Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in net profit and revenue, particularly in the integrated circuit testing segment, indicating a positive outlook for future growth driven by industry demand and capacity expansion [2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 990 million, a year-on-year increase of 8%, and a net profit attributable to shareholders of 120 million, up 14% year-on-year [2]. - In Q2 alone, the company recorded revenue of 560 million, representing an 18% year-on-year growth, and a net profit of 70 million, which is a 26% increase year-on-year [2]. - The gross profit margin for the first half of 2025 was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [3]. Segment Performance - Revenue from environmental testing services reached 490 million, growing 6% year-on-year, while revenue from environmental testing equipment also grew 6% to 310 million [2]. - The integrated circuit testing segment saw revenue of 160 million, marking a 21% year-on-year increase [2]. - Gross profit margins by segment were as follows: environmental testing services at 55.0% (down 0.8 percentage points), environmental testing equipment at 26.6% (down 4.7 percentage points), and integrated circuit testing at 36.5% (down 6.4 percentage points) [3]. Industry Outlook - The company is well-positioned in the high-barrier testing sector, with a focus on special industries, semiconductors, and new energy vehicles, while also expanding into high-end fields like 5G [4]. - The overall testing and inspection industry in China is projected to reach approximately 470 billion in revenue for 2023, with a year-on-year growth exceeding 9%, indicating a broad market opportunity [4]. - Future growth is expected to be driven by the recovery of special industry demand, domestic chip production, and the release of capacity from newly expanded laboratories in Suzhou, Xi'an, Qingdao, and Chengdu [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, with the integrated circuit testing segment showing remarkable growth [3] - In the first half of 2025, the company achieved total operating revenue of 990 million yuan, a year-on-year increase of 8%, and a net profit of 120 million yuan, up 14% year-on-year [3] - The company is expected to benefit from the demand recovery in special industries and the domestic semiconductor supply chain, with performance growth likely to continue [5] Financial Performance Summary - For the first half of 2025, the company's gross profit margin was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [4] - The revenue from the environmental testing services segment was 490 million yuan, up 6% year-on-year, while the integrated circuit testing segment generated 160 million yuan, a growth of 21% year-on-year [3][4] - The company has adjusted its net profit forecasts for 2025-2027 to 2.8 billion yuan, 3.5 billion yuan, and 4.3 billion yuan respectively, with corresponding P/E ratios of 30, 24, and 19 [11]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a strong performance in its 2025 half-year results, with revenue of 991 million, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million, up 14.18% [5][8] - The company's main business segments showed comprehensive growth, particularly in the aerospace sector and integrated circuit testing, with significant revenue increases in these areas [8] - The report anticipates a recovery in profit margins due to improved demand and a more favorable acceptance rhythm, suggesting a potential turning point in profitability [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2,282 million in 2025, with a year-on-year growth rate of 12.7% [7] - The net profit attributable to shareholders is expected to reach 312 million in 2025, reflecting a growth rate of 35.9% [7] - The report outlines a gradual improvement in gross margin, with expectations of a return to an upward trend in profit margins as demand increases and capacity utilization improves [8]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，公司试验设备、 环境与可靠性试验服务、集成电路验证与分析服务三个板块毛利率均面临一定压力，主要系市场竞争加 剧，价格端承压，同时部分实验室前期产能扩充，成本端亦存在相应压力。 ...

Core Viewpoint - Su Shi Testing (300416) reported a positive trend in demand for its testing equipment and services in the first half of the year, indicating strong market opportunities and effective management strategies [1] Group 1: Company Performance - The company has actively seized market opportunities by increasing marketing efforts in key industries [1] - There has been a focus on enhancing customer management efficiency and accelerating project implementation processes [1] - The company has strengthened internal control management and optimized sales performance evaluation metrics [1] Group 2: Operational Improvements - Su Shi Testing has further improved laboratory management systems and employee performance evaluation frameworks [1] - These initiatives have contributed to the overall growth in performance [1]

Group 1 - The company announced on July 31 that its capital expenditure will remain stable overall [1] - The company will focus on emerging industries, specifically in commercial aerospace, aviation, integrated circuits, and intelligent robotics [1] - The company aims to strengthen its technological reserve capabilities and insists on the research and development of new products and technologies [1] Group 2 - In the field of testing services, the company plans to increase exploration efforts in emerging industries [1] - The company intends to further expand its testing capabilities and enhance service levels [1]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，公司苏州、成 都、北京、西安实验室经营业绩存在差异，主要系不同实验室订单结构存在差异，确认端呈现出脉冲式 波动。 ...

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，在集成电路验证 与分析服务板块，公司结合市场需求及行业发展态势，已完成了部分设备扩充及实验室建置，进一步强 化了FA、MA、RA试验能力建设，整体正处于产能爬坡阶段，上海地区设备利用率有所提升，深圳实 验室新场地搬迁后需求端表现良好，预计下半年产能将稳定爬坡。 ...

Core Viewpoint - The company has identified vacuum testing equipment as a key product in recent years, which has reached a certain production volume and is expected to have long-term development potential [1] Group 1: Company Developments - The company has announced that its vacuum testing equipment is one of the key products developed in recent years [1] - The company expects to achieve a long-term development potential for its vacuum testing equipment [1] Group 2: Industry Outlook - Laboratories in Suzhou, Beijing, Chengdu, Xi'an, and Shanghai are expanding their capacity in the aerospace sector [1] - The company is enhancing its specialized testing capabilities in response to the positive development trends and customer demand in the industry [1] - The aerospace business of the company is anticipated to have further growth opportunities [1]

证券日报网讯苏试试验（300416）7月31日发布公告，在公司回答调研者提问时表示，试验设备端，第 三方检测机构设备采购需求有所恢复，占比略有提升，新能源占比保持相对平稳。试验服务领域，特殊 行业保持良好趋势，新能源汽车需求有所放缓，占比略有下降。 ...