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]

公司摊薄每股收益为0.23元。 公司最新总资产周转率为0.20次。最新存货周转率为1.43次。 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 | | --- | --- | --- | | l | 苏州试验仪器总厂 | 31.9 | | 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 | | ব | 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 | | 5 | 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投资基金 | 1.13 | | 7 | 全国社保基金六零一组合 | 1.04 | | 8 | 招商银行股份有限公司-兴业兴睿两年持有期混合型证券投资基金 | 0.98 | | g | 中国人寿再保险有限责任公司 | 0.73 | | 10 | 全国社保基金五零二组合 | 0.71 | 2025年7月30日，苏试试验(300416.SZ)发布2025年中报。 公司营业总收入为9.9 ...

苏州苏试试验集团股份有限公司 2025 年半年度报告全文 苏州苏试试验集团股份有限公司 苏州苏试试验集团股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人钟琼华、主管会计工作负责人钟琼华及会计机构负责人(会计 主管人员)朱丽军声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 公司主要存在的风险具体请见本报告"第三节 管理层讨论与分析"之 "十、公司面临的风险和应对措施"。敬请广大投资者关注，并注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 苏州苏试试验集团股份有限公司 2025 年半年度报告全文 苏州苏试试验集团股份有限公司 2025 年半年度报告全文 苏州苏试试验集团股份有限公司 2025 年半年度报告全文 释义 释义项 指 释义内容 本公司、公司、苏试试验、苏试集团 指 苏州苏试试 ...

| 末增减 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总资产（元） | | | | | 4,994,777,683.96 | | | | | 5,033,229,938.15 | | | -0.76% | | | | | | | | | 归属于上市公司股东的净资产（元） | | | 2,623,239,088.39 | | | | | 2,639,151,634.03 | | | -0.60% | | | | | | | 单位：股 | | | | | | | | | | 报告期 | | | | | | | | | | | | | | 报告期末表决权恢 | | | | 持有特别表决权 | | 股 | | | | | | | | | | 末普通 | | | | | | | | | | 股股东 | | | | | | | | | | | | | | 数（如有） | | | 有） | | | 总数 | | | | | | | | | | | | | 前 10 | | 名股东持股情况（不含通过转融通出借股份） ...

监事会经核查认为：董事会编制和审核公司《2025 年半年度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。公司《2025 年半年度报告》全文及摘要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）。 此议案经与会监事审议，表决结果：3 票同意，0 票反对，0 票弃权。 苏州苏试试验集团股份有限公司 第五届监事会第十一次会议决议公告 本公司及监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"）第五届监事会第十一 次会议通知于 2025 年 7 月 18 日以书面形式发出，会议于 2025 年 7 月 29 日在公 司会议室召开。本次会议应到监事 3 名，实际到会监事 3 名。会议的召开及表决 符合《公司法》及《公司章程》的规定。 会议审议并通过如下决议： 一、审议通过《关于公司<2025 年半年度报告>全文及摘要的议案》 证券代码：300416 证券简称：苏试试验 公告编号：2025-0 ...