Summary of the Conference Call for Xicetest (西测测试) Company Overview - Xicetest was established in 2010, initially focusing on testing services in the military sector. The company went public on the ChiNext board in July 2022. [3][9] - The company operates in four main business segments: 1. Environmental and reliability testing center 2. Component testing center 3. Electromagnetic compatibility center 4. Aerospace SMT manufacturing segment [3][4] Core Business and Competitive Advantages - Xicetest has developed a "one-stop" service model that integrates component procurement, testing, SMT manufacturing, and environmental testing, addressing quality issues in small-batch military production. [2][5] - The SMT production line has a solder void rate requirement of less than 3%, significantly lower than the 30% for consumer electronics. [2][4] - The company has successfully manufactured over 50 satellite components and has a competitive edge in quality control, cost efficiency, production efficiency, and a unique business model that is difficult for competitors to replicate. [5][6] Industry Insights and Challenges - The Chinese commercial aerospace industry, particularly satellite manufacturing and launch, faces challenges such as slower-than-expected development and a lack of large-scale production capabilities. [6][9] - The industry is still characterized by "handcrafted satellites," lacking standardized mass production capabilities, which affects efficiency and quality control. [6][8] Strategic Partnerships and Future Plans - Xicetest has partnered with Triangle Defense to establish Western Aerospace Technology, aiming to integrate satellite and rocket design, manufacturing, and control services in Shaanxi Province. [2][6][7] - The new company is expected to address structural issues in the local aerospace sector and enhance competitiveness. [6][7] - Xicetest aims to leverage its extensive testing and manufacturing experience to improve satellite production quality and tackle core technology challenges. [7][8] Market Trends and Future Outlook - The military testing business is benefiting from increased industry consolidation due to regulatory changes, leading to longer wait times for testing services. [2][9] - The company anticipates growth in the military sector as third-party testing becomes more prevalent, and it is also expanding into commercial aviation and low-altitude economy sectors. [9][10] - Xicetest is positioned to play a significant role in the C919 aircraft project and expects substantial testing demand from the upcoming CXF project. [9][10] Business Model and Financial Performance - The business model is based on utilizing existing capacity to provide testing services, with pricing varying by experiment type. [10][11] - The company has a strong focus on capacity utilization, which directly impacts profitability as fixed costs do not increase proportionally with business volume. [10][11] Conclusion - Xicetest is strategically positioned to capitalize on the growing demand for aerospace testing and manufacturing services, with a focus on quality control and integration of services. The company is optimistic about future growth opportunities in both military and commercial sectors, despite current industry challenges. [2][9][10]

证券代码：301306 证券简称：西测测试 公告编号：2026-007 西安西测测试技术股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别重要提示： 1、公司《2025年年度报告》拟于2026年4月28日披露，目前相关编制工作正 常进行中。根据深圳证券交易所相关规则，公司已披露2025年度业绩预告，不 存在应修正的情况。 2025年度，公司预计营业收入为30,000.00万元–35,000.00万元，预计扣除后 营业收入为30,000.00万元–35,000.00万元，预计归属于上市公司股东的净利润为 亏损11,600.00万元–16,500.00万元，预计扣除非经常性损益后的净利润为亏损 11,700.00万元–16,600.00万元。具体内容详见公司于2026年1月29日在巨潮资讯 网披露的《2025年度业绩预告》（公告编号：2026-003）。 2、公司拟与西安三角防务股份有限公司、西安睿投能源科技有限公司、陕 西空天动力研究院有限公司签署《投资协议》，共同出资设立合资公司西部航 天科技（陕西）有限公司（暂定名 ...

证券代码：301306 证券简称：西测测试 公告编号：2026-006 西安西测测试技术股份有限公司 1、中国证券登记结算有限责任公司出具的《解除证券质押登记通知》； | | 是否为控股股 东或第一大股 | 本次解除质 | 占其所 | 占公司 | | 质押解除 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 东及其一致行 | 押数量 | 持股份 | 总股本 | 质押起始日 | 日 | | 质权人 | | | | （万股） | 比例 | 比例 | | | | | | | 动人 | | | | | | | | | 李泽新 | 是 | 108.00 | 3.10% | 1.28% | 2024年12月 | 2026 | 年 3 | 刘伟 | | | | | | | 13 日 | 月 12 | 日 | | 注：上表中若出现总数与分项数值之和不符的情况，均为四舍五入原因造成。 二、股东股份累计质押基本情况 | | | | | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | - ...

证券代码：301306 证券简称：西测测试 公告编号：2026-004 西安西测测试技术股份有限公司 第三届董事会第三次会议决议公告 本次会议的召集、召开符合《中华人民共和国公司法》等法律法规、规范性 文件和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于对外投资设立合资公司的议案》 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 西安西测测试技术股份有限公司（以下简称"公司"）第三届董事会第三次 会议（以下简称"本次会议"）通知于 2026 年 3 月 13 日以邮件、电话等方式送 达公司全体董事，会议于 2026 年 3 月 16 日以现场结合通讯方式在公司会议室召 开。本次会议应出席董事 9 人，实际出席董事 9 人，其中董事王永峰先生、曾柯 先生以通讯方式出席。本次会议符合召开董事会会议的法定人数。本次会议由董 事长李泽新先生召集并主持。 本次对外投资不会对公司本年度财务状况和经营成果产生重大不利影响，不 存在损害公司及全体股东利益的情形，合资公司设立后对公司长期发展的影响将 视合资公司业务开展 ...

证券代码：301306 证券简称：西测测试 公告编号：2026-005 西安西测测试技术股份有限公司 关于对外投资设立合资公司的公告 本公司及董事会会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 风险提示： 1、本次对外投资设立的合资公司西部航天科技（陕西）有限公司（暂定名， 以下简称"合资公司"）投资协议尚未完成签署、尚未完成工商登记注册手续及 开展业务，尚存在不确定性，短期内不会对公司当前财务数据及经营业绩产生重 大影响。 2、合资公司后续经营过程中可能面临行业政策变化、市场竞争、经营管理 等因素影响，盈利能力难以预测，存在投资收益达不到预期的风险。公司将持续 关注合资公司的进展及经营情况，积极防范和控制相关风险，严格按照相关规定 履行信息披露义务，敬请广大投资者注意投资风险。 一、对外投资概述 西安西测测试技术股份有限公司（以下简称"公司"）于 2026 年 3 月 16 日召开第三届董事会第三次会议，审议通过了《关于对外投资设立合资公司的议 案》，同意公司拟与西安三角防务股份有限公司（以下简称"三角防务"）、西 安睿投能源科技有限公司（以下简称"睿投能源"）、陕西 ...

Summary of Key Points from Conference Call Records Industry Overview - The aerospace industry has been explicitly identified as a "pillar industry" in the government work report dated March 5, marking a significant recognition of its importance in the national economic strategy [1] - The report emphasizes the acceleration of satellite internet development, further solidifying aerospace and satellite internet as key focus areas during the 14th Five-Year Plan period [1] Core Insights and Arguments - The government report highlights the need for high-level technological self-reliance and strength, indicating a strategic shift towards enhancing domestic capabilities in critical technology sectors [1] - A "green channel" mechanism for listing financing and mergers and acquisitions for key technology enterprises is proposed, which could facilitate faster capital access and growth for companies in the aerospace sector [1] Investment Opportunities - The commercial aerospace sector is experiencing accelerated growth, with a focus on reusable rockets and other catalysts driving industry momentum [2] - Key industry players and investment targets have been identified across various segments of the aerospace supply chain: - **Rocket Launch**: Guojijiang Engineering, Chaojie Co., Gaohua Technology - **Baseband Routers**: Zhenlei Technology, Xinke Mobile, Fenghuo Communication, Shanghai Hantong, Fudan Microelectronics (FPGA), Nanjing Panda - **Phased Array and RF**: Zhenlei Technology, Chengchang Technology, Tongyu Communication, Canqin Technology, Aerospace Huanyu, Guobo Electronics - **Satellite Platforms**: Guojijiang Engineering, Aerospace Zhizhuang, Qianzhao Optoelectronics, Tianyin Electromechanical, Zhimingda - **Information Encoding**: Jiayuan Technology - **Ground Stations**: Zhenyou Technology, Xinke Mobile - **Satellite Terminals**: Haige Communication, Xinwei Communication, Mengsheng Electronics - **Satellite Testing**: Xice Testing, Sikrui [2] Additional Important Insights - The emphasis on the aerospace industry as a pillar suggests potential government support and funding, which could lead to increased investment and innovation in this sector [1] - The identification of specific companies within the supply chain indicates a strategic approach to investment, focusing on firms that are likely to benefit from government initiatives and industry growth [2]

Core Viewpoint - The electromagnetic compatibility (EMC) testing industry in China is experiencing steady growth driven by regulatory improvements, expanding market demand across various sectors, and increasing compliance requirements from both domestic and international markets [1][4][5]. Market Overview - The regulatory framework for EMC testing in China has expanded from traditional consumer electronics to include diverse sectors such as automotive, new energy, medical, rail transportation, and aerospace [1][4]. - The market size of the EMC testing industry in China is projected to reach 6.928 billion yuan by 2025, with a year-on-year growth of 11.7%. EMC testing services account for approximately 76.13% of the market, while EMC testing equipment represents about 23.87% [1][8]. Policy Environment - Recent policies emphasize the importance of product quality and safety, mandating EMC testing for various industries, including automotive, consumer electronics, and aerospace, thereby creating a favorable environment for the EMC testing industry [4][5]. Industry Chain - The upstream of the EMC testing industry includes suppliers of electromagnetic materials and testing equipment, while the downstream encompasses demand markets across multiple sectors such as automotive, consumer electronics, and medical devices [6][7]. Demand Structure - The automotive sector is the largest demand market for EMC testing in China, expected to account for nearly 30% of the market by 2025. The rapid growth of the automotive market, particularly in new energy vehicles, provides significant growth opportunities for the EMC testing industry [7][8]. Competitive Landscape - The EMC testing market in China is characterized by a competitive landscape with a mix of state-owned, foreign, and domestic private testing institutions. The market concentration remains low, indicating intense competition [10]. - Key players in the industry include companies like 广电计量 (Guangdian Measurement), 西安西测 (Xi'an Xice), and others, which are leveraging their technical capabilities and service advantages to capture market share [10][11]. Development Trends - The EMC testing industry is expected to see a continuous improvement in standards and compliance requirements driven by government policies, leading to a more regulated and high-quality market [12]. - Technological advancements will focus on smart and high-end solutions, with AI and automation playing a significant role in enhancing testing efficiency and accuracy [13]. - The service model is shifting towards integrated solutions that encompass testing, rectification, certification, and consulting, aiming to meet the comprehensive needs of enterprises throughout their product lifecycle [14].

Core Insights - The report emphasizes the strong growth potential in the testing services industry, particularly driven by emerging sectors such as commercial aerospace and new technologies [4][6] - The testing services sector is closely linked to macroeconomic growth, with a projected global market size of approximately 2.3 trillion RMB by 2024, reflecting a CAGR of about 6% from 2021 to 2024 [4][24] - In China, the testing services market is expected to reach around 487.6 billion RMB by 2024, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust growth trajectory [5][24] Industry Overview - The testing, inspection, and certification (TIC) industry serves various sectors including consumer goods, industrial products, and pharmaceuticals, covering all stages from R&D to production and distribution [16][24] - The industry is characterized by a large market space and stable growth, with demand closely tied to macroeconomic trends and government regulations [20][24] - Emerging technologies such as AI, electric vehicles, and commercial aerospace are expected to create new testing demands, raising the entry barriers for new players [6][20] Company Performance - The report analyzes 19 listed companies in the testing services sector, highlighting their revenue and profit performance, with notable companies including Huace Testing, Guangdian Measurement, and Su Testing [2][11] - In the first three quarters of 2025, the testing services sector in China reported a revenue of 30.4 billion RMB, a decline of 7% year-on-year, but a growth of 3% when excluding companies heavily involved in medical testing [5][57] - Leading companies such as Huace Testing, Guangdian Measurement, and Su Testing demonstrated superior performance, with revenue growth rates of 7%, 12%, and 9% respectively, significantly outpacing the industry average [5][62] Market Dynamics - The testing services market is experiencing a structural shift, with a trend towards consolidation as larger firms gain market share and smaller firms face challenges [44][50] - The report notes that the majority of testing institutions in China are small and micro-sized, which limits their ability to withstand economic pressures [50][51] - Government policies are increasingly supporting the marketization and consolidation of testing institutions, aiming to enhance the overall quality and efficiency of the industry [51][53] Financial Metrics - The report indicates that the average gross margin for the testing services sector has improved, reaching 26.2% in the first three quarters of 2025, reflecting a recovery in profitability [63] - The accounts receivable turnover days have increased from 90 days in 2019 to 176 days in 2025, indicating a slowdown in cash flow and potential credit risks within the industry [67][68] - The report highlights that the proportion of accounts receivable in relation to revenue has risen to 50%, suggesting increasing challenges in managing receivables [71]

Core Viewpoint - Xicet Testing (301306) is expected to report a net loss of between 116 million to 165 million yuan for the fiscal year 2025, reflecting a strategic investment phase despite previous losses [1] Group 1: Financial Performance - The projected net loss for 2025 is between 116 million to 165 million yuan, compared to a loss of 158 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is expected to be a loss of 117 million to 166 million yuan, compared to a loss of 160 million yuan in the previous year [1] Group 2: Strategic Investments and Certifications - The losses are attributed to ongoing strategic investments and a significant decline in revenue from civilian products, while the company is optimizing its customer structure in the electronic assembly business [1] - The subsidiary Jitongli has obtained NADCAP, ASP, and SPCAP certifications, which are crucial for entering the global high-reliability supply chain in the aerospace sector [2] Group 3: Business Model and Industry Positioning - Xicet Testing has introduced an innovative "super OEM" model for commercial aerospace, integrating testing and manufacturing to provide a comprehensive service chain from design validation to reliability testing [3] - The company has established partnerships with leading domestic commercial aerospace firms, enhancing its competitive advantage and forming a multi-layered industrial collaboration ecosystem [3] Group 4: Future Outlook - The company plans to continue leveraging its decades of technical expertise and customer resources in aerospace testing, increasing strategic investments in the commercial aerospace sector to support high-quality, low-cost, and rapid development [4]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].