Company Developments - Ansys China issued a notice to clients stating that the claims made by Nexperia Netherlands regarding the local management's failure to comply with contract payment terms are completely unfounded and maliciously defame Ansys China's management. Ansys China asserts that it has not defaulted on any obligations; rather, Nexperia Netherlands currently owes ATGD a total of 1 billion RMB [2] - BYD reported that its new energy vehicle sales reached 3,701,852 units in the first ten months, marking a year-on-year increase of 13.88%. In October, the total installed capacity of new energy vehicle power batteries and energy storage batteries was approximately 27.362 GWh, with a cumulative total of about 230.613 GWh [6] - Seres announced that its new energy vehicle sales in October were 51,456 units, reflecting a year-on-year increase of 42.89%. The cumulative sales for the year reached 356,085 units, showing a year-on-year growth of 0.95% [6] - Betta Pharmaceuticals has reached a strategic cooperation agreement with Shengsi Bio, acquiring exclusive general agency rights for a recombinant coagulation factor product [6] - OpenAI has officially lifted the invitation code restrictions for its AI video generation tool Sora 2, making it available for download to users in the United States, Canada, Japan, and South Korea. Users can now access it directly through the Apple App Store and log in using their ChatGPT accounts [6] Industry Insights - The China Securities Association reported that as of October 31, a total of 5,446 listed companies in China's domestic stock market disclosed their Q3 2025 reports. The data shows that in the first three quarters, these companies achieved a total operating income of 53.46 trillion RMB and a net profit of 4.70 trillion RMB, representing year-on-year growth of 1.36% and 5.50%, respectively [4] - The A-share market has maintained a strong performance since October, with foreign institutional research remaining active. Companies such as Huaming Equipment, United Imaging Healthcare, Lens Technology, and others have garnered high attention from foreign investors, particularly in high-growth sectors like AI, robotics, and high-end manufacturing [4][5] - The overall trend for November is expected to remain upward, with brokerages favoring sectors such as technology and energy resources. The focus is on low-valuation sectors with profit recovery expectations, while technology growth remains a key area for investment [5]

Investment Rating - The report suggests a "关注" (focus) investment rating for the company, indicating potential investment interest [3][4]. Core Insights - The company is a leading player in the non-ferrous metal inspection and testing sector, with a strong focus on advanced precision instrument development and capacity expansion [2][12]. - The company has been ranked first in the non-ferrous metal inspection and testing field from 2021 to 2023, showcasing its market leadership [12][28]. - The company expects a revenue growth of 26.87% to 31.61% year-on-year for the first nine months of 2025, with net profit growth projected at 25.08% to 38.02% [32]. Summary by Sections Initial Offering - The company plans to issue 28.32 million shares at a price of 6.7 yuan per share, with an initial market capitalization of 13.77 times earnings [3][6]. - The total number of shares after the offering will be 113.28 million, with 25% of shares being publicly tradable [6][7]. Business Overview - The company is recognized as a national-level "specialized, refined, characteristic, and innovative" small giant, focusing on non-ferrous metal inspection and testing services [12][28]. - The company has a projected gross margin of 66.68% for 2024, indicating strong profitability in its testing services [17][24]. Financial Performance - The company reported a revenue of 1.10 billion yuan in 2023, with a year-on-year growth of 20.41%, and expects to reach 1.48 billion yuan in 2024, reflecting a growth of 33.99% [31][32]. - The net profit for the first half of 2025 is expected to be between 58 million and 64 million yuan, representing a year-on-year increase of 25.08% to 38.02% [32]. Industry Insights - The revenue for the mining and metallurgy inspection and testing industry in China is projected to reach 5.6 billion yuan in 2024, with increasing market concentration [38][46]. - The overall market size of the inspection and testing industry in China has grown from 206.51 billion yuan in 2016 to an estimated 487.60 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 11.34% [38][40]. Comparable Companies - The report identifies comparable companies in the industry, including Huace Testing and Steel Research, to provide context for the company's market position [49].

Group 1 - The event recognized 60 individuals and 30 companies for their contributions to the non-public economy in Shenzhen, highlighting their roles in high-quality development [1] - The recognition aims to encourage non-public economic entities to focus on integrity, law-abiding operations, and to contribute to Shenzhen's goal of becoming a globally influential economic center [1] Group 2 - The list of "Outstanding Builders" includes entrepreneurs from hard technology and electronic information sectors, indicating a strong focus on innovation and industry depth [2] - Notably, representatives from the new economy, such as Tencent Music and WeBank, reflect the cluster advantage of Shenzhen's non-public economic forces in digital economy and fintech [2] - The inclusion of grassroots service providers in the list signifies a broader recognition of the role of small market entities in enhancing employment and public welfare [2] Group 3 - The 30 companies awarded the "Contribution Award" demonstrate a high degree of integration between social responsibility and industrial empowerment [3] - Companies like SF Express and Huace Testing are recognized for their contributions to emergency logistics and quality improvement in industries, respectively [3] - The awardees illustrate a shift in Shenzhen's non-public economy from scale expansion to quality enhancement and from individual efforts to collaborative success [3]

Group 1 - The event recognized 60 individuals and 30 companies for their contributions to the non-public economy in Shenzhen, highlighting their roles in high-quality development [1] - The recognition aims to inspire non-public economic actors to focus on integrity and law-abiding practices while contributing to Shenzhen's goal of becoming a globally influential economic center [1] Group 2 - The 60 recognized individuals predominantly represent sectors with a strong focus on technological innovation and deep industry engagement, including leaders from hard tech and electronic information industries [2] - Notably, there is a significant representation from the new economy sector, indicating a cluster advantage in digital economy and fintech within Shenzhen's non-public economic landscape [2] - The inclusion of grassroots service providers and individual entrepreneurs challenges the stereotype that "excellent builders" are solely large enterprise leaders, reflecting Shenzhen's recognition of the role of small market entities in employment and livelihood [2] Group 3 - The 30 awarded companies demonstrated a high degree of integration between social responsibility and industrial empowerment, with firms like SF Express and Huace Testing contributing to public welfare through their core business operations [3] - The awards signal a shift in Shenzhen's non-public economy from "scale expansion" to "quality enhancement," emphasizing collaboration and mutual benefit among enterprises [3] - Shenzhen's private enterprises are increasingly seen as key players in driving high-quality urban development and supporting the modernization of China through diverse contributions [3]

FFT HE E J/4 2025 年 10 月 31 日 北矿检测 (920160): 有色金属 测"小巨人",募投研发生产 -北交所新股申购策略报告之一百四十八 本期投资提示: 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 干雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王酮睛 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 ○ 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务, 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年公司在国内市 场占有率分别为 3.01%、2.72%、3.04%，在有色金属矿产品检验检测领域排名第一 ...

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

Group 1 - The report highlights that Q3 performance met expectations with a continuous increase in membership numbers for Focus Technology, achieving a revenue of 490 million yuan, a year-on-year increase of 17% [4][5] - The report indicates that the company’s net profit for Q3 was 122 million yuan, showing a year-on-year decrease of 2%, while the net profit excluding non-recurring items was 118 million yuan, down 3.4% year-on-year [5][6] - The report notes that the company’s gross margin was 78.5%, a decrease of 1.4 percentage points year-on-year, and the net profit margin was 24.5%, down 5.2 percentage points year-on-year [5][6] Group 2 - The report states that Kuaijiao's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24%, with a net profit of 742 million yuan, down 43.39% year-on-year [10][11] - In Q3, Kuaijiao's revenue was 643 million yuan, a year-on-year decrease of 46.23%, and the net profit was 27 million yuan, down 92.55% year-on-year [10][11] - The report indicates that the decline in high-end and mid-range liquor sales was significant, while low-end liquor saw a growth of 117.28% year-on-year [12] Group 3 - The report mentions that Jinshi Resources achieved a revenue of 2.758 billion yuan in the first three quarters, a year-on-year increase of 50.73%, while the net profit was 236 million yuan, down 5.88% year-on-year [15][17] - In Q3, the company reported a revenue of 1.033 billion yuan, a year-on-year increase of 45.21%, and a net profit of 109 million yuan, up 32.29% year-on-year [16][18] - The report highlights that the company’s cash flow from operating activities for the first three quarters was 462 million yuan, an increase of 24.80% year-on-year [15][17] Group 4 - The report indicates that Wanze Co. achieved a revenue of 941 million yuan in the first three quarters, a year-on-year increase of 21%, with a net profit of 170 million yuan, up 22.45% year-on-year [22][23] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [24][43] - The report notes that the company has significant production capacity in high-temperature alloy components, with various agreements in place for further expansion [23][26] Group 5 - The report states that Lu'an Huanneng's revenue for the first three quarters was 21.1 billion yuan, a year-on-year decrease of 20.8%, with a net profit of 1.55 billion yuan, down 44.45% year-on-year [28][29] - In Q3, the company reported a revenue of 7.03 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 210 million yuan, down 64% year-on-year [28][29] - The report highlights that the company plans to shut down its Xidong Coal Mine to improve operational efficiency and reduce losses [30][31] Group 6 - The report indicates that Mango Super Media's Q3 revenue was 3.099 billion yuan, a year-on-year decrease of 6.58%, with a net profit of 252 million yuan, down 33.47% year-on-year [32][33] - The report notes that increased content and R&D investments led to higher costs, impacting profitability [33][34] - The report highlights that advertising revenue returned to positive growth in Q3, with new shows expected to drive further engagement [35][36] Group 7 - The report states that Hangya Technology achieved a revenue of 530 million yuan in the first three quarters, a year-on-year increase of 1.95%, with a net profit of 78 million yuan, down 16.04% year-on-year [38][39] - In Q3, the company reported a revenue of 161 million yuan, a year-on-year decrease of 10.87%, and a net profit of 17 million yuan, down 34.78% year-on-year [40][41] - The report indicates that the company is focusing on new product development to drive future growth [39][41] Group 8 - The report mentions that Shandong Weida achieved a revenue of 1.439 billion yuan in the first three quarters, a year-on-year decrease of 11%, with a net profit of 230 million yuan, up 15% year-on-year [43][44] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [43][44] - The report highlights the company's strong cash flow and potential for growth in new business areas [44][45] Group 9 - The report indicates that Dinglong Co. achieved a revenue of 2.698 billion yuan in the first three quarters, a year-on-year increase of 11.2%, with a net profit of 519 million yuan, up 38% year-on-year [46][47] - In Q3, the company reported a revenue of 967 million yuan, a year-on-year increase of 6.6%, and a net profit of 208 million yuan, up 31.5% year-on-year [47][48] - The report highlights the strong performance of the semiconductor business, contributing significantly to overall growth [48]

Core Insights - In the past 10 days (from October 17 to October 30), overseas institutions conducted research on 164 listed companies, with Huace Testing being the most focused, receiving attention from 52 overseas institutions [1] - A total of 442 companies were researched by institutions, with securities companies leading at 414, followed by fund companies at 368, and overseas institutions at 164 [1] - The average stock price of companies receiving overseas institutional research increased by 1.25% over the past 10 days, with notable performers including Zhongtung High-tech, which saw a cumulative increase of 51.84% [1][2] - Among the companies that received attention, 137 reported their Q3 performance, with Chujiang New Materials and Chuanjin Nuo showing significant net profit growth [1] Company Performance - Zhongtung High-tech (stock code: 000657) had 2 overseas institutions conducting research, with a closing price of 26.01 yuan and a price increase of 51.84% [2] - Okoyi (stock code: 688308) also had 2 overseas institutions, closing at 33.00 yuan with a 39.77% increase [2] - Huace Testing (stock code: 300012) was the most researched company with 52 overseas institutions, but its stock price decreased by 0.21% to 14.23 yuan [4] - Visual China (stock code: 000681) experienced the largest decline among researched companies, with a cumulative drop of 18.65% [6] Earnings Forecasts - Three companies provided Q3 earnings forecasts, all indicating an increase in net profit, with Nairui Radar showing the highest expected growth at 181.00% year-on-year [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9] Core Insights - The company achieved a revenue of 4.702 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.95%. The net profit attributable to shareholders reached 812 million yuan, up 8.78% year-on-year, while the net profit excluding non-recurring items was 766 million yuan, reflecting a growth of 9.26% [3][8] - The company's international expansion is accelerating, with strategic acquisitions enhancing its global service capabilities, particularly in the African and European markets [6][8] Summary by Sections Recent Performance - In Q3 2025, the company reported a revenue of 1.742 billion yuan, a year-on-year increase of 8.53%, and a net profit of 345 million yuan, up 11.24% year-on-year [6][8] - The company’s gross margin for the first three quarters of 2025 was 49.83%, a slight decrease of 1.05 percentage points year-on-year, while the net profit margin improved to 17.23%, an increase of 0.12 percentage points [8] Business Segments - The Life Sciences segment is expanding through acquisitions and focusing on niche markets, while the Environmental Testing segment is enhancing its management and exploring new areas [6][8] - The Consumer Products Testing segment is making progress in the electric vehicle and aerospace sectors, with significant growth in semiconductor testing [6][8] - The Trade Assurance segment is benefiting from acquisitions, and the Industrial Testing segment is showing strong growth across various fields [6][8] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 6.608 billion yuan, 7.311 billion yuan, and 8.252 billion yuan, respectively, with corresponding net profits of 1.017 billion yuan, 1.170 billion yuan, and 1.331 billion yuan [7][9] - The report anticipates a stable return on equity (ROE) of 13% for 2025 and 2026, increasing to 14% in 2027 [7][9]

Market Overview - The professional services sector experienced a decline of 1.02% on the trading day, with the Shanghai Composite Index closing at 3986.9, down 0.73%, and the Shenzhen Component Index closing at 13532.13, down 1.16% [1]. Stock Performance - Notable gainers in the professional services sector included: - Shijian Detection (301228) with a closing price of 24.13, up 3.34% and a trading volume of 58,200 shares, generating a transaction value of 140 million yuan [1]. - Lansheng Co., Ltd. (600826) closed at 11.03, up 2.80% with a trading volume of 237,700 shares, resulting in a transaction value of 261 million yuan [1]. - Conversely, significant decliners included: - Weirong Detection (301289) which fell 6.91% to a closing price of 65.17, with a trading volume of 51,100 shares and a transaction value of 338 million yuan [2]. - Steel Research Nake (300797) decreased by 3.49% to 17.40, with a trading volume of 133,700 shares, leading to a transaction value of 235 million yuan [2]. Capital Flow - The professional services sector saw a net outflow of 108 million yuan from institutional investors, while retail investors experienced a net inflow of 86.42 million yuan [2]. - Specific stock capital flows included: - Lansheng Co., Ltd. (600826) had a net inflow of 30.94 million yuan from institutional investors, but a net outflow of 19.87 million yuan from retail investors [3]. - Xince Standard (300938) recorded a net inflow of 21.63 million yuan from institutional investors, with a net outflow of 42,240 yuan from retail investors [3].