内部控制审计报告 天衡专字(2026)00207 号 苏州苏试试验集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了苏 州苏试试验集团股份有限公司（以下简称苏试试验）2025 年 12 月 31 日的财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是苏试试验董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，苏试试验于 2025 年 12 月 31 日按照《企业内部控制基本规范》和相关规定 在所有重大方面保持了有效的财务报告内部控制。 天衡会计 ...

苏州苏试试验集团股份有限公司 财务报表审计报告 天衡审字(2026)00321 号 天衡会计师事务所（特殊普通合伙） 审计报告 天衡审字(2026)00321 号 苏州苏试试验集团股份有限公司全体股东： 一、审计意见 我们审计了苏州苏试试验集团股份有限公司（以下简称"苏试试验"）财务报表，包括 2025年12月31日的合并及母公司资产负债表，2025年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 苏试试验2025年12月31日的合并及母公司财务状况以及2025年度的合并及母公司经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于苏试试验，并履行了职业道德方面的其他责任。我们相信，我们获 取的审计证据是充分、适当的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The low-altitude economy is gaining momentum with significant policy support, including a joint announcement from five ministries to strengthen the digital infrastructure for low-altitude operations and promote high-quality development of low-altitude insurance [3][10][14] - The report highlights the successful financing activities in the eVTOL sector, with WoFei ChangKong completing nearly 1 billion yuan in a new round of financing, marking the largest single financing in the low-altitude economy at the start of the year [3][27] - The introduction of innovative eVTOL models, such as the world's first 5-ton eVTOL by Fengfei Aviation, is expected to redefine low-altitude transportation efficiency and expand market opportunities [16][17] Summary by Sections Market Performance - In February 2026, the low-altitude economy index increased by 4.56%, outperforming the Shanghai Composite Index by 3.47 percentage points [8][12] Policy Dynamics - A joint document from five ministries emphasizes the need to enhance information communication capabilities to support low-altitude infrastructure development, with specific targets for 5G-A industry supply and low-altitude communication coverage [10][11] - The National Development and Reform Commission and other agencies have set goals for establishing a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the safety framework for low-altitude operations [14][15] Industry Chain Progress - Fengfei Aviation's V5000 eVTOL has successfully completed its conversion flight, marking a significant milestone in the eVTOL industry and showcasing China's leadership in this technology [16][17] - Yesheng Aviation has become the first company globally to hold three special flight permits for ultra-light eVTOLs, indicating strong progress in regulatory approvals and product development [21][22] Investment and Financing Dynamics - WoFei ChangKong's recent financing round, led by CITIC Capital, is aimed at accelerating the certification process for its AE200 series and expanding its commercial model [27] - Tianling Technology has also secured over 100 million yuan in financing to advance its INFLYNC L600 eVTOL, which is expected to enter commercial operations by 2028 [28] Investment Recommendations - The report suggests focusing on key segments such as complete aircraft, power systems, flight control systems, and low-altitude monitoring, with specific companies highlighted for potential long-term benefits [31]

苏州苏试试验集团股份有限公司 简式权益变动报告书 上市公司名称：苏州苏试试验集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：苏试试验 股票代码：300416 信息披露义务人的姓名：苏州试验仪器总厂 住所/通讯地址：苏州市高新区鹿山路 369 号 权益变动性质：持股比例减少 签署日期：2026 年 3 月 3 日 1 信息披露义务人声明 一、本报告书依据《中华人民共和国证券法》、《上市公司收购管理办法》、 《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及 相关的法律、法规和规范性文件编写； 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突； 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券公司信息披露内容与格式准则第 15 号—权益变动报告书》的规定，本报告 书已全面披露信息披露义务人在苏州苏试试验集团股份有限公司中拥有权益的 股份变动情况； 四、截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务 人没有通过任何其他方式增加或减少其在苏试试验拥有权益的股份； 五、本 ...

特别提示： 证券代码：300416 证券简称：苏试试验 公告编号：2026-005 苏州苏试试验集团股份有限公司 关于控股股东权益变动触及 5%整数倍及减持计划实施完毕暨 披露简式权益变动报告书的提示性公告 公司控股股东苏州试验仪器总厂保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、本次权益变动为苏州苏试试验集团股份有限公司（以下简称"公司"） 的控股股东苏州试验仪器总厂（以下简称"苏试总厂"或"信息披露义务人"） 按照已披露的股份减持计划实施减持导致的变动，不触及要约收购； 2、本次权益变动后，苏试总厂持有公司股份 152,564,360 股，占公司总股本 的 30.00%，本次权益变动触及 5%的整数倍。 3、本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对公 司治理结构及未来持续经营产生重大影响。 4、截至本公告披露日，苏试总厂的减持计划已实施完毕。 2025 年 12 月 31 日，公司披露了《关于控股股东减持股份预披露公告》（公 告编号：2025-041）。控股股东苏试总厂计划自减 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on commercial aerospace and liquid cooling technologies [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant emphasis on domestic demand stimulation [6]. - The report highlights the acceleration of satellite networking construction, suggesting investment opportunities in the rocket supply chain [23][24]. - The report emphasizes the importance of the recovery of the commercial aerospace sector, particularly with upcoming launches of reusable rockets [25]. Summary by Sections Industry Overview - The mechanical industry comprises 633 listed companies with a total market capitalization of 63,677.25 billion and a circulating market value of 53,384.99 billion [3]. - The industry has shown strong performance with a 1-month absolute return of 4.3%, a 6-month return of 25.4%, and a 12-month return of 42.2% [4]. Company Earnings Forecasts and Valuations - Key companies such as 汇川技术 (Inovance Technology) and 法兰泰克 (Flantech) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2]. - For instance, 汇川技术 is expected to achieve an EPS of 3.00 yuan by 2027, with a PE ratio of 24.32 [2]. Investment Recommendations - The report suggests focusing on various sectors within the mechanical industry, including industrial control, robotics, machine tools, and testing industries, with specific companies highlighted for their growth potential [6]. - Notable companies to watch include 汇川技术, 信捷电气, and 三一重工, which are positioned to benefit from the anticipated recovery in the industry [6]. Market Performance - The mechanical sector outperformed the broader market, with a weekly increase of 3.8%, driven by strong performances in sub-sectors like laser processing equipment [10][13]. - The report notes that the demand for excavators and other construction machinery is rebounding, indicating a structural recovery in the market [28]. Future Outlook - The report anticipates that the demand for rocket launches will increase significantly due to the acceleration of satellite internet projects, with a focus on the development of reusable rocket technologies [23][25]. - Companies involved in the rocket supply chain, such as 银邦股份 (Yinbang), are expected to benefit from this trend [26].

Core Viewpoint - The controlling shareholder of the company, Suzhou Testing Instrument Factory, has reduced its stake in the company through a block trade, indicating a shift in ownership dynamics [1] Group 1 - The controlling shareholder, Suzhou Testing Instrument Factory, sold 8.5245 million shares, which represents 1.68% of the company's total share capital [1] - Following this transaction, the shareholding percentage of Suzhou Testing Instrument Factory decreased from 31.93% to 30.26% [1] - The equity change has been completed as of February 26, 2026 [1]

证券代码：300416 证券简称：苏试试验 公告编号：2026-004 苏州苏试试验集团股份有限公司 关于控股股东权益变动触及 1%整数倍的公告 公司控股股东苏州试验仪器总厂保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 2026 年 2 月 27 日 | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | | 苏州试验仪器总厂 | | | | 住所 | | 苏州高新区鹿山路 | 号 369 | | | 权益变动时间 | | 2026 年 2 月 26 | 日 | | | 权益变动过程 | | 年 月 2026 2 26 份 8,524,500 变动比例触及 | 股，持股比例由 1%的整数倍。 | 日，苏试总厂通过大宗交易方式减持公司股 31.93%下降至 30.26%，权益 | | 股票简称 | 苏试试验 | | 股票代码 | 300416 | | 变动类型 （可多选） | 增加□ | 减少 | 一致行动人 | 有□ 无 | | 是否为第一大股东或实际控制人 | | 是 | 否□ | | | | ...

Group 1 - The core viewpoint of the news is that Suzhou Su Test Experiment Group Co., Ltd. has shown significant financial activity, with a notable increase in trading volume and changes in financing and margin trading positions [1][2]. Group 2 - As of February 25, Su Test Experiment's stock price increased by 1.72%, with a trading volume of 327 million yuan. The financing buy amount was 31.18 million yuan, while the financing repayment was 50.76 million yuan, resulting in a net financing buy of -19.58 million yuan [1]. - The total margin trading balance for Su Test Experiment reached 543 million yuan, with the financing balance accounting for 5.80% of the circulating market value, indicating a high level compared to the past year [1]. - On the same day, the company had no shares repaid in margin trading, with 20,100 shares sold short, amounting to 369,000 yuan at the closing price. The short selling balance was 84,000 shares, also at a high level compared to the past year [1]. Group 3 - Su Test Experiment, established on December 29, 2007, and listed on January 22, 2015, specializes in environmental and reliability testing services for industrial products, with a revenue composition of 49.19% from reliability testing services, 31.27% from testing equipment, and 15.63% from integrated circuit validation services [2]. - For the period from January to September 2025, the company reported a revenue of 1.532 billion yuan, representing a year-on-year growth of 8.95%, and a net profit attributable to shareholders of 157 million yuan, with a year-on-year increase of 7.14% [2]. Group 4 - Since its A-share listing, Su Test Experiment has distributed a total of 367 million yuan in dividends, with 211 million yuan distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased to 42,000, up by 81.94%, while the average circulating shares per person decreased by 45.06% to 12,034 shares [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 4.3163 million shares, a decrease of 4.4241 million shares from the previous period, while new shareholders included Southern CSI 1000 ETF and Fortune Steady Growth Mixed A [3].

Core Insights - The report emphasizes the strong growth potential in the testing services industry, particularly driven by emerging sectors such as commercial aerospace and new technologies [4][6] - The testing services sector is closely linked to macroeconomic growth, with a projected global market size of approximately 2.3 trillion RMB by 2024, reflecting a CAGR of about 6% from 2021 to 2024 [4][24] - In China, the testing services market is expected to reach around 487.6 billion RMB by 2024, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust growth trajectory [5][24] Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16][24] - The industry is characterized by a large market space and stable growth, with demand closely tied to macroeconomic trends and government regulations [20][24] - Emerging technologies such as AI, electric vehicles, and commercial aerospace are expected to create new testing demands, raising the entry barriers for new players [6][20] Company Performance - The report analyzes 19 listed companies in the testing services sector, highlighting their revenue and profit performance, with notable companies including Huace Testing, Guangdian Measurement, and Su Testing [2][11] - In the first three quarters of 2025, the testing services sector in China reported a revenue of 30.4 billion RMB, a decline of 7% year-on-year, but a growth of 3% when excluding companies heavily involved in medical testing [5][57] - Leading companies such as Huace Testing, Guangdian Measurement, and Su Testing demonstrated superior performance, with revenue growth rates of 7%, 12%, and 9% respectively, significantly outpacing the industry average [5][62] Market Dynamics - The testing services market is experiencing a structural shift, with a trend towards consolidation as larger firms gain market share and smaller firms face challenges [44][50] - The report notes that the majority of testing institutions in China are small and micro-sized, which limits their ability to withstand economic pressures [50][51] - Government policies are increasingly supporting the marketization and consolidation of testing institutions, aiming to enhance the overall quality and efficiency of the industry [51][53] Financial Metrics - The report indicates that the average gross margin for the testing services sector has improved, reaching 26.2% in the first three quarters of 2025, reflecting a recovery in profitability [63] - The accounts receivable turnover days have increased from 90 days in 2019 to 176 days in 2025, indicating a slowdown in cash flow and potential credit risks within the industry [67][68] - The report highlights that the proportion of accounts receivable in relation to revenue has risen to 50%, suggesting increasing challenges in managing receivables [71]