长江证券承销保荐有限公司 关于西安西测测试技术股份有限公司 调整部分募投项目内部结构及实施地点的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为西安 西测测试技术股份有限公司（以下简称"西测测试"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资 《深圳证券交易所上市公司自律监管指引第 13 号—— 金管理和使用的监管要求》 保荐业务》等相关法律、法规和规范性文件的规定，对西测测试调整部分募投项 目内部结构及实施地点的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于同意西安西测 （证监许可【2022】748 号） 测试技术股份有限公司首次公开发行股票注册的批复》 为规范公司募集资金管理，保护投资者权益，公司及公司控股子公司与保荐 人、募集资金专户开户银行签署了《募集资金三方/四方监管协议》，开设了募集 资金专项 ...

近日，省市场监管局批准辽宁省药品检验检测院、中国机械总院集团沈阳铸造研究所有限公司、中 铁检验认证（大连）机车检验站有限公司分别筹建省特色林下经济产品质量检验检测中心、省智能制造 装备零部件质量检验检测中心、省现代轨道交通产品质量检验检测中心。 筹建三个省级质检中心，旨在全面提升我省检验检测服务供给水平，充分发挥省级质检中心的检验 检测技术公共服务平台作用，服务发展新质生产力，为经济社会发展提供更加有力的技术支撑。 省特色林下经济产品质量检验检测中心将以检验检测技术赋能林业发展，推进林产品初加工和精深 加工，延伸产业链、提升价值链，促进林业增效、农民增收。省智能制造装备零部件质量检验检测中心 将推动改造提升传统产业、培育壮大新兴产业、布局建设未来产业有机结合，助力传统制造业数字化、 智能化转型，以现代数智检验检测技术重塑传统制造业优势。省现代轨道交通产品质量检验检测中心将 充分发挥检验检测技术引领和支撑作用，加快技术创新与产业化应用，打破国外技术垄断，聚焦破解高 铁动车组技术难题，实现关键核心技术自主可控。 ...

Group 1 - The company, Lihong Testing (01586.HK), announced that the blackout period for its unaudited financial results for the six months ending June 30, 2025, will commence on July 29, 2025 [1] - During the blackout period, the company will suspend its share repurchase program until the mid-year results for 2025 are published [1]

Group 1 - The Guangxi Zhuang Autonomous Region Market Supervision Administration is implementing national strategies to enhance the Free Trade Zone (FTZ) by focusing on deepening reforms and expanding openness [1] - The administration is innovating the business registration confirmation system, transitioning from subjective licensing to objective confirmation, and establishing a credit-based regulatory framework [1] - The market access commitment system is being piloted, significantly reducing approval time by 80% and processing steps by 50% [1] Group 2 - The construction of the China-ASEAN port inspection and testing system is accelerating, aiming to enhance the efficiency and capability of import and export inspections [2] - The establishment of a standardization cooperation center with ASEAN countries is ongoing, with over 28 million quality service interactions provided to foreign trade enterprises [2] - Collaboration with Hong Kong's STC is supporting the quality improvement of Guangxi products, resulting in over 1,050 enterprises obtaining high-end quality certification [2] Group 3 - International and bilateral standardization cooperation is being strengthened, particularly in key industries like rail transportation and new energy vehicles [3] - A cross-border express logistics standardization cooperation memorandum has been signed with Vietnamese enterprises, focusing on developing bilingual logistics standards [3] - The first national railway standard in Laos has been developed in collaboration with Chinese institutions, marking a significant milestone in standardization efforts [3]

Core Viewpoint - The company, Guangdian Measurement, is planning to raise funds through a private placement to enhance its strategic capacity in various high-tech sectors, aiming to solidify its position as a leading testing enterprise in China [1][4]. Group 1: Fundraising and Strategic Investment - Guangdian Measurement intends to issue shares to no more than 35 specific investors, raising up to 1.3 billion yuan for investments in satellite internet, aviation equipment, AI chips, and data intelligence [1][4]. - The funds will be allocated to six projects, including 300 million yuan for aviation equipment testing, 250 million yuan for AI chip testing, and 300 million yuan for satellite internet quality assurance [4]. - The company has a history of fundraising, having raised 614 million yuan during its IPO and 1.5 billion yuan in a previous private placement [5]. Group 2: Growth and Financial Performance - Guangdian Measurement has shown consistent revenue growth from 153 million yuan in 2012 to an expected 3.207 billion yuan in 2024 [8]. - The company forecasts a net profit of 95 million to 100 million yuan for the first half of 2025, reflecting a year-on-year growth of 19.20% to 25.48% [8]. - The gross profit margin has remained stable around 40% in recent years, indicating a solid financial performance [3][9]. Group 3: Research and Development - The company invests over 10% of its annual revenue into R&D, with projected R&D expenditures of 354 million yuan in 2024 [1][7]. - Since its establishment, Guangdian Measurement has participated in the development of 255 national and industry standards and has been awarded 539 patents, showcasing its strong innovation capabilities [7].

Core Insights - The inspection and testing industry is evolving towards scale, specialization, and quality improvement, marking a shift from a fragmented structure to a more consolidated and efficient model [1][2][3] Group 1: Industry Performance - The inspection and testing industry achieved a revenue of 487.6 billion yuan in 2023, reflecting a year-on-year growth of 4.41% [1] - The number of inspection and testing institutions decreased to 53,057, with a decline in the number of reports issued by 8.66% to 553 million [1] - The proportion of large-scale institutions (with revenue over 10 million yuan) increased to 15.03%, while the number of small institutions (with fewer than 100 employees) decreased slightly by 0.12% [1][2] Group 2: Supply and Demand Dynamics - The number of institutions in emerging sectors like new energy and smart equipment grew by 2.05%, while traditional sectors saw a decline of 0.44% [2] - Institutions recognized as high-tech enterprises numbered 6,025, representing 11.36% of the industry, significantly higher than the national average [2] - The overall trend indicates a shift towards quality and efficiency, with a focus on reducing the number of small institutions to enhance resource allocation and market order [2][3] Group 3: Technological Advancements - The inspection and testing sector has made significant strides in technological innovation, with over 10.67 million sets of equipment, a 3.87% increase year-on-year [3] - The domestic equipment replacement rate has surpassed 93%, indicating a strong trend towards self-sufficiency in technology [3] - The industry is actively supporting traditional industries in their digital and automated transformations, enhancing service capabilities [3][4] Group 4: Future Directions - The market regulatory authority plans to implement initiatives that focus on problem-solving, goal orientation, and collaborative innovation to further enhance the inspection and testing sector [4] - The ongoing "Quality Strong Chain" project aims to fill gaps in evaluation capabilities and support the export of high-tech products [4]

Group 1 - The A-share private placement market has shown a significant recovery since 2025, with 90 listed companies raising approximately 720 billion yuan, a year-on-year increase of 588.16% [1] - Major state-owned banks, including Bank of China and Postal Savings Bank, have been key drivers of this fundraising surge, aligning with national policies to support capital replenishment [1][4] - The growth in private placements is driven by three main factors: regulatory encouragement for direct financing, improved refinancing efficiency due to registration system reforms, and a declining market interest rate environment [1] Group 2 - Companies like Guangdian Measurement and Haitong Development have announced private placement plans to raise funds for various projects, including new technology platforms and fleet expansion [2][3] - Guangdian Measurement aims to raise up to 1.3 billion yuan for projects in emerging fields and to enhance its market position through scale expansion [2] - Haitong Development plans to raise up to 210 million yuan to purchase dry bulk carriers, enhancing its operational capacity and global service capabilities [3] Group 3 - The total amount raised through equity financing in the capital market has reached approximately 820 billion yuan, with private placements being a significant component [4] - State-owned banks have raised a total of 520 billion yuan through private placements, significantly boosting their capital adequacy ratios and risk resilience [4][5] - The Ministry of Finance has been a major participant in the recent bank equity placements, supporting state-owned banks' capital replenishment efforts [5] Group 4 - There is a notable differentiation in private placement activities across industries, particularly between the financial sector and the real economy [6] - Financial sector placements focus on capital strength and risk management, while real economy placements are more oriented towards business expansion and technological upgrades [6] - The challenges faced by the financial sector include stricter capital regulations and insufficient internal capital accumulation, while the real economy requires funds for industrial upgrades and production scale expansion [6]

Group 1 - The company has decided to terminate the "Regional Laboratory Construction Project" due to structural adjustments in market demand and a decline in industry prosperity, particularly in the construction and environmental testing sectors [5][6][7] - The total investment for the terminated project was 133.66 million yuan, with only 3.21 million yuan actually invested, indicating a low investment progress of 2.40% as of June 30, 2025 [4][5] - The company has accumulated a total of 912.12 million yuan in used funds, with 902.50 million yuan of idle funds invested in financial products, and 28.59 million yuan remaining in current deposits [4][6] Group 2 - The company has established a three-party supervision agreement for the management of raised funds, ensuring that all funds are stored in a dedicated account [2][3] - The company plans to explore new investment projects with strong profitability and good future prospects, following the termination of the project [7][8] - The decision to terminate the project has been reviewed and approved by both the board of directors and the supervisory board, ensuring compliance with relevant regulations [8][9]

检验检测在保障产品质量、促进对外贸易、支撑创新发展以及推动产业升级等方面发挥着关键技术支撑 作用。当前，我国检验检测行业发展呈现良好态势，机构达5.3万家，从业人员规模突破155万人，年度 营业收入超4800亿元，行业规模居世界前列。（央视新闻） 人力资源和社会保障部近日正式发布第七批新职业，"检验检测管理工程技术人员"被纳入新职业范畴。 这一举措标志着我国检验检测从业人员职业体系建设迈出历史性步伐，为行业人才高质量发展提供了坚 实的制度支撑。 ...

Group 1: Investor Relations Activity - The investor relations activity included an online communication meeting with 112 investors from various securities firms [2][3] - Key participants included representatives from CITIC Securities, Guotai Junan, and Huatai Securities among others [2][3] Group 2: Company Operations and Financial Strategy - The company aims to raise funds to support its "15th Five-Year Plan" by enhancing technical, production, and financial preparations to ensure revenue growth [4][5] - The company plans to implement a phased investment strategy over the next three years, focusing on market demand and capacity expansion [4][5] Group 3: Industry and Market Analysis - The testing and inspection industry requires significant asset investment, with ongoing laboratory construction to ensure service capability [4] - The company has established laboratory bases in key regions, with operations in Guangzhou and Wuxi starting in 2024, and plans for additional bases in Wuhan and Xi'an [4] Group 4: Future Growth and Investment Opportunities - The company is responding to national strategies in high-tech sectors such as satellite internet and artificial intelligence, which are expected to drive significant growth and demand for testing services [6][7] - The satellite internet sector is projected to experience explosive growth by 2030, creating strong testing demand [6] Group 5: Acquisition and Synergy - The acquisition of Jinyuan Power is aimed at enhancing the company's capabilities in network security testing, with expected revenue exceeding 100 million yuan and net profit over 12 million yuan by 2025 [9][10] - The acquisition will facilitate market, customer, product, and technology synergies, enhancing the company's service offerings [10] Group 6: Market Position and Competitive Advantage - The company has established a nationwide network with over 500,000 square meters of laboratory space and more than 60,000 high-end equipment sets, providing localized services [13] - The company leads in various core fields such as calibration, reliability testing, and integrated circuit testing, offering comprehensive lifecycle solutions [13]