证券代码：300012 证券简称：华测检测 公告编号：2025-043 华测检测认证集团股份有限公司 第六届董事会第二十六次会议决议公告 本议案已经审计委员会审议通过，公司《2025 年第三季度报告全文》（公 告编号：2025-044）具体内容详见在巨潮资讯网的相关公告。 二、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《关于为子公司开具 履约保函的议案》 董事会认为，公司本次为华测工程检测有限公司开具履约保函是为了满足项 目合同的需要，华测工程检测有限公司是公司全资子公司，公司为其开具履约保 函的风险可控，不会损害公司的整体利益。具体内容详见公司同日于巨潮资讯网 披露的《关于为子公司开具履约保函的公告》（公告编号：2025-046）。 特此公告。 华测检测认证集团股份有限公司 董 事 会 二〇二五年十月二十七日 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 华测检测认证集团股份有限公司（以下简称"公司"）第六届董事会第二十 六次会议，于 2025 年 10 月 14 日发出会议通知，2025 年 10 月 24 日以现场结合通 讯方式召开。本次会议 ...

2025 年第三季度报告 华测检测认证集团股份有限公司 2025 年第三季度报告 证券代码：300012 证券简称：华测检测 公告编号：2025-044 华测检测认证集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 华测检测认证集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 2 华测检测认证集团股份有限公司 2025 年第三季度报告 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | ...

Group 1 - The core focus of overseas institutions in the past 10 days (October 13 to October 24) has been on 53 listed companies, with Mindray Medical receiving the most attention from 124 overseas institutions [1][2] - A total of 257 companies were surveyed by institutions, with the majority being from securities companies (228), followed by fund companies (191) [1] - The average stock price of companies surveyed by overseas institutions declined by 0.62% over the past 10 days, with notable performers including Boying Special Welding, which saw a cumulative increase of 30.16% [2][3] Group 2 - Among the companies that received attention from overseas institutions, 27 have reported their third-quarter earnings, with Chuanjin Nuo and Jinli Permanent Magnet showing significant profit growth [3] - The highest projected net profit growth for the third quarter was reported by Zhenyu Technology, with a year-on-year increase of 137.80% [3] - The stock performance of Mindray Medical, despite being the most surveyed, showed a decline of 8.45% in its latest closing price [4]

Summary of Conference Call Records for 华测检测 (China National Testing and Certification Corporation) Company Overview - **Company Name**: 华测检测认证集团股份有限公司 (China National Testing and Certification Corporation) - **Founded**: 2003 - **Headquarters**: Shenzhen, China - **Industry**: Third-party testing, inspection, and certification (TIC) services - **Global Presence**: Over 150 laboratories in more than 90 cities worldwide - **Employee Count**: Over 11,000 Key Points and Arguments Industry and Market Position - The company is a pioneer and leader in the TIC services sector in China, being the first listed company in this industry [doc id='17'][doc id='19'] - The national testing and certification industry is projected to grow, with a revenue increase of 4.4% year-on-year to Rmb 487.6 billion in 2024 [doc id='11'] Financial Performance and Projections - **Revenue Growth**: Expected to achieve a CAGR of 12% from 2025 to 2028, driven by expansion into fast-growing and innovative sectors, international business development, and lean management practices [doc id='9'][doc id='11] - **Profitability**: Net profit margin is projected to improve from 14.2% in 2024 to 14.8% in 2027, supported by lean management and scale effects from small business growth [doc id='10] - **Earnings Forecast**: - 2025E Net Profit: Rmb 961 million - 2026E Net Profit: Rmb 1,084 million - 2027E Net Profit: Rmb 1,237 million - 2028E Net Profit: Rmb 1,570 million [doc id='7'] Strategic Initiatives - **"123" Strategy**: Focus on stabilizing mature businesses, accelerating fast-growing sectors, and incubating innovative businesses [doc id='2'] - **International Expansion**: Aiming for overseas revenue to account for 20% by 2030, with current overseas revenue at 7% [doc id='2] - **New Market Ventures**: Actively exploring opportunities in emerging markets such as food contact materials testing and humanoid robotics [doc id='2'] Recent Developments - Successful integration and restructuring of the subsidiary 蔚思博, addressing previous operational challenges [doc id='3] - Entry into the new energy vehicle testing sector through the German subsidiary 易马, establishing laboratories for battery functionality and reliability [doc id='3'] Valuation and Investment Outlook - **Target Price**: Increased from Rmb 15.30 to Rmb 17.30, based on DCF valuation method with a WACC of 7.8% [doc id='4'] - **Current Stock Price**: Rmb 14.23 as of October 20, 2025 [doc id='5'] - **Investment Rating**: Maintained as "Buy" due to expected double-digit profit growth over the next three years [doc id='1] Risks and Challenges - **Regulatory Risks**: The TIC industry is heavily influenced by government policies, which can impact the speed of industry development [doc id='19'] - **Integration Risks**: Challenges in integrating acquired companies may lead to underperformance and potential goodwill impairment [doc id='19'] - **Expansion Risks**: New business ventures in pharmaceuticals, semiconductors, and automotive sectors may not grow as quickly as anticipated, potentially diluting profitability [doc id='19'] Additional Insights - The company is focusing on enhancing operational efficiency through digital transformation and AI integration [doc id='1] - The competitive advantage lies in its leading testing capacity, comprehensive service capabilities, and advanced human resource systems [doc id='9] This summary encapsulates the essential insights from the conference call records, highlighting the company's strategic direction, financial outlook, and potential risks in the context of the TIC industry.

Core Viewpoint - 华测检测's stock price has shown a positive trend, with a year-to-date increase of 17.82% and a recent uptick in trading activity, indicating investor interest and potential growth in the company's market position [1][2]. Financial Performance - For the first half of 2025, 华测检测 reported a revenue of 2.96 billion yuan, reflecting a year-on-year growth of 6.05%, while the net profit attributable to shareholders was 467 million yuan, up 7.03% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 1.16 billion yuan in dividends, with 519 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, 华测检测 had 81,100 shareholders, an increase of 4.53% from the previous period, with an average of 17,647 circulating shares per shareholder, down 4.34% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 269 million shares, which increased by 7.87 million shares from the previous period [3]. Stock Performance - 华测检测's stock price reached 14.47 yuan per share, with a trading volume of 456 million yuan and a turnover rate of 2.25%, leading to a total market capitalization of 24.35 billion yuan [1]. - The stock has experienced a 1.47% increase over the last five trading days, an 11.22% increase over the last 20 days, and a 19.49% increase over the last 60 days [1]. Business Segments - The company's main business segments include life sciences (43.02% of revenue), industrial testing (20.31%), consumer product testing (17.64%), trade assurance (14.39%), and medical services (4.64%) [1].

Core Insights - In the past five trading days, a total of 141 companies were investigated by institutions, with significant interest in companies like Xin Qiang Lian, Hikvision, and Hua Ce Detection, which attracted multiple institutional inquiries [1][2] Group 1: Institutional Research Activity - 90.07% of the companies investigated had participation from securities firms, with 127 companies being researched by them [1] - Fund companies conducted research on 108 companies, while private equity firms investigated 69 companies [1] - Xin Qiang Lian received the highest attention with 187 institutions participating in its research, followed by Hikvision with 177 institutions [1] Group 2: Financial Performance and Trends - Among the stocks investigated by more than 20 institutions, 19 experienced net capital inflows in the past five days, with Shenghong Technology seeing the highest net inflow of 766 million yuan [1][2] - In terms of stock performance, 21 stocks among those investigated saw price increases, with the highest gainers being Boying Special Welding and Haitong Development, which rose by 32.01% and 14.67% respectively [2] - Conversely, 25 stocks experienced declines, with Visual China and Jinli Permanent Magnet seeing the largest drops of 14.45% and 10.76% respectively [2] Group 3: Earnings Reports - 27 companies have released their third-quarter reports, with Xin Qiang Lian and Shijia Photon showing the highest year-on-year net profit growth of 1939.50% and 727.74% respectively [2] - Two companies have issued earnings forecasts, both indicating an increase in net profit, with Zhuhai Guanyu expected to report a median net profit of 392 million yuan, reflecting a year-on-year growth of 46.21% [2]

Core Insights - The company has maintained steady growth in its performance for the first three quarters of the year, driven by strategic initiatives such as enhancing customer orientation, implementing the "123 Strategy," and improving operational efficiency through lean management and digitalization [2][3][4] Group 1: Company Performance and Strategy - The company expects contributions from previous strategic acquisitions to enhance performance in the fourth quarter, supporting long-term growth [3] - The "123 Strategy" focuses on stabilizing traditional markets, accelerating growth in fast-growing sectors, and incubating new market opportunities, with a strong emphasis on AI and the aging economy [4][9] - The company aims to become the most internationalized Chinese testing and certification institution, with plans to increase overseas revenue share over the next 5-10 years [4][16] Group 2: Operational Efficiency and Management - The company is advancing its lean management practices, implementing Lean 2.0 across all product lines and departments to enhance operational efficiency [6][7] - A focus on improving human efficiency is established as a core responsibility across departments, with a structured approach to performance management and data tracking [7][8] - Digital transformation efforts include the introduction of various technologies to enhance operational processes, with a goal of achieving a fully digital business framework by 2025 [8][10] Group 3: Market Position and Future Outlook - The company is strategically positioned to capitalize on growth opportunities in sectors such as new energy vehicles, low-altitude economy, and sustainable development, while also enhancing its digital capabilities [10][11][12] - The semiconductor and medical testing sectors are identified as key growth areas, with ongoing investments and strategic initiatives to meet market demands [12][13] - The company is committed to improving cash flow management through internal controls and external policy support, anticipating continued improvement in collection rates [14][15]

Core Viewpoint - 华测检测's stock price has shown a modest increase this year, with a notable rise in revenue and net profit for the first half of 2025, indicating a stable growth trajectory in its core business areas [1][2]. Financial Performance - As of June 30, 2025, 华测检测 achieved a revenue of 2.96 billion yuan, representing a year-on-year growth of 6.05% [2]. - The net profit attributable to shareholders for the same period was 467 million yuan, reflecting a year-on-year increase of 7.03% [2]. Stock Market Activity - On October 22, 华测检测's stock price decreased by 2.06%, trading at 14.23 yuan per share with a total market capitalization of 23.947 billion yuan [1]. - The stock has increased by 15.87% year-to-date, with a 0.35% rise over the last five trading days and an 8.96% increase over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 81,100, up by 4.53% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.34% to 17,647 shares [2]. Dividend Distribution - 华测检测 has distributed a total of 1.161 billion yuan in dividends since its A-share listing, with 519 million yuan distributed over the last three years [3]. Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 269 million shares, an increase of 7.8679 million shares from the previous period [3]. - 易方达创业板ETF and 南方中证500ETF are among the top shareholders, with changes in their holdings noted [3].

Core Insights - In the past five trading days, a total of 154 companies were investigated by institutions, with New Strong Union, Hikvision, and Huace Testing being the most frequently researched [1][2] - Among the companies investigated, 42 received attention from more than 20 institutions, with New Strong Union leading at 187 institutions [1] - The net inflow of funds for 15 out of the 20 companies that attracted more than 20 institutions was positive, with Shenghong Technology receiving the highest net inflow of 2.124 billion [1] Group 1: Institutional Research - 136 companies were investigated by securities firms, accounting for 88.31% of the total [1] - Fund companies conducted research on 113 companies, while private equity firms investigated 72 companies [1] - Nine companies were investigated twice, indicating a high level of interest from institutions [1] Group 2: Market Performance - Among the stocks investigated, 25 increased in value, with the highest gains seen in Boying Special Welding (27.01%), Rongqi Technology (20.17%), and Haitong Development (16.96%) [2] - Conversely, 17 stocks experienced declines, with the largest drops in Fuzhi Environmental Protection (-10.31%), Minshida (-8.94%), and Vision China (-7.72%) [2] Group 3: Financial Performance - New Strong Union and Shijia Photon reported the highest year-on-year net profit growth at 1939.50% and 727.74%, respectively [2] - Two companies released third-quarter performance forecasts, both indicating an increase in net profit [2] - Zhuhai Guanyu is expected to have a median net profit of 392 million, reflecting a year-on-year increase of 46.21% [2]

Summary of Huace Testing Conference Call Company Overview - **Company**: Huace Testing - **Industry**: Testing and Inspection Industry in China - **Market Position**: Leading enterprise in the testing and inspection sector since its IPO in 2009, with continuous revenue growth and diversified business operations across five major fields: life sciences, industrial products, consumer goods, trade assurance, and medical services [2][4]. Key Points and Arguments 1. **Financial Performance**: - Expected net profit for Q3 2025 is projected to be between 340 million to 350 million RMB, representing a year-on-year growth of 10% to 13%, marking a historical high [2][5]. - The company’s PE ratio is approximately 25 times, which is considered low historically [2][5]. 2. **Industry Dynamics**: - The testing industry is closely related to GDP growth, with emerging technology sectors and increased industry penetration expected to drive demand [2][8]. - The number of accredited testing institutions in China is projected to decline for the first time in 2024, indicating a restructuring of the industry [4][8]. 3. **Operational Efficiency**: - Huace Testing has improved operational efficiency through lean management, AI digitalization, and automation tools, leading to enhanced organizational capabilities [2][4]. 4. **Diversified Business Model**: - The company’s diversified business layout mitigates the impact of cyclical fluctuations in any single sector, maintaining stable gross margins [10][11]. - Life sciences testing accounts for over 40% of revenue, while industrial product testing contributes approximately 20% [11]. 5. **Market Expansion**: - The company is actively expanding into environmental monitoring, participating in projects such as soil surveys and marine ecological monitoring [2][13]. - New business initiatives include entering the pet food and supplies testing market, collaborating with leading companies to provide comprehensive solutions [15]. 6. **Future Profitability**: - Projected net profit is expected to exceed 1 billion RMB in 2025 and 1.2 billion RMB in 2026, driven by economic recovery and increased R&D investments [3][16]. - The company is positioned to benefit from rising inspection demand as the economy recovers [17]. Additional Important Insights - **Market Reforms**: Since 2014, reforms have increased the marketization of testing and certification institutions, enhancing competition and operational efficiency [9]. - **Emerging Fields**: New sectors such as electronics, machinery, and materials testing are gaining a larger share of the market, with revenues in these areas expected to reach approximately 98 billion RMB in 2024, growing by 4.24% year-on-year [8]. - **Strategic Management**: The appointment of a former global executive from SGS has introduced advanced management practices, significantly improving profitability since 2018 [7]. This summary encapsulates the essential aspects of Huace Testing's conference call, highlighting its financial outlook, industry positioning, operational strategies, and future growth potential.