Group 1 - The core viewpoint of the news is that Shengke Nano has shown positive financial performance with significant growth in revenue and net profit, alongside active trading in the stock market [2][3] - As of September 12, Shengke Nano's financing balance reached 118 million yuan, accounting for 11.90% of its market capitalization, indicating strong investor interest [1] - The company specializes in semiconductor third-party testing and analysis, with its main revenue sources being failure analysis (64.04%), material analysis (33.17%), and reliability analysis (2.63%) [1] Group 2 - For the first half of 2025, Shengke Nano reported a revenue of 239 million yuan, representing a year-on-year growth of 29.03%, and a net profit of 33.37 million yuan, up 11.48% from the previous year [2] - The number of shareholders decreased by 29.30% to 11,300, while the average number of circulating shares per person increased by 41.45% to 2,891 shares [2] - Since its A-share listing, Shengke Nano has distributed a total of 60.09 million yuan in dividends [3]

证券研究报告：社会服务 | 公司点评报告 股票投资评级 增持 |调整 个股表现 2025-03 2025-04 2025-05 2025-06 2025-07 2025-09 -26% -20% -14% -8% -2% 4% 10% 16% 22% 28% 胜科纳米 社会服务 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.07 | | --- | --- | | 总股本/流通股本（亿股）4.03 | / 0.33 | | 总市值/流通市值（亿元）129 | / 10 | | 52 周内最高/最低价 | 35.80 / 20.44 | | 资产负债率(%) | 59.4% | | 市盈率 | 145.77 | | 第一大股东 | 李晓旻 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 胜科纳米(688757) Labless 模式持续深化，技术迭代驱动成长 l 事件 发布时间：202 ...

Core Viewpoint - The company, Shengke Nano (688757.SH), focuses on providing professional and efficient third-party testing and analysis services for the semiconductor industry, significantly contributing to product development and quality control in this sector [1] Financial Performance - For the reporting period, the company achieved operating revenue of 239.24 million yuan, representing a year-on-year growth of 29.03% [1] - The net profit attributable to shareholders of the listed company was 33.37 million yuan, an increase of 11.48% compared to the same period last year [1] - The company plans to distribute a cash dividend of 0.50 yuan for every 10 shares to all shareholders [1] Industry Position - The company serves semiconductor clients in the research and development phase, offering services such as failure analysis, material analysis, and reliability testing [1] - By providing precise testing and analysis, the company helps clients identify defects in product design or processes, thereby enhancing product yield and performance [1]

Group 1 - The core viewpoint of the news is that Shengke Nano's stock experienced a decline of 1.60% on August 26, with a trading volume of 89.02 million yuan, while the financing activities showed a net buying of 4.76 million yuan [1] - As of August 26, the total balance of margin trading for Shengke Nano was 151 million yuan, which accounts for 13.97% of its market capitalization [1] - The company specializes in semiconductor third-party testing and analysis, with its main revenue sources being failure analysis (67.43%), material analysis (29.79%), and reliability analysis (2.74%) [1] Group 2 - As of March 31, the number of shareholders for Shengke Nano was 15,900, a decrease of 34.76% from the previous period, while the average circulating shares per person increased by 53.29% to 2,044 shares [2] - For the first quarter of 2025, Shengke Nano reported a revenue of 109 million yuan, representing a year-on-year growth of 25.11%, and a net profit attributable to shareholders of 11.52 million yuan, up 34.14% year-on-year [2] - Since its A-share listing, Shengke Nano has distributed a total of 60.09 million yuan in dividends [2]

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Shengke Nano, indicating a positive trend in both stock performance and financial results [1][2]. - On August 22, Shengke Nano's stock rose by 2.50%, with a trading volume of 147 million yuan. The net financing purchase on that day was 3.91 million yuan, with a total financing and securities balance of 146 million yuan, representing 13.16% of the circulating market value [1]. - As of March 31, the number of shareholders for Shengke Nano was 15,900, a decrease of 34.76% from the previous period, while the average circulating shares per person increased by 53.29% [2]. Group 2 - For the first quarter of 2025, Shengke Nano reported a revenue of 109 million yuan, reflecting a year-on-year growth of 25.11%, and a net profit attributable to shareholders of 11.52 million yuan, which is a 34.14% increase compared to the previous year [2]. - The company has distributed a total of 60.09 million yuan in dividends since its A-share listing [3].

光合作用是所有生命的能量来源，生态系统中碳循环的重要机制。作为"一支有温度的基金" ， 光速光 合 也 正在与创业者，与这个社会产生"光合作用"，联结创新的同时，推动着社会的可持续发展。 创业邦将陆续刊载光速光合的投资专栏「光合说」，分享光速光合投资背后的故事。 故事的起因可能是一通陌生的电话，一次登门拜访，或是对一篇学术论文的关注……光速光合与创业 者的交集就此展开。没有酒桌上的觥筹交错，也没有天花乱坠的承诺，只有长时间的相伴，分担痛 苦、分享成功，实践长期主义的价值。 "思考、专注、探索、创新"，这是光速光合的投资信仰。凭借着对行业的极致追求，心怀时代赋予的 责任，积极寻找下一个可能的机会。期待"中国创新的全球合伙人"能携手更多行业创新的探路者们一 路向光，合力而为。 在半导体行业，缺陷检测是一道隐形的 "生命线"。 一块晶圆，若是隐藏着微不可见的位错或杂质，可能导致芯片失效，进而影响新能源汽车的动力系统 或 5G基站的稳定性。传统检测方法多依赖化学腐蚀，不仅破坏昂贵的晶圆，还只能抽检，效率低且 成本高昂。随着碳化硅（SiC）等第三代半导体材料的崛起，行业对无损、高效的检测技术需求愈发 迫切。然而，国内9 ...

Group 1 - The Wuhan Intellectual Property Protection Center focuses on key industries such as optoelectronic information and high-end equipment manufacturing, enhancing high-value patent cultivation and rapid protection to inject new momentum into high-quality development [1][2] - In the first half of the year, the center accepted 2,127 patent pre-examination applications, a year-on-year increase of 20.3%, with 2 patents winning the China Patent Excellence Award and 7 patents receiving high-value patent awards from Hubei Province, indicating significant source protection effectiveness [1] - The center has implemented quality-oriented measures, including the introduction of the "Pre-examination Quality Control Specification" and local standards for "Patent Pre-examination Application Specification," improving the quality control system [1][2] Group 2 - The center has strengthened service initiatives by optimizing management methods and implementing hierarchical and classified management, focusing on key industries and enterprises to guide core patent layout [2] - Utilizing the pre-examination channel, Jingce Electronics quickly obtained authorization for 118 invention patents, establishing a comprehensive technology layout in semiconductor testing, with mass shipments to major clients [2] - The center collaborates with the National Intellectual Property Administration's Patent Examination Cooperation Center to enhance efficiency through batch pre-examination and quality inspection of difficult cases, achieving a batch pre-examination authorization rate of 90% [2]

Core Viewpoint - Zhongke Feimeasure (688361) reported a significant increase in revenue for the first half of 2025, indicating a positive trend in the company's financial performance despite still posting a net loss [1] Financial Performance - The company achieved an operating revenue of 702 million yuan, representing a year-on-year growth of 51.39% [1] - The net profit attributable to the parent company was a loss of 18.35 million yuan, an improvement from a loss of 68.01 million yuan in the same period last year [1] - Basic earnings per share were reported at -0.06 yuan [1] Factors Influencing Performance - The reduction in the loss margin was attributed to the continuous and stable growth in revenue [1] - The proportion of research and development expenses relative to operating revenue decreased compared to the previous year, contributing to the improved financial results [1]

Core Viewpoint - Zhongdao Optoelectronics has initiated the process for an IPO, focusing on semiconductor testing equipment, with technology spanning flat panel display, semiconductor, and photovoltaic testing fields [2][3]. Group 1: Company Overview - Zhongdao Optoelectronics, established in 2006, specializes in flat panel display and semiconductor wafer testing equipment, founded by a team of experienced overseas returnees [4]. - The company offers a complete product family in flat panel display testing equipment, achieving sub-micron level sensitivity, positioning itself as a key player in high-end detection solutions for the domestic flat panel display industry [4]. Group 2: Product Development and Achievements - The company has garnered attention from capital markets, with TCL Huaxing Optoelectronics being an early investor since 2014 [5]. - In early 2020, Zhongdao Optoelectronics successfully developed the first domestically produced 11th generation high-end measurement equipment, which was delivered to TCL Huaxing [5]. - The NanoPro-150, a nano-level defect detection device, was successfully delivered in 2022, with a sensitivity of up to 100nm, suitable for semiconductor chip manufacturing processes [5]. - In 2023, this device was again delivered for use in the production lines of leading domestic power semiconductor companies, achieving performance metrics comparable to top international products [5]. Group 3: Market Position and Recognition - Zhongdao Optoelectronics is recognized as a leading enterprise in the domestic semiconductor and semi-semiconductor front-end graphic defect detection equipment sector, classified as a "little giant" enterprise by the national "specialized, refined, and innovative" initiative [6]. - The company has a rich technical accumulation and complete independent intellectual property rights, with over 350 units of sub-micron and micron-level equipment sold and operating stably in numerous production lines over the past decade [6].

Core Viewpoint - The company, Shengke Nano (688757.SH), operates as a third-party testing and analysis laboratory for the semiconductor industry, providing critical analysis services across the entire semiconductor supply chain, including failure analysis, material analysis, and reliability analysis [1] Group 1: Company Overview - Shengke Nano specializes in high-density interconnect (HDI) board analysis and testing, leveraging its unique advantages in the field due to the increasing demands of AI technology [1] - The company has a professional technical team and advanced testing equipment, enabling comprehensive and high-precision analysis of HDI boards from raw materials to production processes and final product performance [1] Group 2: Industry Trends - The rapid development of AI technology has significantly increased the requirements for high-frequency signal transmission, high integration of chips, complex interconnection structures, and efficient heat dissipation in AI servers, leading to a substantial rise in PCB specifications and demand for high-end HDI boards [1] - The company's PCB analysis and testing business is expected to encounter more opportunities in the future as the industry evolves [1]