苏州天准科技股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688003 证券简称：天准科技 苏州天准科技股份有限公司 2025 年第二次临时股东会会议资料 2025 年 11 月 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 苏州天准科技股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会 目录 | 2025 | 年第二次临时股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 6 | | | 议案一：关于变更公司注册资本暨修订《公司章程》的议案 | 8 | | | 议案二：关于续聘会计师事务所的议案 | 9 | 苏州天准科技股份有限公司 2025 年第二次临时股东会会议资料 苏州天准科技股份有限公司 2025年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 中国证监会《上市公司股东会规则》以及《苏州天准 ...

Summary of Zhongke Feicai Conference Call Company Overview - Zhongke Feicai is a leading domestic supplier of semiconductor measurement equipment, with a delivery volume exceeding 1,000 units by the end of 2024, covering 66.6% of the front-end quality control testing market. However, the localization rate is only 16.4%, indicating significant room for improvement [2][3][19]. Core Insights and Arguments - **Technological Advantage**: The company has a technological edge in the 28-14 nm nodes and advanced packaging, having shipped some 28 nm measurement products and validated them in scenarios like HBM. Key products include defect detection equipment, measurement devices, and intelligent software systems [2][4][5]. - **R&D Strength**: The R&D team is robust, with core members from the Institute of Microelectronics of the Chinese Academy of Sciences. The team has expanded, enhancing defect detection and critical dimension measurement capabilities through various software systems [2][6]. - **Revenue Growth**: In the first three quarters of 2025, revenue reached 1.2 billion yuan, a year-on-year increase of 47.92%. However, the company reported a net loss due to high R&D expenses, maintaining a gross margin of around 50% [2][19]. - **Order and Inventory Trends**: The company’s order coverage amount is significantly higher than in previous years, with inventory levels gradually increasing. In the first three quarters of 2024, the company shipped 176 units for front-end testing and produced 245 units, indicating a rapid growth phase [2][20]. Industry Context - **Market Position**: Zhongke Feicai is a leading player in the domestic front-end measurement equipment market, serving major logic and memory wafer fabs, including SMIC and Changjiang Storage. The localization rate in the front-end measurement segment has increased by 5.2 percentage points from 2023 to 2025 [3][16]. - **Global Market Growth**: The global semiconductor equipment market is expected to reach $121 billion by 2025, with the front-end defect detection equipment market projected to reach $14.37 billion by 2026, providing ample market space for domestic manufacturers like Zhongke Feicai [4][13]. - **Competitive Landscape**: KLA is the dominant player in the global front-end measurement and detection equipment market, holding over 60% market share. Other competitors include Hitachi High-Technologies and Applied Materials [15]. Additional Important Insights - **Future Projections**: The company anticipates medium-speed growth from 2025 to 2027, benefiting from product volume increases and revenue scale enhancements. R&D expenses are expected to decrease as the company scales, potentially improving profitability [4][19][24]. - **Client Concentration**: The top five clients account for approximately 40% of the company’s revenue, indicating a moderate level of client concentration risk [22]. - **Investment Plans**: The company is planning expansion projects, including a capital increase in 2025 for high-end semiconductor quality testing and R&D center construction, which are crucial for long-term growth [22]. Conclusion - Zhongke Feicai is well-positioned in the semiconductor measurement equipment market, with significant growth potential driven by technological advancements, increasing localization rates, and a favorable market environment. The company’s focus on R&D and expansion will be key to its future success [25].

Core Viewpoint - Tianzhun Technology's major shareholder, Qingyi Investment, has made significant charitable donations totaling over 433 million yuan in stock and 8 million yuan in cash, aimed at supporting education and AI talent development in Suzhou [1][2]. Group 1: Donation Details - Qingyi Investment donated 1.6 million unrestricted shares (0.82% of total shares) and 1.6 million yuan in cash to the Suzhou Education Development Foundation [1]. - Additionally, 6.4 million unrestricted shares (3.29% of total shares) and 6.4 million yuan in cash were donated to the Suzhou Li Zhengdao Education and Science Foundation [1]. - The total value of the donated shares, based on the closing price of 54.1 yuan per share, amounts to 433 million yuan, enhancing the overall donation scale [1]. Group 2: Shareholder and Company Status - After the donation, Qingyi Investment retains 40 million shares, representing 20.58% of the total shares, maintaining its status as the controlling shareholder [2]. - The donation will not result in changes to the controlling shareholder or the actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2]. Group 3: Company Performance - Tianzhun Technology reported a revenue of 977 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.79%, but incurred a net loss of 15.169 million yuan, a decline of 10.98% year-on-year [2]. - The loss is attributed to increased personnel costs due to significant order growth and a decline in gross margin from photovoltaic silicon wafer detection and sorting equipment [2]. - The company specializes in industrial vision equipment, including visual measurement, detection, and process equipment, as well as intelligent driving solutions [2].

Core Viewpoint - The company, Suzhou Tianzhun Technology Co., Ltd., is set to hold a Q3 2025 earnings presentation on November 20, 2025, to discuss its operational results and financial status for the first three quarters of 2025, allowing investors to engage in Q&A sessions [2][3][5]. Group 1: Meeting Details - The earnings presentation will take place on November 20, 2025, from 15:00 to 16:00 [5][6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][5]. - Participants will include the company's Chairman and General Manager, Xu Yihua, the Vice Chairman and CFO, Yang Cong, and the independent director, Xu Dongdong [4]. Group 2: Investor Participation - Investors can submit questions from November 13 to November 19, 2025, by accessing the "Question Pre-collection" section on the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][4]. - The company will address commonly asked questions during the earnings presentation [2][3].

Investment Rating - The report recommends a positive outlook on Xiaopeng Motors, shifting from a turnaround narrative to a focus on technological leadership [4][5]. Core Insights - Xiaopeng's second-generation VLA model supports end-to-end output and features such as navigation-free assisted driving, indicating a strong technological advancement [4][5]. - The company is expected to achieve a quarterly profit in Q4 of this year, with sales projected to reach nearly one million units driven by extended-range models [4][5]. - Collaborations with major companies like Volkswagen and Baowu Group are helping to monetize its technological advancements [4][5]. - In the Robotaxi sector, Xiaopeng's self-developed Turing chip, providing 3000 TOPS of computing power, addresses high computing demands at a lower cost, potentially improving profitability [4][5]. - The robotics division is expected to enter mass production by the end of 2026, leveraging technology from the automotive sector for efficiency [4][5]. Summary by Sections Xiaopeng Motors - The core logic for recommending Xiaopeng has evolved to emphasize its technological leadership rather than merely a turnaround from difficulties [4][5]. - The VLA model is designed to enhance performance by reducing precision loss and increasing potential through direct processing [6]. - The Turing chip's architecture supports advanced AI applications and autonomous driving, aligning with current technological trends [7]. Tianzhun Technology - The company demonstrates a strong capability to innovate and expand its AI visual detection technology across multiple production lines [8][9]. - The management's commitment to the embodied intelligence sector is a long-term strategy, focusing on market expansion rather than immediate profitability [8][9]. Industry Recommendations - The report suggests focusing on domestic leading manufacturers like BYD, Geely, and Xiaopeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [4]. - It highlights the importance of performance growth and robotics layout in component manufacturers, recommending companies like Fuyao Glass and New Spring [4].

重要内容提示： 苏州天准科技股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日发布 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年前 三季度经营成果、财务状况，在上海证券交易所的支持下，公司计划于 2025 年 11 月 20 日(星期四)下午 15:00-16:00 举行 2025 年第三季度业绩说明会，就投 资者关心的问题进行交流。 1 会议召开时间：2025 年 11 月 20 日(星期四) 下午 15:00-16:00 会议召开地点：上证路演中心（网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 13 日 （星期四） 至 11 月 19 日 （星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 ir@tztek.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 ...

Core Insights - The 20th anniversary summit of Suzhou Tianzhun Technology Co., Ltd. highlighted the company's journey in integrating AI with industrial applications and its future vision for smart manufacturing [1][2][11] Company Development - Tianzhun Technology has focused on overcoming "bottleneck" technologies in precision measurement, breaking foreign monopolies, and establishing a dual-engine structure centered on "visual precision control platform" and "AI technology platform" [5][11] - The company successfully listed on the Sci-Tech Innovation Board in 2019 and has become a benchmark enterprise, serving over 6,000 global clients across key sectors such as electronics, semiconductors, new energy vehicles, and robotics [5][11] Social Responsibility Initiatives - The summit featured the signing ceremony for the "Meidao Fund," aimed at supporting young talent in AI and educational development in Suzhou, with a total donation of approximately 450 million yuan, consisting of 8 million shares and 8 million yuan in cash [5][7] Technological Advancements - Tianzhun Technology is advancing its core technology capabilities, focusing on "AI measurement detection" and creating a comprehensive technology system that spans from precision sensing to intelligent decision-making [7][11] - The company is a partner of NVIDIA's Jetson platform and has launched the "Xingzhi 007" controller, enhancing computational power for complex models in embodied intelligence scenarios [7][9] Industry Context - The "Suzhou City Action Plan for Accelerating the Construction of 'AI+' (2025-2026)" aims to gather over 3,000 AI enterprises and achieve an annual growth rate of over 20% in the smart economy sector by 2026, providing a fertile ground for innovative companies like Tianzhun Technology [9][11] Future Strategy - Tianzhun Technology plans to continue focusing on "AI+Industry," promoting AI technology in various industrial sectors and demonstrating its commitment to empowering the transformation and upgrading of the manufacturing industry [11]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][15]. Core Insights - The recommendation for Xiaopeng has shifted from a turnaround narrative to a focus on technological leadership, with the second-generation VLA model achieving end-to-end output and supporting features like navigation-free assisted driving [3][4]. - Financially, Xiaopeng is projected to achieve a quarterly profit in Q4 of this year, with sales expected to reach nearly one million units driven by extended-range models [3][4]. - In the Robotaxi sector, Xiaopeng's self-developed Turing chip, providing 3000 TOPS of computing power, addresses high computing demands at a lower cost, potentially alleviating profitability challenges [3][4]. - The company is expected to enter mass production of its robots by the end of 2026, leveraging technology from its automotive division to keep development costs low [3][4]. Summary by Sections Xiaopeng AI+ Update - The core logic for recommending Xiaopeng has evolved to emphasize its technological advancements, particularly the VLA model and its applications in robotics [4]. - The company is expected to leverage partnerships with major firms like Volkswagen and Baowu Group to monetize its technological edge [3][4]. Tianzhun Technology Update - The company demonstrates a strong capability to innovate and expand its AI visual detection technology across multiple production lines, supported by a management team with a strong research background [7][8]. - The chairman's donation of shares to an educational fund reflects the company's commitment to academic values and long-term planning in the field of embodied intelligence [7][8]. Valuation Table Insights - The valuation table highlights key automotive companies, with significant projected growth rates and profit margins for firms like BYD and Xiaopeng, indicating a robust outlook for the sector [9][10].

Core Insights - The establishment of Nanjing University Suzhou Campus has transformed the Suzhou High-tech Zone into a vibrant innovation ecosystem, known as the "Nanjing University Innovation Circle" [1] - The collaboration between academia and industry has been strengthened through various projects, leading to significant advancements in technology and research [2] - The region has attracted high-quality talent and projects, enhancing its reputation as a hub for innovation and entrepreneurship [3] Group 1: Innovation Ecosystem - The Nanjing University Suzhou Campus has created a "think tank" that aligns academic resources with industrial innovation needs, featuring eight schools and multiple research centers focused on emerging industries [1] - The collaboration platform established in the Taihu Science City promotes deep integration of industry, academia, and research, exemplified by the successful partnerships with leading companies like Huawei and China Mobile [2] - The region has seen the emergence of successful startups, such as Suzhou Bubu Health Technology Co., which developed a high-performance breast pump, highlighting the effectiveness of the innovation ecosystem [3] Group 2: Industry Development - The Taihu Science City focuses on three main industries: photonics, integrated circuits, and digital intelligence, leveraging Nanjing University's research strengths to build a comprehensive industrial chain [3] - The area has attracted over 200 leading enterprises in the photonics and integrated circuit sectors, enhancing the local economy and technological capabilities [3] - The region is also developing a robust healthcare and medical device industry, with over 1,400 related companies, positioning itself as a key industrial cluster in Jiangsu Province [3] Group 3: Talent Attraction and Retention - The Taihu Science City aims to create a livable and workable environment, with investments in hospitality and residential facilities to support talent retention [4] - The establishment of high-quality educational institutions ensures a comprehensive education system from early childhood to higher education, enhancing the region's appeal to families [5] - The development of urban amenities, green spaces, and cultural attractions contributes to a vibrant community, making it an attractive destination for young professionals and entrepreneurs [5][6]

- The report does not contain any quantitative models or factors for analysis