格隆汇11月26日丨博杰股份(002975.SZ)在投资者互动平台表示，公司为客户提供多代服务器测试设备 方案，公司会积极跟进匹配大客户的技术迭代带来的市场需求。 ...

Summary of inTEST Corporation FY Conference Call Company Overview - **Company**: inTEST Corporation (NYSEAM: INTT) - **CEO**: Nick Grant - **CFO**: Duncan Gilmour - **Current Revenue**: Approximately $130 million, up from under $55 million five years ago [2][3] Industry Insights - **Market Focus**: Primarily serves the semiconductor testing market, with diversification into automotive, aerospace defense, and industrial markets [3][4] - **Key Technologies**: - Electronic tests for back-end semiconductor applications - Environmental technologies for thermal control and testing - Process technologies including induction heating and image capture systems [5][6][8] Financial Performance - **Q3 Orders**: Strong performance with orders reaching $37.6 million, particularly in automotive/EV and defense/aerospace sectors [17][18] - **Backlog**: Ended Q3 with a backlog of just under $50 million, indicating recovery from previous declines [18] - **Q3 Revenue**: Reported revenue of $26 million, slightly below expectations due to delays in shipments [19][20] - **Gross Margin**: Q3 gross margin at 41.9%, consistent with previous quarters [20] - **Operating Cash Flow**: Generated $3.1 million in operating cash flow for Q3, with a total of $7 million for the first nine months of 2025 [22] Growth Strategy - **Vision 2030**: Aiming for revenue growth to $235 million-$285 million by 2030 through both organic and inorganic means [10] - **New Product Revenue**: Currently at 17%, with a target of over 25% [26] - **Acquisition Strategy**: Targeting companies in the $20 million-$40 million range to enhance existing technologies and expand geographic presence [14][15] Market Trends and Challenges - **Automotive Sector**: Experienced a slump in EV orders as OEMs shifted focus back to hybrids and combustion engines, but new projects for 2027 model years are expected to drive future growth [31][32] - **Technological Challenges**: Delays in new product shipments due to technical challenges, particularly in the AlphaMation and AstroLogics divisions [27][28] Key Takeaways - **Diversification**: Successful diversification into multiple markets has reduced reliance on the semiconductor sector, which now constitutes just over a third of total business [3][19] - **Innovation Focus**: Continuous investment in innovation and new product development is crucial for maintaining competitive advantage [10][11] - **Financial Health**: Strong balance sheet with $20 million in cash and a plan to be close to debt-free by the end of 2026 [24][23] Conclusion - inTEST Corporation is well-positioned for future growth with a diversified portfolio, strong order backlog, and a clear strategic vision. The company is navigating current market challenges while focusing on innovation and operational excellence to drive long-term success.

格隆汇11月18日丨博杰股份(002975.SZ)在互动平台表示，公司为客户提供的液冷服务器测试设备三季 度已产生收入；公司会跟进客户每一代新产品的测试需求，陆续开始批量交付相关液冷测试设备。 ...

Core Insights - Environmental Tectonics Corporation (ETC) has secured a $7.0 million contract for supplying environmental test cell equipment for a new F1 and NASCAR Racing engine development center [1] - Additionally, ETC's Environmental Testing and Simulation Systems (ETSS) unit has been awarded a $2.1 million contract for testing equipment for a U.S.-based heavy-duty diesel engine developer [1] - These contracts enhance ETSS's position as a leading supplier in the Racing and Heavy Duty Diesel Markets [2] Company Overview - ETC designs, manufactures, and sells software-driven products and services that simulate and monitor physiological effects of motion and environmental conditions [3] - The company's product offerings include aircrew training systems, disaster management systems, sterilizers, and environmental testing and simulation systems [3] - ETC's competitive edge lies in its ability to provide complete systems designed to high technical standards [3]

Core Viewpoint - Strongway Technology (301128.SZ) is actively expanding its humanoid robot-related business, offering structural components and testing equipment for robots, with initial orders already shipped [1] Group 1 - The company provides products such as hand, eye, and body trunk components, as well as complete robot testing equipment [1] - There are already a small number of orders that have been shipped, indicating initial market traction [1] - The company has advised investors to be cautious regarding investment risks [1]

Core Viewpoint - Strong瑞技术 (301128.SZ) has indicated that its business does not currently involve the niche area of robot cooling [1] Group 1 - The company has stated that its subsidiary, 超能机器人, is planning to provide testing equipment for complete robot systems to its clients [1]

Core Viewpoint - The company is actively expanding its humanoid robot-related business and has begun to deliver a small number of orders for robotic testing equipment [1] Group 1 - The company is focusing on the development of humanoid robots [1] - The company offers robotic testing equipment and related products to its clients [1] - There are already some orders that have been shipped [1]

Core Viewpoint - 博科测试 is a supplier that provides intelligent testing comprehensive solutions through modern testing and experimental technologies, focusing on servo hydraulic testing equipment and automotive testing equipment [1] Company Overview - 博科测试 specializes in the research, design, manufacturing, sales, and system integration of servo hydraulic testing equipment and automotive testing experimental equipment [1]

Core Viewpoint - The company Jing Shi Ce Kong has submitted an IPO application to the Hong Kong Stock Exchange, with plans to raise funds for capacity expansion, R&D, marketing, potential acquisitions, and general corporate purposes. However, there are concerns regarding the credibility of its financial information due to significant discrepancies in its financial disclosures and the recent sell-off by a major shareholder [1][3][5]. Group 1: IPO Details - Jing Shi Ce Kong has submitted its IPO application to the Hong Kong Stock Exchange on September 29, 2025, with CICC and浦银国际 as joint sponsors [1][5]. - The company plans to raise approximately 700 million yuan through this IPO [5]. - Prior to the IPO submission, Blue Lake Capital, holding 9.01% of the company, sold its shares at a price significantly lower than the last funding round valuation, raising questions about the company's valuation [1][5]. Group 2: Financial Discrepancies - There are major discrepancies in the financial disclosures between the company's applications to the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, with a difference of 233 million yuan in total liabilities and a 23.07 percentage point difference in the debt-to-asset ratio for 2022 [1][17]. - The company's revenue is projected to grow from 568 million yuan in 2022 to 863 million yuan in 2024, with a compound annual growth rate of 23.3%. However, a significant decline of 29.93% in revenue was reported for the first half of 2025 compared to the previous year [9][10]. Group 3: Ownership and Control - The founder and CEO Wang Lei holds 30.27% of the company, making him the largest shareholder, while CICC, through its investment arm, holds 11.85%, raising concerns about potential conflicts of interest as CICC is also a sponsor for the IPO [7][9]. - The company has undergone five rounds of financing since its establishment in 2011, raising over 300 million yuan, with a post-investment valuation of 1.6 billion yuan as of the D round in December 2022 [3][5].

Core Insights - Keysight Technologies has launched two new products, the EV2020B and EV2020BE, aimed at enhancing end-of-line testing for electric vehicle (EV) manufacturing and electric vehicle supply equipment (EVSE) [1] Group 1: Product Launch - The EV2020B EV Manufacturing Functional Test Platform is designed for automakers [1] - The EV2020BE EV Manufacturing Functional Test Platform is tailored for EVSE manufacturers [1] Group 2: Market Impact - These solutions provide a scalable and flexible approach to production testing [1] - The new platforms aim to accelerate time-to-market for EV products [1] - The launch is expected to reduce costs associated with production testing [1] - The solutions ensure readiness for manufacturers in the evolving EV market [1]