1月9日，天准科技盘中上涨2.01%，截至09:47，报61.91元/股，成交3953.29万元，换手率0.33%，总市 值120.30亿元。 资金流向方面，主力资金净流入428.60万元，特大单买入101.20万元，占比2.56%，卖出123.22万元，占 比3.12%；大单买入1086.09万元，占比27.47%，卖出635.48万元，占比16.07%。 天准科技所属申万行业为：机械设备-自动化设备-其他自动化设备。所属概念板块包括：专精特新、半 导体设备、低空经济、第三代半导体、长三角一体化等。 截至9月30日，天准科技股东户数1.31万，较上期增加18.91%；人均流通股14830股，较上期减少 15.67%。2025年1月-9月，天准科技实现营业收入9.77亿元，同比增长14.79%；归母净利润-1516.90万 元，同比减少10.98%。 分红方面，天准科技A股上市后累计派现5.16亿元。近三年，累计派现2.68亿元。 机构持仓方面，截止2025年9月30日，天准科技十大流通股东中，华夏中证机器人ETF（562500）位居 第六大流通股东，持股266.67万股，相比上期增加49.71万股。兴全趋势 ...

12月31日，天准科技盘中上涨2.07%，截至11:04，报58.61元/股，成交6045.17万元，换手率0.54%，总 市值113.89亿元。 资金流向方面，主力资金净流入112.92万元，特大单买入217.75万元，占比3.60%，卖出0.00元，占比 0.00%；大单买入766.01万元，占比12.67%，卖出870.84万元，占比14.41%。 天准科技今年以来股价涨36.93%，近5个交易日涨1.47%，近20日涨9.14%，近60日涨0.95%。 资料显示，苏州天准科技股份有限公司位于江苏省苏州高新区五台山路188号，成立日期2009年8月20 日，上市日期2019年7月22日，公司主营业务涉及工业视觉等装备研发、生产、销售。主营业务收入构 成为：视觉制程装备40.34%，视觉测量装备37.87%，智能驾驶方案10.93%，视觉检测装备10.85%。 天准科技所属申万行业为：机械设备-自动化设备-其他自动化设备。所属概念板块包括：半导体设备、 第三代半导体、专精特新、高派息、无人驾驶等。 截至9月30日，天准科技股东户数1.31万，较上期增加18.91%；人均流通股14830股，较上期减少 15 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The target price of Tianzhun Convertible Bond on the first day is estimated to be between 129 and 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 38% - 43%, corresponding to a target price of around 129 - 134 yuan. The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057% [3][19][20] Summary According to the Directory 1. Tianzhun Convertible Bond New - Bond Analysis and Investment Advice 1.1 Convertible Bond Basic Terms Analysis - Tianzhun Convertible Bond is issued through priority allotment and online issuance, with a bond and issuer rating of AA-. The issuance scale is 872 million yuan, the initial conversion price is 55.73 yuan, the convertible bond parity on December 12, 2025, is 93.74 yuan, the pure bond value is 93.02 yuan. The game terms (lower - revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is acceptable, and the bond floor provides good protection. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14] 1.2 New - Bond Initial Price Analysis after Listing - The company's main products are industrial vision equipment, including visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. The funds raised will be used to upgrade and expand existing products, enhance market competitiveness, and maintain technological leadership. The target price of the convertible bond on the first day of listing is estimated to be between 129 and 134 yuan, and the conversion premium rate is expected to be in the range of 38% - 43% [3][18][19] 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057%. Assuming the old shareholders' allotment ratio is 43% - 65%, the scale available for the market is 308 million - 499 million yuan. Based on the assumption of 8.77 million online valid subscriptions, the winning rate is calculated [4][20] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Up - and Downstream Industry Situation - Tianzhun Technology is a well - known domestic vision equipment platform company, focusing on serving the electronics, semiconductor, and new - energy vehicle industries. It provides high - end vision equipment products. The upstream of the machine - vision industry includes core hardware and software, the mid - stream consists of application systems and visual equipment, and the downstream is mainly end - user industries such as 3C electronics, automotive, and semiconductors [21][22] 2.2 Company's Operating Conditions - From 2022 to the first three quarters of 2025, the company's operating income remained generally stable, with minor fluctuations. The main business is prominent, but the comprehensive gross profit margin and net profit margin have shown a downward trend in recent years. The period expenses have gradually increased, and the R & D expenses have fluctuated slightly. The accounts receivable turnover rate has gradually decreased, and the proportion of accounts receivable in operating income has fluctuated significantly [24][28][32] 2.3 Company's Equity Structure and Major Subsidiaries - As of September 30, 2025, the equity structure is relatively concentrated. Qingyi Investment is the largest shareholder, and Ningbo Zhunzhi is the second - largest shareholder. The top two shareholders hold a combined 42.82% of the shares, and the top ten shareholders hold 64.67% of the shares. Qingyi Investment is the controlling shareholder, and Xu Yihua is the actual controller [4][20][44] 2.4 Company's Business Characteristics and Advantages - Tianzhun Technology is a well - known domestic vision equipment platform company. Its competitive advantages include technological innovation, an intellectual property protection mechanism, and talent cultivation. It has established multiple R & D innovation platforms, has a strict intellectual property protection system, and a large R & D team [49][50] 2.5 Allocation of the Raised Funds - After deducting issuance fees, 400 million yuan of the raised funds is planned for the R & D and industrialization project of industrial vision equipment and precision measurement instruments; 278 million yuan is for the R & D and industrialization project of semiconductor metrology equipment; 194 million yuan is for the R & D and industrialization project of intelligent driving and embodied intelligent controllers. Each project has its own investment return indicators and construction periods [12][51][53]

Core Viewpoint - Tianzhun Technology's major shareholder, Qingyi Investment, has made significant charitable donations totaling over 433 million yuan in stock and 8 million yuan in cash, aimed at supporting education and AI talent development in Suzhou [1][2]. Group 1: Donation Details - Qingyi Investment donated 1.6 million unrestricted shares (0.82% of total shares) and 1.6 million yuan in cash to the Suzhou Education Development Foundation [1]. - Additionally, 6.4 million unrestricted shares (3.29% of total shares) and 6.4 million yuan in cash were donated to the Suzhou Li Zhengdao Education and Science Foundation [1]. - The total value of the donated shares, based on the closing price of 54.1 yuan per share, amounts to 433 million yuan, enhancing the overall donation scale [1]. Group 2: Shareholder and Company Status - After the donation, Qingyi Investment retains 40 million shares, representing 20.58% of the total shares, maintaining its status as the controlling shareholder [2]. - The donation will not result in changes to the controlling shareholder or the actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2]. Group 3: Company Performance - Tianzhun Technology reported a revenue of 977 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 14.79%, but incurred a net loss of 15.169 million yuan, a decline of 10.98% year-on-year [2]. - The loss is attributed to increased personnel costs due to significant order growth and a decline in gross margin from photovoltaic silicon wafer detection and sorting equipment [2]. - The company specializes in industrial vision equipment, including visual measurement, detection, and process equipment, as well as intelligent driving solutions [2].

Core Insights - Tianzhun Technology's stock price increased by 2.04% on November 11, reaching 54.08 CNY per share, with a market capitalization of 10.509 billion CNY [1] - The company has seen a year-to-date stock price increase of 26.35%, with recent trading performance showing a 4.91% increase over the last five days [1] Financial Performance - For the period from January to September 2025, Tianzhun Technology reported a revenue of 977 million CNY, representing a year-on-year growth of 14.79% [2] - The company recorded a net profit attributable to shareholders of -15.169 million CNY, a decrease of 10.98% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.91% to 13,100, while the average number of circulating shares per person decreased by 15.67% to 14,830 shares [2] - Notable institutional shareholders include Huaxia CSI Robot ETF and Xingquan Trend Investment Mixed Fund, with significant increases in holdings [2]

Core Viewpoint - Tianzhun Technology is a leading company in the domestic machine vision industry, focusing on industrial vision equipment and leveraging advanced technology and a full industry chain advantage to maintain competitiveness in the market [1] Group 1: Business Performance - In Q3 2025, Tianzhun Technology achieved a revenue of 977 million yuan, ranking 6th among 25 companies in the industry, with the industry leader, Bozhong Precision, generating 3.653 billion yuan [2] - The main business composition includes visual process equipment at 241 million yuan (40.34%), visual measurement equipment at 226 million yuan (37.87%), intelligent driving solutions at 65.27 million yuan (10.93%), and visual inspection equipment at 64.76 million yuan (10.85%) [2] - The net profit for the same period was -15.22 million yuan, ranking 19th in the industry, with the industry leader, Yihua, reporting a net profit of 417 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianzhun Technology's asset-liability ratio was 51.38%, higher than the previous year's 48.63% and above the industry average of 35.98% [3] - The gross profit margin for Q3 2025 was 35.61%, down from 39.41% year-on-year but still above the industry average of 33.21% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.91% to 13,100, while the average number of circulating A-shares held per shareholder decreased by 15.67% to 14,800 [5] - Notable changes among the top ten circulating shareholders include an increase in holdings by Huaxia CSI Robot ETF and new entries from two funds [5] Group 4: Business Highlights - Tianzhun Technology has become a partner of NVIDIA's Jetson Thor platform, developing domain controllers for various L4 application scenarios, and launched the third-generation humanoid robot controller product, Xingzhi 007 [6] - The PCB business saw over 50% revenue growth in the first half of 2025, with a product layout including LDI, AOI, and CO laser drilling [6] - Significant progress was made in the semiconductor business, with formal orders for defect detection equipment [6]

Core Viewpoint - The article discusses the strategic vision of Qianli Technology, led by CEO Yin Qi, focusing on AI-driven intelligent driving solutions and the integration of various technologies to create a comprehensive ecosystem around autonomous vehicles [2][4]. Group 1: Company Strategy and Vision - Qianli Technology aims to develop a comprehensive AI ecosystem, not just as a supplier for intelligent driving but as a leader in AI technology, including AI brains, operating systems, and new AI terminals [2]. - The company has three main business areas: L2+ to L4 level intelligent driving solutions, smart cockpits, and Robotaxi services [2][7]. - Yin Qi emphasizes the importance of integrating strong AI capabilities with robust engineering skills to achieve their goals in intelligent driving [4][5]. Group 2: Team Integration and Development - The integration of various teams within Qianli Technology is seen as a critical step, with a focus on aligning goals and leveraging the collective experience of the team members [5][6]. - The company has nearly 2,000 employees and plans to deliver comprehensive solutions from L2 to L4 levels of intelligent driving [7][8]. Group 3: Technological Framework and Innovation - Qianli Technology's approach to intelligent driving involves a high "model content" ratio, focusing on visual perception and large models as the core of their technology framework [10][12]. - The company aims to increase its "model content" to 80%-90% within six months, positioning itself ahead of competitors [13][14]. - Yin Qi believes that the future of intelligent driving will be driven by large models and visual-centric solutions, moving beyond traditional sensor-based approaches [16][17]. Group 4: Market Position and Competitive Landscape - The intelligent driving industry is expected to consolidate, with only a few key players remaining, as many existing solutions are seen as redundant [28]. - Qianli Technology's model is considered replicable, but the unique conditions of the industry may limit its widespread adoption [27]. - The company is focused on international expansion, aiming to capture a significant share of the global intelligent driving market [29].

Core Points - Tianzhun Technology's stock price decreased by 2.02% on September 30, trading at 57.68 CNY per share with a market capitalization of 11.198 billion CNY [1] - The company has seen a year-to-date stock price increase of 34.76%, with a 0.75% rise over the last five trading days [1] - Tianzhun Technology's main business includes industrial vision equipment development, production, and sales, with revenue contributions from various segments [1] Financial Performance - For the first half of 2025, Tianzhun Technology reported revenue of 597 million CNY, a year-on-year increase of 10.32% [2] - The company experienced a net profit loss of 14.1923 million CNY, but this represented a 45.92% improvement compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.37% to 11,000, while the average number of circulating shares per person decreased by 6.87% to 17,586 shares [2] - The company has distributed a total of 516 million CNY in dividends since its A-share listing, with 268 million CNY distributed over the last three years [3] - Notable institutional shareholders include Huaxia CSI Robot ETF and Xingquan Multi-Dimensional Value Mixed Fund, both of which increased their holdings [3]

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1][2]. - The company's revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1]. Financial Performance - As of June 30, 2025, Tianzhun Technology achieved operating revenue of 597 million yuan, representing a year-on-year growth of 10.32%. The net profit attributable to shareholders was -14.19 million yuan, showing a year-on-year increase of 45.92% [2]. - Since its A-share listing, the company has distributed a total of 516 million yuan in dividends, with 268 million yuan distributed over the past three years [2]. Stock Market Activity - On September 24, Tianzhun Technology's stock price increased by 2.01%, reaching 58.40 yuan per share, with a trading volume of 116 million yuan and a turnover rate of 1.04%. The total market capitalization is 11.338 billion yuan [1]. - Year-to-date, the stock price has risen by 36.44%, with a recent decline of 2.81% over the last five trading days, a slight increase of 0.50% over the last 20 days, and a significant rise of 32.78% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.37% to 11,000, with an average of 17,586 circulating shares per person, a decrease of 6.87% [2]. - Notable institutional shareholders include Huaxia CSI Robot ETF, which holds 2.1696 million shares, and other funds that have increased their holdings or entered as new shareholders [2].

Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]