格隆汇12月8日｜有投资者在互动平台向联测科技提问：公司在H/J级(1600℃以上)商用测试平台方面的 建设及研发进展情况？联测科技回复称，公司主营业务为动力系统智能测试装备的研发、制造和销售， 以及提供动力系统测试验证服务，不涉及H/J级(1600℃以上)商用测试平台。 ...

Core Viewpoint - The announcement details the completion of the share reduction plan by major shareholders of Kewell Technology Co., Ltd., with a total of 1,912,724 shares reduced, representing 2.27% of the company's total share capital [1][2][4]. Shareholder Reduction Plan - The reduction plan was first disclosed on September 6, 2025, with a maximum intended reduction of 1,968,799 shares, or 2.34% of the total share capital [1][3]. - As of October 29, 2025, the shareholders completed the reduction, with 合涂投资 reducing 992,468 shares (1.18%) and 京坤投资 reducing 920,256 shares (1.09%) [2][3]. Financial Impact - 合涂投资's total reduction amount was approximately 38.70 million yuan, while 京坤投资's total reduction amount was about 36.27 million yuan, leading to a combined cash-out of approximately 74.97 million yuan [2][3]. - The remaining shares not reduced amount to 56,075, and the reduction plan has been terminated early [4]. Shareholding Structure Post-Reduction - After the reduction, 合涂投资 and 京坤投资, along with their associated party 傅仕涛, hold a total of 25,240,003 shares, which is 30.02% of the total share capital, down from 32.30% prior to the reduction [2][4].

Core Viewpoint - The controlling shareholders of Lian Ce Technology (688113) plan to reduce their holdings, raising concerns about the company's stock buyback program and its effectiveness in supporting shareholder value [1][5]. Summary by Sections Shareholder Actions - On October 12, Lian Ce Technology announced that two of its controlling shareholders, Li Hui and Zhang Hui, plan to reduce their holdings by up to 1.92 million shares, representing 2.98% of the total share capital, between November 4, 2025, and February 3, 2026 [1][3]. - If the maximum reduction is executed at the closing price of 39.78 yuan per share, the total cashing out could exceed 76 million yuan [3]. Company Buyback Program - The company's buyback program initiated in April 2023 has seen limited progress, with less than 500,000 yuan spent so far, leading to investor skepticism about its intent [4][5]. - The buyback plan aims to repurchase shares worth 10 million to 20 million yuan for employee stock ownership plans or equity incentives, but only 12,800 shares have been repurchased, accounting for 0.02% of the total share capital [5]. Shareholder Structure and Market Performance - Lian Ce Technology is a professional provider of power system testing solutions, with major clients including SAIC Group, GAC Group, Huawei, and others [4]. - The controlling shareholder, Zhao Aiguo, and his associates hold a combined 35.11% of the shares, indicating a high concentration of ownership [4]. - Despite the recent sell-offs by controlling shareholders, the stock has seen a year-to-date increase of 39%, with a current market capitalization of 2.5 billion yuan [5].

Core Insights - The company, LianCe Technology (688113.SZ), reported a revenue of 255 million yuan in the first half of 2025, marking a year-on-year increase of 6.04% and a net profit attributable to shareholders of 52.94 million yuan, up 13.12% year-on-year [2] - The company's intelligent testing equipment for power systems has an order backlog (including tax contract amount) of 570 million yuan, reflecting a year-on-year growth of 25.80%, which lays a solid foundation for performance release in the second half of the year [2] - The testing and verification services segment showed significant growth, achieving revenue of 46.84 million yuan, a remarkable increase of 208.42%, with its revenue share rising from 6.31% in the same period last year to 18.35%, becoming a new growth driver [2] Company Overview - LianCe Technology is a leading domestic enterprise in power system testing solutions, holding 23 invention patents, 108 utility model patents, and 54 software copyrights [2] - The company focuses on the research and development of testing equipment and services in niche areas such as new energy vehicles, fuel vehicles, ships, and aviation, gradually forming a complete solution that integrates software and hardware [2] Industry Position - The company has made substantial breakthroughs in the localization of high-speed hydraulic dynamometers for aircraft engines, with multiple product models entering customer trial operations or achieving sales, and some products have already received orders [2] - The related technology is approaching international leading levels in key indicators such as maximum power and highest speed, providing critical support for China's autonomous control in aviation power [2] Client Base and Shareholder Returns - The company's client base is extensive, including major players in the new energy vehicle sector such as SAIC Group, GAC Group, BYD, Huawei, NIO, Xiaomi Auto, and Changan Automobile, as well as partnerships with companies in the fuel vehicle and research sectors like Weichai Group, Geely Group, and FAW Group [3] - The company plans to distribute a cash dividend of 2.48 yuan per 10 shares (including tax), totaling approximately 15.97 million yuan, which accounts for 30.16% of the net profit attributable to shareholders [3] Future Outlook - LianCe Technology demonstrated robust growth in performance, improved cash flow, and ample orders in the first half of 2025 [3] - With the rapid expansion of testing and verification services and the ongoing import substitution of aircraft engine testing equipment, the company's strategic position in the new energy vehicle and aviation power sectors is becoming increasingly prominent [3] - The company is expected to play a larger role in the high-end manufacturing process of "Made in China" in the future [3]

Core Viewpoint - Kewell (688551) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the testing equipment industry [1] Financial Performance - In the first half of 2025, Kewell achieved a revenue of approximately 224 million yuan, representing a year-on-year decrease of 11.62% [1] - The company's net profit attributable to shareholders was about 31.01 million yuan, down 25.92% compared to the same period last year [1] Company Overview - Kewell is a comprehensive testing equipment company that provides testing systems and intelligent manufacturing equipment based on testing power products for multiple industries [1]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to intensified competition in the electric vehicle sector, which has pressured profit margins [1][4]. Financial Performance - The company achieved total revenue of 493 million yuan, a year-on-year decrease of 0.42% [1]. - The net profit attributable to shareholders was 82.51 million yuan, down 8.99% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 80.12 million yuan, a decline of 7.92% compared to the previous year [1]. - Gross profit was 181 million yuan, a decrease of 5.79% from 190 million yuan in 2023 [4]. - The company’s order backlog amounted to 501 million yuan, reflecting a reduction of approximately 5.07% from the end of 2023, indicating market demand uncertainty [4]. Market Competition - The company faced increased competition in the electric vehicle sector, leading to a decrease in profit margins [4]. - Despite efforts to increase the number of test benches and reduce service prices to capture market share, these strategies did not effectively improve net profit [4]. Research and Development - The company maintained stable R&D investment, totaling 36.52 million yuan, which accounted for 7.41% of total revenue [4]. - During the reporting period, the company applied for 16 invention patents, 24 utility model patents, 1 design patent, and 2 software copyrights, while obtaining 3 invention patents, 19 utility model patents, and 1 software copyright [4][5]. - The company introduced two new models in the aerospace military dynamometer technology field, enhancing its competitiveness in the high-end market and providing new growth opportunities [5]. Internal Management and Talent Development - The company made significant progress in internal management and talent development, revising its governance structure and enhancing its internal control system [6]. - The company implemented 5S management practices to improve production and office environments [6]. - By the end of 2024, the company’s workforce exceeded 500 employees, reaching a total of 511, representing a net increase of 55 employees or 12.06% from the end of 2023 [6]. - The company optimized its internal talent performance evaluation and established an effective compensation assessment system to enhance team stability and effectiveness [6].