Market Overview - The Shanghai Composite Index closed at 3546.50 points, above the annual line, with a gain of 1.05% [1] - The total trading volume of A-shares reached 10310.63 billion yuan [1] Stocks Breaking Annual Line - A total of 55 A-shares have broken above the annual line today, with notable stocks including XWANDA, Fuxing Co., and Guolian Minsheng, showing divergence rates of 5.64%, 3.70%, and 3.15% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Wangfujing, Tonghe Pharmaceutical, and Sanxia Water Conservancy [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - XWANDA (9.13% increase, 5.12% turnover rate, latest price 21.16 yuan, divergence rate 5.64%) [1] - Fuxing Co. (4.31% increase, 5.52% turnover rate, latest price 2.42 yuan, divergence rate 3.70%) [1] - Guolian Minsheng (6.66% increase, 3.68% turnover rate, latest price 11.21 yuan, divergence rate 3.15%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuoer Si (3.05% increase, 3.72% turnover rate, latest price 18.56 yuan, divergence rate 2.82%) [1] - ST Huaming (4.83% increase, 10.28% turnover rate, latest price 10.21 yuan, divergence rate 2.73%) [1] - Green Beauty (3.01% increase, 2.26% turnover rate, latest price 6.50 yuan, divergence rate 2.32%) [1]

Core Viewpoint - The company, Huace Testing Certification Group Co., Ltd., has projected a growth in net profit for the second quarter and the first half of 2025, indicating a positive performance trend compared to the previous year [1][2]. Performance Forecast - For the second quarter of 2025, the expected net profit attributable to shareholders is between 326.86 million yuan and 334.46 million yuan, representing a year-on-year growth of 7.5% to 10% [1]. - For the first half of 2025, the expected net profit attributable to shareholders is between 463.05 million yuan and 470.65 million yuan, with a year-on-year growth of 6.06% to 7.80% [1]. - The net profit after deducting non-recurring gains and losses for the second quarter is projected to be between 310.54 million yuan and 318.14 million yuan, with a growth of 7.01% to 9.63% compared to the previous year [1]. Reasons for Performance Changes - The company attributes the expected growth in net profit to a focus on strategic goals and the implementation of the "123 strategy," which emphasizes customer orientation and quality service [1]. - The company has been actively exploring AI, digitalization, and automation to enhance operational efficiency, alongside a talent development plan to improve organizational capabilities [1]. - Strategic mergers and international expansion are also expected to contribute to long-term growth [1]. Non-Recurring Gains and Losses - The estimated impact of non-recurring gains and losses on the company's semi-annual net profit is approximately 27.5 million yuan, compared to 33.78 million yuan in the same period last year [2]. Audit Status - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an external auditor [3].

证券代码：300012 证券简称：华测检测 公告编号：2025-034 华测检测认证集团股份有限公司 2025年半年度业绩预告 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。 一、本期业绩预计情况 | 项 目 | 第二季度 | | | | | | | 上年同期 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (2025 1 日–6 日) | 年 | 4 | 月 | 月 | 30 | (2024 | 年 日–6 | 4 | 月 | 1 | 月 | 30 | 日) | | 归属于上市公司 | 盈利:32,686 万元–33,446 万元 | | | | | | 盈利：30,405.31 | | | | | | 万元 | | | 股东的净利润 | 比上年同期增长：7.5%–10% | | | | | | | | | | | | | | | 归属于上市公司 股东的扣除非经 常性损益后的净 | 盈利: ...

华测检测（300012）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为4.63亿 元–4.71亿元，同比上年同期的4.37亿元增长6.06%–7.80%。预计2025年第二季度归属于上市公司股东的 净利润为3.27亿元–3.34亿元，同比上年同期的3.04亿元增长7.5%–10%。预计2025年上半年归属于上市 公司股东的扣除非经常性损益后的净利润为4.36亿元–4.43亿元，同比上年同期的4.03亿元增长8.13%– 10.01%。预计非经常性损益对公司半年度净利润的影响额约为2750万元，上年同期非经常性损益为 3378.42万元。 ...

截至7月10日收盘，房屋检测概念上涨2.89%，位居概念板块涨幅第2，板块内，37股上涨，广咨国际 30%涨停，重庆建工涨停，中设咨询、特发服务、旭杰科技等涨幅居前，分别上涨13.16%、10.06%、 8.90%。跌幅居前的有诚邦股份、谱尼测试、新点软件等，分别下跌2.77%、1.48%、0.83%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300917 | 特发服 务 | 10.06 | 16.26 | 8465.28 | 6.46 | | 600939 | 重庆建 工 | 10.12 | 4.05 | 6317.74 | 22.23 | | 300012 | 华测检 测 | 0.67 | 2.61 | 3899.98 | 8.64 | | 002271 | 东方雨 虹 | 2.73 | 2.53 | 3183.80 | 5.68 | | 301136 | 招标股 份 | 3.48 | 7.17 | 2080 ...

华测检测 20250708 摘要 华测检测在 2018-2021 年间通过扩张实现业绩增长，但面临资本开支 和折旧压力，一度亏损。申屠总加入后，公司放缓扩张速度，释放经营 杠杆，业绩进入快速提升阶段。 2022-2024 年，华测检测面临业绩增速放缓（从 15%-20%降至 5%左 右）、海外拓展缓慢、外资撤离导致估值下降等多重压力，股价受到影 响。 2025 年，华测检测迎来拐点，医学医药板块亏损收窄，芯片检测业务 营收开始上行，建工建材板块款项问题逐步解决，公司逐步走出低谷。 2025 年，公司不仅利润表修复，现金流量表也得到改善，土壤监测和 检测业务的款项回收逐步开启，现金流表现预计将更好。 食品级板块受益于宠物条线和种子研发前端检测产品线的突破，预计在 16-17 亿元基础上增长 10%-15%。船油检测板块因新规有望重回 20% 以上增长。 华测检测于 2025 年转向新一轮国际化战略，侧重消费级领域拓展及大 交通、ESG 等领域的海外收购，关注欧洲、东南亚和南非等市场。 预计华测检测 2025 年业绩区间为 10.2-10.5 亿元，2026 年为 11.5- 12 亿元，同比增速 10%-15% ...

Overview - The electrical testing market in China is rapidly growing, with a projected market size of 4.144 billion yuan in 2024, representing a year-on-year growth of 7.94% [1][10] - High-voltage electrical testing accounts for approximately 66.07% of the market, while low-voltage testing makes up about 33.93% [10] - The increasing consumer demand for quality, safety, and performance in electrical products is driving companies to prioritize product testing [10] - The Belt and Road Initiative is accelerating the overseas expansion of Chinese electrical companies, increasing the demand for electrical testing results in international markets [1][10] Market Policies - China has implemented stricter regulations on the quality, safety, and environmental standards of electrical products, creating a favorable policy environment for the electrical testing industry [4] - A series of policies have been introduced, including the "Action Plan for the Development of Intelligent Testing Equipment Industry (2023-2025)" and "Guidance on Promoting the Green Development of Manufacturing Industry" [4][6] Industry Chain - The upstream of the electrical testing industry includes suppliers of testing equipment, testing consumables, and software [8] - The midstream consists of demand markets covering various sectors such as power distribution, household appliances, and automotive electronics [8] Market Demand Structure - The largest demand for electrical testing comes from the power distribution sector, accounting for over 30%, followed by household appliances and machine tools at approximately 21.57% and 11.87%, respectively [8] - The total investment in China's power sector is projected to reach 1.777 trillion yuan in 2024, with a year-on-year growth of 14.63% [8] Competitive Landscape - The electrical testing market is divided into high-voltage and low-voltage testing, with the low-voltage segment being highly fragmented and dominated by numerous small enterprises [12] - High-voltage testing is characterized by higher technical requirements and fewer leading companies, with notable players including the Electric Power Research Institute and Xi'an High Voltage Electrical Research Institute [12][14][17] Representative Companies - Suzhou Electrical Science Research Institute Co., Ltd. is a leading third-party testing organization with a revenue of 619 million yuan in 2024, where high-voltage testing accounted for 76.91% of its income [14] - Xi'an High Voltage Electrical Research Institute Co., Ltd. reported a total revenue of 798 million yuan in 2024, with testing service income making up 92.47% of its total revenue [17] Development Trends - The application of technologies such as artificial intelligence, big data, and cloud computing in the electrical testing industry is expected to increase, enhancing testing efficiency and accuracy [19] - There is a growing demand for customized testing services as the market becomes more segmented, with a shift towards comprehensive services including equipment status assessment and predictive maintenance [19]

Group 1 - Foreign institutions conducted a total of 4,766 research visits to A-share companies in the first half of 2025, with over 1,000 visits to companies on the Shenzhen Main Board, ChiNext, and STAR Market [2][3] - Huichuan Technology was the most favored A-share company, receiving 485 visits from foreign institutions, followed by Mindray Medical with 299 visits [3] - Point72, a prominent hedge fund, led the research visits with 116 in the first half of 2025, focusing on 84 companies including Huichuan Technology, Xiaogoods City, and Aopute [3] Group 2 - Multiple foreign institutions hold an optimistic view on the performance of A-shares in the second half of 2025, citing strong market resilience and increased confidence in Chinese assets [3][4] - Morgan Stanley Fund believes that the current external environment does not pose substantial pressure on A-shares, viewing short-term disturbances as manageable [4] - Invesco's CIO for mainland China and Hong Kong anticipates the continuation and expansion of the "old for new" consumption policy, which is expected to drive economic growth in the coming months [4]

Core Viewpoint - The China Securities Social Development Security Industry Theme Index (CSI Security) has shown mixed performance, with a recent increase of 0.58% and a year-to-date rise of 0.39% [1]. Group 1: Index Performance - The CSI Security Index rose by 2.28% over the past month, but has decreased by 3.03% over the last three months [1]. - The index was established on June 29, 2012, with a base value of 1000.0 points [1]. Group 2: Index Composition - The top ten weighted stocks in the CSI Security Index include: - Huace Testing (9.28%) - Hikvision (7.9%) - Zhongke Shuguang (3.59%) - Wanfu Biology (2.94%) - Greenme (2.88%) - Meiya Optoelectronics (2.77%) - Southern Network Technology (2.48%) - Siwei Liekong (2.48%) - Dahua Technology (2.43%) - Aerospace Zhizhuang (2.4%) [1]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (67.13%) and the Shanghai Stock Exchange (32.87%) [1]. Group 3: Industry Breakdown - The industry composition of the index includes: - Industrial sector: 42.43% - Information technology: 41.81% - Public utilities: 5.46% - Communication services: 4.97% - Healthcare: 4.88% - Financial sector: 0.45% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]. Group 5: Related Funds - Public funds tracking the CSI Security Index include Donghai CSI Social Development Security [3].

华测检测 20250703 摘要 华测检测收购南非 Fifty 公司旨在增强海外拓展能力，尤其是在食品安全 领域，Fifty 公司在南非市场占有率较高，有助于华测检测实现国际化转 型，并补足其在培训业务方面的短板。收购将以现金支付，公司现金流 足以支撑，无需增发股票。 受行业内卷加剧影响，各细分领域面临价格竞争压力，但华测检测整体 经营情况保持稳定。全年收入预期增长 10%的目标未做调整，但单季度 业绩存在季节性不确定性。去年二季度收入约为 16 亿元，其中三普业 务贡献约 1 亿元，占比约 6%。 食品检测板块表现稳健，去年增长接近 10%，今年一季度增长 15%， 预计全年保持 10%左右的增长。环境检测项目一季度超预期，但二季度 受政府财政收紧影响，预计面临压力。医药医学板块去年亏损，今年目 标是减亏，但扭亏压力较大，且将增加医药医疗器械投资。 贝斯博业务设备陆续到位，产能释放逐步向好；易码业务德国市场受影 响，但美国和墨西哥市场趋势良好。国内汽车市场整体稳定，华测检测 通过提高内部实验室效率来对冲市场价格波动，实现高个位数增长和毛 利率提升。 Q&A 华测检测在药品检测领域积极布局，CRO 业务趋势向 ...