Group 1 - The core viewpoint of the news is that the company Jiao Cheng Ultrasonic is experiencing improvements in gross profit margin due to changes in product structure and enhanced management efficiency, with a focus on the semiconductor advanced packaging sector [1] - Jiao Cheng Ultrasonic has received orders and has begun mass shipments of various ultrasonic equipment, indicating a positive trend in their business operations [1] - The company has a strong R&D team, which provides a competitive advantage and core competencies in the market [1] Group 2 - The company has seen a recovery in orders for its new energy battery equipment business after facing challenges last year [1] - Ultrasonic welding equipment is being utilized for solid-state battery ear welding, with small batch orders already delivered [1] - The company is expanding its applications of ultrasonic technology across various sectors, including new energy batteries, wiring harness connectors, and semiconductors [1]

Group 1 - The company achieved a revenue of 323 million yuan in the first half of 2025, representing a year-on-year growth of 32.50% [2] - The net profit attributable to shareholders reached 58.04 million yuan, with a significant year-on-year increase of 1005.12% [2] - The growth in revenue is primarily driven by increased sales of ultrasonic equipment for new energy batteries, connector ultrasonic equipment, and related accessories [2] Group 2 - The company reported a non-recurring net profit of 46.27 million yuan, attributed to the increase in main business income and a higher proportion of high-margin products [2] - The company has strengthened its operational management, leading to improved efficiency and profitability [2] - Research and development investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, accounting for 23.41% of the revenue during the reporting period [2] Group 3 - The company specializes in providing ultrasonic technology and application solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [3] - The company is actively exploring applications of ultrasonic technology in the semiconductor sector while leveraging its technological advantages in high-end industrial applications [2][3]

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1]. - Profit before tax reached 60.71 million yuan, with net profit attributable to shareholders at 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [1]. Business Development - The revenue growth was attributed to the increase in sales of ultrasonic welding equipment and components, particularly in the new energy and semiconductor sectors [1][3]. - The company has been actively promoting ultrasonic welding monitoring systems to address challenges in battery welding, with related equipment achieving bulk shipments during the reporting period [1]. Product Innovation - Jiao Cheng Ultrasonic launched a vibration monitoring system for terminal welding quality in the connector field, addressing shortcomings in traditional quality management [2]. - The company received formal orders for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [2]. Research and Development - R&D investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, representing 23.41% of the operating revenue [2]. - The company increased its R&D personnel to 318, accounting for 37.54% of total employees, with a 10.03% increase in new R&D staff compared to the previous year [2]. Incentive Mechanism - The company completed the grant of reserved restricted stock to incentive objects under the 2024 restricted stock incentive plan, with a grant date set for March 31, 2025, for up to 645,300 shares [2].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in ultrasonic equipment for the new energy battery and connector sectors. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1] - The total profit reached 60.71 million yuan, with a net profit attributable to shareholders of 58.04 million yuan, reflecting a remarkable year-on-year growth of 1005.12% [1] Business Operations - Jiao Cheng Ultrasonic specializes in ultrasonic technology solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [1] - The company’s products are primarily used in the new energy and semiconductor sectors, including ultrasonic welding equipment for new energy batteries and connector welding [1] Product Development and Innovation - The company has enhanced its ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems to address challenges in new energy battery welding [1] - In the connector field, the company introduced a vibration monitoring system for terminal welding, which addresses shortcomings in traditional quality management [2] - The company successfully delivered advanced ultrasonic scanning microscopes for semiconductor packaging and received formal orders for ultrasonic bonding machines [2] Research and Development - Research and development expenditures amounted to 75.58 million yuan, representing a 5.46% increase year-on-year and accounting for 23.41% of operating revenue [2] - The company has been actively recruiting high-end professionals in the semiconductor field, with R&D personnel now comprising 37.54% of the total workforce [2] Incentive Mechanism - The company completed the grant of reserved restricted stock under the 2024 incentive plan, with a grant date set for March 31, 2025, for up to 60 individuals [3] Market Opportunities - The company is leveraging the recovery in demand within the lithium battery industry and is expanding its business in the connector and semiconductor sectors [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 323 million yuan, a year-on-year growth of 32.50%, and net profit of 58.04 million yuan, a remarkable increase of 1005.12% [2] Group 1: Business Performance - The company continues to excel in the ultrasonic technology sector, achieving rapid growth in various fields such as new energy batteries, semiconductors, and connector harnesses [2][3] - In the new energy battery sector, the company maintains a leading position with products like ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems achieving bulk shipments [3] - The company has expanded its market share in the connector harness sector by collaborating with well-known clients in the electric vehicle and energy storage markets [3] Group 2: Technological Advancements - The company has made significant breakthroughs in the semiconductor field, successfully replacing imported equipment with its own ultrasonic scanning microscope for defect detection [4] - The company is focusing on advanced packaging technologies, with successful deliveries of ultrasonic scanning microscopes and orders for ultrasonic die bonders [4] - The company has introduced various ultrasonic welding and detection equipment for non-metal applications, catering to customer needs in composite materials and high-end plastics [4] Group 3: Research and Development - The company invested 75.58 million yuan in R&D in the first half of 2025, accounting for 23.41% of its revenue, and has a total of 336 authorized patents [5] - The R&D team has grown to 318 members, representing 37.54% of total employees, providing strong technical support for business expansion [5] Group 4: Financial Performance - The company's gross profit margin improved to 65.25%, an increase of 15.40 percentage points year-on-year, attributed to product structure optimization and cost control [6] - The company completed a cash dividend of 39.49 million yuan for the 2024 fiscal year and has established a shareholder return plan for the next three years [6]

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. in the first half of 2025, driven by increased demand in the new energy and semiconductor sectors, alongside the company's strategic focus on technological innovation and market expansion [3][8][10]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 322.79 million yuan, representing a 32.50% increase compared to the same period last year [3][8]. - The net profit attributable to shareholders reached approximately 58.04 million yuan, marking a substantial increase of 1,005.12% year-on-year [3][8]. - The total assets of the company at the end of the reporting period were approximately 2.26 billion yuan, up 6.19% from the beginning of the year [3][8]. - The net assets attributable to shareholders increased to approximately 1.76 billion yuan, reflecting a growth of 3.88% [3][8]. Industry and Main Business Situation - The company operates in the ultrasonic technology sector, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment, primarily serving the new energy and semiconductor industries [4][10]. - The demand for ultrasonic equipment is expected to grow due to the rapid development of the new energy battery and semiconductor industries, with the market for ultrasonic welding equipment in the new energy sector showing significant growth [4][10]. - The company has established a strong market position in the ultrasonic welding equipment sector, particularly in the new energy battery field, where it has seen a notable recovery in business performance [4][10]. Technological Innovation and R&D - The company invested approximately 75.58 million yuan in R&D during the reporting period, accounting for 23.41% of its revenue, indicating a strong commitment to innovation [9][14]. - The company has developed a comprehensive ultrasonic technology platform that covers the entire industrial application process, enabling it to provide tailored solutions for various industries [14][15]. - The company has successfully launched several innovative products, including ultrasonic bonding machines and scanning microscopes, which have received positive market feedback [9][12]. Market Position and Competitive Advantage - The company has established partnerships with numerous well-known clients in the automotive and semiconductor sectors, enhancing its market presence and competitive edge [10][11]. - The company is recognized as a national high-tech enterprise and has received multiple accolades for its innovation and technological capabilities, further solidifying its reputation in the industry [14][15]. - The company’s focus on customer service and localized support has strengthened its relationships with clients, contributing to its competitive advantage in the market [16].

每经AI快讯，有投资者在投资者互动平台提问：请问你们现在是否已经开发出了超声波洗碗机？2020 年问过，说是有技术储备。 华帝股份（002035.SZ）8月15日在投资者互动平台表示，公司目前暂未推出超声波洗碗机产品。公司确 实在前几年进行了超声波技术储备，且申请了相关专利。后续结合市场环境变化、开发需求与成本等多 维度综合评估后，相关技术的产品化进程暂缓推进。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [7]. Core Insights - The company is a leading domestic player in ultrasonic equipment, experiencing a short-term performance inflection point due to strong growth in lithium battery production and rapid adoption of new products [3][25]. - The company has established a comprehensive ultrasonic technology platform, which supports its long-term growth logic by enabling expansion into various high-growth sectors such as solid-state batteries, medical devices, and robotics [4][54]. - The traditional lithium battery sector is recovering, with significant demand for ultrasonic welding equipment, particularly in multi-layer ear welding applications, which are critical for battery performance [63][69]. Summary by Sections Section 1: Domestic Ultrasonic Equipment Leader - The company specializes in ultrasonic equipment, with products including power battery welding equipment, automotive wiring harness welding equipment, and semiconductor ultrasonic devices, serving leading players in each segment [9][12]. - The revenue from the power battery segment has historically been the main driver of growth, with a CAGR of 48% from 2018 to 2022 [25][27]. Section 2: Mastery of Ultrasonic Platform Technology - The company has built a robust ultrasonic technology platform that spans theoretical, technical, and product levels, allowing for continuous innovation and revenue generation [4][54]. - The competitive landscape shows that the company faces high barriers to entry, with competitors primarily being foreign leaders, which enhances its profitability [4][57]. Section 3: Power Battery Sector - The recovery of traditional lithium batteries is evident, with major players like CATL and BYD restarting production, leading to a clear revival in demand for ultrasonic welding equipment [5][69]. - The company expects significant revenue growth from the power battery segment, with projected revenues of 1.5 billion yuan in 2024, supported by a high market share in ear welding applications [72]. Section 4: 3D Packaging as a Key Growth Area - The company is well-positioned to benefit from the expansion of advanced packaging technologies, with projected revenues from semiconductor equipment expected to grow significantly [6][54]. - The demand for ultrasonic scanning microscopes is anticipated to increase as traditional inspection methods become less effective in advanced packaging scenarios [6][54]. Section 5: Investment Recommendations - The report forecasts revenues of 7.58 billion, 10.44 billion, and 14.46 billion yuan for 2025-2027, with corresponding net profits of 1.40 billion, 2.25 billion, and 3.42 billion yuan, indicating strong growth potential [7].

Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Core Viewpoint - The article emphasizes the importance of the role of the company secretary in enhancing corporate governance, investor relations, and brand value, which are crucial for the high-quality development of China's capital market [1][3][12]. Group 1: Company Overview - Jiao Cheng Ultrasonic is a technology-driven company specializing in ultrasonic technology, focusing on high-end equipment for applications in industries such as new energy, semiconductors, and healthcare [5][6]. - The company became the first A-share listed company in the domestic power ultrasonic field on the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2022, significantly increasing market attention towards ultrasonic technology [5][6]. Group 2: Role of the Company Secretary - The company secretary, Sun Kai, has played a pivotal role in the company's transformation from a non-listed to a listed entity, overseeing compliance, information disclosure, and investor relations management [3][9]. - Sun Kai believes that the company secretary must act as a strategic hub, linking the real economy with capital markets, and must possess a deep understanding of both industry and capital [3][6][10]. Group 3: Investor Relations Management - Effective investor relations management is crucial, and the company secretary actively communicates with investors to convey the company's history, performance, and future strategies [5][12]. - The company secretary translates complex technical and financial information into understandable language for investors, enhancing their confidence in the company's prospects [6][10][12]. Group 4: Future Outlook - The company aims to continue its commitment to high-quality development and innovation, enhancing its internal growth momentum to create greater value for shareholders and society [12][13]. - The company secretary plans to further improve professional capabilities and maintain positive interactions with the capital market and investors, positioning the company as a trusted long-term partner [12][13].