Core Viewpoint - Su Shi Testing (300416) has demonstrated robust growth in its operating performance for the first three quarters of 2025, with both revenue and net profit increasing, showcasing strong business resilience and development potential in a complex macroeconomic environment [1] Financial Performance - For the first nine months of 2025, the company achieved revenue of 1.532 billion yuan, a year-on-year increase of 8.95%; in the third quarter alone, revenue reached 541 million yuan, up 10.57% year-on-year, indicating an accelerating business development trend [2] - The net profit attributable to shareholders for the first three quarters was 157 million yuan, a year-on-year increase of 7.14%, maintaining stable overall profitability [2] - Notably, the net profit excluding non-recurring gains and losses reached 149 million yuan, a significant year-on-year increase of 13.92%, highlighting the substantial improvement in the quality of core business profitability [2] - R&D investment for the first three quarters of 2025 amounted to 125 million yuan, a year-on-year increase of approximately 10%, continuously fueling product and service upgrades [2] Policy and Asset Quality - The company is actively leveraging national support for technological innovation and advanced manufacturing, with subsidiaries benefiting from tax incentives totaling over 5.46 million yuan [3] - As of September 30, 2025, total assets reached 5.105 billion yuan, a 1.43% increase from the end of the previous year; credit impairment losses and asset impairment losses decreased significantly by 68.10% and 31.28%, respectively, reflecting effective management of accounts receivable and asset quality [3] - Despite fluctuations in net cash flow from operating activities, the company has ensured the safety and flexibility of its overall cash flow through meticulous financial planning [3] Strategic Development - The company is expanding into high-growth emerging sectors while maintaining its traditional business advantages, achieving key breakthroughs in qualifications and capabilities [4] - Recent achievements include obtaining third-party laboratory recognition from Seres (601127) and PTCRB laboratory authorization, enhancing its service offerings in various testing areas [4] - The company is focusing on emerging sectors such as commercial aerospace, aviation equipment, intelligent robotics, and new energy, significantly advancing its testing capabilities [4] Laboratory Network Expansion - The national laboratory network is steadily advancing, with the headquarters project in Wuhan expected to be completed by the end of 2026, and new laboratories in Shenyang and Shenzhen enhancing service capabilities [5] - The ongoing improvement of the laboratory network and the realization of scale effects are expected to stabilize the profitability of subsidiaries [5] Shareholder Structure and Market Outlook - The shareholder structure remains stable, with the controlling shareholder holding 31.93% of the shares, and the employee stock ownership plan reinforcing the alignment of interests [6][7] - Research institutions have recognized the company's growth potential, with a consensus net profit forecast of 294 million yuan for 2025, representing a year-on-year increase of 28.04% [7] - The average target price from institutions is 19.50 yuan, with a strong market confidence reflected in the "buy" ratings from multiple institutions [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 18.87, down from the previous target of RMB 20.10 [4][7]. Core Insights - The company reported Q3 revenue of RMB 541 million, a year-over-year increase of 10.6%, but a quarter-over-quarter decrease of 3.6%. The net profit attributable to the parent company was RMB 39.55 million, down 9.4% year-over-year and down 48.2% quarter-over-quarter, primarily due to higher-than-expected credit impairment losses [4][5]. - The company expects that prior investments will drive revenue growth in the future, despite a decline in gross margin due to increased costs and credit impairment losses affecting net profit margin [6][4]. - The report forecasts a compound annual growth rate (CAGR) of 19.15% for net profit from 2025 to 2027, with projected net profits of RMB 2.52 billion, RMB 3.20 billion, and RMB 3.88 billion for the respective years [7][19]. Financial Projections - Revenue projections for the company are as follows: RMB 2,026 million for 2024, RMB 2,251 million for 2025 (up 11.13%), RMB 2,595 million for 2026 (up 15.30%), and RMB 2,977 million for 2027 (up 14.71%) [3][19]. - The net profit attributable to the parent company is projected to be RMB 229.41 million for 2024, RMB 251.63 million for 2025 (up 9.69%), RMB 320.37 million for 2026 (up 27.32%), and RMB 388.03 million for 2027 (up 21.12%) [3][19]. - The report indicates a decrease in gross margin to 38.68% in Q3, down 3.40 percentage points year-over-year, primarily due to declines in the gross margin of testing equipment and integrated circuit testing [5][6]. Cash Flow and Capital Expenditure - The company reported a 25% year-over-year decline in operating cash flow for Q1-Q3 2025, primarily due to an increase in accounts receivable, which stood at RMB 1.448 billion, up 14% year-over-year [6]. - Capital expenditures for Q1-Q3 2025 were RMB 228 million, a decrease of 25% compared to the previous period, indicating a reduction in equipment purchases [6].

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

Core Viewpoint - Suzhou Su Shi Testing Group (stock code: 300416) reported a 10.57% increase in operating revenue for Q3 2025 compared to the same period last year, but net profit attributable to shareholders decreased by 9.43% [2][19]. Financial Data Summary Main Financial Data and Indicators - Operating revenue for the current period reached CNY 541.03 million, up 10.57% year-on-year, while total revenue from the beginning of the year to the report date was CNY 1.53 billion, an increase of 8.95% [2]. - Net profit attributable to shareholders was CNY 39.55 million, down 9.43%, with a year-to-date net profit of CNY 156.84 million, up 7.14% [2]. - Basic and diluted earnings per share were both CNY 0.0778, reflecting a decrease of 9.43% [2]. - Total assets at the end of the reporting period were CNY 5.11 billion, a 1.43% increase from the previous year [2]. Non-Recurring Gains and Losses - Non-recurring gains and losses included a loss from the disposal of non-current assets of CNY -660,045.31 and government subsidies of CNY 6.02 million [4]. Changes in Major Accounting Data and Financial Indicators - Accounts receivable decreased by 32.70% due to reduced customer use of bill settlements [7]. - Short-term loans increased by 11.07% to CNY 891.96 million, primarily to supplement working capital [7]. - The company's cash flow from operating activities showed a net decrease of 24.71% to CNY 119.78 million [2][9]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 41,960, with the largest shareholder, Suzhou Testing Instrument General Factory, holding 31.93% of shares [10][11]. Cash Flow Summary - The net cash flow from financing activities was -CNY 40.04 million, an improvement of 42.11% compared to the previous year [9][24]. - The net increase in cash and cash equivalents was -CNY 145.77 million, a 33.90% improvement from the previous year [9][24].

Core Insights - The company reported a revenue of 1.53 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9%, with a net profit attributable to shareholders of 160 million yuan, up 7% year-on-year [1] - In Q3 alone, the company achieved a revenue of 540 million yuan, marking an 11% increase year-on-year, but the net profit attributable to shareholders decreased by 9% to 40 million yuan [1] - The decline in profit growth was attributed to intensified competition in the equipment and environmental testing service sectors, increased credit impairment provisions, and higher depreciation from new capacity [1] Financial Performance - The gross profit margin for Q3 was 38.7%, down 3.4 percentage points year-on-year, while the net profit margin was 8.2%, a decrease of 2.2 percentage points [2] - The company’s expense ratio for Q3 was 27.6%, down 3 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing varied changes [2] Market Position and Growth Potential - The company is positioned in a high-barrier testing sector, with significant growth potential as the inspection and testing industry in China is projected to reach approximately 470 billion yuan in revenue for 2023, growing over 9% [2] - The company is expanding into high-end fields such as 5G and is well-positioned to benefit from the recovery in special industry demand and the ongoing domestic chip production and specialization [2] Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been adjusted to 250 million yuan (previously 280 million), 330 million yuan (previously 350 million), and 430 million yuan (unchanged), with corresponding PE ratios of 34, 25, and 20 times [3] - The investment rating is maintained at "Buy" [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a 9% year-on-year decline in net profit attributable to shareholders in Q3, primarily due to the impact of new capacity release and credit impairment [2] - Q3 revenue increased by 11% year-on-year, with steady growth across various segments, but profit growth fell short of market expectations due to intensified competition and increased depreciation [2][3] - The company is positioned in a high-barrier, growth-oriented sector, with significant market potential in the inspection and testing industry, projected to grow over 9% year-on-year [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 1.53 billion yuan, a 9% increase year-on-year, while net profit attributable to shareholders was 160 million yuan, up 7% [2] - In Q3 alone, the company generated revenue of 540 million yuan, an 11% increase year-on-year, but net profit decreased by 9% to 40 million yuan [2] - The gross margin for Q3 was 38.7%, down 3.4 percentage points year-on-year, while the net profit margin was 8.2%, down 2.2 percentage points [3] - The company’s operating expenses ratio decreased to 27.6% in Q3, with effective control over sales and management expenses [3] Market Position and Growth Potential - The company is a leader in environmental and reliability testing, with a focus on high-barrier sectors such as semiconductors and new energy vehicles [4] - The inspection and testing industry in China is expected to continue growing, driven by demand recovery in specialized sectors and the localization of chip production [4] - The company has expanded its capacity in multiple locations, including Suzhou, Xi'an, Qingdao, and Chengdu, which is expected to enhance growth and profit flexibility [4]

Core Viewpoint - The company reported steady growth in its financial performance for the first three quarters of 2025, with a focus on expanding its application fields and enhancing its service network [1][2][5] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.532 billion (+9.0%) and a net profit attributable to shareholders of 157 million (+7.1%), with a non-recurring net profit of 149 million (+13.9%) [1][2] - In Q3 2025, the company recorded revenue of 541 million, a year-on-year increase of 10.6% but a quarter-on-quarter decrease of 3.6%. The net profit attributable to shareholders was 39.55 million, down 9.4% year-on-year and down 48.2% quarter-on-quarter [1][2] Margin Analysis - The gross margin for Q1-Q3 2025 was 40.8%, a decrease of 3.3 percentage points, while Q3 2025 gross margin was 38.7%, down 3.4 percentage points year-on-year and down 4.3 percentage points quarter-on-quarter, attributed to increased market competition and depreciation pressure from prior capacity investments [2] - The expense ratio for Q1-Q3 2025 was 28.2%, a decrease of 2.2 percentage points, with Q3 2025 expense ratio at 27.6%, down 3.0% year-on-year but up 1.2% quarter-on-quarter, reflecting the benefits of scale as revenue expanded [2] Business Expansion - The company is actively expanding into new application fields, with its Suzhou laboratory receiving third-party laboratory accreditation from Cyrus, allowing entry into the automotive supplier system, covering electromagnetic compatibility, environmental reliability, and component testing [3] - The company is focusing on emerging industries, enhancing its testing capabilities in commercial aerospace, aviation equipment, intelligent robotics, and new energy sectors, thereby expanding its testing capabilities in various specialized areas [3] Service Network Development - The company has commenced construction of its Central China headquarters in Wuhan, expected to be completed by the end of 2026, which will support ongoing business growth through the establishment of five major testing centers [4] - The newly operational Shenyang laboratory, covering 4,500 square meters, will provide comprehensive environmental and reliability testing services, targeting the Northeast region [4] - The company has also expanded its Shenzhen laboratory, with early capacity construction expected to yield positive results, potentially stabilizing profitability as scale effects become evident [4] Profit Forecast and Valuation - The company is positioned as a leading third-party inspection and testing entity in China, with projected net profits for 2025-2027 of 305 million, 387 million, and 473 million, representing year-on-year growth rates of 32.84%, 27.00%, and 22.15%, respectively [5] - Corresponding price-to-earnings ratios are estimated at 28, 22, and 18 times for the respective years, maintaining a "buy" rating [5]

Core Insights - Su Shi Testing (300416.SZ) reported its Q3 2025 results, revealing that 12 institutional investors hold a total of 205 million shares, accounting for 40.28% of the company's total equity [1] - The top ten institutional investors collectively hold 40.26% of the shares, which is a decrease of 2.53 percentage points compared to the previous quarter [1] Institutional Holdings - Among public funds, two funds increased their holdings, while one fund, Southern CSI 1000 ETF, decreased its holdings [2] - One new public fund, Galaxy Junxin Mixed A, was disclosed this period, while 301 public funds were not disclosed again [2] - One social security fund, National Social Security Fund 601 Combination, reduced its holdings by 0.42% [2] - One insurance fund, Ruizhong Life Insurance Co., Ltd. - Own Funds, also saw a slight decrease in holdings [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.87% [2]

Group 1 - The company Su Shi Testing announced its fifth board meeting on October 24, 2025, to review the third quarter report for 2025 [1] - For the first half of 2025, the revenue composition of Su Shi Testing is as follows: Electronics and Electrical at 38.89%, Research and Testing Institutions at 22.07%, Aerospace at 14.87%, Automotive and Rail Transit at 9.91%, and Other Industries at 5.71% [1] - As of the report, the market capitalization of Su Shi Testing is 8.5 billion yuan [1]

证券代码：300416 证券简称：苏试试验 公告编号：2025-039 1、审议通过《关于公司<2025 年第三季度报告>的议案》 董事会经核查认为：公司 2025 年第三季度报告所载信息真实、准确、完整， 不存在任何虚假记载、误导性陈述或者重大遗漏。公司《2025 年第三季度报告》 全文的具体内容详见公司信息披露网站巨潮资讯网（http://www.cninfo.com.cn）。 本议案已经董事会审计委员会审议通过。 苏州苏试试验集团股份有限公司 第五届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 苏州苏试试验集团股份有限公司（以下简称"公司"）第五届董事会第十二 次会议（以下简称"会议"）通知于 2025 年 10 月 22 日以邮件、微信方式发出， 会议于 2025 年 10 月 24 日在公司一楼会议室以现场及通讯方式召开。会议由钟 琼华董事长主持。会议应出席董事 8 人，亲自出席董事 8 人，其中独立董事黄德 春先生、王仁春先生以通讯方式参加。公司高级管理人员列席会议，符合公司法 及公司章程的规定 ...