Core Viewpoint - Baoli International (300135) announced on September 22 that its next-generation high-end SoC testing equipment, MS8800, has passed key performance validations, indicating a positive outlook for the industry and the company's future prospects [1] Company Summary - The company is actively engaging with downstream customers regarding the MS8800 testing equipment [1] - The domestic downstream chip enterprises primarily rely on imported equipment, highlighting a low localization rate for SoC testing machines [1] - The company is optimistic about the industry development due to factors such as domestic substitution, self-control, cost reduction, and the growth of the AI sector [1] Industry Summary - The current market for SoC testing machines is characterized by a low domestic localization rate, with most downstream chip companies still using imported devices [1] - The trend towards domestic substitution and the development of AI technology are expected to drive growth in the relevant industry [1]

Group 1: Company Overview - Baoli International's main business, modified asphalt, is affected by local government debt risk resolution and significant changes in the real estate market supply-demand relationship [2] - The management team is focused on risk control, strengthening accounts receivable collection, and litigation recovery [2] - The company is transitioning to a light asset model in the general aviation sector, selling some owned aircraft at favorable prices [2] Group 2: Investment in Hongtai Technology - Baoli International plans to invest 1%-3% equity in Hongtai Technology, based on a positive outlook for the semiconductor testing equipment industry [5] - The investment will not exceed 5% of the latest audited net assets and aims to align with national strategic development [5] - Hongtai Technology's core products include SoC testing systems and chip-level packaging sorting systems, with a focus on domestic market needs [6] Group 3: Market Position and Collaboration - Hongtai Technology's next-generation high-end SoC testing equipment, MS8800, has passed key performance validations, with a low domestic market penetration of testing machines [6] - The collaboration with Hongtai Technology allows Baoli International to gain deeper insights into technology evolution and market demands in the semiconductor testing sector [7] - The core team of Hongtai Technology has extensive industry experience, with over 400 employees, a significant portion of whom are in R&D [8] Group 4: Future Plans and Risks - Baoli International is exploring transformation opportunities while maintaining stable development in traditional businesses [11] - The company emphasizes compliance with state-owned enterprise regulations and securities supervision in its future plans [11] - There are currently no specific follow-up capital operation plans after the investment in Hongtai Technology [9]