在夯实技术根基的同时，胜科纳米积极以创新模式破解行业核心痛点。今年10月，"空联苏沪.芯动未 来"胜科纳米无人机航线首飞仪式在苏州总部顺利举行，这条上海金山到苏州的全国首条跨省半导体检 测无人机专线的正式开通，成为公司物流模式创新的标志性成果。 此外，胜科纳米在AI技术应用领域的前瞻性布局同样备受关注。李晓旻强调，公司始终重视AI与核心 业务的深度融合，一方面将AI技术全面融入分析测试各环节，另一方面借助AI技术辅助半导体行业的 器件、工艺及材料研发。 2025年前三季度，胜科纳米实现营业收入3.86亿元，同比增长31.22%；归母净利润5658.69万元，同比 增长3.59%。胜科纳米董事长、创始人李晓旻透露，目前公司第三代产线持续贡献稳健收入，第四代产 线已正式成为业绩增长的新引擎。 据介绍，公司第四代产线采用晶体管级纳米探针分析技术，成功攻克先进制程SRAM失效分析难题。值 得关注的是，面向未来的第五代产线已进入研发阶段，将持续引领半导体检测技术前沿方向。 今年3月25日，胜科纳米在上交所科创板正式上市，成为江苏第700家A股上市公司。这家素有"芯片全 科医院"之称的企业，由此迈入资本市场赋能产业高质量 ...

证券日报网讯 12月12日，胜科纳米在互动平台回答投资者提问时表示，公司紧跟半导体产业下游技术 发展，持续进行前沿分析技术研发，已形成多项核心技术，可为GPU芯片公司在内的芯片设计、晶圆代 工、封测、IDM等半导体客户提供检测分析服务，满足下游客户不同产品、不同工艺的分析需求。 ...

Core Viewpoint - The company plans to invest approximately 500 million RMB in the "Qingdao Testing and Analysis Capability Enhancement Project" through its wholly-owned subsidiary, Qingdao Shengke [2][4]. Group 1: Project Overview - The project aims to enhance the company's testing and analysis capabilities in the semiconductor sector, addressing the growing market demand [4][6]. - The total investment for the project is estimated at around 500 million RMB, which includes costs for construction and equipment [2][6]. - Funding sources for the project may include self-owned funds, bank loans, or other legally compliant methods [6][7]. Group 2: Project Details - The project will involve the establishment of a new third-party testing laboratory in Qingdao, equipped with various professional analysis and testing instruments [6]. - The project is expected to provide failure analysis, material analysis, and reliability analysis services to integrated circuit companies [6]. Group 3: Strategic Importance - This investment aligns with the industry's development trends and the company's strategic plan for nationwide laboratory layout, enhancing market share and solidifying industry position [6]. - The project is anticipated to upgrade production lines and laboratory facilities, further empowering the company's research and innovation capabilities [6].

Core Viewpoint - The company plans to invest approximately 500 million RMB in the "Qingdao Testing and Analysis Capability Enhancement Project" to strengthen its competitive advantage in the semiconductor third-party testing and analysis sector and meet the growing market demand [1][2] Group 1: Investment and Strategic Planning - The board of directors approved the investment project to accelerate market layout in key regions and enhance testing and analysis capabilities [1] - The investment aligns with industry development trends and the company's strategy for nationwide laboratory layout, aiming to increase market share and solidify industry position [1] - The project is expected to upgrade production lines and laboratory construction, enhancing R&D innovation and core competitiveness, which is crucial for long-term sustainable development [1] Group 2: Industry Context and Company Performance - As a semiconductor third-party testing laboratory, the company serves the entire semiconductor industry chain, benefiting from high growth in downstream applications and advanced manufacturing processes [2] - In the first three quarters of this year, the company achieved revenue of 386 million RMB, a year-on-year increase of 31.22%, and a net profit of 56.59 million RMB, up 3.59% year-on-year [2] - Orders and revenue from advanced processes, including 28nm and below, high-end specialty processes, advanced packaging, and advanced materials, have shown significant year-on-year growth [2] - Orders and revenue from wafer foundries and equipment manufacturers have also maintained a growth trend [2]

Core Viewpoint - The company plans to invest approximately 500 million yuan in the "Qingdao Testing and Analysis Capability Enhancement Project" to accelerate market layout and enhance its competitive advantage in the semiconductor third-party testing and analysis sector [1] Group 1: Investment and Strategic Planning - The investment aligns with industry development trends and the company's strategic plan for multi-location laboratory layout across the country [1] - The project aims to meet the growing demand in the testing and analysis market, thereby increasing the company's market share and solidifying its industry position [1] Group 2: Operational and Competitive Enhancement - The project will facilitate upgrades to production lines and laboratory construction, further empowering the company's research and development innovation [1] - Enhancing core competitiveness is crucial for the company's long-term sustainable development [1]

Core Viewpoint - The company, Victory Nano (688757), is positioned as a third-party testing and analysis laboratory for the semiconductor industry, benefiting from the growth in demand for advanced processes and new technologies, while also adapting to market conditions by offering cost-effective solutions through a Labless model [1][2]. Financial Performance - In the first three quarters of this year, the company achieved operating revenue of 386 million yuan, representing a year-on-year growth of 31.22%, and a net profit attributable to shareholders of 56.59 million yuan, with a year-on-year increase of 3.59% [2]. - Orders and revenue from advanced process fields, including 28nm and below processes, high-end specialty processes, advanced packaging, and advanced materials, have shown significant year-on-year growth [2]. Market Trends and Opportunities - The semiconductor testing and analysis demand is expected to grow further due to influences from artificial intelligence, high-performance computing, and domestic production trends, presenting more development opportunities for the company [3]. - The company has established new facilities, including a headquarters in Suzhou and a laboratory in Beijing, which are expected to provide sufficient capacity for future revenue growth [3]. Technological Advancements - The company’s fourth-generation production line utilizes transistor-level nano-probe analysis technology to address the high demands of failure analysis for advanced process SRAM, leading to an increase in customer numbers and order demand, contributing to higher profit margins [2].

Group 1: R&D Investment and Innovation Capacity - Jiangsu's R&D investment intensity has steadily increased from 2.95% in 2021 to 3.36% in 2023, positioning it at a mid-to-high level among innovative countries and regions [1] - Jiangsu's regional innovation capability ranked second nationally last year and maintained this position this year, with a narrowing gap to the top [1] - The province has launched over 9,000 basic research projects during the "14th Five-Year Plan" period, emphasizing the importance of original innovation [2] Group 2: Major Technological Platforms and Achievements - Jiangsu has established 44 national key laboratories and is developing the Suzhou Laboratory, which focuses on materials research [3] - The province has made significant breakthroughs, including the first observation of a graviton mode in condensed matter and the establishment of the world's first 8-inch silicon-based gallium nitride production line [3] - Jiangsu's innovation in pharmaceuticals is notable, with seven innovative drugs approved during the "14th Five-Year Plan," compared to just one during the previous period [5] Group 3: Support for Enterprises and Startups - The number of listed companies on the Science and Technology Innovation Board in Jiangsu has increased from 42 at the end of the "13th Five-Year Plan" to 114, the highest in the country [5] - Jiangsu has implemented policies to support high-tech enterprises and unicorn companies, resulting in a growth of technology-based SMEs from 40,000 to 89,000 [6] - The province is fostering innovation through high-tech zones and collaborations with universities, enhancing the local innovation ecosystem [7] Group 4: Innovation Ecosystem and Financial Support - Jiangsu is reforming its technology system to eliminate barriers to innovation, including pilot reforms in technology achievement ownership [8] - The province has established a comprehensive financial support system for technology startups, with over 640 billion yuan in new loans for the technology sector in the past two years [9] - The Jiangsu Provincial Technology Finance Integration Conference has been held for three consecutive years, promoting the integration of technology and finance [9]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 239 million yuan, a year-on-year increase of 29.03% [1] - The net profit attributable to shareholders was 33.37 million yuan, up 11.48% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.52 million yuan, reflecting a 19.00% increase [1] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 20.17 million yuan, which accounts for 60.43% of the net profit attributable to shareholders for the first half of 2025 [1] Group 2: Industry Context - The company primarily engages in third-party testing and analysis services for the semiconductor industry, providing failure analysis, material analysis, and reliability analysis [2] - The demand for semiconductor testing and analysis has been growing due to the rapid development of the global semiconductor industry and the increasing complexity of manufacturing processes [2] - The trend towards specialization in the semiconductor industry has led to the emergence of independent testing and analysis as a significant segment, benefiting the third-party testing and analysis sector [2] Group 3: Market Position - The company ranks among the top players in the domestic semiconductor third-party testing and analysis market, with a main business revenue of 415 million yuan in 2024, of which 364 million yuan comes from domestic sales [2] - In the failure analysis and material analysis market, the company is estimated to achieve domestic revenue of 353 million yuan in 2024, capturing approximately 7.44% of the market share [3] - The company has established a strong competitive position in the market, recognized for its diverse testing projects and precise diagnostic capabilities, making it one of the most influential third-party semiconductor testing and analysis laboratories in China [3]

Core Viewpoint - The report highlights the financial performance and operational strategies of Wintech Nano (Suzhou) Co., Ltd., emphasizing its growth in the semiconductor third-party testing and analysis market, driven by increasing demand for advanced semiconductor technologies and services [1][3][14]. Financial Performance - The company achieved a revenue of RMB 239.24 million in the first half of 2025, representing a year-on-year increase of 29.03% compared to RMB 185.42 million in the same period of 2024 [3][14]. - The net profit attributable to shareholders was RMB 33.37 million, up 11.48% from RMB 29.93 million in the previous year [3][14]. - The total assets reached RMB 1.68 billion, a 12.67% increase from RMB 1.49 billion at the end of the previous year [3][14]. Business Overview - The company specializes in semiconductor third-party testing and analysis services, providing failure analysis, material analysis, and reliability analysis to clients across the semiconductor industry [5][14]. - Wintech Nano has established itself as a leading player in the domestic market, particularly in high-difficulty areas such as failure analysis and material analysis, with a significant market share [5][14]. - The company has adopted a "Labless" operational model, which allows semiconductor firms to outsource testing and analysis, reducing costs and improving efficiency [12][13]. Market Trends - The global semiconductor market reached USD 346 billion in the first half of 2025, reflecting an 18.9% year-on-year growth, driven by strong demand in logic chips, memory chips, and sensors [5][10]. - The domestic market for semiconductor third-party testing and analysis is expected to expand significantly, with estimates suggesting a market size of approximately RMB 4.747 billion in 2024 for failure and material analysis [5][10]. - The increasing complexity of semiconductor products and the rise of applications such as AI, 5G, and IoT are expected to drive further demand for testing and analysis services [9][10]. Operational Strategies - The company has implemented a multi-site laboratory strategy, with facilities in Suzhou, Nanjing, Fujian, Shenzhen, Qingdao, and Beijing, enhancing its service capabilities across key markets [11][14]. - Wintech Nano focuses on continuous R&D investment, developing core technologies in failure analysis, material analysis, and reliability analysis, which are crucial for meeting the evolving needs of the semiconductor industry [10][14]. - The company has established a strong marketing team and utilizes direct sales strategies to engage with clients, ensuring a comprehensive understanding of customer needs and timely service delivery [7][14].

Group 1: Fund Overview - Chunhou Lijia Mixed A Fund, established on July 29, 2022, has a total management scale of 0.02 billion yuan [1] - The fund aims to create stable returns exceeding the performance benchmark through asset allocation while strictly controlling risks and maintaining liquidity [1] - As of April 25, 2025, the fund achieved a one-year return of 10.25%, outperforming the benchmark growth rate of 4.93% and the CSI Mixed Fund Index return of 6.33% [1] Group 2: Shareholder Structure - The proportion of institutional investors in the fund reached 9.64%, increasing by 9.64 percentage points over six months [1] - Fund employees hold 85.21% of the shares, totaling 855,500 shares [1] Group 3: Industry Insights - The semiconductor industry is experiencing rapid growth, driving a surge in demand for semiconductor testing and analysis [2] - The third-party laboratory testing and analysis market in the semiconductor sector has significant growth potential, with the Labless model gaining industry recognition [2] - Continuous R&D investments, driven by advancements in semiconductor technology, are expected to sustain the growth of third-party testing and analysis demand, particularly in advanced processes [2] Group 4: Company Service and Sales Model - The company employs a production model based on sales, implementing order-based production tailored to customer needs [2] - It focuses on quality and efficiency in testing services, continuously optimizing production processes to enhance service quality [2] - The sales model is direct, allowing the company to provide personalized testing solutions and respond promptly to customer needs [2] Group 5: Competitive Advantages - The company has a technological R&D advantage, with capabilities covering advanced processes up to 3nm, positioning it among industry leaders [2] - It holds a strong market position in the third-party testing and analysis market, with significant revenue scale and market share [2] - The company is recognized as a national-level "little giant" and has established a strong brand effect within the industry [2] - The technical team comprises individuals with experience from top institutions and global semiconductor firms, enhancing the company's technical strength [2] - The company has a unique international advantage with laboratories in both China and Singapore, differentiating it from domestic competitors [2] Group 6: Future Development Plans - The company plans to leverage its technical talent and maintain high R&D investment to capitalize on domestic semiconductor development opportunities [2] - It aims to enhance its analytical capabilities in advanced processes, packaging, high-performance chips, and third-generation semiconductor materials [2] - The company will expand its focus on failure analysis and reliability analysis for automotive-grade chips while exploring new fields like aerospace and biomedicine [2] - It intends to broaden its customer reach through a multi-point domestic layout and standardize laboratory replication to accelerate business expansion [2]