华测检测（300012）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为4.63亿 元–4.71亿元，同比上年同期的4.37亿元增长6.06%–7.80%。预计2025年第二季度归属于上市公司股东的 净利润为3.27亿元–3.34亿元，同比上年同期的3.04亿元增长7.5%–10%。预计2025年上半年归属于上市 公司股东的扣除非经常性损益后的净利润为4.36亿元–4.43亿元，同比上年同期的4.03亿元增长8.13%– 10.01%。预计非经常性损益对公司半年度净利润的影响额约为2750万元，上年同期非经常性损益为 3378.42万元。 ...

Summary of Huace Testing Conference Call Company Overview - **Company**: Huace Testing - **Industry**: Testing and Inspection Services Key Points and Arguments Performance and Growth - From 2018 to 2021, Huace Testing achieved significant growth through expansion, resulting in a tenfold increase in stock price during this period [4] - However, the company faced capital expenditure and depreciation pressures, leading to losses at one point [2][4] - After the arrival of former SGS president, the company slowed its expansion, releasing operational leverage and entering a phase of rapid performance improvement [2][4] Challenges and Pressures - From 2022 to 2024, Huace Testing experienced a slowdown in growth from 15%-20% to around 5% [2][4] - The company faced slow overseas expansion, particularly in the consumer sector, and a decline in valuation due to foreign capital withdrawal, with PE ratios dropping from over 70 to 19-20 [4] - The medical and pharmaceutical segment saw revenue drop to less than 300 million in 2024, leading to significant losses [5] Recovery and Future Outlook - In 2025, Huace Testing is expected to see a turning point, with improvements in the medical segment and revenue growth in the chip testing business [2][5] - The company anticipates a revenue range of 1.02 to 1.05 billion in 2025, with a projected growth rate of 10%-15% for 2026 [3][11] - The food-grade segment is expected to grow by 10%-15% from a base of 1.6 to 1.7 billion, driven by breakthroughs in pet food and seed research [2][8] Internationalization Strategy - In 2025, Huace Testing is shifting towards a new round of internationalization, focusing on consumer sectors and overseas acquisitions in transportation and ESG [9] - Key markets include Europe, Southeast Asia, and South Africa, with a recent contract signed for food testing in South Africa [9][10] Industry Characteristics - The testing industry is characterized by its fragmented nature, requiring precise management and the ability to tap into larger development opportunities [10] - Huace Testing plans to leverage supply chain management and overseas laboratory layouts to enter the global supplier management directory [10] Financial Recovery - The company is making significant progress in reducing losses, with cash flow improving as receivables from soil monitoring and testing begin to recover [7][8] - The construction and building materials segment is also seeing gradual recovery, contributing to overall financial improvement [6][7] Additional Important Information - The stock price has been affected by the aforementioned challenges, but the current valuation presents a key opportunity for investors [3][12] - The company is expected to achieve at least 1.02 billion in revenue this year, with potential for exceeding this figure if other business segments perform well or if acquisitions occur [8]

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Shenzhen Xince Standard Technology Service Co., Ltd., which has seen a price increase and provides specific financial metrics related to its bond and stock conversion features [1] - The convertible bond, known as Xince Convertible Bond, has a credit rating of "AA-" and a maturity period of 6 years with increasing interest rates from 0.20% in the first year to 2.50% in the sixth year [1] - The bond's conversion price is set at 18.22 yuan, with the conversion period starting on May 15, 2024, allowing bondholders to convert their bonds into common stock of the company [1] Group 2 - For the first quarter of 2025, Xince Standard reported an operating revenue of 166.1 million yuan, reflecting a year-on-year decline of 8.04%, and a net profit attributable to shareholders of 37.14 million yuan, down 9.48% year-on-year [2] - The concentration of shareholding is relatively high, with the top ten shareholders holding a combined 55.44% of shares, while the top ten circulating shareholders account for 37.91% [2] - As of March 2025, the number of shareholders is approximately 18,210, with an average circulating shareholding of 6,003 shares and an average holding amount of 152,000 yuan [2]

联合研究丨行业点评 [Table_Title] "反内卷"政策下，检测服务公司盈利性走势如 何？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 请阅读最后评级说明和重要声明 2 / 10 %% %% %% %% research.95579.com 2 [Table_Title "反内卷"政策下，检测服务公司盈利性走势如 2] 何？ [Table_Summary] 检测服务从高速增长阶段过渡到中低增速的稳健增长阶段；2024 年我国检测检验市场规模达 到约 4876 亿元，同比仅增长 4.4%；机构数量 53057 家，同比减少 1.4%，为历年来首次出现 机构数量下降。"反内卷"政策下，检测机构的毛利率有望趋稳。当前时点，重点推荐两条线索： 1）内部经营拐点明确的综合性检测机构；2）重点布局需求复苏方向明确板块的优质龙头。 分析师及联系人 [Table_Author] 徐科 赵智勇 贾少波 SAC：S0490517090001 SAC：S0490517110001 SAC：S0490520070003 SFC：BUV415 SFC：BRP550 曹小敏 SAC ...

Group 1 - The new chairman of the company is Yuan Lei, who was previously the financial director and board secretary [1] - The new general manager is Chen Fenglin, who has been with the company since July 2002 and held various positions [2] - The new board secretary is Zhang Yueyan, who has experience in investment management and analysis [2] Group 2 - The election and appointment of the new leadership received unanimous support from the board, indicating a potential easing of relations among shareholders [3]

Summary of Huace Testing Conference Call Company Overview - **Company**: Huace Testing - **Recent Acquisition**: Acquired South African company Fifty to enhance overseas expansion capabilities, particularly in food safety [2][4] Key Points and Arguments Acquisition Details - The acquisition of Fifty is aimed at strengthening Huace Testing's international presence and addressing weaknesses in training services [2][4] - The acquisition will be funded through cash, with sufficient cash flow to support the transaction without the need for stock issuance [2][6] Financial Performance - Overall revenue growth target for the year remains at 10%, despite seasonal uncertainties in quarterly performance [2][7] - Last year's Q2 revenue was approximately 1.6 billion, with the Sanpu business contributing about 100 million, accounting for roughly 6% [2][8] - The food testing segment showed robust performance with nearly 10% growth last year and 15% growth in Q1 of this year, expected to maintain around 10% growth for the year [2][10] - Environmental testing projects exceeded expectations in Q1 but are expected to face pressure in Q2 due to government budget tightening [2][9] - The pharmaceutical and medical segment incurred losses last year, with a goal to reduce losses this year, although the pressure to turn profitable remains significant [2][11] Business Segment Insights - The Beisbo business is gradually improving as equipment is being installed, while the Yima business is facing challenges in the German market but performing well in the US and Mexico [2][12] - The domestic automotive market remains stable, with Huace Testing achieving high single-digit growth and improved gross margins through enhanced internal lab efficiency [2][13][18] - The CRO business in drug testing is on an upward trend, with the CMC sector doubling last year and maintaining stability this year [2][14][15] Market and Industry Trends - The testing industry is experiencing intensified price competition due to increased market saturation, impacting profitability [2][17] - Huace Testing is exploring opportunities in the African market due to its recent growth, with potential future expansions into other regions based on market conditions [2][5] Capital Expenditure and Personnel Management - Capital expenditure has been reduced from 10% to 7% of revenue, reflecting a shift in investment strategy due to market conditions [2][21] - Personnel management will continue to align with revenue growth, with an emphasis on improving employee efficiency [2][22] Future Outlook - The company is optimistic about achieving its annual performance targets, although quarterly performance may vary based on seasonal factors [2][28] - The acquisition of the South African company is expected to be consolidated in the second half of 2025, with other potential acquisitions also in progress [2][29] Additional Important Insights - The company is investing in smart driving technologies and electric motor control, aligning with industry trends [2][19] - The development of standards in smart driving technology is still in its early stages, with ongoing collaborations with automotive manufacturers [2][20] - The trade assurance segment has shown over 15% growth in Q1, largely due to acquisitions made last year [2][16]

Summary of Key Points Core Viewpoint The Tianjin Municipal Market Supervision Administration conducted a food safety inspection in the Heping District, revealing that out of 1242 samples tested, 1219 were compliant while 23 were found to be non-compliant, indicating a high level of food safety compliance in the region [3]. Group 1: Inspection Results - A total of 1242 batches of food samples were tested in Heping District [3]. - 1219 batches were found to be compliant, resulting in a compliance rate of approximately 98.15% [3]. - 23 batches were identified as non-compliant, highlighting areas for improvement in food safety standards [3]. Group 2: Non-Compliant Products - The report includes detailed information on 14 batches of non-compliant products, specifying the nature of the violations and the testing results [4]. - Specific non-compliance issues included excessive levels of sulfur dioxide and prohibited substances such as dehydroacetic acid [4][5]. - The report also lists 9 additional batches of non-compliant products, further emphasizing the need for stringent monitoring [6]. Group 3: Compliance Monitoring - The Tianjin Municipal Market Supervision Administration is responsible for ongoing monitoring and enforcement of food safety regulations in the region [3]. - The administration's efforts aim to ensure that food products meet safety standards and protect consumer health [3][4]. - The findings from the inspections will inform future regulatory actions and public health initiatives [3][6].

Core Viewpoint - The company has announced the achievement of conditions for the second unlock period of its first restricted stock incentive plan, allowing 3,172,950 shares to be released from restrictions for 97 incentive recipients, representing 0.8289% of the total share capital [1][10][19]. Summary by Relevant Sections Incentive Plan Overview - The first restricted stock incentive plan was approved, with the initial grant of 6,810,000 shares completed on July 1, 2022 [4][10]. - The second unlock period is set to occur 36 months after the initial grant, allowing for a 33% release of shares [11][14]. Unlock Conditions - The conditions for unlocking the shares have been met, including no adverse audit opinions and compliance with performance targets [13][19]. - The performance targets for the 2023 fiscal year include a net profit compound growth rate of at least 16% and a return on equity of no less than 11.50% [14][15]. Independent Opinions - Independent directors and the supervisory board have confirmed that the conditions for the second unlock period have been satisfied and that the process complies with relevant regulations [18][19]. - Legal and financial advisors have also provided opinions affirming the legitimacy of the unlock conditions and the necessary approvals [20][21].

Core Viewpoint - The report discusses the achievement of the conditions for the second unlock period of the first grant of restricted stock and the first unlock period of the reserved grant under the stock incentive plan of Steel Research Nake Testing Technology Co., Ltd. [3][6][29] Group 1: Stock Incentive Plan Overview - The stock incentive plan involves granting restricted stocks to employees, with specific unlock conditions and periods defined [3][4] - The first grant of restricted stocks was completed on July 1, 2022, with a total of 6,810,000 shares granted [9] - The second unlock period for the first grant is set to occur between 36 to 48 months after the initial grant [15][16] Group 2: Unlock Conditions - For the second unlock period, 33% of the granted shares can be unlocked if certain conditions are met, including the absence of adverse audit opinions and the fulfillment of performance targets [15][18] - The performance target for the year 2023 includes achieving a net profit of RMB 138,649,481.39, representing a compound annual growth rate of 21.54% from 2020 [19][25] Group 3: Reserved Grant Details - The reserved grant's first unlock period is defined as 24 to 36 months after the completion of the grant registration, with a similar unlock ratio of 33% [23][25] - The performance targets for the reserved grant are aligned with the overall company performance metrics, ensuring that the conditions for unlocking are consistent with the company's financial health [25][29] Group 4: Independent Financial Advisor's Opinion - The independent financial advisor confirms that the conditions for both the second unlock period of the first grant and the first unlock period of the reserved grant have been met, complying with relevant laws and regulations [20][29] - The advisor emphasizes the need for the company to disclose information and complete necessary procedures with the Shenzhen Stock Exchange following the unlock [20][29]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]