valuation multiple over time [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][15]. Core Insights - The company reported a revenue increase of 33% year-on-year for the first three quarters of 2025, with a revenue of 750 million yuan. However, the net profit attributable to the parent company decreased by 19.3% year-on-year to 41 million yuan [6]. - The semiconductor testing equipment segment is experiencing rapid growth, with revenue reaching 420 million yuan, a year-on-year increase of 220.5%, accounting for 56.2% of total revenue [8]. - The company is expanding its product lines in semiconductor testing and display testing equipment, with significant orders and collaborations with major clients in the industry [10][11]. Financial Performance Summary - For 2023A, the company forecasts revenue of 649 million yuan, with a year-on-year growth rate of 29%. The net profit attributable to the parent company is projected at 116 million yuan, reflecting a 75% increase year-on-year [4]. - The company expects to achieve a revenue of 1,136 million yuan in 2025E, with a growth rate of 41% year-on-year, and a net profit of 150 million yuan, representing an 88% increase year-on-year [4][11]. - The gross margin for Q3 2025 was reported at 33.5%, showing a year-on-year increase of 3.7 percentage points [6]. Market Position and Growth Potential - The global market for memory testing equipment is projected to grow significantly, with sales expected to reach 1.5 billion USD in 2024 and 1.9 billion USD in 2025, indicating a compound annual growth rate of 26.7% [8]. - The company is well-positioned to benefit from domestic demand and the expansion of major clients, particularly in the semiconductor sector [7][8]. - The company is also focusing on advanced packaging technology and has initiated a special project for advanced packaging equipment with a total investment of nearly 300 million yuan [9].