据证券之星公开数据整理，近期苏试试验（300416）发布2025年中报。截至本报告期末，公司营业总收 入9.91亿元，同比上升8.09%，归母净利润1.17亿元，同比上升14.18%。按单季度数据看，第二季度营 业总收入5.61亿元，同比上升18.39%，第二季度归母净利润7637.24万元，同比上升26.14%。本报告期 苏试试验公司应收账款体量较大，当期应收账款占最新年报归母净利润比达605.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率41.88%，同比减7.01%，净利率13.51%，同比增 2.06%，销售费用、管理费用、财务费用总计2.02亿元，三费占营收比20.39%，同比减6.99%，每股净资 产5.16元，同比增2.7%，每股经营性现金流0.19元，同比增29.32%，每股收益0.23元，同比增14.16% | 苏试试验 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.17亿 | 216'6 | 8.09% | | 归母净利润(元) | 1.03 ...

Core Viewpoint - Su Shi Testing (300416) reported a strong performance in the first half of 2025, with significant revenue and profit growth, indicating a positive outlook for the company's operations and market position [2][7]. Revenue and Profit - The total revenue for the first half of 2025 was 991 million yuan, an increase of 8.09% year-on-year; the net profit attributable to shareholders was 117 million yuan, up 14.18% year-on-year; and the net profit after deducting non-recurring items was 114 million yuan, a rise of 20.72% year-on-year. The second quarter showed even stronger results, with total revenue of 561 million yuan, an 18.39% increase year-on-year; net profit attributable to shareholders was 76.37 million yuan, up 26.14% year-on-year; and net profit after deducting non-recurring items was 74.62 million yuan, a 37.09% increase year-on-year [2]. Key Financial Indicators - The company's gross profit margin was 41.88%, a decrease of 7.01% year-on-year; the net profit margin was 13.51%, an increase of 2.06% year-on-year. Total operating expenses (selling, administrative, and financial expenses) amounted to 202 million yuan, accounting for 20.39% of revenue, a decrease of 6.99% year-on-year. The net asset per share was 5.16 yuan, an increase of 2.7% year-on-year; operating cash flow per share was 0.19 yuan, up 29.32% year-on-year; and earnings per share were 0.23 yuan, an increase of 14.16% year-on-year [3]. Accounts Receivable and Debt Situation - As of the end of the reporting period, accounts receivable stood at 1.39 billion yuan, representing 605.84% of the latest annual net profit, an increase of 14.24% year-on-year. Interest-bearing liabilities were 1.178 billion yuan, up 24.93% year-on-year. Cash and cash equivalents were 621 million yuan, a decrease of 14.15% year-on-year. The interest-bearing asset-liability ratio was 23.59%, indicating a need to monitor the company's cash flow and debt situation [4]. Main Business Composition - The revenue from the main business segments included environmental reliability testing services at 487 million yuan, accounting for 49.19% of total revenue with a gross margin of 54.95%; testing equipment revenue at 310 million yuan, accounting for 31.27% of total revenue with a gross margin of 26.56%; and integrated circuit verification and analysis services revenue at 155 million yuan, accounting for 15.63% of total revenue with a gross margin of 36.49%. In terms of industry distribution, revenue from the electronics and electrical industry was 385 million yuan, accounting for 38.89% of total revenue with a gross margin of 40.76%; revenue from research and testing institutions was 219 million yuan, accounting for 22.07% of total revenue with a gross margin of 43.27% [5]. Business Model and Core Competitiveness - The company focuses on environmental and reliability testing verification and comprehensive analysis services, covering two main areas: testing equipment and testing services. The company possesses advantages in industry position, one-stop service across the entire industry chain, business model, brand recognition, business qualifications, independent third-party laboratory capabilities, and a strong customer base. The company and its subsidiaries have participated in the formulation of multiple national and industry standards and have received several national honors, with laboratories certified by CNAS, CMA, and other authoritative bodies, serving thousands of high-quality clients across various fields including aerospace, automotive, and electronics [6]. Development Prospects - Despite achieving good performance growth in the first half of 2025, the company's accounts receivable and debt situation require attention. With the acceleration of automation, intelligent upgrades, and domestic substitution processes in the industry, the company is expected to continue benefiting from technological iterations and policy-driven development opportunities [7].

通过天眼查大数据分析，苏州苏试试验集团股份有限公司共对外投资了26家企业，参与招投标项目1250 次，知识产权方面有商标信息23条，专利信息525条，此外企业还拥有行政许可14个。 苏试试验最新一期业绩显示，截至2025中报，公司营业总收入9.91亿元、同比增长8.09%，归属净利润 1.17亿元，同比增长14.18%，扣非净利润1.14亿元，同比增长20.72%，流动比率1.714、速动比率 1.445、资产负债率42.02%。 天眼查商业履历信息显示，苏州苏试试验集团股份有限公司，成立于2007年，位于苏州市，是一家以从 事研究和试验发展为主的企业。企业注册资本50854.7806万人民币，实缴资本20608万人民币。公司法 定代表人为钟琼华。 金融界消息 截至2025年7月30日收盘，苏试试验（300416）报收于16.5元，上涨4.96%，换手率 10.75%，成交量54.32万手，成交金额8.90亿元。 资金流向方面，今日主力资金净流出6399.09万元，占比成交额7.19%。其中，超大单净流入703.03万 元、占成交额0.79%，大单净流出7102.12万元、占成交额7.98%，中单净流出流出6 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 991 million yuan for the first half of 2025, representing a year-on-year increase of 8.1%. The net profit attributable to the parent company was 117 million yuan, up 14.2% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 20.7% increase year-on-year. In Q2 alone, revenue reached 561 million yuan, marking an 18.4% year-on-year growth, and the net profit attributable to the parent company was 76 million yuan, up 26.1% year-on-year [2][6] Summary by Sections Revenue and Profitability - In Q2 2025, the company experienced a significant improvement in revenue, with a year-on-year growth rate of 18.4%, compared to a decline of 3.0% in Q1. The revenue breakdown for the first half of the year includes: 1. Environmental testing services: 487 million yuan, up 5.75% year-on-year 2. Testing equipment: 310 million yuan, up 6.32% year-on-year 3. Integrated circuit testing: 155 million yuan, up 21.01% year-on-year [12][12] Margin Analysis - The gross margin for Q2 2025 was 43.0%, a decrease of 4.46 percentage points year-on-year. The net profit margin slightly decreased by 0.27 percentage points year-on-year. The gross margins for different segments were: 1. Environmental testing services: 54.95%, down 0.79 percentage points 2. Testing equipment: 26.56%, down 4.66 percentage points 3. Integrated circuit testing: 36.49%, down 6.38 percentage points [12][12] Cash Flow and Financial Health - The net cash flow from operating activities in Q2 2025 was 199 million yuan, an increase of 44.1% year-on-year, indicating a significant improvement in cash flow [12] Growth Prospects - The company is actively expanding its application fields and continues to invest in capacity. By the end of 2024, the original value of machinery and equipment increased by 26.1% year-on-year. The company is also expanding its laboratory network and enhancing its testing capabilities in various sectors, including military, new energy vehicles, and semiconductors [12][12] Earnings Forecast - The company is expected to benefit from accelerated military testing orders and strong demand in the semiconductor testing sector. Revenue projections for 2025-2027 are 2.263 billion yuan, 2.535 billion yuan, and 2.851 billion yuan, respectively, with net profits of 296 million yuan, 363 million yuan, and 441 million yuan, reflecting year-on-year growth rates of 29.1%, 22.7%, and 21.3% [12][12]

Group 1 - The core viewpoint of the report is that Su Shi Testing (300416.SZ) is a high-growth, undervalued platform leader in the third-party testing industry, with a significant performance increase of 26.1% in Q2 2025, indicating a turning point [2] - The company continues to innovate, leading to stable growth in equipment sales revenue [2] - The environmental testing service industry is undergoing optimization, and the company is actively exploring new quality tracks, reinforcing the trend of strong players becoming stronger [2] - In the integrated circuit verification and analysis sector, the company is expected to enter a harvest period for capacity construction [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.10, up from the previous RMB 19.95 [4][6]. Core Insights - The company reported better-than-expected performance in its half-year results for 2025, with revenue of RMB 999 million (up 8.1% year-on-year) and net profit attributable to shareholders of RMB 117 million (up 14.2% year-on-year) [1]. - The company is expected to benefit from a favorable industry environment and a sufficient order backlog, leading to continuous growth in performance from 2025 to 2027 [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 999 million, with a year-on-year growth of 8.1%. The net profit attributable to shareholders was RMB 117 million, reflecting a year-on-year increase of 14.2% [1]. - The second quarter of 2025 saw revenue of RMB 561 million, representing a year-on-year increase of 18.4% and a quarter-on-quarter increase of 30.8% [1]. Revenue Breakdown - The revenue from environmental testing services was RMB 487 million (up 5.8% year-on-year) with a gross margin of 55.0% (down 0.8 percentage points) [2]. - Integrated circuit testing revenue reached RMB 155 million (up 21.0% year-on-year) with a gross margin of 36.5% (down 6.4 percentage points) [2]. - Testing equipment revenue was RMB 310 million (up 6.3% year-on-year) with a gross margin of 26.6% (down 4.7 percentage points) [2]. Cash Flow and Capital Expenditure - The company's net operating cash flow for the first half of 2025 was RMB 99 million, an increase of 29.3% year-on-year, attributed to improved collection mechanisms [3]. - Capital expenditure was RMB 217 million, a decrease of 7.5% year-on-year, mainly due to reduced equipment purchases [3]. Profit Forecast - The report maintains profit forecasts for 2025-2027, estimating net profits attributable to shareholders of RMB 289 million, RMB 357 million, and RMB 429 million respectively [4]. - The expected compound annual growth rate (CAGR) for net profit from 2023 to 2027 is projected at 23%, which is higher than the average of comparable service companies at 21% [4].

公司最新毛利率为41.88%，较上季度毛利率增加1.44个百分点。最新ROE为4.47%，较去年同期ROE增 加0.45个百分点。 公司摊薄每股收益为0.23元，较去年同报告期摊薄每股收益增加0.03元，同比较去年同期上涨14.16%。 公司最新总资产周转率为0.20次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨4.66%。 最新存货周转率为1.43次，较去年同期存货周转率增加0.05次，实现3年连续上涨，同比较去年同期上涨 3.89%。 公司股东户数为2.31万户，前十大股东持股数量为2.18亿股，占总股本比例为42.79%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 苏州试验仪器总厂 | 31.93% | | 2 | 瑞众人寿保险有限责任公司-自有资金 | 1.98% | | 3 | 香港中央结算有限公司 | 1.72% | | 4 | 苏州苏试试验集团股份有限公司-第三期员工持股计划 | 1.39% | | રે | 全国社保基金六零二组合 | 1.17% | | 6 | 兴业银行股份有限公司-天弘永利债券型证券 ...

苏试试验2025半年报 ...

Core Viewpoint - Su Shi Testing (300416.SZ) reported a significant institutional ownership, with 42 institutional investors holding a total of 235 million shares, representing 46.12% of the total share capital as of July 29, 2025 [1] Institutional Investors - The top ten institutional investors collectively hold 42.79% of the shares, with a slight increase of 0.12 percentage points compared to the previous quarter [1] - Major institutional investors include Suzhou Testing Instrument Factory, Ruizhong Life Insurance Co., Ltd., and Hong Kong Central Clearing Limited [1] Public Funds - Seven public funds increased their holdings, with a total increase of 0.11%, while six public funds decreased their holdings by 0.20% [2] - A total of 20 new public funds disclosed their holdings, while 48 public funds did not disclose their holdings in this period [2] Insurance Capital - One insurance investor, Ruizhong Life Insurance Co., Ltd., increased its holdings by 0.7%, while one new insurance investor, China Life Reinsurance Co., Ltd., was disclosed [3] - Two pension funds were not disclosed in this period [3] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.38% compared to the previous quarter [3]

Core Insights - The company reported a total operating revenue of 991 million yuan and a net profit attributable to shareholders of 117 million yuan for the first half of 2025 [1] Financial Performance - The latest asset-liability ratio is 42.02%, which is an increase of 4.54 percentage points from the previous quarter and an increase of 3.68 percentage points from the same period last year [3] - The latest gross profit margin is 41.88%, reflecting a decrease of 3.16 percentage points compared to the same period last year [3] - The latest return on equity (ROE) stands at 4.47% [3] - The diluted earnings per share (EPS) is 0.23 yuan [3] - The total asset turnover ratio is 0.20 times, and the inventory turnover ratio is 1.43 times [3] Shareholder Information - The number of shareholders is 23,100, with the top ten shareholders holding a total of 218 million shares, accounting for 42.79% of the total share capital [3] - The largest shareholder is Suzhou Testing Instrument Factory, holding 31.9% of the shares [3]