Core Viewpoint - Shenzhen Xince Standard Technology Service Co., Ltd. has announced the early redemption of its convertible bonds "Xince Convertible Bonds" due to the triggering of conditional redemption clauses based on stock price performance [1][2]. Group 1: Convertible Bond Redemption Announcement - The company will redeem "Xince Convertible Bonds" at a price of 100.42 CNY per bond, which includes a taxable interest component [1][7]. - The redemption is set to occur after the bondholders are notified, and the bonds will be delisted from the Shenzhen Stock Exchange following the redemption [1][8]. - Bondholders are advised to convert their bonds into shares before the redemption date to avoid potential losses [1][2]. Group 2: Conditions for Redemption - The conditional redemption clause was triggered as the stock price was above 130% of the conversion price for at least 15 trading days within a 30-day period [2][6]. - The company’s board of directors approved the early redemption on August 8, 2025, based on current market conditions and the company's situation [2][3]. Group 3: Convertible Bond Issuance Details - The company issued 5,450,000 convertible bonds with a total value of 545 million CNY, approved by the China Securities Regulatory Commission [2][3]. - The initial conversion price was set at 36.89 CNY per share, which will be adjusted based on future corporate actions [3][4]. Group 4: Conversion Price Adjustments - The conversion price will be adjusted from 36.89 CNY to 25.76 CNY after a cash dividend and capital increase, effective from May 27, 2024 [4][5]. - A subsequent adjustment will lower the conversion price to 18.22 CNY effective from May 29, 2025, following another cash dividend and capital increase [5][6]. Group 5: Redemption Process and Timeline - The redemption process will involve all registered bondholders as of the redemption registration date, September 5, 2025 [7][8]. - The redemption funds will be transferred to the bondholders' accounts on September 15, 2025 [8].

Core Viewpoint - Xince Standard (300938) 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 [1] Group 1: Company Overview - Xince Standard specializes in reliability testing, physical and chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing services [1] - The company is located in Wuhan and has officially launched its military-civilian integration project, with the experimental building completed [1] - Xince Standard possesses qualifications to conduct military-related business, including reliability tests and EMC testing for military products [1]

Market Performance - The professional services sector increased by 2.05% on August 25, with Su Shi Testing leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers in Professional Services - Su Shi Testing (300416) closed at 19.14, up 10.64% with a trading volume of 596,300 shares and a transaction value of 1.125 billion yuan [1] - Zhonggang Tianyuan (002057) closed at 11.45, up 9.99% with a trading volume of 545,700 shares and a transaction value of 612 million yuan [1] - Xince Standard (300938) closed at 25.80, up 7.14% with a trading volume of 184,400 shares and a transaction value of 461 million yuan [1] Other Notable Stocks - Huace Testing (300012) closed at 66.ET, up 6.88% with a trading volume of 1,123,300 shares [1] - Lingdian Youshu (301169) closed at 50.97, up 3.81% with a trading volume of 46,700 shares [1] - Guangdong Jianke (301632) closed at 37.84, up 2.41% with a trading volume of 206,400 shares [1] Market Capital Flow - The professional services sector saw a net inflow of 171 million yuan from institutional investors, while retail investors experienced a net outflow of 35.82 million yuan [2] - The main stocks with significant net inflows included Zhonggang Tianyuan and Huace Testing, while Su Shi Testing and Xince Standard saw net outflows from retail investors [3]

2、赎回条件满足日：2025 年 8 月 8 日 3、停止交易日：2025 年 9 月 3 日 4、赎回登记日：2025 年 9 月 5 日 5、赎回日：2025 年 9 月 8 日 | 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-148 | | --- | --- | --- | | 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 关于提前赎回"信测转债"的第十一次提示性公告 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： 1、"信测转债" 赎回价格：100.42 元/张（含当期应计利息，当期年利率 为 0.50%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 6、停止转股日：2025 年 9 月 8 日 7、赎回资金到账日（到达中国结算账户）：2025 年 9 月 11 日 8、投资者赎回款到账日：2025 年 9 月 15 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 测转债 11、根 ...

Core Insights - The company is a small but specialized integrated service provider for testing and experimental equipment, with a projected revenue growth from 113 million yuan in 2014 to 725 million yuan in 2024, reflecting a CAGR of approximately 20.43% [1] - The net profit attributable to the parent company is expected to grow from 25 million yuan in 2014 to 176 million yuan in 2024, with a CAGR of about 21.50% [1] - In 2024, revenue and net profit are forecasted to increase by 6.71% and 7.67% year-on-year, driven by the recovery in automotive testing and electronic testing market demand [1] Financial Performance - For the first half of 2025, the company expects revenue and net profit to reach 372 million yuan and 95 million yuan, representing year-on-year growth of 1.35% and 2.40% respectively [1] - In Q2 2025, revenue and net profit are projected to be 206 million yuan and 58 million yuan, showing a year-on-year increase of 10.45% and 11.82% [1] Business Segments - The company operates with a dual engine of testing services and equipment manufacturing, with revenue from automotive testing, electronic testing, and experimental equipment in the first half of 2025 being 162 million yuan, 90 million yuan, and 72 million yuan respectively [1] - The automotive testing segment is benefiting from advancements in electrification, intelligence, and autonomous driving, leading to an increase in new orders [1] Strategic Initiatives - The company is accelerating its layout in the fields of automotive intelligence and assisted driving testing, capitalizing on increased R&D investments from major manufacturers [2] - A new robotics technology company has been established to focus on the manufacturing and R&D of industrial, service, and special operation robots, promoting the automation and intelligence of testing services [2] - An employee stock ownership plan for 2025 has been introduced, targeting core management, technical, and key business personnel, with performance targets set for revenue and net profit growth from 2025 to 2027 [2] Growth Outlook - The company is expected to achieve net profits of 203 million yuan, 239 million yuan, and 281 million yuan from 2025 to 2027, with corresponding PE ratios of 28, 24, and 20 [2] - The reasonable valuation for one year is projected to be between 25.86 and 31.03 yuan, with a corresponding PE of 25 to 30 for 2026 [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is a leading integrated service provider for testing and experimental equipment in China, with a projected revenue of 725 million yuan and a net profit of 176 million yuan in 2024, reflecting a CAGR of approximately 20.43% and 21.50% respectively from 2014 to 2024 [1][13] - The growth is primarily driven by the recovery in demand for automotive testing and electronic electrical testing, with a stable equipment sales performance [1][2] - The company is expanding its capacity with new testing centers, which will support medium-term growth [2][3] Summary by Sections Business Overview - The company operates in two main segments: testing services and equipment manufacturing, with automotive testing, electronic electrical product testing, and equipment sales contributing 42%, 24%, and 21% to total revenue respectively in 2024 [13] - The company has a global presence with over 20 subsidiaries and more than 80 specialized laboratories, providing testing and certification services across various sectors [13] Financial Analysis - The company achieved a revenue of 725 million yuan in 2024, with a year-on-year growth of 6.71% [1][26] - The net profit for 2024 is projected at 176 million yuan, reflecting a year-on-year increase of 7.67% [1][26] - The company maintains a high gross margin of 57.99% and a net margin of 25.01% [1] Growth Forecast - Revenue is expected to grow to 796 million yuan in 2025, with a year-on-year increase of 9.76% [5] - The net profit is projected to reach 203 million yuan in 2025, indicating a growth of 15.52% [5] - The company anticipates continued growth in the automotive and electronic testing sectors, with significant contributions from new testing facilities [54][55] Valuation and Investment Recommendation - The reasonable valuation range for the company is estimated to be between 25.86 and 31.03 yuan per share, with a projected PE ratio of 28, 24, and 20 for the years 2025, 2026, and 2027 respectively [6][3] - The company is expected to maintain a strong performance in the medium term, supported by its strategic expansion and robust market demand [3][54]

Group 1 - The core announcement from Xince Standard indicates that the "Xince Convertible Bonds" will be forcibly redeemed at a price of 100.42 CNY per bond after the market closes on September 5, 2025, if not converted by that date [2] - The company highlights a significant disparity between the secondary market price of the "Xince Convertible Bonds" and the redemption price, urging bondholders to convert their bonds within the specified timeframe to avoid potential losses [2]

3、停止交易日：2025 年 9 月 3 日 | 证券代码：300938 | 证券简称：信测标准 | 公告编号：2025-147 | | --- | --- | --- | | 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 关于提前赎回"信测转债"的第十次提示性公告 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： 1、"信测转债" 赎回价格：100.42 元/张（含当期应计利息，当期年利率 为 0.50%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 8 日 4、赎回登记日：2025 年 9 月 5 日 5、赎回日：2025 年 9 月 8 日 6、停止转股日：2025 年 9 月 8 日 7、赎回资金到账日（到达中国结算账户）：2025 年 9 月 11 日 8、投资者赎回款到账日：2025 年 9 月 15 日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z 测转债 11、根据 ...

证券代码：300938 证券简称：信测标准 公告编号：2025-145 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 关于提前赎回"信测转债"的第八次提示性公告 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： 为 0.50%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 适当性管理要求的，不能将所持"信测转债"转换为股票，特提请投资者关注不 能转股的风险。 转债"，将按照 100.42 元/张的价格强制赎回，因目前"信测转债"二级市场价 格与赎回价格存在较大差异，特别提醒"信测转债"持有人注意在限期内转股， 如果投资者未及时转股，可能面临损失，敬请投资者注意投资风险。 自 2025 年 7 月 17 日至 2025 年 8 月 8 日已有 15 个交易日的收盘价不低于 "信 测转债"当期转股价格（即 18.22 元/股）的 130%（即 23.69 元/股）的情形，根 据《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》等相 关 ...

Core Points - The company has announced the early redemption of its convertible bonds, "信测转债," due to the triggering of conditional redemption clauses based on stock price performance [2][5][6] - The redemption price is set at 100.42 CNY per bond, which includes accrued interest [7][8] - Investors are advised to convert their bonds into shares before the redemption date to avoid potential losses [1][2] Group 1: Convertible Bond Details - The company issued 5,450,000 convertible bonds with a total value of 545 million CNY, approved by the China Securities Regulatory Commission [2][3] - The initial conversion price was set at 36.89 CNY per share, which will be adjusted to 25.76 CNY per share after a cash dividend and capital increase [4][5] - The conversion period for the bonds is from May 15, 2024, to November 8, 2029 [4] Group 2: Redemption Conditions and Procedures - The conditional redemption was triggered as the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [2][6] - The redemption process will involve all registered bondholders as of September 5, 2025, with funds transferred to their accounts by September 15, 2025 [8][9] - The company will cease trading of "信测转债" on the Shenzhen Stock Exchange following the redemption [1][8] Group 3: Shareholder Transactions - The actual controller and major shareholders have not traded "信测转债" in the six months leading up to the redemption condition [8][10] - Specific transactions by key personnel were recorded, indicating no significant trading activity prior to the redemption announcement [8]