V-Test(SH:688372) Zheng Quan Zhi Xing·2025-08-25 16:22Core Viewpoint - The report outlines the continuous supervision work conducted by Ping An Securities for Shanghai Weicai Semiconductor Technology Co., Ltd. during its initial public offering and ongoing operations, emphasizing compliance with relevant regulations and the company's financial performance in the first half of 2025 [1]. Continuous Supervision Work - Ping An Securities has established a robust supervision system and formulated specific work plans for continuous supervision [2]. - A continuous supervision agreement was signed between Weicai Technology and Ping An Securities, clarifying the rights and obligations of both parties during the supervision period [2]. - The company has maintained close daily communication with Ping An Securities through regular visits and on-site inspections to monitor operational and disclosure practices [2][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 634.25 million, a year-on-year increase of 47.53% [11]. - The total profit reached CNY 102.67 million, reflecting a significant increase of 4,465.04% compared to the previous year [11]. - The net profit attributable to shareholders was CNY 101.08 million, up 831.03% year-on-year [11]. Investment and Expansion - The company has been expanding its production capacity, particularly in high-end chip testing, with projects in Wuxi and Nanjing already operational [7]. - Future plans include investments in a second phase in Nanjing and a new project in Chengdu to enhance production capacity further [7]. Core Competitiveness - The company has a strong core team with over 20 years of experience in the integrated circuit testing industry, contributing to its competitive edge [13]. - The focus on research and development has led to advancements in testing solutions for high-end chips, positioning the company as a key player in the domestic market [14][15]. Risks and Challenges - The company faces risks related to talent retention in a competitive market, which could impact its testing capabilities and profitability [7]. - Potential operational risks include the inability to absorb new production capacity if market conditions deteriorate or competition intensifies [7]. Research and Development - The company invested CNY 82.13 million in R&D in the first half of 2025, a 27.34% increase from the previous year [19]. - R&D efforts focus on developing testing solutions for emerging technologies, including automotive electronics and advanced chip architectures [19][20]. Market Position - The company operates four testing bases in Shanghai, Nanjing, Wuxi, and Shenzhen, strategically positioned to serve key markets in China [18]. - The company aims to expand its market share by establishing a nationwide service network, including a new project in Chengdu [18].