苏试试验（300416）公告，公司拟以自筹资金3.36亿元收购长三角产业创新二期(上海)私募投资基金合 伙企业等17名少数股东合计持有苏试宜特23.73%股权。交易完成后，公司持有苏试宜特的股权比例将 由73.82%上升至97.55%。本次交易对手方中，钟琼华先生及持股平台苏州创越企业管理咨询合伙企业 为公司关联方，涉及关联交易金额为4925.17万元。本次交易已于2025年5月27日经公司董事会审议通 过，无需提交股东大会审议。 ...

证券代码：300416 证券简称：苏试试验 苏州苏试试验集团股份有限公司 第三期员工持股计划管理办法 二〇二五年五月 苏州苏试试验集团股份有限公司 第三期员工持股计划管理办法 第一章 总则 第一条 为保障苏州苏试试验集团股份有限公司（以下简称"苏试试验"、"上 市公司"或"公司"）第三期员工持股计划（以下简称"本员工持股计划"、"员工持 股计划"或"本计划"）的顺利实施，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《关 于上市公司实施员工持股计划试点的指导意见》（以下简称"《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》 （以下简称"《自律监管指引第 2 号》"）等有关法律法规、规范性文件及《苏州 苏试试验集团股份有限公司章程》（以下简称"《公司章程》"）、《苏州苏试试 验集团股份有限公司第三期员工持股计划（草案）》（以下简称"本员工持股计 划草案"或"本计划草案"）的规定，特制定《苏州苏试试验集团股份有限公司第三 期员工持股计划管理办法》（以下简称"本管理办法"）。 第二章 员工持股计划的制定 第 ...

证券代码：300416 证券简称：苏试试验 苏州苏试试验集团股份有限公司 第三期员工持股计划 （草案） 苏州苏试试验集团股份有限公司 二〇二五年五月 苏州苏试试验集团股份有限公司 第三期员工持股计划（草案） 声明 本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责 任。 1 苏州苏试试验集团股份有限公司 第三期员工持股计划（草案） 风险提示 一、公司员工持股计划将在公司股东大会通过后方可实施，本员工持股计划 能否获得公司股东大会批准，存在不确定性。 二、有关本员工持股计划的具体资金来源、出资比例、实施方案等属初步结 果，能否完成实施，存在不确定性。 三、若员工认购资金较低，则本员工持股计划存在不能成立的风险；若员工 认购资金不足，本员工持股计划存在低于预计规模的风险。 四、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 2 苏州苏试试验集团股份有限公司 第三期员工持股计划（草案） 特别提示 一、苏州苏试试验集团股份有限公司（以下称"苏试试验"或"公司"）第三期 员工持股计划（以下称"本员工持股 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1]. Core Insights - The mechanical equipment industry is experiencing an upward trend, particularly in construction machinery, with a notable recovery in excavator sales and a shift in demand towards non-excavator machinery [2][3]. - The humanoid robot sector is advancing, with Tesla's Optimus showcasing enhanced learning capabilities, which could accelerate commercialization [2]. - The forklift market is seeing mixed performance, with domestic sales declining slightly while exports are growing, driven by increased lithium battery penetration [3]. Summary by Sections Recommended Stocks - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others across various segments including humanoid robots, engineering machinery, and forklifts [1][12]. Engineering Machinery - Excavator sales have shown a recovery, with April 2025 figures indicating a year-on-year increase of 18% [2]. - The demand for road machinery is on the rise, with significant growth in sales of rollers and pavers [2]. - The report highlights the importance of overseas markets, particularly in Southeast Asia and Africa, for future growth in engineering machinery exports [15][17]. Forklift Market - In April 2025, forklift sales reached 130,000 units, with exports increasing by 18% while domestic sales fell by 1% [3]. - The report notes that domestic manufacturing sentiment is weak, impacting local sales, but the export market remains robust due to improved overseas distribution channels [3]. Humanoid Robots - The report emphasizes the importance of generalization capabilities in humanoid robots, with Tesla's Optimus demonstrating significant advancements in skill acquisition [2]. - The application of humanoid robots in logistics and other sectors is becoming increasingly essential, indicating a growing market demand [2]. General Automation - The industrial automation sector is showing signs of recovery, with specific recommendations for companies like Estun and others in the FA automation space [28]. - The report notes that the injection molding machine market is maturing domestically, with significant potential for overseas expansion [29]. Detection Services - The detection services sector is expected to benefit from government stimulus and a recovery in domestic demand, with leading companies like Huace Detection showing resilience [34][36].

主力资金净流出的行业有27个，汽车行业主力资金净流出规模居首，全天净流出资金36.98亿元，其次 是电力设备行业，净流出资金为35.00亿元，净流出资金较多的还有基础化工、机械设备、计算机等行 业。 社会服务行业今日下跌1.80%，全天主力资金净流出7.10亿元，该行业所属的个股共77只，今日上涨的 有2只，涨停的有1只；下跌的有75只。以资金流向数据进行统计，该行业资金净流入的个股有16只，净 流入资金居首的是中机认检，今日净流入资金1122.07万元，紧随其后的是博瑞传播、兰生股份，净流 入资金分别为825.59万元、779.53万元。社会服务行业资金净流出个股中，资金净流出超3000万元的有 10只，净流出资金居前的有天府文旅、国脉科技、苏试试验，净流出资金分别为5688.15万元、4506.28 万元、4213.77万元。（数据宝） 社会服务行业资金流向排名 沪指5月22日下跌0.22%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为银行、传媒、家用电 器，涨幅分别为1.00%、0.12%、0.04%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.03%、 1.80%。社会服务行业位居今日跌幅 ...

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][44]. Core Viewpoints - The testing service sector is under pressure, with a focus on lean management and the expansion of emerging industries. The overall revenue for the sector in 2024 is projected to be 46.8 billion RMB, a decrease of 4% year-on-year, primarily due to macroeconomic slowdowns and ongoing policy impacts in the pharmaceutical and special industries [4][18]. - The sector's growth is closely tied to macroeconomic performance, with expectations for recovery in demand due to government debt relief and stimulus policies [5][75]. - The industry is experiencing a trend towards consolidation, with resources expected to concentrate among leading firms that possess brand, capital, and management advantages [5][70]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved a revenue of 46.8 billion RMB, down 4% year-on-year. Excluding companies with high medical testing ratios, the sector's revenue was 25.8 billion RMB, showing a 4% increase year-on-year [4][18]. - The first quarter of 2024 saw a revenue of 9 billion RMB, a 9% decline year-on-year, but excluding high medical testing companies, the revenue growth rate improved to 2% [4][18]. Profitability - The sector's net profit for 2024 is expected to be 1.8 billion RMB, a significant decline of 56% year-on-year, attributed to decreased revenue, rigid laboratory costs, and reduced government subsidies [25]. - Leading companies like Huace Testing and Guangdian Measurement showed resilience, with net profit growth rates of 1% and 77% respectively in 2024 [25][18]. Market Trends - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a compound annual growth rate (CAGR) of about 6% from 2021 to 2024. China's testing service industry has historically grown at about twice the GDP growth rate [5][58]. - The industry is characterized by a high degree of fragmentation, with small and weak players facing challenges in capital and management, leading to a trend towards consolidation [69][70]. Emerging Opportunities - New sectors such as semiconductors and low-altitude economy are developing rapidly, creating new demands for testing services that require significant capital and technical capabilities [6][70]. - The report emphasizes the importance of government policies in supporting the testing service industry, particularly through debt relief measures that could enhance demand recovery [75][86].

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][86]. Core Insights - The overall performance of the testing service industry is under pressure, with a focus on lean management and the expansion into emerging industries [4][5]. - The testing service sector is closely correlated with macroeconomic growth, and it is expected to benefit from government debt relief and domestic demand stimulus policies [5][74]. - The industry is experiencing a trend towards consolidation, with resources likely to concentrate in leading companies that possess brand, capital, and management advantages [5][6]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved revenue of 46.8 billion RMB, a year-on-year decline of 4%. Excluding companies with high medical testing ratios, the revenue was 25.8 billion RMB, showing a growth of 4% [4][19]. - The first quarter of 2024 saw a revenue of 9 billion RMB, down 9% year-on-year, but excluding high medical testing companies, the revenue growth improved to 2% [4][19]. Profitability - The sector's net profit attributable to shareholders in 2024 was 1.8 billion RMB, down 56% year-on-year, primarily due to declining revenue and increased costs [26]. - Excluding high medical testing companies, the net profit decline was 20%, indicating a narrowing drop [26]. Market Dynamics - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a CAGR of about 6% from 2021 to 2024 [5][57]. - The Chinese testing service market reached around 467 billion RMB in 2023, with a CAGR of 13% from 2014 to 2023 [57]. Industry Characteristics - The testing service industry is characterized by heavy asset requirements and localized operations, with a significant presence of small and weak institutions [68][69]. - The report highlights a trend towards consolidation in the industry, driven by increasing regulatory scrutiny and the need for higher capital and technical capabilities in emerging sectors [69][73]. Future Outlook - The report anticipates a recovery in demand for the testing service industry due to recent macroeconomic policy adjustments and government debt relief measures [74][86]. - Companies with significant government client bases, such as Puni Testing, Guangdian Measurement, and Huace Testing, are expected to benefit from these developments [86].

Core Viewpoint - The company reported a decline in revenue and net profit for the year, but there are signs of recovery in demand for 2025, with a unique business model that integrates testing equipment and services [1][2][3]. Financial Performance - The company achieved revenue of 2.026 billion yuan for the year, a decrease of 4.31% year-on-year; net profit attributable to shareholders was 229 million yuan, down 27% year-on-year [1]. - In Q1 2025, revenue was 429 million yuan, a year-on-year decrease of 2.96% and a quarter-on-quarter decrease of 30.69%; net profit attributable to shareholders was 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - For Q4 2024, the company reported revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter; net profit attributable to shareholders was 83 million yuan, down 11.6% year-on-year but up 90% quarter-on-quarter [1]. Profitability Metrics - The overall gross margin and net margin for 2024 were 44.54% and 13.4%, respectively, with year-on-year declines of 1.06 and 4.02 percentage points [1]. - In Q1 2025, the gross margin and net margin were 40.44% and 10.53%, showing year-on-year declines of 2.03 and an increase of 0.32 percentage points [2]. Business Segments - In 2024, revenue from testing services, equipment, and integrated circuits was 1.009 billion, 623 million, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [2]. - The company has developed a unique business model that promotes the integration of testing equipment and services, enhancing both technical and business synergies [2]. Market Outlook - Despite facing short-term pressure due to weakened capital expenditure from downstream customers and intensified competition, there are signs of recovery in demand for testing equipment and services in 2025 [3]. - The company has adjusted its profit forecast, expecting net profits of 315 million, 375 million, and 441 million yuan for 2025 to 2027, representing year-on-year growth of 38%, 19%, and 18%, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.026 billion yuan in 2024, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter, marking a new high for quarterly revenue since its listing [2]. - The company’s unique business model integrates testing equipment manufacturing and testing services, creating a synergistic development advantage [3]. - The demand side is gradually recovering, with expectations for improved performance in 2025 as the company strengthens its market development capabilities [4]. Financial Performance Summary - For 2024, the gross margin and net margin were 44.54% and 13.4%, respectively, showing a year-on-year decline of 1.06 and 4.02 percentage points [2]. - The company’s revenue for Q1 2025 was 429 million yuan, a decrease of 2.96% year-on-year and 30.69% quarter-on-quarter, with a net profit of 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - The projected net profits for 2025, 2026, and 2027 are 315 million yuan, 375 million yuan, and 441 million yuan, respectively, indicating growth rates of 38%, 19%, and 18% [4]. Business Segment Analysis - In 2024, the revenue from environmental testing services, equipment, and integrated circuits was 1.009 billion yuan, 623 million yuan, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [3]. - The gross margins for these segments were 56.96%, 29.38%, and 39.67%, reflecting declines of 1.84, 2.71, and 3.6 percentage points year-on-year [3].