证券代码：300012 证券简称：华测检测 公告编号：2025-027 华测检测认证集团股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会无增加、变更、否决议案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议召开时间： 5、主持人：董事长万峰先生。 6、公司董事、监事、高级管理人员出席了本次会议，见证律师列席了本次 会议。 7、本次股东大会的召开符合《公司法》《公司章程》等法律、法规及规范 性文件的规定。 （1）现场会议召开时间：2025 年 5 月 19 日（星期一）下午 14:30。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的时间为 2025 年 5 月 19 日上午 9:15-9:25，9:30-11:30，下午 13:00-15：00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 5 月 19 日 9:15-15:00 期间的 任意时间。 2、召开地点：深圳市宝安区新安街道留仙三路 4 号华测检测大楼一楼会议 ...

广东华商律师事务所 关于华测检测认证集团股份有限公司 2024 年度股东大会的 法律意见书 2025 年 5 月 中国深圳福田区深南大道 4011 号香港中旅大厦 第 21A-3 层、第 22A、23A、24A、25A、26A 层 广东华商律师事务所 关于华测检测认证集团股份有限公司 2024 年度股东大会的 法律意见书 致：华测检测认证集团股份有限公司 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》"）及中国证券监督管理委员会《上市公司 股东大会规则》（以下简称"《股东大会规则》"）等法律、法规及规范性文件的 规定，广东华商律师事务所（以下简称"本所"）接受华测检测认证集团股份有限 公司（以下简称"公司"）的委托，指派刘丽萍律师、张梅林律师出席了公司2024 年度股东大会（以下简称"本次股东大会"），就本次股东大会的有关问题，依法 出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员的 资格、召集人资格、会议表决程序是否符合法律、法规及《公司章程》的规定以及 表决结果是否合法有效发表意见，并不对本次股东大会所审议的议 ...

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][86]. Core Insights - The overall performance of the testing service industry is under pressure, with a focus on lean management and the expansion into emerging industries [4][5]. - The testing service sector is closely correlated with macroeconomic growth, and it is expected to benefit from government debt relief and domestic demand stimulus policies [5][74]. - The industry is experiencing a trend towards consolidation, with resources likely to concentrate in leading companies that possess brand, capital, and management advantages [5][6]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved revenue of 46.8 billion RMB, a year-on-year decline of 4%. Excluding companies with high medical testing ratios, the revenue was 25.8 billion RMB, showing a growth of 4% [4][19]. - The first quarter of 2024 saw a revenue of 9 billion RMB, down 9% year-on-year, but excluding high medical testing companies, the revenue growth improved to 2% [4][19]. Profitability - The sector's net profit attributable to shareholders in 2024 was 1.8 billion RMB, down 56% year-on-year, primarily due to declining revenue and increased costs [26]. - Excluding high medical testing companies, the net profit decline was 20%, indicating a narrowing drop [26]. Market Dynamics - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a CAGR of about 6% from 2021 to 2024 [5][57]. - The Chinese testing service market reached around 467 billion RMB in 2023, with a CAGR of 13% from 2014 to 2023 [57]. Industry Characteristics - The testing service industry is characterized by heavy asset requirements and localized operations, with a significant presence of small and weak institutions [68][69]. - The report highlights a trend towards consolidation in the industry, driven by increasing regulatory scrutiny and the need for higher capital and technical capabilities in emerging sectors [69][73]. Future Outlook - The report anticipates a recovery in demand for the testing service industry due to recent macroeconomic policy adjustments and government debt relief measures [74][86]. - Companies with significant government client bases, such as Puni Testing, Guangdian Measurement, and Huace Testing, are expected to benefit from these developments [86].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Views - The company has demonstrated stable revenue growth, with a total revenue of 6.084 billion yuan in 2024, reflecting an 8.55% year-on-year increase, and a net profit of 921 million yuan, up 1.19% year-on-year [1][2]. - The company is actively pursuing strategic mergers and acquisitions to enhance its international presence and core competitiveness, particularly in the green energy sector and electronic materials [4][6]. - The report highlights the company's strong performance in traditional sectors such as life sciences and industrial testing, with significant improvements in gross margins [3][4]. Financial Performance Summary - In 2024, the gross margin and net margin were 49.5% and 15.3%, respectively, showing a year-on-year increase of 1.41 percentage points and a decrease of 1.21 percentage points [2]. - For Q4 2024, the company achieved a revenue of 1.688 billion yuan, a year-on-year increase of 10.82%, and a net profit of 174 million yuan, up 2.96% year-on-year [2]. - The first quarter of 2025 saw revenues of 1.287 billion yuan, a 7.96% increase year-on-year, with a net profit of 136 million yuan, up 2.75% year-on-year [1][2]. Business Segment Analysis - In 2024, revenue from life sciences, industrial testing, consumer testing, trade assurance, and pharmaceuticals was 2.841 billion, 1.204 billion, 988 million, 764 million, and 287 million yuan, respectively, with year-on-year growth rates of 13.8%, 10.3%, 0.9%, 9.2%, and a decline of 14.7% [3]. - The environmental testing segment benefited from successful implementation of soil testing initiatives, leading to strong growth and improved gross margins [3]. - The industrial testing segment maintained stable operations in the maritime sector and expanded its global footprint through acquisitions, providing a strong growth impetus for 2025 [3][4]. Financial Forecast - The company expects net profits for 2025, 2026, and 2027 to be 1.013 billion, 1.154 billion, and 1.294 billion yuan, respectively, with year-on-year growth rates of 10%, 14%, and 12% [4][5]. - The report projects a revenue growth rate of 8.57% for 2025, with an estimated revenue of 6.605 billion yuan [5].

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Points - The CSI All Share Commercial Services and Commercial Goods Index reported a decline of 1.62% over the past month, an increase of 6.05% over the past three months, and a year-to-date increase of 4.15% [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted stocks in the index include: - Xiaogoods City (11.09%) - Dinglong Co., Ltd. (5.85%) - Huace Testing (5.03%) - Hainan Huatie (4.43%) - Liyuan Information (3.03%) - Chenguang Co., Ltd. (3.01%) - Shannon Chip Creation (2.23%) - Juran Smart Home (2.23%) - China Automotive Research (2.05%) - Shenzhen Huaqiang (2.04%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 62.53%, the Shanghai Stock Exchange for 37.14%, and the Beijing Stock Exchange for 0.33% [2] - The industry composition of the index holdings includes: - Other Commercial Services and Goods: 35.04% - Traders: 32.62% - Market Services: 18.09% - Office Services and Goods: 10.79% - Commercial Printing: 3.46% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2]

- The report discusses the "Momentum Factor" as a key quantitative factor that performed well in the market during the week of April 21-25, 2025. The factor's construction is based on identifying stocks with strong recent performance, which are expected to continue outperforming in the short term[12][24][26] - The "Momentum Sentiment Indicator" is calculated by measuring the proportion of stocks within the CSI 300 Index that have achieved positive returns over a specified period (N days). The formula is: $ \text{CSI 300 Index N-day Upward Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator captures market sentiment and is used to identify potential market bottoms or overheating phases. It is noted that the indicator can quickly capture upward opportunities but may fail to avoid risks during market downturns[26][27][29] - The "Momentum Sentiment Indicator Timing Strategy" applies two smoothing windows (N1 and N2, where N1 > N2) to the indicator. When the short-term smoothed line (fast line) exceeds the long-term smoothed line (slow line), it signals a bullish market sentiment. Conversely, when the fast line is below the slow line, it indicates a neutral or bearish sentiment. As of April 25, 2025, the fast line was below the slow line, suggesting a cautious market outlook[27][29][33] - The "Moving Average Sentiment Indicator" uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) of the CSI 300 Index closing prices. The indicator assigns values based on the position of the current price relative to these averages. If the current price exceeds the values of more than five moving averages, it signals a bullish sentiment. As of April 25, 2025, the CSI 300 Index was in a non-optimistic sentiment zone[33][37] - The report highlights "Cross-sectional Volatility" as a measure of short-term alpha opportunities. It notes that the cross-sectional volatility of CSI 300, CSI 500, and CSI 1000 Index components increased week-over-week, indicating improved alpha conditions. Over the past quarter, the cross-sectional volatility of CSI 300 and CSI 1000 was in the upper-middle range of the past six months, while CSI 500 was in the middle range[38][41] - "Time-series Volatility" is another alpha-related metric discussed. The time-series volatility of CSI 300, CSI 500, and CSI 1000 Index components rose week-over-week, signaling better alpha conditions. Over the past quarter, the time-series volatility of these indices was in the upper-middle range of the past six months[41][43] - The report evaluates the "Fund Concentration Degree Indicator," which measures the standard deviation of cross-sectional returns of concentrated fund portfolios. A lower standard deviation indicates higher fund concentration, while a higher standard deviation suggests fund dispersion. As of April 25, 2025, the fund concentration degree slightly increased, and the excess returns of concentrated funds and stocks declined week-over-week[85][88][90]

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 6.084 billion yuan in 2024, representing a year-on-year growth of 8.55%, while the net profit attributable to shareholders increased by 1.19% to 921 million yuan. The growth is attributed to the company's solid business advantages, accelerated development in strategic sectors, and improved operational efficiency [1][2] - In Q1 2025, the company reported a revenue of 1.287 billion yuan, up 7.96% year-on-year, and a net profit of 136 million yuan, reflecting a 2.75% increase [1] - The company is actively pursuing strategic acquisitions to enhance its international presence and operational capabilities, including acquisitions in the green energy and electronic materials sectors [2][3] Summary by Sections Financial Performance - In 2024, the company's revenue was 60.84 billion yuan, with a gross margin of approximately 49.47% and a net profit margin of 15.33% [1] - The company reported a non-recurring net profit of 860 million yuan, which is a 9.79% increase year-on-year [1] - The revenue breakdown by business segments for 2024 includes: Life Sciences (2.841 billion yuan, +13.75%), Industrial Testing (1.204 billion yuan, +10.32%), Consumer Testing (988 million yuan, +0.88%), Trade Assurance (764 million yuan, +9.19%), and Medical Services (287 million yuan, -14.71%) [2] Strategic Initiatives - The company is focusing on enhancing its core business through digital transformation and operational efficiency improvements [3] - Recent strategic acquisitions include a 51% stake in Changzhou Microtech and a 70% stake in Changzhou Honghai, aimed at strengthening its capabilities in electronic materials and PCB testing [2][3] Future Outlook - The profit forecast for 2025-2027 is adjusted to 1 billion yuan, 1.101 billion yuan, and 1.227 billion yuan respectively, with corresponding P/E ratios of 19, 17, and 16 [3][4] - The company plans to distribute a cash dividend of 1.67 billion yuan in 2024, which is about 21.26% of the net profit attributable to shareholders [3]

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