Core Viewpoint - The company Jing Shi Ce Kong has submitted an IPO application to the Hong Kong Stock Exchange, with plans to raise funds for capacity expansion, R&D, marketing, potential acquisitions, and general corporate purposes. However, there are concerns regarding the credibility of its financial information due to significant discrepancies in its financial disclosures and the recent sell-off by a major shareholder [1][3][5]. Group 1: IPO Details - Jing Shi Ce Kong has submitted its IPO application to the Hong Kong Stock Exchange on September 29, 2025, with CICC and浦银国际 as joint sponsors [1][5]. - The company plans to raise approximately 700 million yuan through this IPO [5]. - Prior to the IPO submission, Blue Lake Capital, holding 9.01% of the company, sold its shares at a price significantly lower than the last funding round valuation, raising questions about the company's valuation [1][5]. Group 2: Financial Discrepancies - There are major discrepancies in the financial disclosures between the company's applications to the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, with a difference of 233 million yuan in total liabilities and a 23.07 percentage point difference in the debt-to-asset ratio for 2022 [1][17]. - The company's revenue is projected to grow from 568 million yuan in 2022 to 863 million yuan in 2024, with a compound annual growth rate of 23.3%. However, a significant decline of 29.93% in revenue was reported for the first half of 2025 compared to the previous year [9][10]. Group 3: Ownership and Control - The founder and CEO Wang Lei holds 30.27% of the company, making him the largest shareholder, while CICC, through its investment arm, holds 11.85%, raising concerns about potential conflicts of interest as CICC is also a sponsor for the IPO [7][9]. - The company has undergone five rounds of financing since its establishment in 2011, raising over 300 million yuan, with a post-investment valuation of 1.6 billion yuan as of the D round in December 2022 [3][5].

Core Insights - Keysight Technologies has launched two new products, the EV2020B and EV2020BE, aimed at enhancing end-of-line testing for electric vehicle (EV) manufacturing and electric vehicle supply equipment (EVSE) [1] Group 1: Product Launch - The EV2020B EV Manufacturing Functional Test Platform is designed for automakers [1] - The EV2020BE EV Manufacturing Functional Test Platform is tailored for EVSE manufacturers [1] Group 2: Market Impact - These solutions provide a scalable and flexible approach to production testing [1] - The new platforms aim to accelerate time-to-market for EV products [1] - The launch is expected to reduce costs associated with production testing [1] - The solutions ensure readiness for manufacturers in the evolving EV market [1]

格隆汇9月29日丨博杰股份(002975.SZ)在投资者互动平台表示，针对人形机器人电子眼观测与电子皮肤 触觉需求，公司研发适配人形机器人 camera 与力传感器检测技术，为公司进军人形机器人测试板块， 实现零的突破。 ...

根据 Global Info Research（环洋市场咨询）最新发布的报告，2024 年全球凝胶时间测试仪市场收入已达到约 429 百万 美元，展现出扎实的市场基础。更值得关注的是，报告预测 2025 年至 2031 年期间，该市场将以 4.2% 的年复合增长 率稳步前行，到 2031 年全球市场收入有望攀升至 567 百万美元。这一持续增长的态势，既源于热固性材料应用领域 的不断拓展，如新能源汽车复合材料部件、高端建筑涂料等新兴需求的拉动，也得益于各行业对产品质量控制要求的 日益严格，推动企业加大对凝胶时间测试仪这类关键检测设备的投入。 产品与应用双维度细分，精准匹配市场需求 从产品类型来看，全球凝胶时间测试仪市场主要细分为台式与落地式两类。台式设备凭借体积小巧、移动便捷的优 势，更适合实验室小批量检测场景；落地式设备则具备更高的检测效率与稳定性，广泛应用于企业大规模生产线的质 量监控环节，两类产品各有侧重，共同满足不同规模用户的使用需求。在下游应用领域，报告重点关注了企业、实验 室及其他三大板块。其中，企业作为核心应用场景，主要用于生产过程中的实时质量把控，确保每一批次产品符合标 准；实验室则更多将其用 ...

证券日报网讯博科测试（301598）9月15日在互动平台回答投资者提问时表示，公司是一家通过采用现 代测试与试验技术来提供智能测试综合解决方案的供应商，目前已经成为国内为数不多的可批量交付伺 服液压测试设备和汽车测试试验设备的企业，主要竞争对手均系外资品牌。公司依托自身技术领先优 势、研发创新能力、项目执行经验及客户服务能力等核心优势，形成了较强的市场竞争力并获取了客户 的广泛认可。 ...

证券代码：688627 证券简称：精智达 公告编号：2025-066 深圳精智达技术股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 深圳精智达技术股份有限公司（以下简称"公司"或"精智达"）的"新 一代显示器件检测设备研发项目"，计划新增公司全资子公司苏州精智达智能装 备技术有限公司（以下简称"苏州精智达"）为实施主体。同时公司计划新增江 苏省苏州市苏州工业园区新平街 388 号腾飞创新园及杭州市萧山区盈丰街道润奥 商务中心为该项目实施地点。 ? 公司于 2025 年 8 月 28 日召开了公司第四届董事会第三次会议，审议通过 了《关于部分募投项目新增实施主体及实施地点的议案》，保荐机构中信建投证 券股份有限公司（以下简称"保荐机构"）发表了明确的同意意见。本事项在董 事会审批权限范围内，无需提交公司股东会审议，现将相关事项公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 5 月 26 日出具的《关于同意深圳精 智达技术股份有限公司首次公开发行股票注册的批复》（ ...

Core Viewpoint - The company, Shenzhen Jingzhida Technology Co., Ltd., has received approval for its initial public offering and is making adjustments to its fundraising projects by adding new implementation entities and locations, while ensuring compliance with relevant regulations [1][11]. Fundraising Overview - The company was approved to issue 23,502,939 shares at a price of RMB 46.77 per share, raising a total of RMB 1,099.23 million, with a net amount of RMB 986.56 million after deducting issuance costs [1]. - The funds will be allocated to various projects, including the development of next-generation display device testing equipment and semiconductor storage device testing equipment [2][3]. New Implementation Entities and Locations - The company has added new implementation entities and locations for its fundraising projects, specifically in Hangzhou and Suzhou, to enhance its strategic layout and technical collaboration [5][10]. - The new implementation entity, Suzhou Jingzhida Intelligent Equipment Technology Co., Ltd., will manage specific fundraising activities and is fully owned by the company [7][10]. Use of Surplus Funds - The company plans to utilize RMB 299.61 million of surplus funds for advanced packaging equipment development, ensuring efficient use of resources [4][5]. - The company will use its own funds to cover project-related expenses initially and will replace these with fundraising amounts within six months [8][9]. Impact on Company Operations - The adjustments to the fundraising projects are expected to facilitate the smooth implementation of investment projects without altering the intended use of funds, thereby supporting the company's strategic development [10][11]. - The use of self-funds for project expenses is anticipated to improve operational efficiency and reduce financial costs, ensuring the normal execution of fundraising projects [10][11]. Compliance and Approval Process - The board of directors has approved the changes, confirming that they align with regulatory requirements and do not adversely affect the company's financial status or shareholder interests [11][12]. - The sponsor institution has conducted a thorough review and has no objections to the proposed changes, affirming compliance with relevant regulations [12].

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: inTest Corporation (INTT) Analysis - inTest Corporation (INTT) has shown a four-week price change of 0.4%, indicating growing investor interest [4] - The stock has gained 17.4% over the past 12 weeks, with a beta of 1.55, suggesting it moves 55% more than the market [5] - INTT has a Momentum Score of A, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - INTT has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [7] - The stock is trading at a Price-to-Sales ratio of 0.73, suggesting it is undervalued at 73 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides INTT, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]

Summary of Key Points from the Conference Call Industry Overview - The analysis focuses on the **Asia Tech Hardware** sector, particularly the **AI server** and **Apple supply chain** industries, over a 15-year horizon, examining business models, profitability, solvency, and operational efficiency [1] Core Insights Profitability Metrics - **Return on Equity (ROE)** for ODMs and equipment suppliers is projected to be between **20-30%** in 2024, with **Chroma** and **Delta** expected to show significant increases [2] - **Chroma's ROE** has improved from **12% in 2010 to 25% in 2024**, with expectations to reach **31% in 1H25** due to its focus on niche markets and divestment from low-margin segments [15] - **Largan** and **Sunny Optical** have shown fluctuating ROE due to market conditions, with signs of recovery noted since last year [15] Operational Efficiency - **Chroma** has the longest cash conversion cycle at **209 days** due to its industry characteristics, yet maintains a strong free cash flow margin [77] - **Luxshare** has achieved an almost zero cash conversion cycle, indicating high operational efficiency [78] - **Quanta's** cash conversion cycle is longer due to logistical complexities in its supply chain [78] Debt and Solvency - Most companies maintain healthy debt levels, with **Quanta's** net debt-to-equity ratio expected to rise significantly from **15% in 2024 to over 60% in 2025-26** due to AI server business expansion [4][69] - **Largan** has a notably low net debt-to-equity ratio, reflecting its strong cash position [69] Capital Expenditure and Free Cash Flow - **Unimicron** is identified as the most capex-intensive company with a capex-to-revenue ratio averaging **21%** over the past five years [5] - **Chroma** and **Largan** exhibit free cash flow margins between **20-40%**, indicating strong cash generation capabilities [5] Investment Ratings and Price Targets - **Delta Electronics**: Rated Outperform, Price Target (PT) of **NT$630** [8] - **Chroma ATE**: Rated Outperform, PT of **NT$570** [9] - **Quanta Computer**: Rated Underperform, PT of **NT$240** [10] - **Unimicron Technology**: Rated Outperform, PT of **NT$170** [11] - **Luxshare Precision**: Rated Outperform, PT of **RMB47** [12] - **Sunny Optical**: Rated Outperform, PT of **HK$97** [13] - **Largan Precision**: Rated Market-Perform, PT of **NT$2,400** [14] Additional Observations - The **camera and PCB sectors** show that CIS and lens suppliers achieve higher ROIC compared to module players, with higher technological barriers enhancing supplier concentration [3] - **Quanta's** financial performance is heavily reliant on the PC market, which has seen fluctuations impacting its ROE [15] - The **PCB market** is characterized by cyclical demand, with companies needing substantial capital investments to expand capacities [54] This comprehensive analysis highlights the competitive landscape and financial health of key players in the Asia Tech Hardware sector, providing insights into potential investment opportunities and risks.

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $28.1 million, with gross margins above 42% [7][13] - Net loss for the quarter was $500,000, or a loss of $0.04 per diluted share, while adjusted net earnings were $400,000, or a gain of $0.03 per diluted share [16] - Adjusted EBITDA for Q2 was $1.3 million [16] - Total debt was approximately $10.1 million at quarter end, reduced by $4.9 million year-to-date [17] Business Line Data and Key Metrics Changes - Orders for the quarter were nearly $28 million, reflecting a 10% sequential growth [10] - Auto EV demand increased by 40% to $7.1 million, while Life Sciences more than doubled to $2.9 million [10] - Safety and Security grew 74% to $1.2 million, but semi orders decreased by 24% sequentially [10] Market Data and Key Metrics Changes - Demand in the auto EV market increased significantly, while the semi market remained weak with a year-over-year decline of $3.7 million [11] - Backlog at June 30 was $37.9 million, flat over the last two quarters but down $9.8 million from the prior year [11] Company Strategy and Development Direction - The company is focused on driving innovation, market diversification, and geographic expansion as part of its Vision 2030 strategy [8][21] - The expansion of the manufacturing facility in Malaysia is expected to enhance market competitiveness and drive growth [9][21] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing global economic and tariff uncertainties affecting customer investment in capital projects [6][21] - The customer pipeline is at an all-time high, indicating optimism for future capital spending [20][21] Other Important Information - The company has implemented cost-saving measures, including headcount reductions and operational restructuring, to improve long-term profitability [15][48] - The Malaysian facility is expected to generate $10 million to $15 million in revenue over time, supporting the Asian market [28][54] Q&A Session Summary Question: Is the recent defense order from a new customer? - The defense order is from an existing customer, following previous deliveries of prototype units [24][25] Question: How have customer order patterns been in the first six weeks of the quarter? - Order patterns have shown improvement, particularly in the automotive industry and defense space [26][27] Question: What is the capacity of the Malaysian facility? - The Malaysian facility is anticipated to support $10 million to $15 million in revenue over time [28] Question: Were the engineering challenges in Q1 related to defense? - The engineering challenges were primarily in industrial applications, not defense [31] Question: What are the expectations for the semi market in 2026? - A rebound in the semi market is expected in 2026, but the timing is still uncertain [33] Question: What is the outlook for life sciences orders? - There is a strong pipeline for continued orders in life sciences, driven by medical device electronics [35] Question: What are the leading indicators for order activity? - New products and a high customer pipeline are seen as positive indicators for future order activity [42][44] Question: How is the company managing operating expenses? - The company has reduced headcount and discretionary spending, with some savings expected to be temporary [46][48] Question: How will the Malaysian operations impact existing facilities? - The Malaysian facility aims to drive growth without significantly shifting operations from the U.S. [52][54]