Core Viewpoint - The report highlights Shenzhen Seichi Technologies Co., Ltd.'s performance in the first half of 2025, showcasing a revenue increase while facing a decline in net profit, indicating challenges in cost management and operational efficiency [4][15]. Financial Performance - The company achieved operating revenue of CNY 443.63 million, a year-on-year increase of 22.68% compared to CNY 361.60 million in the same period last year [4]. - The total profit for the period was CNY 27.95 million, representing a decrease of 34.94% from CNY 42.96 million in the previous year [4]. - The net profit attributable to shareholders was CNY 30.59 million, down 19.94% from CNY 38.21 million [4]. - The net cash flow from operating activities improved to -CNY 66.97 million, compared to -CNY 90.09 million in the previous year [4]. - The total assets increased by 5.57% to CNY 2.14 billion, while the net assets attributable to shareholders decreased by 2.33% to CNY 1.68 billion [4]. Business Overview - The company focuses on semiconductor testing and detection equipment, aiming for self-sufficiency in key devices and building a comprehensive service capability [5][6]. - The product line includes wafer testers, aging repair equipment, and high-speed final test machines, with a significant market presence in the domestic semiconductor testing equipment sector [6][7]. - The company has established stable business relationships with major semiconductor and display manufacturers, enhancing its competitive strength and market share [7][10]. Industry Trends - The semiconductor testing equipment industry is experiencing growth driven by advancements in technology and increasing demand for high-performance testing solutions, particularly in AI and advanced packaging technologies [10][14]. - The market for probe cards is expected to grow significantly, with a projected CAGR of 6.0% from 2018 to 2023, accelerating to 8.9% from 2024 to 2029 [10]. - The rise of AI and high-bandwidth memory (HBM) is pushing the demand for high-precision testing equipment, as the complexity of semiconductor devices increases [10][14]. - The micro-display technology is rapidly evolving, with significant growth in applications for AR/VR devices, creating new opportunities for domestic display testing equipment manufacturers [11][13].

Summary of Conference Call Records Company Overview - The company discussed is Jinzhida, a testing equipment company with a focus on semiconductor testing and detection equipment [1][2]. Key Industry Insights - The semiconductor equipment industry is experiencing rapid growth, with Jinzhida's semiconductor business showing a year-on-year growth rate of nearly 200% for 2024 [1]. - The company emphasizes the importance of self-sufficiency in semiconductor equipment to ensure the security and upgrade of the industrial chain [2]. Financial Performance - In Q1, the company's revenue grew by 83%, indicating strong performance [1]. - For 2024, the overall revenue growth is approximately 24%, with R&D expenses increasing significantly by about 53% [8]. - The semiconductor business revenue reached approximately 250 million, a year-on-year increase of 200%, with a gross margin of 32.6% [9][23]. - The company aims for semiconductor revenue to exceed 50% of total revenue by 2025 [20]. R&D and Product Development - R&D investment has increased by 50%, with over 400 technical staff contributing to product development [3][6]. - The company has launched multiple new products across its two main product lines, including traditional aging repair testing equipment and new FT testing devices [10][12]. - Jinzhida is expanding its product line to include advanced packaging testing equipment and is establishing a new R&D base in Nanjing [13][22]. Strategic Goals - The company is committed to deepening its focus on testing equipment and expanding its product categories to leverage strategic advantages in the industry [4]. - Jinzhida plans to enhance its capabilities in DRAM testing equipment and aims to solidify its position in the semiconductor testing market [17][18]. - The company has set ambitious revenue targets for the next three years, aiming for 1 billion in 2025 and 2.8 billion by 2027, with a significant portion coming from semiconductor-related products [21][42]. Market Position and Client Base - Major clients include leading domestic DRAM manufacturers and top display panel manufacturers in China [7]. - The company is also expanding its overseas business, including partnerships with significant clients like Meta [7][11]. Challenges and Future Outlook - The company faces challenges related to gross margin fluctuations due to product structure changes, particularly in the display business [23][24]. - There is a strong focus on domestic production and self-sufficiency in key components to mitigate supply chain risks [33]. - The company is optimistic about future growth, driven by increased demand for semiconductor testing solutions and advancements in technology [42]. Conclusion - Jinzhida is positioned for significant growth in the semiconductor testing equipment market, with a strong emphasis on R&D, product innovation, and strategic partnerships. The company aims to become a leading platform for semiconductor testing solutions both domestically and globally [43].