来源：上交所 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 9月10日，上交所上市委举行2025年第34次审议会议，共审议1家企业， 天准科技公开发行可转债获审核通过。 天准科技于2019年7月登陆上交所科创板，是中国科创板首批上市公司之一，致力以人工智能技术推动工业数智化发展。公司专注服务电子、半导体、新 汽车等工业领域，提供业界领先的高端视觉装备产品。 在电子领域，公司作为全球视觉装备核心供应商，提供高端视觉测量、检测、制程装备。在半导体领域，深度布局前道量检测，提供纳米级晶圆缺陷检 测、套刻与关键尺寸测量等核心制程控制装备。在新汽车和机器人领域，公司提供高阶自动驾驶方案、通用智能方案及智能装备等产品。凭借高效可靠 的产品能力，帮助工业客户提升竞争优势，推动智能工业生态链的融合创新。 自成立以来，公司始终保持高强度研发投入，铸就人工智能和精密光机电两大技术体系，打造行业领先的技术平台。截至2025年6月，公司已获得488项 专利授权，其中278项发明专利，同时取得163项软件著作权。 公司多年深耕工业视觉领域 ...

Group 1 - The core viewpoint is that AI technology is becoming a driving force for a new round of technological revolution, particularly in the energy and chemical industries, which are expected to undergo a digital and intelligent upgrade driven by AI [1][2] - Traditional coal power systems are struggling to meet the demands of new power systems, leading to a need for intelligent control upgrades. For instance, operators in a chemical company's self-owned power plant handle 2,000 to 4,000 control commands daily, facing issues like control lag and parameter oscillation [1] - The intelligent solutions from the company have been implemented in over 100 benchmark projects across four major industries: thermal power, chemicals, metallurgy, and environmental protection, achieving over 99% automation in upgraded chemical thermal power plants, with operational efficiency improved by 1.7% [1] Group 2 - The company highlights that China has unique advantages in industrial data generation in sectors like petrochemicals and power production, which are essential for developing industrial AI [2] - Industrial AI differs significantly from large language models, which face issues like hallucination and high energy consumption, making them unsuitable for industrial applications. Therefore, a specialized technical system for industrial AI is necessary [2] - Future trends in industrial digitization in the energy and chemical sectors include a shift from point optimization to global intelligence, from cloud collaboration to autonomous decision-making, and from efficiency tools to low-carbon engines, with AI being a key enabling technology for achieving carbon neutrality goals [2]

Company Overview - Suzhou Tianzhun Technology Co., Ltd. is a well-known visual equipment platform enterprise in China, focusing on the application of artificial intelligence technology to promote industrial digitalization [1] - The company serves various industrial sectors including electronics, semiconductors, and new energy vehicles, providing leading high-end visual equipment products [1][2] - Tianzhun Technology has established strong partnerships with over 6,000 mid-to-high-end clients globally, including major companies like Apple, Huawei, and BYD [2] Business Operations - The company has a dual technology system in artificial intelligence and precision opto-mechatronics, with a significant focus on R&D, which accounted for 34.56% of revenue in the latest reporting period [2][4] - As of March 31, 2025, the company holds 479 domestic and international patents, including 270 invention patents [2][7] - The company has made several technological breakthroughs in core areas of machine vision technology, enhancing its competitive edge in the industry [7] Financial Performance - As of March 31, 2025, total assets amounted to 360.41 billion yuan, with total liabilities of 168.90 billion yuan, resulting in equity attributable to shareholders of 191.05 billion yuan [4] - The company reported a net profit of -32.39 million yuan for the first quarter of 2025, reflecting seasonal business characteristics [8] - The operating income for the year ending December 31, 2024, was 21.86 billion yuan, with a significant decline in profit due to increased R&D expenses and market conditions [4][8] Market Position and Risks - The machine vision industry is characterized by high technical barriers and increasing competition, with many new entrants affecting market dynamics [6][7] - The company's performance is closely tied to the demand in downstream industries such as consumer electronics and semiconductors, which are influenced by macroeconomic factors [5][8] - The company has faced challenges due to cyclical fluctuations in the photovoltaic industry, impacting revenue and profit margins [5][8] Fundraising and Investment Plans - The company plans to issue convertible bonds totaling up to 886 million yuan to fund projects related to industrial visual equipment, semiconductor measurement devices, and intelligent driving solutions [9][27] - The funds raised will be allocated to R&D and industrialization projects, with a focus on enhancing technological capabilities and market competitiveness [9][27]

Core Viewpoint - The A-share market is experiencing limited upward elasticity, and investors need to remain cautious due to internal and external pressures leading to short-term adjustments [3][11]. Market Performance - During the week of June 16-20, the A-share market showed a slight decline, with the Shanghai Composite Index down by 0.51% to close at 3360 points, and the Wind All A Index down by 1.07% [4]. - Among the 31 primary industries, only the banking and telecommunications sectors saw gains, while sectors like beauty care, textiles, pharmaceuticals, non-ferrous metals, and social services faced significant declines [5]. - The Hong Kong market mirrored the A-share performance, with the Hang Seng Index down 1.52% and the Hang Seng Technology Index down 2.03% [5]. Economic Data and Trends - Recent macroeconomic data indicates a decline in fiscal revenue and expenditure for the first five months of the year, attributed to factors such as falling PPI and a slowdown in land sales [7][9]. - Manufacturing investment grew by 8.5%, while infrastructure investment was at 5.6%, contrasting with a 10.7% decline in real estate investment [9]. - Retail sales for the same period increased by 6.4%, driven by initiatives like trade-in programs and tourism [10]. External Influences - Ongoing international issues, including U.S.-China trade negotiations and geopolitical tensions in the Middle East, are affecting investor sentiment and market performance [10]. - The upcoming policy window in July is critical, with expectations for potential tariff adjustments and trade discussions [10]. Future Outlook - Despite concerns over domestic demand resilience, there is a high expectation for policies to stabilize the capital market, suggesting that while short-term adjustments may occur, significant declines are unlikely [11]. - The combination of monetary and fiscal policies is essential for economic strength, with a potential fiscal stimulus expected post-August [13]. - In the current market environment, defensive stocks, particularly those with solid fundamentals in the new consumption sector, are favored, while technology stocks with performance metrics are also seen as attractive [15].