Market Overview - The professional services sector increased by 0.5% on September 16, with Xince Standard leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Xince Standard (300938) closed at 25.90, up 5.28% with a trading volume of 175,400 shares and a turnover of 446 million [1] - Anbang Guard (603373) closed at 52.50, up 4.42% with a trading volume of 27,300 shares and a turnover of 142 million [1] - Keri International (300662) closed at 30.58, up 2.65% with a trading volume of 55,600 shares and a turnover of 2.697 million [1] Underperformers - Guoyi Indicators (631039) closed at 14.49, down 4.67% with a trading volume of 78,700 shares and a turnover of 115 million [2] - Guangdong Construction Science (301632) closed at 32.41, down 2.41% with a trading volume of 76,800 shares and a turnover of 249 million [2] - China Steel Tianyuan (002057) closed at 11.05, down 1.34% with a trading volume of 368,700 shares and a turnover of 405 million [2] Capital Flow - The professional services sector experienced a net outflow of 188 million from institutional investors, while retail investors saw a net inflow of 215 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Individual Stock Capital Flow - Fengshang Culture (300860) had a net inflow of 17.6 million from institutional investors, while retail investors had a net outflow of 20.4 million [3] - Keri International (300662) saw a net inflow of 13.8 million from institutional investors, with retail investors experiencing a net outflow of 10.3 million [3] - Anbang Guard (603373) had a net inflow of 8.6 million from institutional investors, while retail investors had a net outflow of 3.5 million [3]

Group 1 - The company, Xince Standards (300938.SZ), is a comprehensive testing organization that provides various testing services including reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing [1] - The company serves clients across multiple sectors such as automotive, electronic and electrical products, consumer goods, industrial products, food and agricultural products, and environmental services, offering testing reports or certificates [1] - The company possesses the capability to conduct EMC testing for electronic and electrical products, which includes testing services for various PCB circuit boards [1]

| 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-193 | | --- | --- | --- | | 债券代码：123231 | 债券简称：信测转债 | | 深圳信测标准技术服务股份有限公司 关于信测转债赎回的公告 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、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会证监许可[2023]1895 号文同意注册，深圳信测标 准技术服务股份有限公司（以下简称"公司"）于 2023 年 11 月 9 日向不特定对象 发行了 5,450,000 张可转换公司债券，每张面值 100 元，发行总额 545,000,000 元。 上述募集资金总额在扣除已支付的保荐承销费用（不含增值税）人民币 6,641,509.43 元后，实收募集资金为人民币 538,358,490.57 元，由本次公开发行 可转债主承销商五矿证券有限公司于 2023 年 11 月 15 日分别汇入公司募集 资金专用账户，所有募集资金均以人民币货币资金形式汇入。公司本次公开发行 可转债保荐承销费、律师费、审 ...

| 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-194 | | --- | --- | --- | | 债券代码：123231 | 债券简称：信测转债 | | 深圳信测标准技术服务股份有限公司 关于信测转债摘牌的公告 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。 特别提示： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会证监许可[2023]1895 号文同意注册，深圳信测标 准技术服务股份有限公司（以下简称"公司"）于 2023 年 11 月 9 日向不特定对象 发行了 5,450,000 张可转换公司债券，每张面值 100 元，发行总额 545,000,000 元。 上述募集资金总额在扣除已支付的保荐承销费用（不含增值税）人民币 6,641,509.43 元后，实收募集资金为人民币 538,358,490.57 元，由本次公开发行 可转债主承销商五矿证券有限公司于 2023 年 11 月 15 日分别汇入公司募集 资金专用账户，所有募集资金均以人民币货币资金形式汇入。公司本次公开发行 可转债保荐承销费 ...

Summary of the Conference Call for Xince Standard Company Overview - Xince Standard was established in 2000 and is headquartered in Shenzhen, being one of the earliest institutions engaged in testing services in China. The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in January 2021. [3] Financial Performance - In 2024, Xince Standard reported revenue of 720 million yuan, a year-on-year increase of 6.7%, and a profit of 176 million yuan, up 7.7% year-on-year. [2][3] - The revenue structure includes: - Automotive testing: 40% - Electronic and electrical product testing: 23% - Laboratory equipment: 24% - Other segments include consumer goods and health & environmental testing. [2][3] Automotive Testing Business - The automotive testing business includes reliability testing (mechanical vibration, smoke corrosion, climate simulation), electromagnetic compatibility testing, and physicochemical analysis (VOC, carbon, odor, formaldehyde detection). These tests are primarily non-mandatory R&D tests for automotive components. [4][5] - The gross margin for the automotive testing business has maintained between 68% and 70%. [2][7] Growth Phases - **2019-2020**: Slow growth phase with revenue growth of 12.8% and -4.6%, and profit growth of 11.5% and -19%. [6] - **2021-2023**: Rapid growth phase with profit growth of 33%, 47%, and 39% respectively, driven by capacity expansion and increased demand for new energy vehicles. [6][7] - **2024-2025**: A slowdown in revenue and profit growth due to price competition in the new energy vehicle sector, with a profit decline of 1.7% in Q3 2024 and revenue/profit declines of 8% and 9% respectively in Q1 2025. However, a recovery was noted in Q2 2025 with revenue growth of 10.5% and profit growth of 11.8%. [8] Robotics Sector - In February 2025, Xince Standard announced its entry into the robotics sector by forming a joint venture with Guangdong Wali Technology, focusing on the R&D, manufacturing, and sales of testing robots, industrial robots, and service robots. [9] - The company leverages its existing technology and customer base, including clients like Xiaopeng and Li Auto, to promote its robotics products. [9] Financial Metrics and Market Position - As of the first half of 2025, the gross margin was 69.1%, a slight decrease of 2.6 percentage points year-on-year. [10] - The company has completed a new employee stock ownership plan and its convertible bonds have reached conditions for forced redemption, which may exert short-term pressure on stock prices. However, the overall valuation remains near the industry average. [10] Future Focus Areas - Key future focus areas include the status of military-related business orders expected to impact performance from Q4 2024 to H1 2025, and the progress of the robotics business, including potential industry catalysts and the company's own mergers, acquisitions, or technological collaborations. [11][12]

Core Viewpoint - Xince Standard is a comprehensive testing organization that provides various testing services across multiple sectors, including automotive, electronics, consumer goods, industrial products, food, agriculture, and environmental sectors [2] Company Overview - Xince Standard specializes in reliability testing, chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing services [2] - The company offers testing reports or certificates to clients in diverse fields [2]

Group 1 - The core point of the article is that Xince Standard announced the approval of a proposal to conclude certain fundraising projects from its initial public offering and to permanently supplement its working capital with the remaining funds [2] Group 2 - The fifth session of the company's supervisory board held its seventh meeting to review the proposal [2] - The announcement was made on the evening of September 8 [2]

Group 1 - The core point of the article is that Xince Standard announced the approval of several proposals, including changes to registered capital and amendments to relevant documents during the ninth meeting of the fifth board of directors [2] Group 2 - The announcement was made on the evening of September 8, indicating the company's ongoing governance activities [2] - The specific details of the changes to registered capital and the amendments were not disclosed in the article [2] - This move may reflect the company's strategic adjustments in response to market conditions or internal assessments [2]

Core Viewpoint - Shenzhen Xince Standard Technology Service Co., Ltd. has made significant amendments to its articles of association, reflecting important strategic adjustments in its operational development, including an increase in registered capital from RMB 161.225135 million to RMB 243.496348 million [1] Company Basic Information and Organizational Structure - The company has transitioned from Shenzhen Xince Technology Co., Ltd. to a joint-stock company, inheriting all assets, liabilities, and operations while emphasizing the protection of shareholders' and creditors' legal rights [2] - The legal representative has been clarified from "the director executing company affairs" to "the chairman," with provisions for appointing a new legal representative within 30 days upon the chairman's resignation [2] - The board of directors' composition has been adjusted to include one employee representative director among the seven directors, with at least one independent director being a professional accountant [2] - An audit committee has been established to perform the duties of the supervisory board, overseeing financial information, auditing, and internal control [2] Share Capital and Shareholder Rights - The total number of shares has increased from 161.225135 million to 243.496348 million, maintaining a par value of RMB 1 per share, all of which are ordinary shares [3] - The revised articles clarify shareholders' rights and obligations, including compliance with laws when accessing company materials and detailed regulations for resolving disputes regarding shareholder and board resolutions [3] - Shareholders are prohibited from abusing their rights to harm the company or other shareholders' interests and must not misuse the company's legal status to harm creditors [3] Operational and Decision-Making Mechanisms - The articles have optimized the powers and decision-making processes of the shareholders' meeting and board of directors, with clearer provisions for electing and replacing directors [4] - The board's approval authority for various transactions has been detailed, including standards and procedures for external guarantees, financial assistance, and related party transactions [4] - Independent directors' responsibilities and requirements have been specified, with the introduction of a dedicated meeting mechanism to enhance their supervisory role in company decisions [4] Profit Distribution and Other Matters - The profit distribution policy emphasizes reasonable returns to investors, ensuring continuity and stability, along with clear decision-making mechanisms for profit distribution [5] - The internal audit system has been improved, defining leadership structures and responsibilities for internal audit work [5] - Amendments have been made regarding procedures for company mergers, divisions, and capital reductions, reflecting the company's adaptation to market changes and enhancement of internal governance [5]

Core Viewpoint - Shenzhen Xince Standard Technology Service Co., Ltd. has released its updated company articles, aiming to standardize its organizational structure and operations, thereby ensuring long-term development and compliance with regulations [1]. Group 1: Company Overview - Shenzhen Xince Standard Technology Service Co., Ltd. was listed on the Shenzhen Stock Exchange on January 27, 2021, with a registered capital of RMB 243.496348 million [1]. - The company's mission is to enhance quality of life and promote a green economy by integrating standards and technology, providing independent technical services for standard compliance [1]. - The company operates in various sectors, including testing, inspection, certification, and technical services for electronic products, light industrial products, and new energy products [1]. Group 2: Share Issuance Regulations - The company follows principles of openness, fairness, and justice in its share issuance, with a total of 243.496348 million shares issued, each with a par value of RMB 1, all classified as ordinary shares [2]. - Shareholders subscribed to shares through net asset conversion at the time of the company's establishment, with a total of 4,200 million shares held by various shareholders [2]. - The company has strict regulations regarding share transfer, including a one-year lock-up period for shares issued before public offering and limits on the percentage of shares that directors and senior management can transfer annually [2]. Group 3: Shareholders and Shareholder Meetings - The company maintains a shareholder register based on documentation from the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, with shareholders enjoying rights and obligations according to their share categories [3]. - The shareholder meeting is the company's authority body, responsible for electing and replacing directors, approving board reports, and making decisions on capital changes [3]. - There are specific procedures for convening, proposing, notifying, and voting at shareholder meetings, including a requirement for advance notice and compliance with relevant regulations [3]. Group 4: Board of Directors and Senior Management - The board of directors consists of seven members, including three independent directors and one employee representative director, with responsibilities including convening shareholder meetings and executing resolutions [4]. - The board appoints a manager, who is responsible for the company's operational management and reports directly to the board [4]. Group 5: Financial Accounting and Profit Distribution - The company has established a financial accounting system in accordance with laws and regulations, ensuring timely reporting of annual and interim reports [5]. - Profit distribution policies emphasize reasonable returns to investors, with options for cash, stock, or a combination of both, prioritizing cash dividends [6]. Group 6: Corporate Changes and Liquidation - The company can undergo mergers, divisions, capital increases, or reductions, and may dissolve and liquidate under specific circumstances [7]. - A liquidation team is responsible for managing the company's assets and notifying creditors during the liquidation process, culminating in a liquidation report and deregistration [7].