Core Viewpoint - The company has approved a profit distribution and capital reserve transfer plan, which includes a cash dividend of 4.00 RMB per 10 shares and a capital reserve increase of 4 shares for every 10 shares held [2][4][5]. Group 1: Profit Distribution Details - The total number of shares for profit distribution is calculated as 161,408,514 shares after excluding 3,016,041 shares held in the repurchase account [2][4]. - The total cash dividend to be distributed amounts to 64,563,405.60 RMB, resulting in a per-share cash dividend of approximately 0.3927 RMB [4][7]. - The capital reserve transfer will result in an increase of 64,563,405 shares, leading to a total share count of 228,987,960 shares post-distribution [5][6]. Group 2: Implementation Timeline - The record date for the rights distribution is set for May 28, 2025, with the ex-dividend date on May 29, 2025 [5][6]. - The company will prioritize using repurchased shares for the conversion of convertible bonds, with the remaining shares sourced from newly issued shares [3][4]. Group 3: Tax Implications - The cash dividend will be subject to different tax rates based on the type of shares held, with specific provisions for Hong Kong investors and domestic investors [4][5]. - The company will not withhold individual income tax at the time of distribution, but will calculate the tax based on the holding period when shares are sold [4][5].

2024 年年度分红派息、转增股本实施公告 本公司及董事会全体成员保证信息披露的内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-099 | | --- | --- | --- | | 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 股票收盘价-按公司总股本（含回购专用证券账户持有股份）折算每股现金红利） ÷（1+按公司总股本（含回购专用证券账户持有股份）折算每股转增股数）=（股 权登记日股票收盘价-0.3926627）÷（1+0.3926627）。 3、因 2025 年 3 月 18 日至本次权益分派实施申请日（2025 年 5 月 21 日） 公司总股本由于可转债转股原因发生变化，按照"每股现金分红比例不变"的原 则，公司以现有总股本 164,424,555 股扣除回购专用证券账户持有的股份数 3,016,041 股后 161,408,514 股为基数，向全体股东每 10 股派发现金股利人民币 4.00 元（含税），共计分配现金股利 64,563,405.60 元（含税），剩 ...

| 证券代码：300938 | 证券简称：信测标准 公告编号：2025-100 | | --- | --- | | 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"调整转股价格的公告 现金股利等情况，使公司股份发生变化时，将按下述公式进行转股价格的调整（保 留小数点后两位，最后一位四舍五入）： 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、关于可转债转股价格调整的相关规定 经中国证券监督管理委员会证监许可[2023]1895 号文同意注册，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 54,500.00 万元。经深交所同意，公司 54,500.00 万元可转换公司债券于 2023年11月29日起在深交所挂牌交易，债券简称"信测转债"，债券代码"123231"。 初始转股价格为 36.89 元/股。 根据《深圳信测标准技术服务股份有限公司创业板向不特定对象发行可转换 公司债券募集说明书》（以下简称《募集说明书》）之"转股价格 ...

Core Points - The company has announced a temporary suspension of the conversion of its convertible bonds, "信测转债," during the implementation of its profit distribution plan [1][2] - The company issued 5,450,000 convertible bonds with a total value of 54,500 million yuan, which are currently in the conversion period from May 15, 2024, to November 8, 2029 [1] - The resumption of the conversion of "信测转债" will occur on the first trading day after May 2025 [2] Group 1 - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [1] - The profit distribution method will remain unchanged, and the convertible bonds will be suspended from conversion during the distribution period [2] - The company will adjust the conversion price of the bonds based on specific formulas if there are changes in the company's shares or equity [5][6] Group 2 - The company will announce the adjusted conversion price and the suspension period on the Shenzhen Stock Exchange and other media [6][7] - The adjustment of the conversion price will be conducted fairly and justly to protect the rights of the bondholders [7]

深圳信测标准技术服务股份有限公司 关于"信测转债"暂停转股的提示性公告 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： 经中国证券监督管理委员会证监许可[2023]1895 号文同意注册，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 54,500.00 万元。经深交所同意，公司 54,500.00 万元可转换公司债券于 2023 年 11 月 29 日起在深交所挂牌交易，债券简称"信测转债"，债券代码"123231"。 转股起止时间为 2024 年 5 月 15 日至 2029 年 11 月 8 日，目前"信测转债"处于 转股期。 公司于 2025 年 4 月 21 日召开 2024 年年度股东会，审议通过《关于 2024 年 利润分配及资本公积金转增股本的议案》。公司将于近日发布 2024 年年度权益 分派实施公告，根据《深圳信测标准技术服务股份有限公司向不特定对象发行可 转换公司债券并在创业板上市募集说明书》中"转股价格的调整方法及计算公式" 1、 债券代码：123231 2、 ...

| 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-096 | | --- | --- | --- | | 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 2021 年限制性股票激励计划部分限制性 股票回购注销完成暨调整可转债转股价格的公告 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： 1、深圳信测标准技术服务股份有限公司（以下简称"公司"或"信测标准"） 由于公司2021年限制性股票激励计划中有10名激励对象首次授予部分第二个解 除限售期及预留授予部分第一个解除限售期个人绩效考核结果部分达标，当期拟 解除限售的限制性股票不能完全解除限售，持有尚未解除限售的限制性股票 5,995 股；12 名激励对象因个人原因离职，持有尚未解除限售的限制性股票 82,560 股。根据《上市公司股权激励管理办法》及公司《2021 年限制性股票激励计划 （草案）》的相关规定，公司对上述合计 22 名激励对象已获授但尚未解除限售的 88,555 股限制性股票予以回购注销，公司用于本次限制性股票回购 ...

证 券 研 究 报 告 信测标准（300938）2024 年报及 2025 年一季报点评 强推（维持） 夯实精细化管理，打造通用机器人+AI 大模 型+检测新模式 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现收入 7.25 亿元，同 比+6.71%，归母净利润 1.76 亿元，同比+7.67%，扣非归母净利润 1.65 亿元， 同比+10.77%；2025Q1 公司实现收入 1.66 亿元，同比-8.04%；归母净利润 3714.70 万元，同比-9.48%；扣非归母净利润 3428.99 万元，同比-9.45%。 评论： 公司研究 仪器仪表Ⅲ 2025 年 05 月 04 日 目标价：39.74 元 当前价：30.56 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 16,450.77 | | --- | --- | | 已上市流通股 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, while facing challenges in Q1 2025, indicating a mixed performance outlook for the near term [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year increase of 6.71%, and a net profit attributable to shareholders of 176 million yuan, up 7.67% year-on-year [1]. - For Q1 2025, the company reported revenue of 166 million yuan, a decline of 8.04% year-on-year, and a net profit of 37.14 million yuan, down 9.48% year-on-year [1]. - The gross profit margin for 2024 was 57.99%, a decrease of 1.11 percentage points compared to the previous year [2]. Business Segments - The company's testing business showed growth, with revenues from automotive testing, electronic and electrical product testing, equipment sales, consumer goods testing, and health and environmental testing at 306 million, 171 million, 154 million, 50 million, and 45 million yuan respectively, reflecting year-on-year growth rates of 12.41%, 9.11%, -5.91%, 22.2%, and 7.0% [2]. - The gross margins for automotive testing, electronic and electrical product testing, and equipment sales were 67.71%, 60.98%, and 39.10%, with declines of 4.38, 2.17, and 6.94 percentage points respectively [2]. Management Efficiency - The company demonstrated strong management capabilities, with a decrease in expense ratios for sales, management, and financial expenses in 2024 [2]. - The sales, management, financial, and R&D expense ratios for 2024 were 14.80%, 7.58%, -1.25%, and 8.36%, showing improvements in cost management [2]. Strategic Initiatives - The establishment of a joint venture in February 2025 with Guangdong Wali Technology Co., Ltd. aims to enter the robotics sector, focusing on the development and sales of various types of robots [4]. - The company plans to integrate AI with testing robots to enhance operational efficiency and improve service quality, addressing the industry's reliance on manual labor [4][5]. Future Outlook - The company is set to leverage its technological advantages and market resources to expand into military product testing and enhance its capabilities through AI and robotics [5]. - The projected net profits for 2025-2027 are 198 million, 228 million, and 262 million yuan, representing year-on-year growth rates of 12.5%, 14.9%, and 15.2% respectively [6][7].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to challenges in the testing equipment and health and environmental testing sectors [1][2]. Revenue Performance - Q1 2025 revenue was 166 million yuan, a year-on-year decrease of 8.0% [1]. - Revenue from automotive testing reached 306 million yuan, growing 12.4% year-on-year, but the growth rate has slowed compared to previous years [2]. - Electronic and electrical product testing generated 171 million yuan, reflecting a 9.1% increase year-on-year [2]. - Testing equipment revenue was 154 million yuan, down 5.9% year-on-year, attributed to price competition in the manufacturing sector [2]. - Daily consumer goods testing revenue was 50 million yuan, up 22.2% year-on-year [2]. - Health and environmental testing revenue was 45 million yuan, increasing by 7.0% year-on-year [2]. Profitability Metrics - The net profit margin for Q1 2025 was 22.45%, a slight decrease of 2.04 percentage points year-on-year [3]. - Gross margin improved to 59.6%, an increase of 2.57 percentage points, likely due to a higher revenue share from automotive and electronic testing [3]. - Operating expense ratio rose to 34.3%, up 4.47 percentage points year-on-year, due to fixed costs amid declining revenue [3]. Cash Flow and Future Growth - Operating cash flow for Q1 2025 was 26 million yuan, down from 36 million yuan in the same period last year [3]. - The company established a joint venture for robotics technology, aiming to enhance future growth through automation in testing services [3]. Forecast and Valuation - Revenue projections for 2025-2027 are 797 million yuan, 890 million yuan, and 1.001 billion yuan, with year-on-year growth rates of 10.0%, 11.7%, and 12.5% respectively [4]. - Expected net profits for the same period are 192 million yuan, 221 million yuan, and 256 million yuan, with growth rates of 9.0%, 15.2%, and 15.6% respectively [4]. - The company is valued at a PE ratio of 24.9x, 21.6x, and 18.7x for 2025, 2026, and 2027 respectively [4].

丨证券研究报告丨 联合研究丨公司点评丨信测标准（300938.SZ） [Table_Title] 信测标准 2025Q1 点评：营收同比降 8%，关注 机器人业务进展 报告要点 [Table_Summary] 信测标准发布 2025 年一季报，Q1 实现营收 1.66 亿元，同比下降 8.0%；归母净利润 0.37 亿 元，同比下降 9.5%。结合 2024 年业务发展趋势，推测 Q1 营收下降主要源于试验设备、健康 与环保检测板块拖累较多，汽车检测、电子电气产品检测预计稳健增长。今年 2 月份公司设立 机器人合资公司，打造未来新的增长曲线。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 曹小敏 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SAC：S0490521050001 SFC：BUV415 SFC：BRP550 信测标准（300938.SZ） cjzqdt11111 [Table_Title 信测标准 2022]5Q1 点评：营收同比降 8%，关注 机器人业务进展 请阅读最后评级说明和重要声明 %% %% %% ...