Core Viewpoint - Donghua Testing (300354.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of the year, indicating stable growth in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 385 million yuan, representing a year-on-year growth of 8.70% [1] - The net profit attributable to shareholders of the listed company was 101 million yuan, showing a year-on-year increase of 2.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 98.88 million yuan, with a slight year-on-year growth of 0.11% [1]

Core Viewpoint - Donghua Testing (300354.SZ) reported a year-on-year revenue growth of 8.70% for the first three quarters of 2025, indicating a positive trend in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 385 million yuan [1] - Net profit attributable to shareholders was 101 million yuan, reflecting a year-on-year increase of 2.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 98.885 million yuan, showing a slight increase of 0.11% year-on-year [1] - Basic earnings per share stood at 0.7336 yuan [1]

Group 1 - The core viewpoint of the article highlights Donghua Testing's third-quarter performance, showing a revenue of approximately 385 million yuan, which represents an 8.7% year-on-year increase [1] - The net profit attributable to shareholders of the listed company is around 101 million yuan, reflecting a year-on-year increase of 2.23% [1] - The basic earnings per share is reported at 0.7336 yuan, marking a 2.44% year-on-year increase [1]

证券代码：300354 证券简称：东华测试 公告编号：2025-052 审议结果：赞成7票；反对0票；弃权0票，通过。 江苏东华测试技术股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏东华测试技术股份有限公司（以下简称"公司"）于2025年10月20日在 公司会议室以现场结合通讯方式召开了第六届董事会第十次会议，会议通知及相 关资料于2025年10月10日通过邮件方式发出。本次董事会会议应出席董事7名， 实际出席董事7名。会议由董事长刘士钢主持，公司有关高级管理人员列席了会 议。会议的召集及召开程序符合《中华人民共和国公司法》及《公司章程》的规 定。 二、董事会会议审议情况 经与会董事认真审议与表决，形成了以下决议： 1、审议通过《关于公司2025年第三季度报告的议案》 全体董事一致认为公司《2025年第三季度报告》的编制程序、内容、格式符 合相关文件的规定；三季报编制期间，未有泄密及其他违反法律法规、《公司章 程》或损害公司利益的行为发生；公司的财务报告真实、准确、完整地反映了公 司的 ...

Group 1 - The core viewpoint of the article highlights Donghua Testing's financial performance in the third quarter, showing a revenue of 102 million yuan, which represents a year-on-year increase of 30.75% [1] - The net profit for the third quarter was 24.8624 million yuan, reflecting a slight year-on-year growth of 0.50% [1] - For the first three quarters, the total revenue reached 385 million yuan, marking an 8.70% year-on-year increase [1] Group 2 - The net profit for the first three quarters amounted to 101 million yuan, with a year-on-year growth of 2.23% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥102,393,404.56, representing a year-on-year increase of 30.75%[5] - Net profit attributable to shareholders was ¥24,862,435.33, a slight increase of 0.50% compared to the same period last year[5] - The net profit excluding non-recurring gains and losses decreased by 8.05% to ¥22,750,267.06[5] - Total operating revenue for the current period reached ¥385,006,862.42, an increase of 8.5% compared to ¥354,181,217.45 in the previous period[21] - Net profit for the current period was ¥100,495,074.86, slightly increasing from ¥98,521,774.55, representing a growth of 2.0%[21] - The net profit attributable to the parent company's shareholders for the current period is ¥101,249,054.99, compared to ¥99,044,982.63 in the previous period, reflecting an increase of approximately 2.2%[22] - The total comprehensive income attributable to the parent company's owners is ¥101,249,054.99, up from ¥99,044,982.63, indicating a growth of about 2.2%[22] - Basic and diluted earnings per share for the current period are both ¥0.7336, compared to ¥0.7161 in the previous period, representing an increase of approximately 2.1%[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥930,478,137.05, an increase of 10.27% from the end of the previous year[5] - Current assets totaled ¥754,864,328.72, up from ¥669,607,030.81, indicating a rise of 12.7%[19] - Total liabilities increased to ¥105,215,608.18 from ¥87,177,487.35, representing a growth of 20.7%[19] - The total equity attributable to shareholders increased by 9.23% to ¥822,935,031.29 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥822,935,031.29 from ¥753,392,066.80, a growth of 9.2%[19] Cash Flow - Cash flow from operating activities for the year-to-date increased significantly by 258.45% to ¥29,139,851.57[5] - Cash inflows from operating activities totaled ¥378,360,282.70, compared to ¥290,679,282.97 in the previous period, marking an increase of about 30.1%[23] - The net cash flow from operating activities is ¥29,139,851.57, a significant recovery from a net outflow of ¥18,390,066.92 in the previous period[24] - Cash and cash equivalents at the end of the period amount to ¥73,059,362.08, up from ¥29,621,324.09, indicating a substantial increase of approximately 146.5%[24] - Cash outflows from investing activities resulted in a net cash flow of -¥12,385,303.14, an improvement from -¥16,666,409.14 in the previous period[24] - Cash outflows from financing activities resulted in a net cash flow of -¥4,961,152.45, compared to -¥9,713,936.02 in the previous period, showing a reduction in outflows[24] - The company received cash from borrowing amounting to ¥19,600,000.00, compared to ¥18,000,000.00 in the previous period, reflecting an increase of approximately 8.9%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,836[13] - Liu Shigang holds 48.27% of shares, totaling 66,766,140 shares, with 9,460,000 shares pledged[13] - The top 10 shareholders include Liu Shigang, Luo Mian, and Huang Yuqing, with Liu holding 15,941,693 unrestricted shares[13] - The total number of restricted shares at the end of the period is 57,011,607, with 109,019 shares released during the period[15] - The company has a total of 50,824,447 restricted shares held by Liu Shigang, which are subject to a 25% annual transfer limit[15] - The company has not reported any changes in the number of shares due to lending or returning shares in the margin trading business[13] Other Information - The company has not disclosed any new strategies or significant events in the reporting period[16] - There are no new product developments or technological advancements mentioned in the report[16] - The company has not provided specific future outlook or performance guidance in the conference call[16] - The report does not indicate any market expansion or acquisition activities during the period[16] - The company incurred a 183.17% increase in income tax expenses, totaling ¥21,948,614.03, due to an increase in total profit and tax settlement for 2024[11] - Other income increased by 31.53% to ¥10,872,167.17, primarily due to an increase in government subsidies[11] - The company reported a significant increase in non-operating income by 643.44% to ¥242,931.19, attributed to a rise in non-operating revenue[11] - The weighted average return on equity was 3.07%, down by 0.22% compared to the previous year[5] - The company has not undergone an audit for the third quarter financial report[25]

Core Insights - Donghua Testing's stock price increased by 34.57% year-to-date, with a recent rise of 3.26% over the past five trading days [1] - The company reported a revenue of 283 million yuan for the first half of 2025, reflecting a year-on-year growth of 2.44% [2] - The main business revenue composition includes 71.99% from structural mechanics performance testing systems, 12.89% from structural safety online monitoring, and 10.54% from electrochemical workstations [1] Financial Performance - As of June 30, 2025, Donghua Testing achieved a net profit of 76.39 million yuan, marking a 2.80% increase year-on-year [2] - The company has distributed a total of 147 million yuan in dividends since its A-share listing, with 66.58 million yuan distributed over the last three years [3] Shareholder Information - The number of shareholders increased by 4.20% to 15,100 as of June 30, 2025, with an average of 5,388 circulating shares per person, a decrease of 4.03% [2] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 936,400 shares, down by 19.95% from the previous period [3]

Core Insights - Donghua Testing is collaborating with Nidec on testing and verification in the field of transmission systems and joint modules [1] Company Collaboration - Nidec's chairman and director visited Donghua Testing for strategic discussions [1] - The partnership will focus on providing data support for Nidec's precision transmission products, including harmonic reducers and motors [1]

Core Viewpoint - Donghua Testing has signed a strategic cooperation agreement with Nantong Zhenkang to jointly explore market opportunities in high-precision actuators and intelligent modules for industrial and humanoid robots [1] Group 1: Strategic Cooperation - The partnership aims to enhance collaborative innovation in testing control platforms for rotary joint modules and related fields [1] - The focus is on expanding the market for high-precision actuators and intelligent modules in the industrial robot and humanoid robot sectors [1] Group 2: Product Development - The company's six-dimensional force sensor is currently in the small-batch trial production stage [1] - Downstream application areas include industrial robots, humanoid robots, aerospace, automotive, electronics, and medical sectors, which are expected to become new growth points with the industrialization of humanoid robots [1] Group 3: Financial Plans - The company plans to raise 150 million yuan through a private placement to fund the upgrade of the intelligent measurement and control industry and for working capital [1] - The company maintains an "overweight" rating [1]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has signed a strategic cooperation agreement with Nantong Zhinkang to jointly expand into the field of high-precision actuators and intelligent modules for robots [1] - The company focuses on the research and production of intelligent measurement and control systems, continuously expanding its product line, which includes structural mechanics testing systems and online monitoring systems [2] - The company plans to raise up to 150 million yuan through a private placement to upgrade its intelligent measurement and control industry and supplement working capital [3] - The projected net profits for the company from 2025 to 2027 are expected to be 160 million, 210 million, and 270 million yuan, respectively, with corresponding PE ratios of 41, 32, and 25 times [4] Summary by Sections Strategic Cooperation - The company has established a strategic partnership with Nantong Zhinkang to enhance collaboration in the development and industrialization of robotic joint modules [1] Product Development - The company has a diverse product line including structural mechanics testing systems, online monitoring systems, and PHM systems, with a focus on expanding into humanoid robots [2] - The six-dimensional force sensor is in the small batch trial production stage, with applications in various industries including robotics and aerospace [2] Fundraising and Financial Outlook - The company aims to raise 150 million yuan, with 105 million yuan allocated for upgrading its production facilities and 45 million yuan for working capital [3] - Revenue projections indicate a growth rate of 32.79% in 2024, with steady increases in subsequent years [5] Profit Forecast - The expected net profit growth rates for 2025, 2026, and 2027 are 33.4%, 27.3%, and 28.4%, respectively, indicating strong profitability potential [4]