| 序号 | 募投项目名称 | 投资总额 | 募集资金拟投会 | | --- | --- | --- | --- | | | | (万元) | (万元) | | 1 | 航空装备(含低空)测试平台项目 | 34.000.00 | 30,000 | | 2 | 新一代人工智能芯片测试平台项目 | 29,200.00 | 25,000 | | 3 | 卫星互联网质量保障平台项目 | 34,400.00 | 30,000 | | 3-1 | 卫星互联网质量保障平台项目(成都) | 22.900.00 | 20,000 | | 3-2 | 卫星互联网质量保障平台项目(广州) | 11.500.00 | 10.000 | | ব | 数据智能质量安全检验检测平台项目 | 7.500.00 | 5.00( | | ર્ | 西安计量检测实验室升级建设项目 | 18,000.00 | 15,000 | | 6 | 补充流动资金 | 25.000.00 | 25,000 | | | 合计 | 148,100.00 | 130,000 | 中证智能财讯 广电计量（002967）8月5日晚间公告，公司近日收到控股股东广州数字科技 ...

Summary of Su Shi Testing Conference Call Company Overview - **Company**: Su Shi Testing - **Industry**: Testing and Inspection Services Key Financial Performance - **Revenue Growth**: 6.72% increase in H1 2025, reaching 999.1 million CNY [2][3] - **Net Profit**: 14.18% increase, totaling 117 million CNY [3] - **Integrated Circuit Revenue**: Grew by 21.01%, reaching 155 million CNY [2][3] - **Overall Gross Margin**: Decreased by 3.16% to 41.88% [2][3] - **Net Margin**: Increased by 0.27% to 13.51% [3] Segment Performance - **Environmental Testing Equipment**: Revenue of 310 million CNY, up 6.32% [3] - **Environmental Testing Services**: Revenue of 487 million CNY, up 5.75% [3] - **Integrated Circuit Segment**: Gross margin of 36.49%, down 6.38% [3] Strategic Insights - **Focus on Emerging Industries**: Plans to reduce investment in traditional sectors and increase focus on aerospace and commercial space [4][15] - **New Product Development**: Emphasis on R&D to counteract declining gross margins [6][19] - **Capacity Utilization**: Increased from 30% to over 70% in Shanghai [12] Market Trends and Opportunities - **Vacuum Testing Equipment Demand**: Strong demand with plans to achieve billion-level revenue [2][8][29] - **AI and High-Performance Chip Testing**: Significant growth in testing services, with AI chip clients accounting for nearly 10% of business [2][9] - **Third-Party Testing Demand**: Recovery observed, with orders increasing to over 15% [22][23] Challenges and Risks - **Price Pressure**: Increased competition leading to price pressures across all segments [6][19] - **Delivery Speed of Large Orders**: Need to monitor the delivery speed of large orders in H2 2025 [5][24] - **Impact of Policy Changes**: Restrictions on outsourcing may affect operational efficiency [32][39] Future Outlook - **Optimistic H2 2025**: Anticipated growth in equipment and testing service orders, with a focus on improving delivery speed [5][10] - **Capital Expenditure Trends**: Expected to remain stable with a slight decrease, focusing on emerging sectors [16][18] - **Long-Term Growth in Special Industries**: Positive outlook for special industries over the next few years [36] Conclusion - Su Shi Testing is positioned for growth in emerging sectors, particularly in aerospace and AI chip testing, while facing challenges from price competition and policy restrictions. The company is actively working on improving operational efficiency and expanding its market presence.

Core Points - The establishment of the Credit Alliance for Testing and Inspection Institutions in Wuhan East Lake High-tech Zone marks the first of its kind in Hubei Province, aimed at creating a healthy ecosystem based on integrity and compliance [1][2] - The alliance will promote high-quality development in the industry through a model of "government guidance, enterprise leadership, voluntary participation, and collaborative governance" [1][3] Group 1 - The Credit Alliance aims to strengthen industry self-discipline and fair competition among member institutions [2] - The first batch of 11 institutions signed commitment letters to join the alliance and were awarded a credit compliance code, serving as a "digital ID" for their credit status and compliance performance [2][3] - The initiative is seen as an innovative practice in credit supervision, transitioning from "post-event punishment" to "prevention" and will be promoted citywide [2][3] Group 2 - The membership mechanism for the alliance is streamlined, requiring only online verification, completion of a credit compliance assessment, and signing of a commitment letter [3] - The establishment of the alliance signifies a new phase for the East Lake High-tech Zone, focusing on promoting compliance through credit and fostering development [3]

Group 1: Investor Relations Activities - The company conducted multiple broker strategy meetings from June 9 to August 1, 2025, involving various investment firms and asset management companies, with a total of 13 meetings held [1][2][3][4]. - Participants included notable firms such as JP Morgan Asset Management, Baillie Gifford, and Antipodes, among others, indicating strong interest from institutional investors [1][2][3][4]. Group 2: Performance and Growth Strategy - The company reported steady growth in the first half of the year, driven by customer-oriented management, the implementation of the "123 strategy," and improvements in operational efficiency through AI and digitalization [4][5]. - The company aims to deepen lean management and pursue strategic mergers and acquisitions to sustain long-term growth [4]. Group 3: Operational Efficiency and Technology - There is potential for further improvement in operational efficiency, with ongoing initiatives in lean culture and digital transformation [5][6]. - The company has developed a four-layer collaborative system architecture for AI applications, enhancing automation in business processes and improving service efficiency [6]. Group 4: International Expansion and Acquisitions - The company is committed to an internationalization strategy, focusing on strategic acquisitions and building a global service network [7][8]. - Recent acquisitions include the full acquisition of ALS Group's branch in China and Safety SA, which will enhance the company's capabilities in geochemical analysis and food safety [9][10]. Group 5: Talent Development and Organizational Capability - The company emphasizes talent development as a core competitive advantage, investing in training and creating a diverse assessment and incentive mechanism [11][12]. - Initiatives include cross-departmental talent mobility and leadership development programs to enhance organizational capabilities [12]. Group 6: Response to National Policies - The company actively responds to national supply-side reforms by enhancing service quality and investing in emerging sectors such as transportation, healthcare, and green technologies [12]. - This strategic alignment with national policies is expected to strengthen the company's market position and drive sustainable growth [12].

Core Viewpoint - The report from Dongwu Securities highlights that Su Shi Testing's Q2 net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, driven by strong growth in the integrated circuit sector [1] Group 1: Company Performance - Su Shi Testing is expected to benefit from the demand surge in special industries as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, alongside the domestic production of the semiconductor industry and the release of new laboratory capacities [1] - The company is positioned as a leader in environmental and reliability testing, with a focus on high-barrier testing sectors [1] Group 2: Market Potential - According to data from the State Administration for Market Regulation, the inspection and testing industry in China is projected to achieve an annual revenue of approximately 470 billion yuan in 2023, reflecting a year-on-year growth of over 9%, indicating a broad market space [1] - The company covers three major sectors: special industries, semiconductors, and new energy vehicles, while actively expanding into high-end fields such as 5G, creating new growth engines [1] Group 3: Future Outlook - As the demand in special industries recovers and chip localization and specialization in division of labor continue, the demand for testing services is expected to rise [1] - The previously expanded laboratories in Suzhou, Xi'an, Qingdao, and Chengdu, along with the release of capacity from Yite, are anticipated to provide growth potential and profit elasticity [1] - The company maintains an "overweight" rating, reflecting confidence in its future performance [1]

Market Overview - On July 31, 2025, A-shares experienced a decline with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index down by 1.73%, and the ChiNext Index decreasing by 1.66% [1] - Hong Kong stocks also faced a downturn, with the Hang Seng Index dropping by 0.57% to 23,157.97 points, and the Hang Seng Tech Index falling by 0.7% [1] - U.S. stocks closed lower, with the Dow Jones Industrial Average down by 0.74% and the S&P 500 Index decreasing by 0.37% despite reaching historical highs during the day [1] New Stock Subscription - Guangdong Jiankang, a new stock on the ChiNext, has an issue price of 6.56 yuan per share and a price-to-earnings ratio of 26.48 times. The company specializes in providing inspection and testing technical services in the construction engineering sector, with inspection and testing services accounting for 98% of its revenue [3] Policy Developments - The State Council announced a personal consumption loan interest subsidy policy aimed at reducing credit costs for residents and financing costs for service industry entities, which is expected to stimulate consumption and enhance market vitality [4] - The State Council also approved the "Artificial Intelligence+" action plan to promote the large-scale commercialization of AI applications, leveraging China's complete industrial system and large market scale [5] - The National Healthcare Security Administration is supporting the clinical application and pricing of new technologies such as brain-computer interfaces, with new pricing mechanisms established for various medical technologies to encourage innovation in pharmaceuticals and medical devices [5]

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 8月1日新股申购 (共1只) | | 东建科(创业板,30163 | | --- | --- | | 申购代码 | 301632 | | 发行价格 | 6.56元 顶格 | | 总市值 | 20.59亿 | | 发行市盈率 | 26.48 行业 | | 目业可比公司 | 国检集团 同业公司 | | | 建研院 动态市盈率 | | | 垒知集团 | | 主营构成 | 检验检测: 98.70%: | | | 其他:1.30% | | | 1、公司主营业务为建设工程领域的检验检测技术 | | 机构。 业务及亮点 | 国建设工程领域检验检测资质范围、检测能力、 l | | | 2、公司在省内业务的基础上，正加快谋划全国市 | | | 外地区市场；报告期内，省外经营业绩得到持续 | | | 3、公司凭借风洞实验、幕墙检测等风工程技术能 | | | 江西、湖北、江苏、甘肃、四川等多个省外市场 | | --- | --- | | | 务。 | | | 近三年归母 11.97 亿元 (2024年, +3.72%) | | 近三年营收 | 11. ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in net profit and revenue, particularly in the integrated circuit testing segment, indicating a positive outlook for future growth driven by industry demand and capacity expansion [2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 990 million, a year-on-year increase of 8%, and a net profit attributable to shareholders of 120 million, up 14% year-on-year [2]. - In Q2 alone, the company recorded revenue of 560 million, representing an 18% year-on-year growth, and a net profit of 70 million, which is a 26% increase year-on-year [2]. - The gross profit margin for the first half of 2025 was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [3]. Segment Performance - Revenue from environmental testing services reached 490 million, growing 6% year-on-year, while revenue from environmental testing equipment also grew 6% to 310 million [2]. - The integrated circuit testing segment saw revenue of 160 million, marking a 21% year-on-year increase [2]. - Gross profit margins by segment were as follows: environmental testing services at 55.0% (down 0.8 percentage points), environmental testing equipment at 26.6% (down 4.7 percentage points), and integrated circuit testing at 36.5% (down 6.4 percentage points) [3]. Industry Outlook - The company is well-positioned in the high-barrier testing sector, with a focus on special industries, semiconductors, and new energy vehicles, while also expanding into high-end fields like 5G [4]. - The overall testing and inspection industry in China is projected to reach approximately 470 billion in revenue for 2023, with a year-on-year growth exceeding 9%, indicating a broad market opportunity [4]. - Future growth is expected to be driven by the recovery of special industry demand, domestic chip production, and the release of capacity from newly expanded laboratories in Suzhou, Xi'an, Qingdao, and Chengdu [4].

兄弟姐妹们，大A明天又有新股申购啦！ 格隆汇获悉，广东建科（301632）于8月1日启动申购，保荐人为招商证券股份有限公司；公司注册地位于广东省广州 市天河区，实际控制人为广东省国资委。 公司此次发行价为6.56元/股，市盈率26.48倍，低于同行业近一个月静态平均市盈率36.57倍，也低于同行业可比公司 2024年扣非后归母净利润的静态市盈率平均值34.86倍。近两年A股打新胜率较高，建议积极申购。 广东建科以建设工程领域检验检测技术服务为核心，涵盖房建及市政、交通、水利、节能环保、安全生产等多个板 块，形成检验检测相关技术服务完整产业链。 近年来，公司承接了港珠澳大桥、广东科学中心、广州新白云国际机场、广州国际金融中心、深圳平安金融大厦、深 圳证券交易所运营中心等大型重点建设工程项目的检验检测技术服务工作。 检验检测行业是国家重点支持的高技术服务业，根据各年度《全国检验检测服务业统计报告》，2021年至2023年，全 国检验检测行业总产值从4090.22亿元增至4670.09亿元，年均复合增长率为6.85%。 业绩方面，2022年、2023年和2024年（简称"报告期"），广东建科的营业收入分别约10.7 ...

Company Overview - Guangdong Jianke (301632) is engaged in inspection and testing technology services in the construction engineering sector, with an issuance price of 6.56 and an issuance scale of 687 million yuan [1][8] - The company has a low customer concentration, with the top five customers accounting for 11.46%, 11.02%, and 12.99% of total revenue in the reporting periods [4] Financial Performance - Revenue for 2024 is projected at 1.197 billion yuan, reflecting a year-on-year increase of 3.72%, following revenues of 1.154 billion yuan in 2023 and 1.072 billion yuan in 2022 [7] - Net profit for 2024 is expected to grow by 13.44% year-on-year, with figures of 154 million yuan in 2021, 103 million yuan in 2022, and 107 million yuan in 2023 [7][8] - The gross profit margin for 2024 is 48.28%, while the net profit margin is 8.81% [7] Market Outlook - The quality inspection and testing market in China is expected to exceed 500 billion yuan by 2025, with a year-on-year growth of 18.7%, and reach 1.2 trillion yuan by 2030, with a compound annual growth rate of 19.1% [8] - The company anticipates revenue of 540 to 560 million yuan in the first half of 2025, representing a year-on-year increase of 3.26% to 7.09% [8] Fundraising and Use of Proceeds - The company originally planned to issue 10.466 million shares to raise approximately 481 million yuan, primarily for the construction of an innovation technology research headquarters and a testing and marketing service network [8] - The actual fundraising amount is approximately 687 million yuan, exceeding the original plan by about 43% [8] Competitive Landscape - Comparable companies in the industry include Guojian Group, Lezhi Group, Jianyan Institute, and Jianke Institute [5]