Core Viewpoint - The article highlights the growth and innovative business model of Shengke Nano, a leading third-party semiconductor testing laboratory in Suzhou, which has adopted a "Labless" approach to meet the increasing demand for specialized testing services in the semiconductor industry [1][3]. Company Overview - Shengke Nano was established in 2004 in Singapore and became Southeast Asia's largest third-party chip testing laboratory by 2011. The company was founded in Suzhou in 2012 by Li Xiaomin, who identified a growing need for specialized testing as the domestic semiconductor industry advanced [4]. - The company has developed a unique "Labless" business model, similar to the "Fabless" model in semiconductor manufacturing, allowing semiconductor firms to outsource testing and analysis to specialized third-party laboratories [1][3]. Financial Performance - Shengke Nano's revenue has shown significant growth, with figures of approximately 168 million yuan in 2021, 287 million yuan in 2022, and 394 million yuan in 2023. Corresponding net profits were 27.5 million yuan, 65.6 million yuan, and 98.5 million yuan, respectively [2]. - The company currently possesses analysis instruments valued at around 800 million yuan and is actively expanding its production capacity through strategic partnerships with top global analysis instrument suppliers [2]. Market Trends - The "Labless" model is gaining traction in the semiconductor industry, driven by the increasing complexity of semiconductor technology and the rising costs associated with in-house laboratory setups [1][3]. - Shengke Nano aims to replicate the success of TSMC, which took nearly 40 years to become a leader in the chip foundry industry, by leveraging its "Labless" model to enhance the efficiency and performance of semiconductor research and development [3]. Future Outlook - Shengke Nano projects that its revenue for the first quarter of 2025 will reach between 110 million to 120 million yuan, representing a year-on-year growth of 26.78% to 38.31% [2]. - The company is positioned to play a crucial role in the ongoing advancement of the semiconductor industry, particularly as the demand for specialized testing services continues to rise [4].

Group 1: Fund Overview - Chunhou Lijia Mixed A Fund, established on July 29, 2022, has a total management scale of 0.02 billion yuan [1] - The fund aims to create stable returns exceeding the performance benchmark through asset allocation while strictly controlling risks and maintaining liquidity [1] - As of April 25, 2025, the fund achieved a one-year return of 10.25%, outperforming the benchmark growth rate of 4.93% and the CSI Mixed Fund Index return of 6.33% [1] Group 2: Shareholder Structure - The proportion of institutional investors in the fund reached 9.64%, increasing by 9.64 percentage points over six months [1] - Fund employees hold 85.21% of the shares, totaling 855,500 shares [1] Group 3: Industry Insights - The semiconductor industry is experiencing rapid growth, driving a surge in demand for semiconductor testing and analysis [2] - The third-party laboratory testing and analysis market in the semiconductor sector has significant growth potential, with the Labless model gaining industry recognition [2] - Continuous R&D investments, driven by advancements in semiconductor technology, are expected to sustain the growth of third-party testing and analysis demand, particularly in advanced processes [2] Group 4: Company Service and Sales Model - The company employs a production model based on sales, implementing order-based production tailored to customer needs [2] - It focuses on quality and efficiency in testing services, continuously optimizing production processes to enhance service quality [2] - The sales model is direct, allowing the company to provide personalized testing solutions and respond promptly to customer needs [2] Group 5: Competitive Advantages - The company has a technological R&D advantage, with capabilities covering advanced processes up to 3nm, positioning it among industry leaders [2] - It holds a strong market position in the third-party testing and analysis market, with significant revenue scale and market share [2] - The company is recognized as a national-level "little giant" and has established a strong brand effect within the industry [2] - The technical team comprises individuals with experience from top institutions and global semiconductor firms, enhancing the company's technical strength [2] - The company has a unique international advantage with laboratories in both China and Singapore, differentiating it from domestic competitors [2] Group 6: Future Development Plans - The company plans to leverage its technical talent and maintain high R&D investment to capitalize on domestic semiconductor development opportunities [2] - It aims to enhance its analytical capabilities in advanced processes, packaging, high-performance chips, and third-generation semiconductor materials [2] - The company will expand its focus on failure analysis and reliability analysis for automotive-grade chips while exploring new fields like aerospace and biomedicine [2] - It intends to broaden its customer reach through a multi-point domestic layout and standardize laboratory replication to accelerate business expansion [2]