Core Viewpoint - The company is expanding its testing services in low-altitude economy, focusing on electric aircraft battery modules and high-altitude climate adaptability, while also enhancing its capabilities in autonomous driving and artificial intelligence sectors [1] Group 1: Low-altitude Economy - The company has developed testing services based on existing capabilities in environmental reliability, chemistry, electromagnetic compatibility, software and information security, and communication security [1] - It has established partial CNAS and CMA testing capabilities for electric aircraft systems, components, and key materials [1] Group 2: Autonomous Driving - As a national quality inspection center for intelligent automotive components, the company is conducting research and capability building for key testing and evaluation technologies related to autonomous driving [1] - The company has developed testing capabilities for the intelligent connected vehicle field test standard GB/T 41798, providing road testing and simulation testing services for manufacturers and solution providers [1] Group 3: Artificial Intelligence - The company serves as a national quality inspection center for daily electrical appliances and has established a multi-dimensional testing and evaluation service system for AI application terminal products, primarily focusing on smart home products like service robots [1] - The testing services cover safety, performance, electromagnetic compatibility, environmental adaptability, image and machine vision, wireless communication, and software and information security [1] Group 4: Semiconductor Sector - The company is focusing on reliability evaluation, failure analysis, and information security evaluation in the semiconductor field, having developed some relevant testing capabilities [1] - The company's industrial power supply can also be applied in the semiconductor industry [1] - Although the company has generated some business revenue in these areas, it constitutes a low percentage of the total operating income [1]

Core Viewpoint - Xince Standard is a comprehensive testing organization that provides various testing services across multiple sectors, including automotive, electronics, consumer goods, industrial products, food, agriculture, and environmental sectors [2] Company Overview - Xince Standard specializes in reliability testing, chemical testing, electromagnetic compatibility testing, product safety testing, and life health testing services [2] - The company offers testing reports or certificates to clients in diverse fields [2]

格隆汇9月10日丨中国电研(688128.SH)在投资者互动平台表示，在低空经济领域，公司在已有的环境可 靠性、化学、电磁兼容、软件及信息安全、通信安全等测试服务业务基础上，重点新开发电动飞行器电 池模组和高原气候适应性方面业务，目前已具备电动飞行器整机系统、零部件及关键材料的部分 CNAS、CMA检测能力。在无人驾驶领域，公司作为国家智能汽车零部件质量检验检测中心，开展了智 能网联汽车无人驾驶相关的关键检测与评价技术的研究及能力建设，目前已具备智能网联汽车场地试验 标准GB/T 41798的检测技术及能力，可以为智能网联汽车制造商和无人驾驶方案供应商提供道路测试 及其仿真测试服务。在人工智能领域，公司作为国家日用电器质量检验检测中心、国家标准验证点（智 能家电）、国家技术标准创新基地（家用电器和电器附件国际标准化）、智能家电安全与可靠性省级质 量标准实验室等，面向人工智能应用终端产品（主要是智能家居类产品，如服务机器人），构建了覆 盖"安全、性能、电磁兼容、环境适应性、图像与机器视觉、无线通信、软件与信息安全"等多维检测评 价服务体系。在半导体领域，公司聚焦可靠性评价、失效分析、信息安全评价等方面，具备了部 ...

Group 1 - The recent strategic cooperation between Huace Testing (300012) and Hong Kong Polytechnic University focuses on the full industry chain demand for functional foods [1] - The collaboration emphasizes three core areas: food testing, technological innovation, and creative services [1] - The initiative aims to establish a deep integration platform for industry, academia, and research [1]

Core Points - Two Chinese companies, Jiangsu Kebiao Medical Technology Group and Zhongjian Huatuo Wei International Inspection, received warning letters from the FDA regarding compliance issues in their non-clinical testing services [1][2][4] - Jiangsu Kebiao has suspended all FDA-related non-clinical testing services for a minimum of three years, until December 31, 2027, due to the inability to bear the costs of a comprehensive compliance system [3][4] Company Summaries - Jiangsu Kebiao, established in 2015, is a third-party testing organization focused on medical devices, materials, cosmetics, and packaging, with a registered capital of 17.62 million yuan [3] - The company specializes in safety and efficacy evaluations for implantable and interventional products and has completed a Series A financing round in 2024, amounting to several million yuan [3] - Zhongjian Huatuo Wei, founded in 2017, primarily operates in the professional technical services sector and was also found to have significant compliance issues during an FDA inspection [4] Compliance Issues - The FDA inspections revealed serious non-compliance issues at both companies, including failures in data management, execution processes, and lack of proper documentation and standard operating procedures [2][4] - Jiangsu Kebiao's inspection highlighted multiple failures by the research leader, including not ensuring that research protocols were approved and followed, and not maintaining accurate records of laboratory data [2] - Zhongjian Huatuo Wei's inspection found issues such as failure to accurately record and verify experimental data and not providing a mechanism for orderly storage and quick retrieval of original data and reports [4][5] Regulatory Actions - The FDA requires both companies to respond within 15 business days with corrective and preventive action plans to address the identified violations [5] - Failure to take appropriate corrective measures may result in further regulatory actions, including the potential revocation of their operational qualifications [5]

两家中国企业江苏科标医学技术集团有限公司（以下简称江苏科标）和中检华通威国际检验（苏州）有 限公司（以下简称中检华通威）近日收到美国食品药品监督管理局（FDA）发出的警告信，直指研究规 范问题。现场检查发现，两家企业在研究方案、实验数据记录等方面存在不合规问题。 江苏科标在给FDA提交的回复函中表示，暂停所有FDA相关非临床测试服务，最低暂停期为三年，直至 2027年12月31日。 15个工作日内应提供回函 另一家企业中检华通威则是在今年1月6日至1月14日的现场检查（涉及的研究包括豚鼠致敏、家兔肌肉 植入、急性毒性等）中被发现存在违规问题，具体包括研究负责人未能准确记录与核实所有实验数据 （包括实验系统非预期反应的观察结果），且未能将所有原始数据、文档、方案、样本及最终报告在研 究过程中或研究结束时移交至相关管理部门；未能正确标识非临床实验室研究中使用标本的实验系统、 研究项目、采集日期等信息；未能确保除哺乳期内啮齿类外的温血动物（又称恒温动物）获得适当标 识，根据美国联邦相关法律法规，所有非哺乳期的温血实验动物均须具有可追溯的标识系统；未能依照 研究方案要求开展非临床实验室研究；质量保证部门未能维护一份进 ...

Company Overview - Suzhou Su Test Experiment Group Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on December 29, 2007, with its listing date on January 22, 2015 [1] - The company specializes in environmental and quality reliability testing and comprehensive analysis service solutions, focusing on the research and production of environmental testing equipment [1] - The main revenue composition includes: environmental reliability testing services (49.19%), testing equipment (31.27%), integrated circuit verification and analysis services (15.63%), and other services (3.91%) [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 999.1 million yuan, representing a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 117 million yuan, with a year-on-year increase of 14.18% [2] - Since its A-share listing, the company has distributed a total of 367 million yuan in dividends, with 211 million yuan distributed in the last three years [3] Stock Performance - As of September 5, the stock price increased by 2.03% to 17.05 yuan per share, with a total market capitalization of 8.671 billion yuan [1] - Year-to-date, the stock price has risen by 46.86%, but it has decreased by 9.12% over the last five trading days [1] - The stock has a trading volume of 233 million yuan and a turnover rate of 2.74% [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 23,100, a decrease of 12.49% from the previous period, with an average of 21,903 circulating shares per person, an increase of 14.27% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 8.7405 million shares, a decrease of 1.9285 million shares from the previous period [3]

Company Overview - Zhonggang Tianyuan Co., Ltd. is located in Ma'anshan City, Anhui Province, established on March 27, 2002, and listed on August 2, 2006 [1] - The company’s main business includes industrial raw materials, metal products, electronic components, equipment, and professional technical services [1] - Revenue composition: Industrial raw materials 33.73%, electronic components 24.27%, inspection and testing 19.60%, metal products 17.23%, specialized equipment for metallurgy, mining, and electromechanical engineering 4.07%, others 1.11% [1] Stock Performance - As of September 5, Zhonggang Tianyuan's stock price increased by 2.29%, reaching 10.70 CNY per share, with a total market capitalization of 8.067 billion CNY [1] - Year-to-date stock price increase is 49.52%, with a recent decline of 8.94% over the last five trading days [1] - The stock has seen a 5.42% increase over the last 20 days and a 23.47% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Zhonggang Tianyuan reported revenue of 1.517 billion CNY, a year-on-year increase of 16.94% [2] - The net profit attributable to shareholders for the same period was 147 million CNY, reflecting a year-on-year growth of 43.07% [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 45,600, up by 7.86% from the previous period [2] - The average number of circulating shares per shareholder decreased by 6.89% to 16,508 shares [2] - Cumulative cash dividends since the A-share listing amount to 721 million CNY, with 406 million CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 8.7918 million shares, a decrease of 880,100 shares from the previous period [3]

证 券 研 究 报 告 步入常态化发行期，申购收益率可观 ——2025年北交所新股申购8月报 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 研究支持： 吕靖华 A0230124070002 2025.09.04 主要内容 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年8月北交所发行新股5只，募资金额12.20亿；2025年1-8月累计发行新股12只，合计募资金额37.39亿。 (2) 8月5家企业上会通过、环比+1家；5家企业终止、环比+3家；4家企业注册、环比-2家；无新增受理企业。 (3) 截止至8月末，已过会未注册企业13家，拟募资26.10亿元；已注册未发行企业3家，拟募资9.29亿元。 (1) 8月共5只直接定价新股申购。首发PEttm中值11X，环比上月-12.06%；平均顶格申购金额1160万元。 (2) 单批新股冻结资金区间为5645.43-7408.33亿元，中值7315.54亿元、环比上月+17.67%；网上中签率中值0.04%。 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 ( ...

格隆汇9月4日丨西高院(688334.SH)在投资者互动平台表示，公司固态电池检测能力正在积极建设中， 具体情况敬请关注公司定期报告及后续相关公告。 ...