Summary of Conference Call on Oscilloscope Industry Industry Overview - The global oscilloscope market has surpassed $2 billion and is approaching $3 billion, driven by demand from smart cars, mobile phones, and AI computing applications [5][14] - The low-end market (below 16G) accounts for approximately 60% of the market share but has lower profit margins, while the high-end market (above 20G) represents 30-40% of the market with higher profit per unit [5][14] Key Company Insights: Wanliyan - Wanliyan, leveraging its Huawei background, has rapidly launched a 90G bandwidth oscilloscope and associated testing solutions aimed at AI and high-speed computing applications [1][2] - The company has received positive market feedback for its products, including a 25G probe and a complete testing solution [2] - Wanliyan's pricing strategy is competitive in the academic sector but higher for enterprise clients, which may deter some due to concerns over potential sanctions [3][10][11] Market Dynamics and Competition - Domestic manufacturers like Dingyang Technology are increasing R&D efforts and may achieve breakthroughs in bandwidth capabilities (up to 60GHz) within the next two years, but their ability to match Wanliyan's level remains uncertain [1][5] - The ADC (Analog-to-Digital Converter) market presents a choice for domestic companies between self-development and using established foreign products, depending on their capabilities and financial resources [6] - The introduction of Huawei Semiconductor's 40G 12-bit quad-channel ADC could significantly impact domestic data manufacturers, necessitating rapid technological iteration to maintain competitiveness [7] Challenges and Opportunities - Domestic firms face challenges in promoting high-end products, particularly in the industrial sector, where stability and complete testing solutions are critical [12][13] - The acceptance of domestic products is increasing in academic and research institutions, while industrial clients remain cautious due to stability concerns [14][16] - The development of AI technology is raising the bar for high-speed testing equipment, necessitating continuous upgrades to meet evolving demands [14] Future Trends - The demand for high-speed oscilloscopes is expected to grow, particularly in applications such as smartphones and automotive technologies, with specific bandwidth requirements (e.g., 33GHz for smartphones) [19][20] - The pricing trend for high-end instruments in academic procurement is stabilizing but generally declining, influenced by state subsidies and competitive pressures [21] - Domestic manufacturers are expanding into other instrument categories, leveraging technological advancements and partnerships to enhance their market position [22] Conclusion - The oscilloscope industry is poised for growth, driven by technological advancements and increasing acceptance of domestic products, although challenges related to pricing, stability, and competition with established brands remain significant [16][17]

Core Viewpoint - The company has established a strong partnership with T customer, which has become one of its top five clients in 2023, focusing on the development of testing equipment for the electric vehicle sector [1] Group 1: Client Relationship - The company has developed a good cooperative relationship with T customer, which is now among its top five clients [1] - The company has become an important supplier of testing equipment for T customer, specifically in the electric vehicle field [1] Group 2: Product Development - The company has developed various testing devices for T customer, including onboard computer testing machines, body controller testing platforms, and various electronic product module programming and communication testing equipment [1] - The company has successfully entered T customer's supply chain for humanoid robots and other products based on technical synergy and business collaboration [1] Group 3: Future Outlook - The company plans to continue deepening its comprehensive cooperation with T customer and actively expand its market presence [1] - The company aims to reward all shareholders and investors through its ongoing efforts and market expansion [1]

Group 1 - The core point of the article is that Bojie Co., Ltd. (002975) announced that the big data and cloud service testing sector accounts for approximately 25% of the company's revenue [1]

Group 1 - The company expects optimistic orders for AI server-related testing equipment based on the needs of N customers and others this year [1] - There is a rapid growth in automotive electronics orders, with current orders already ready for delivery [1] - Orders in the 3C sector remain stable [1] Group 2 - The MLCC industry has been recovering since last year, with strong purchasing activity from customers leading to a fast growth in MLCC equipment orders [1] - In the semiconductor sector, revenue from dicing machines is growing quickly, although the overall contribution is still small [1]

Core Insights - On September 26, 2023, Boke Testing's stock fell by 1.99% with a trading volume of 60.05 million yuan [1] - The company recorded a net financing purchase of 2.43 million yuan on the same day, with total financing and securities balance reaching 75.09 million yuan, accounting for 7.79% of its market capitalization [1] - Boke Testing's main business includes the development, design, manufacturing, sales, and system integration of servo hydraulic testing equipment and automotive testing equipment, with automotive testing solutions contributing 78.59% to revenue [1] Financial Performance - For the first half of 2025, Boke Testing achieved operating revenue of 241 million yuan, representing a year-on-year growth of 12.67% [2] - The net profit attributable to shareholders for the same period was 47.94 million yuan, reflecting a year-on-year increase of 16.65% [2] Shareholder Information - As of September 19, 2023, the number of shareholders for Boke Testing was 8,932, a decrease of 2.61% from the previous period [2] - The average number of circulating shares per shareholder increased by 2.68% to 1,648 shares [2] - Since its A-share listing, Boke Testing has distributed a total of 118 million yuan in dividends [3]

Core Viewpoint - The company, Boke Testing, emphasizes the broad market potential for its products and services, which are primarily used in various testing equipment [2] Group 1 - The company is committed to continuously monitoring industry trends [2] - The company aims to actively develop downstream customers [2]

Core Viewpoint - The company, Boke Testing, provides servo testing equipment that is widely applicable in product research and development, reliability testing, and various structural tests, primarily serving the electronic information market [2] Summary by Categories Company Overview - Boke Testing specializes in servo testing equipment [2] - The company engages in various applications including product R&D, reliability testing, and structural testing [2] Market Application - The primary downstream market for the company's products includes electronic information [2]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to boost operational efficiency and investor confidence while ensuring shareholder interests are protected [1][8]. Group 1: Operational Efficiency - The company is focusing on enhancing operational efficiency by optimizing processes, controlling costs, and improving internal capabilities amidst a challenging market environment [1]. - The overall profit margin is under pressure due to cautious capital expenditure and intensified industry competition [1]. Group 2: Research and Development - The company recognizes the strategic importance of R&D for long-term growth, investing CNY 37.58 million, which is 16.74% of its revenue, to enhance its technological capabilities and product offerings [2]. - During the reporting period, the company filed 42 new patent applications and received 49 new patent grants, totaling 430 authorized patents [2]. Group 3: Investor Returns - The company has a strong commitment to providing stable returns to investors, having distributed a total of CNY 147.30 million in cash dividends since its listing [3]. - The 2024 profit distribution plan includes a cash dividend of CNY 33.30 million, representing 67.90% of the net profit attributable to shareholders [3]. Group 4: Share Buyback - The company approved a share buyback plan with a budget between CNY 20 million and CNY 30 million to enhance investor confidence [4]. - As of June 30, 2025, the company has repurchased 841,042 shares, accounting for 1.0004% of its total share capital, with a total expenditure of CNY 22.95 million [5]. Group 5: Investor Relations Management - The company emphasizes effective investor relations management, ensuring timely and accurate information disclosure and maintaining communication through various channels [6]. - The company has achieved a 100% response rate to investor inquiries during performance briefings [6]. Group 6: Corporate Governance - The company has restructured its governance framework by abolishing the supervisory board and transferring its functions to the audit committee [7]. - The company has revised 21 internal management systems to align with the latest regulatory requirements, ensuring efficient governance [7]. Group 7: Compliance and Risk Management - The company prioritizes compliance and risk management among its key personnel, ensuring adherence to laws and regulations [8]. - Continuous training and updates on regulatory changes are provided to enhance the professional capabilities of the management team [8].

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise funds for projects in optical communication, automotive chips, storage, and digital testing, while facing structural pressures such as customer concentration and operational capital usage [1][10]. Financial Performance - The company's revenue increased from 214 million yuan in 2022 to 789 million yuan in 2024, with a significant turnaround in net profit from a loss of 38.07 million yuan in 2022 and 55.39 million yuan in 2023 to a profit of 140 million yuan in 2024 [2]. - Operating cash flow turned positive in 2024 at 80.79 million yuan but fell to -52.56 million yuan in Q1 2025, indicating volatility in financial performance [2]. - Return on equity (ROE) improved from -23.73% in 2022 and -12.44% in 2023 to 24.89% in 2024, reflecting sensitivity to market conditions and project delivery schedules [2]. Customer Concentration and Operational Risks - The company has a high customer concentration, with the top five customers accounting for 52.81% of sales in 2023, decreasing to 44.21% in 2024, but rising to 62.64% in Q1 2025, indicating reliance on a few key clients [4]. - Accounts receivable and inventory have increased significantly, with accounts receivable rising from 82 million yuan at the end of 2022 to 231 million yuan by the end of 2024, and inventory increasing from 71 million yuan to 334 million yuan in the same period [5]. Production and Sales Metrics - The semiconductor testing equipment's production and sales rate was low, with a production-sales ratio of 60.11% in 2024 and 68.78% in Q1 2025 for electronic measuring instruments, indicating a lengthy revenue recognition cycle dependent on customer acceptance [6][7]. Historical Governance Issues - The company has a history of shareholding proxy arrangements, which were resolved in 2018, and the current control structure involves key individuals holding a combined 54.79% of shares directly and indirectly [8][10].

Core Insights - The company, 博科测试 (301598.SZ), provides advanced servo hydraulic testing systems widely used in the nuclear power industry, including applications for seismic simulation testing in controllable nuclear fusion power plants [1] Group 1 - The company's focus is on the development and application of cutting-edge technologies in the nuclear power sector [1]