苏州苏试试验集团股份有限公司 证券代码：300416 证券简称：苏试试验 公告编号：2025-022 2024 年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、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情况。 表决情况：同意 204,036,352 股，占出席会议有表决权股份的 99.9836%；反 对 23,722 股，占出席会议有表决权股份的 0.0116%；弃权 9,850 股，占出席会议 有表决权股份的 0.0048%。表决结果：通过。 其中，中小投资者表决结果：同意 37,218,922 股，占出席会议中小投资者有 表决权股份的 99.9099%；反对 23,722 股，占出席会议中小投资者有表决权股份 的 0.0637%；弃权 9,850 股，占出席会议中小投资者有表决权股份的 0.0264%。 2、《关于<公司 2024 年度监事会工作报告>的议案》 一、会议召开和出席情况 1、苏州苏试试验集团股份有限公司（以下简称"公司"）2024 年年度股东大 会会议通知已于 2 ...

Group 1 - Shareholders of Alade (301419.SZ) plan to reduce their holdings by no more than 1.50% within three months after 15 trading days through centralized bidding and/or block trading [1] - Shareholders of Dawi Technology (600589.SH) intend to reduce their holdings by no more than 3% within three months after 15 trading days through centralized bidding and block trading [1] - Employees of Dingzhi Technology (873593.BJ) have completed a reduction of 0.6431% of their holdings through centralized bidding [1] Group 2 - Shareholders of Aerospace Software (688562.SH) plan to reduce their holdings by no more than 1.00% through centralized bidding [2] - Shareholders of Hongqiang Co., Ltd. (002809.SZ) have completed their reduction plans, with reductions of 1%, 0.132%, and 0.021% respectively [2] - Shareholders of Huachangda (300278.SZ) plan to reduce their holdings by no more than 0.703% within three months after 15 trading days through centralized bidding [2] Group 3 - Shareholders of Liancheng CNC (835368.BJ) plan to reduce their holdings by no more than 2% within three months after 15 trading days through centralized bidding and block trading [3] - Shareholders of Meidixi (688202.SH) intend to reduce their holdings by no more than 2.23% within three months after 15 trading days through centralized bidding or block trading [3] - Shareholders of Meixin Technology (301577.SZ) plan to reduce their holdings by no more than 2.5% through centralized bidding and block trading [3] Group 4 - Shareholders of Wanda Film (002739.SZ) have completed their reduction plan, with a total reduction of 63,353,361 shares, accounting for 3.00% of the total share capital [4] - Shareholders of Xinghua New Materials (301077.SZ) plan to reduce their holdings by no more than 3% within three months after three trading days through centralized bidding and block trading [4] - Shareholders of Yinbao Shanneng (002786.SZ) have completed their reduction plan, with a total reduction of 9,912,100 shares, accounting for 2.00% of the total share capital [4] Group 5 - Shareholders of Intercontinental Oil and Gas (600759.SH) have completed their reduction plan, with a total reduction of 124,499,600 shares, accounting for 3% of the total share capital [5]

证券代码：300416 证券简称：苏试试验 公告编号：2025-021 苏州苏试试验集团股份有限公司 关于第二期员工持股计划减持完毕暨终止的公告 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。 苏州苏试试验集团股份有限公司（以下简称"公司"）第二期员工持股计划 （以下简称"本期员工持股计划"）已于近日通过集中竞价交易方式全部减持完 毕。根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《公司 章程》及公司《第二期员工持股计划（草案）》等相关规定，本期员工持股计划 实施完毕并终止，现将相关情况公告如下： 一、第二期员工持股计划基本情况 1、公司于 2022 年 3 月 21 日召开的第四届董事会第十七次会议、第四届监 事会第十三次会议及 2022 年 4 月 8 日召开的 2022 年第一次临时股东大会，审 议通过了《关于<苏州苏试试验集团股份有限公司第二期员工持股计划（草案）> 及其摘要的议案》等相关议案，并授权董事会办理本期员工持股计划的相关事宜。 具体内容详见公司于 20 ...

Core Viewpoint - The company reported a slight decline in revenue and net profit for Q1 2025, attributed mainly to a downturn in equipment sales, while other segments like environmental testing services and integrated circuit testing are expected to perform better [1][2]. Revenue Performance - Q1 2025 revenue reached 429 million yuan, a year-on-year decrease of 3.0% [1] - Revenue growth rates for 2024 were +1.0%, -11.0%, -11.9%, and +4.9% for Q1 to Q4, indicating marginal improvement in Q4 [2] - Equipment sales revenue for 2024 was 623 million yuan, down 17.25% year-on-year, due to reduced capital expenditures from downstream third-party testing institutions [2] - Environmental testing services generated 1.01 billion yuan in revenue, a year-on-year increase of 0.64%, with military testing orders gradually recovering [2] - Integrated circuit testing revenue was 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [2] Profitability Analysis - The net profit attributable to the parent company for Q1 2025 was 41 million yuan, also down 3.0% year-on-year [1] - The decline in net profit for 2024 was significant, with year-on-year growth rates of -4.9%, -33.8%, -48.3%, and -11.6% from Q1 to Q4 [3] - Q1 2025 gross margin was 40.44%, a decrease of 2.03 percentage points year-on-year, while net margin improved by 0.32 percentage points to 10.53% [3] Capacity Expansion and Future Outlook - The company has been actively expanding its application fields and increasing capacity, with the original value of machinery and equipment growing by 26.1% year-on-year by the end of 2024 [4] - New laboratories are being established in various locations, including Shenzhen and other cities, to enhance testing capabilities [4] - The company anticipates a rapid release of military testing orders in 2025, along with a favorable semiconductor testing demand, which is expected to drive revenue recovery [4] - Revenue projections for 2025-2027 are 2.32 billion, 2.63 billion, and 2.96 billion yuan, with net profits expected to grow by 27.0%, 23.7%, and 23.7% respectively [4]

公司发布 2025 年一季报，业绩同比小幅下降。公司 2025 年一季度实现 营业收入 4.29 亿元，同比下降 2.96%；实现归母净利润 0.41 亿元，同比 下降 2.99%；实现扣非归母净利润 0.40 亿元，同比下降 1.43%。受制于 下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公司业绩 短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 苏试试验（300416.SZ） 25Q1 业绩同比小幅下降，期待公司后续拐点往上 公司费率整体较为稳定，高研发投入为后续公司增长蓄力。公司 2025 年 一季度期间费用率 31.41%，同比上行 0.28pct；其中，销售费用率为 8.48%，同比增长 0.37pct；管理费用率为 12.46%，同比下降 0.71pct； 财务费用率为 1.57%，同比下降 0.36pct；研发费用率为 8.89%，同比增 长 0.96pct，公司期间费用率稳健。公司 2025 年一季度毛利率为 40.44%， 同比下降 2.03pct，我们认为，公司在市场竞争加剧的背 ...

Core Viewpoint - Company is focused on enhancing employee performance and overall company performance through an employee stock ownership plan, aiming for long-term sustainable development and improved governance [2] Company Performance - In 2024, the company achieved a revenue of 2.026 billion and a net profit of 229 million [3] - For Q1 2025, the company reported a revenue of 429 million, a decrease of 2.96% year-on-year, and a net profit of 40.91 million, down 2.99% year-on-year [5] Market Strategy - The company plans to continue exploring external acquisition opportunities to enhance synergy with existing businesses, focusing on industrial products [2] - The company aims to strengthen its competitive edge by integrating manufacturing and service development, while also enhancing internal management and cost control [2] Industry Outlook - The testing service market is expected to grow rapidly due to increasing demand for product quality and ongoing investments in R&D [4] - The high-end instrument manufacturing sector is projected to experience significant growth driven by automation, intelligence, and domestic production initiatives [4] Financial Forecast - Various institutions have provided profit forecasts for the company, with net profit predictions for 2025 ranging from 298 million to 329 million [6] - The average target price from institutions over the past 90 days is 21.96 [5]

Group 1: Company Performance - In 2024, the company achieved a revenue of 2.026 billion CNY and a net profit of 229 million CNY [3] - The revenue from testing equipment was 622.7855 million CNY, a year-on-year decrease of 17.25% [4] - Revenue from environmental and reliability testing services was 1.0094404 billion CNY, a year-on-year increase of 0.64% [4] - Revenue from integrated circuit verification and analysis services was 288.1571 million CNY, a year-on-year increase of 12.33% [4] Group 2: Strategic Focus and Future Plans - The company plans to continue exploring external acquisition opportunities to enhance synergy with existing businesses [3] - The strategy emphasizes "focusing on the main business, dual-wheel drive, and integrating manufacturing with services" [3] - The company aims to strengthen its technological reserves and expand into new production areas such as commercial aerospace and robotics [4] Group 3: Market Trends and Industry Outlook - The testing service market is characterized by rapid growth, broad application, and significant development potential [5] - The high-end instrument and meter manufacturing industry is expected to experience robust growth due to increasing automation and quality demands [5] - The overall industry performance is influenced by fluctuations in demand across different sectors and rising operational costs [4]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a slight decline in revenue and net profit for Q1 2025, with revenue at 429 million yuan, down 3.0% year-on-year, and net profit at 41 million yuan, also down 3.0% year-on-year. The decline is attributed mainly to the equipment sales business, while environmental testing services and integrated circuit testing are expected to perform well [2][6]. - The report anticipates a recovery in military testing orders and a favorable demand for semiconductor testing, which is expected to drive performance recovery throughout 2025 [2][12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 429 million yuan, a year-on-year decrease of 3.0%, and a net profit of 41 million yuan, also down 3.0%. The non-recurring net profit was 40 million yuan, down 1.4% year-on-year [2][6]. - The revenue decline is primarily due to the equipment sales segment, while environmental testing services and integrated circuit testing are projected to improve [12]. Business Segments - For 2024, the revenue growth rates for different segments were +1.0%, -11.0%, -11.9%, and +4.9% respectively, indicating marginal improvement in Q4 [12]. - The testing equipment segment saw a revenue of 623 million yuan, down 17.25% year-on-year, attributed to reduced capital expenditures from downstream third-party testing institutions [12]. - Environmental testing services generated 1.01 billion yuan, a slight increase of 0.64% year-on-year, with military testing orders gradually recovering [12]. - Integrated circuit testing revenue reached 288 million yuan, up 12.33% year-on-year, driven by high demand from downstream clients [12]. Future Outlook - The report forecasts that military testing orders will accelerate in 2025, coinciding with the conclusion of the military's 14th Five-Year Plan. The company is expected to benefit from this trend [12]. - Revenue projections for 2025-2027 are estimated at 2.32 billion yuan, 2.63 billion yuan, and 2.96 billion yuan respectively, with net profits expected to grow by 27.0%, 23.7%, and 23.7% [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2025 revenue of 430 million yuan represents a year-on-year decline of 3%, which is in line with expectations. The decline is attributed to the traditional off-season for the testing industry and lower capacity utilization due to the Spring Festival holiday. However, there is an expectation for revenue growth to resume starting in Q2 2025 as demand recovers [2] - The gross profit margin for Q1 2025 is reported at 40.4%, a decrease of 2 percentage points year-on-year, while the net profit margin improved by 0.3 percentage points to 10.5%. The decline in gross margin is influenced by new capacity ramp-up and intensified competition in the electric vehicle testing sector [3] - The company is positioned in a high-barrier market with significant growth potential. The testing and inspection industry in China is projected to grow, with the company actively expanding into high-end sectors such as 5G, which will drive future growth. The demand for testing services is expected to increase as special industry needs recover and domestic chip production ramps up [4] Financial Summary - For 2023A, total revenue is projected at 2,117 million yuan, with a year-on-year growth of 17.26%. However, a decline of 4.31% is expected in 2024A, followed by a recovery with growth rates of 13.65%, 13.81%, and 15.13% in 2025E, 2026E, and 2027E respectively [1] - The net profit attributable to the parent company is forecasted to be 314.27 million yuan in 2023A, with a decline of 27% in 2024A, followed by a recovery with growth rates of 30.44%, 26.01%, and 19.70% in the subsequent years [1] - The latest diluted EPS is expected to be 0.62 yuan in 2023A, decreasing to 0.45 yuan in 2024A, and then recovering to 0.59 yuan, 0.74 yuan, and 0.89 yuan in 2025E, 2026E, and 2027E respectively [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.22 CNY [2][9]. Core Views - The company's Q1 2025 performance met expectations, with a revenue of 429 million CNY, down 2.96% year-on-year, and a net profit attributable to shareholders of 41 million CNY, down 2.99% year-on-year [2][9]. - The report highlights that while the company faced challenges in 2024, it anticipates improved profitability in 2025, driven by increased demand in environmental testing services and integrated circuit sectors [9]. - The report projects revenue growth for 2025-2027 at 17.6%, 14.7%, and 15.1% respectively, with corresponding net profit growth of 34.2%, 22.8%, and 21.9% [9]. Financial Summary - The company is expected to achieve total revenue of 2,383 million CNY in 2025, with a net profit of 308 million CNY [5][10]. - Key financial metrics include an expected EPS of 0.61 CNY in 2025, with a P/E ratio of 29 [5][10]. - The company's gross margin for Q1 2025 was reported at 40.44%, a decrease of 2.03 percentage points year-on-year [9].