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]

Core Viewpoint - Donghua Testing announced the establishment of branch offices in Wuhan and Xi'an, enhancing its operational footprint and market presence [2] Company Developments - The sixth board meeting of Donghua Testing was held on August 20, 2025, where the proposal to set up branch offices was approved [2] - The Wuhan branch was officially registered on August 21, 2025, indicating a swift implementation of the decision [2] - The Xi'an branch has also completed its registration and recently obtained a business license from the Xi'an High-tech Zone Market Supervision Administration [2]

Core Viewpoint - The joint module, as a core motion component of humanoid robots, significantly impacts overall performance and industry development. The market demand for joint modules is expected to grow, with a projected demand of 4.82 million sets and a market size exceeding 68.9 billion yuan in five years. However, challenges such as technology optimization, cost control, and scene adaptability remain prevalent in the industry [1]. Group 1: Market Demand and Challenges - The demand for joint modules is anticipated to reach 4.82 million sets in five years, with a market size projected to exceed 68.9 billion yuan [1]. - The industry faces challenges including technology optimization, cost control, and scene adaptability, as evidenced by an international humanoid robot manufacturer planning a technical route reconstruction for its third-generation product due to high costs and inadequate adaptability of its second-generation product [1]. Group 2: Strategic Cooperation - Jiangsu Donghua Testing Technology Co., Ltd. and Nantong Zhenkang Machinery Co., Ltd. have signed a strategic cooperation agreement focusing on the R&D and industrialization of humanoid robot joint module technology [3]. - The cooperation aims to leverage each company's technological strengths to enhance the testing control platform for rotary joint modules and explore opportunities in high-precision actuators and intelligent modules for industrial and humanoid robots [3]. Group 3: Technical Complementarity - The collaboration between Donghua Testing and Nantong Zhenkang is based on their complementary technological capabilities in humanoid robot joint modules, focusing on four promising technical directions: dual rigid wheel harmonic modules, planetary roller screw modules, RV reducer modules, and micro screw modules [3]. - Nantong Zhenkang identifies the RV reducer module as the optimal solution for key humanoid robot joints, having mastered the core technology for products with a diameter of 50mm, which offers multiple advantages after structural optimization and lightweight improvements [3]. Group 4: Donghua Testing's Expertise - Donghua Testing specializes in intelligent measurement and control systems, with over 30 years of experience in structural mechanics performance research, testing, simulation analysis, and custom measurement and control systems [5]. - The company's high-precision sensor products, including six-dimensional force sensors, achieve linear accuracy of 0.3% FS, meeting international standards and ensuring reliable performance in complex environments [6][7]. Group 5: Synergistic Model and Industry Impact - The strategic cooperation forms a synergistic model of "joint module core structure R&D + high-precision measurement and control technology support," addressing multiple technical pain points in joint module development [9]. - The collaboration is expected to lead to significant improvements in the performance stability and reliability of joint modules, ultimately driving the humanoid robot industry towards higher precision, reliability, and lower costs [15].

证券代码：300354 证券简称：东华测试 公告编号：2025-051 江苏东华测试技术股份有限公司 4、负责人：夏靖颜 5、成立日期：2025年9月25日 6、经营场所：陕西省西安市高新区锦业路11号绿地中心B座31层3105单元 关于西安分公司完成工商注册登记的公告 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。 江苏东华测试技术股份有限公司（以下简称"公司"）于2025年8月20日召 开了第六届董事会第九次会议，审议通过了《关于设立分公司的议案》，同意公 司在武汉及西安设立分公司，并授权公司经营管理层负责上述事项的具体实施并 办理有关手续。武汉分公司已于2025年8月21日完成工商注册登记手续，具体内 容详见公司2025年8月22日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《关于设立武汉分公司及西安分公司的公告》。 一、西安分公司的基本情况 目前西安分公司已完成工商注册登记手续，并于近日取得了由西安市市场监 督管理局高新区分局核发的《营业执照》，具体情况如下： 1、分公司名称：江苏东华测试技术股份有限公司西安分公司 2、统一 ...

Investment Rating - The report suggests a focus on the robotics industry, particularly on whole machine manufacturers and core component suppliers, with an overall investment rating of "Neutral" for the industry [26]. Core Insights - The humanoid robotics sector is experiencing a dual momentum of "technological deepening" and "scene landing," indicating a positive outlook for the robotics industry [2]. - Google has launched the latest Gemini Robotics 1.5 series, enhancing robot autonomy and task execution capabilities through advanced models [4][16]. - The report highlights significant investment opportunities in various segments of the robotics supply chain, including motors, joints, sensors, and more [18]. Summary by Sections Industry News and Company Dynamics - Jiangsu Donghua Testing Technology Co., Ltd. signed a strategic cooperation agreement with Nantong Zhenkang Machinery Co., Ltd. to enhance collaboration in robotic joint module technology [6]. - Fourier's third-generation humanoid robot GR-3C made its debut at the 2025 Industrial Expo, showcasing advanced design and capabilities [7]. Investment and Financing Dynamics - 1X Robotics is seeking to raise up to $1 billion, aiming for a valuation of at least $10 billion, following the launch of its new home robot Neo Gamma [16]. - Quan Zhibo completed two rounds of financing exceeding 100 million yuan, focusing on talent development and R&D [16]. Investment Recommendations - The report recommends focusing on key robotics component suppliers, including: 1. Motors: Mingzhi Electric 2. Rotating joints: Zhongchen Technology, Shuanghuan Transmission, Landai Technology 3. Linear joints: Hengli Hydraulic 4. Dexterous hands: Zhaowei Electromechanical 5. Encoders: Yap Technology, Fengqiao Technology 6. Sensors: Donghua Testing, Keli Sensor, Anpeilong, Hanwei Technology 7. Screw equipment: Qinchuan Machine Tool, Huachen Equipment 8. Bearings: Longxi Co., Ltd. [18][19]

Core Points - Donghua Testing announced the completion of the first phase of its employee stock ownership plan, involving the transfer of 300,000 shares, which represents 0.2169% of the company's total share capital [1] - The shares were transferred from the company's repurchase account to the "Jiangsu Donghua Testing Technology Co., Ltd. - First Phase Employee Stock Ownership Plan" account [1] - Following this transfer, the balance of shares in the company's repurchase account is now 0 shares, indicating that all repurchased shares have been allocated to the employee stock ownership plan [1]