Core Viewpoint - The report outlines the continuous sponsorship and supervision of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. by Guotai Junan Securities Co., Ltd., detailing the company's IPO and subsequent operational oversight [2][9]. Summary by Sections IPO and Fundraising - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. issued 20.5 million shares at a price of RMB 71.18 per share, raising a total of RMB 145.919 million, with a net amount of RMB 129.636 million after expenses [2]. Continuous Supervision - The continuous supervision period is from September 27, 2022, to December 31, 2025, during which the sponsor will ensure compliance with regulations and proper information disclosure [2][3]. - The sponsor has established a continuous supervision agreement with the company, outlining mutual rights and obligations [3]. Operational Oversight - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [3][4]. - The company has maintained compliance with its commitments, with no unfulfilled promises reported during the supervision period [6]. Financial Performance - The company reported a revenue of RMB 32,279.33 million, a 32.50% increase from the previous year, and a net profit of RMB 5,803.69 million, reflecting a significant growth of 1,005.12% [16]. - The cash flow from operating activities improved to RMB 2,265.43 million, compared to a negative cash flow of RMB 8,221.56 million in the previous year [14]. Risks and Challenges - The company faces risks related to core competitiveness, particularly in the rapidly evolving sectors of new energy batteries and semiconductors, where continuous R&D is crucial [10][11]. - There is a risk of customer concentration, as the company relies heavily on major clients in the new energy battery sector, which could impact its business if these clients change suppliers [12]. R&D and Innovation - The company has a strong focus on R&D, with expenditures amounting to RMB 7,557.83 million, representing 23.41% of its revenue [18]. - The company has obtained 336 patents and 62 software copyrights, showcasing its commitment to innovation and technological advancement [18][19]. Client Relationships - The company has established strong relationships with major clients in various sectors, including new energy batteries and semiconductors, enhancing its market position [22][23]. - The company emphasizes customer service and has built a nationwide marketing network to support its clients effectively [20][21]. Fund Utilization - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage in line with its disclosed plans [24].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and profit for the first half of 2025, driven by increased sales in ultrasonic equipment for new energy batteries and connector applications [1][2]. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1]. - Profit before tax reached 60.71 million yuan, with net profit attributable to shareholders at 58.04 million yuan, reflecting a substantial year-on-year growth of 1005.12% [1]. Business Development - The revenue growth was attributed to the increase in sales of ultrasonic welding equipment and components, particularly in the new energy and semiconductor sectors [1][3]. - The company has been actively promoting ultrasonic welding monitoring systems to address challenges in battery welding, with related equipment achieving bulk shipments during the reporting period [1]. Product Innovation - Jiao Cheng Ultrasonic launched a vibration monitoring system for terminal welding quality in the connector field, addressing shortcomings in traditional quality management [2]. - The company received formal orders for advanced ultrasonic scanning microscopes and ultrasonic die bonding machines in the semiconductor advanced packaging sector [2]. Research and Development - R&D investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, representing 23.41% of the operating revenue [2]. - The company increased its R&D personnel to 318, accounting for 37.54% of total employees, with a 10.03% increase in new R&D staff compared to the previous year [2]. Incentive Mechanism - The company completed the grant of reserved restricted stock to incentive objects under the 2024 restricted stock incentive plan, with a grant date set for March 31, 2025, for up to 645,300 shares [2].

Core Viewpoint - The company, Jiao Cheng Ultrasonic, reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in ultrasonic equipment for the new energy battery and connector sectors. Financial Performance - The company achieved operating revenue of 323 million yuan, a year-on-year increase of 32.50% [1] - The total profit reached 60.71 million yuan, with a net profit attributable to shareholders of 58.04 million yuan, reflecting a remarkable year-on-year growth of 1005.12% [1] Business Operations - Jiao Cheng Ultrasonic specializes in ultrasonic technology solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [1] - The company’s products are primarily used in the new energy and semiconductor sectors, including ultrasonic welding equipment for new energy batteries and connector welding [1] Product Development and Innovation - The company has enhanced its ultrasonic welding vibration monitoring systems and laser welding quality monitoring systems to address challenges in new energy battery welding [1] - In the connector field, the company introduced a vibration monitoring system for terminal welding, which addresses shortcomings in traditional quality management [2] - The company successfully delivered advanced ultrasonic scanning microscopes for semiconductor packaging and received formal orders for ultrasonic bonding machines [2] Research and Development - Research and development expenditures amounted to 75.58 million yuan, representing a 5.46% increase year-on-year and accounting for 23.41% of operating revenue [2] - The company has been actively recruiting high-end professionals in the semiconductor field, with R&D personnel now comprising 37.54% of the total workforce [2] Incentive Mechanism - The company completed the grant of reserved restricted stock under the 2024 incentive plan, with a grant date set for March 31, 2025, for up to 60 individuals [3] Market Opportunities - The company is leveraging the recovery in demand within the lithium battery industry and is expanding its business in the connector and semiconductor sectors [3]

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. in the first half of 2025, driven by increased demand in the new energy and semiconductor sectors, alongside the company's strategic focus on technological innovation and market expansion [3][8][10]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 322.79 million yuan, representing a 32.50% increase compared to the same period last year [3][8]. - The net profit attributable to shareholders reached approximately 58.04 million yuan, marking a substantial increase of 1,005.12% year-on-year [3][8]. - The total assets of the company at the end of the reporting period were approximately 2.26 billion yuan, up 6.19% from the beginning of the year [3][8]. - The net assets attributable to shareholders increased to approximately 1.76 billion yuan, reflecting a growth of 3.88% [3][8]. Industry and Main Business Situation - The company operates in the ultrasonic technology sector, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment, primarily serving the new energy and semiconductor industries [4][10]. - The demand for ultrasonic equipment is expected to grow due to the rapid development of the new energy battery and semiconductor industries, with the market for ultrasonic welding equipment in the new energy sector showing significant growth [4][10]. - The company has established a strong market position in the ultrasonic welding equipment sector, particularly in the new energy battery field, where it has seen a notable recovery in business performance [4][10]. Technological Innovation and R&D - The company invested approximately 75.58 million yuan in R&D during the reporting period, accounting for 23.41% of its revenue, indicating a strong commitment to innovation [9][14]. - The company has developed a comprehensive ultrasonic technology platform that covers the entire industrial application process, enabling it to provide tailored solutions for various industries [14][15]. - The company has successfully launched several innovative products, including ultrasonic bonding machines and scanning microscopes, which have received positive market feedback [9][12]. Market Position and Competitive Advantage - The company has established partnerships with numerous well-known clients in the automotive and semiconductor sectors, enhancing its market presence and competitive edge [10][11]. - The company is recognized as a national high-tech enterprise and has received multiple accolades for its innovation and technological capabilities, further solidifying its reputation in the industry [14][15]. - The company’s focus on customer service and localized support has strengthened its relationships with clients, contributing to its competitive advantage in the market [16].