薪火传承：原董事长领航筑基 战略聚焦再赋能 深耕行业数十载，杨江金先生是联检科技战略转型的"领航者"与"奠基人"。从区域性建工检测机构到全 球化综合性科技服务集团，从依托传统基建红利到开辟"检测+"生态新路径，杨江金先生以深厚的行业 洞察、前瞻的战略视野和坚定的改革魄力，带领联检科技穿越行业周期，实现了营收净利双增的逆周期 增长。在他的引领下，公司通过"内生+并购"双轮驱动，成功切入汽车检测、消费品检测等高增长赛 道，斩获江淮、吉利、蔚来等知名车企检测资质，同时布局"一带一路"沿线市场，构建起辐射全球的网 格化服务体系。 公告解读：管理层优化调整 锚定高质量发展 近日，联检（江苏）科技股份有限公司（证券代码：301115，证券简称：联检科技）发布公告，宣布对 公司董事会及管理层进行一系列优化调整。恰逢检验检测行业迈入"提质升级、跨界融合"的关键周期， 本次调整核心为公司创始人及原董事长杨江金先生主动辞任董事长职务，选举原副董事长兼总经理周剑 峰先生为新任董事长。这一顺应新阶段发展战略、深化公司治理的明智之举，既彰显了公司治理结构的 成熟稳健，也为未来高质量发展奠定了坚实领导基础，更勾勒出其深耕核心赛道、聚焦长 ...

Core Viewpoint - 华测检测's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 13.43% [1] Financial Performance - For the period of January to September 2025, 华测检测 achieved a revenue of 4.702 billion yuan, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting an increase of 8.78% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for 华测检测 was 76,600, a decrease of 5.62% from the previous period [2] - The average number of circulating shares per shareholder increased by 5.96% to 18,698 shares [2] Dividend Distribution - Since its A-share listing, 华测检测 has distributed a total of 1.161 billion yuan in dividends, with 519 million yuan distributed over the past three years [3] Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.82 million shares from the previous period [3] - The third-largest shareholder, E Fund ChiNext ETF, holds 29.89 million shares, a decrease of 5.03 million shares [3] - The fourth-largest shareholder, Southern CSI 500 ETF, holds 24.50 million shares, a decrease of 444,400 shares [3]

Core Viewpoint - Shibai Testing is a comprehensive testing company that provides a wide range of services including environmental, agricultural products, food, consumer goods, and metrology calibration, while also offering ESG sustainable solutions [1] Group 1: Company Overview - Shibai Testing's mission is to provide "standard, efficient, and professional technical services" to support human health and contribute to quality improvement in China [1] - The company offers various services such as environmental governance, saline-alkali land improvement, technical consulting, AI information services, robotic inspections, and environmental damage judicial appraisal [1] Group 2: Business Scope - The business scope of Shibai Testing includes environmental testing, agricultural product testing, food safety testing, consumer product testing, and metrology calibration [1] - The company aims to assist end customers by providing comprehensive ESG sustainable solutions [1]

Core Viewpoint - 华测检测's stock price has shown fluctuations, with a recent decline of 2.01% and a year-to-date increase of 15.14%, indicating mixed investor sentiment and market performance [1][2]. Financial Performance - For the period from January to September 2025, 华测检测 achieved a revenue of 4.702 billion yuan, representing a year-on-year growth of 6.95% [2]. - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting an increase of 8.78% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for 华测检测 was 76,600, a decrease of 5.62% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.96% to 18,698 shares [2]. Dividend Distribution - Since its A-share listing, 华测检测 has distributed a total of 1.161 billion yuan in dividends, with 519 million yuan distributed over the last three years [3]. Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.816 million shares from the previous period [3]. - The third-largest shareholder, E Fund's ChiNext ETF, reduced its holdings by 5.0301 million shares to 29.8896 million shares [3]. - The fourth-largest shareholder, Southern CSI 500 ETF, decreased its holdings by 444,400 shares to 24.5001 million shares [3].

Core Insights - The stock price of Huace Testing increased by 2.04% on October 30, reaching 14.48 CNY per share, with a total market capitalization of 24.367 billion CNY [1] - The company reported a year-to-date stock price increase of 17.91%, with a 0.82% decline over the last five trading days [1] Financial Performance - For the period from January to September 2025, Huace Testing achieved a revenue of 4.702 billion CNY, representing a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 812 million CNY, up 8.78% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.161 billion CNY, with 519 million CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 5.62% to 76,600, while the average number of circulating shares per person increased by 5.96% to 18,698 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.816 million shares from the previous period [3]

Core Points - The stock price of Huace Testing fell by 2.03% on October 29, trading at 14.00 CNY per share with a market capitalization of 23.56 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.00%, with a 1.20% decline over the last five trading days [1] - Huace Testing's main business segments include life sciences (43.02%), industrial testing (20.31%), consumer product testing (17.64%), trade assurance (14.39%), and medical services (4.64%) [1] Financial Performance - As of September 30, Huace Testing reported a revenue of 4.702 billion CNY for the first nine months of 2025, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders for the same period was 812 million CNY, reflecting an 8.78% increase year-on-year [2] Shareholder Information - The number of shareholders decreased by 5.62% to 76,600 as of September 30 [2] - The largest shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.82 million shares from the previous period [3] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3]

Core Viewpoint - 华测检测 has shown a positive stock performance with a year-to-date increase of 18.23% and a recent 5-day increase of 5.99% [1] Group 1: Stock Performance - As of October 21, 华测检测's stock price rose by 2.04% to 14.52 CNY per share, with a trading volume of 289 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 24.435 billion CNY [1] - The stock has experienced a 10.00% increase over the past 20 days and an 18.92% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, 华测检测 reported a revenue of 2.96 billion CNY, reflecting a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 467 million CNY, which is a 7.03% increase [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for 华测检测 increased to 81,100, up by 4.53%, while the average number of circulating shares per person decreased by 4.34% to 17,647 shares [2] - The company has distributed a total of 1.161 billion CNY in dividends since its A-share listing, with 519 million CNY distributed in the last three years [3] Group 4: Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 269 million shares, an increase of 7.8679 million shares compared to the previous period [3] - The third-largest circulating shareholder is E Fund's ChiNext ETF, holding 34.9197 million shares, which decreased by 0.9131 million shares [3]

Summary of the Conference Call for 华测检测 Industry Overview - The detection industry in China is expected to see a compound annual growth rate (CAGR) of 6% from 2022 to 2024, a slowdown compared to the previous years, but still holds growth potential due to industrial and consumption upgrades [2][3] - The number of industry institutions has decreased for the first time in 20 years, indicating a shift towards self-management capabilities, which may benefit leading companies in terms of market share [2][3] Company Performance - 华测检测, as the first listed detection company in China, has seen its revenue grow nearly tenfold from 2012 to 2024, with a projected revenue of 60.8 billion yuan in 2024 [2][6] - For 2023-2024, revenue growth is expected to slow to 8%-9%, with a 6% revenue increase and a 7% profit increase reported in the first half of the year [2][6] - The third-quarter forecast indicates a year-on-year net profit growth of 10%-13%, marking the first return to double-digit growth in nine quarters [7][19] Segment Performance - The life sciences segment has shown low growth due to a high base from the previous year, while the industrial testing segment has benefited from minimal impact from the real estate sector and new business growth [2][8] - Consumer product testing, particularly in the automotive and semiconductor sectors, is expected to grow significantly, with a 13% revenue increase projected for the first half of 2025 [9][10] Strategic Initiatives - 华测检测 is focusing on lean management and digital upgrades to enhance operational capabilities, with expectations for accelerated profit growth in the fourth quarter and beyond [4][12] - The company is actively pursuing international acquisitions to expand its market presence in Southeast Asia, Africa, and Europe, with several projects already underway [13][14] Management and Efficiency - The company has implemented a professional management team and a comprehensive talent development system, enhancing employee motivation through stock ownership plans and performance targets [15][18] - Efficiency improvements have been significant, with a more than 50% increase in per capita output over recent years, although there is still room for improvement compared to international peers [16][15] Investment Outlook - 华测检测 is viewed as having long-term investment value, with its current valuation being below reasonable levels, offering potential for stable returns for investors [21]

Core Viewpoint - 华测检测 has shown a mixed performance in stock price and financial metrics, with a slight increase in stock price recently but a decline over the past few trading days. The company continues to grow its revenue and profit year-on-year, indicating a stable business model in the testing services industry [1][2]. Financial Performance - As of June 30, 2025, 华测检测 achieved a revenue of 2.96 billion yuan, representing a year-on-year growth of 6.05% [2]. - The net profit attributable to shareholders for the same period was 467 million yuan, reflecting a year-on-year increase of 7.03% [2]. - Cumulatively, the company has distributed 1.077 billion yuan in dividends since its A-share listing, with 436 million yuan distributed over the last three years [3]. Stock Market Activity - On September 24, 2023, 华测检测's stock price increased by 2.05%, reaching 12.92 yuan per share, with a trading volume of 224 million yuan and a turnover rate of 1.23% [1]. - The total market capitalization of the company is approximately 21.742 billion yuan [1]. - The stock has seen a year-to-date increase of 4.78%, but has declined by 1.07% over the last five trading days and 5.07% over the last twenty days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for 华测检测 increased to 81,100, a rise of 4.53% from the previous period [2]. - The largest shareholder is Hong Kong Central Clearing Limited, holding 269 million shares, which is an increase of 7.8679 million shares from the previous period [3]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3]. Business Segmentation - 华测检测's main business segments include life sciences (43.02%), industrial testing (20.31%), consumer product testing (17.64%), trade assurance (14.39%), and medical services (4.64%) [1].

Summary of Huace Testing Conference Call Company Overview - **Company**: Huace Testing - **Industry**: Testing and Inspection Services Key Points Financial Performance - In Q2 2025, Huace Testing achieved a significant single-digit growth in revenue despite a high base effect from the previous year, with net profit growth between 7% and 9.6% compared to market expectations of 0% to 5% [2][3] - The company’s revenue for the food segment is expected to grow by 10% to 15%, driven by new product lines in pet food and agricultural products, as well as increased domestic food safety concerns [2][4] - The medical and pharmaceutical segment showed slight growth, entering a phase of reduced losses, with a recovery in CRO orders and accelerated development of new medical device businesses [2][5] - The environmental segment faced revenue pressure due to a high base from the previous year but is expected to recover in the second half of the year [2][5] - The consumer products segment, particularly automotive testing, exceeded expectations, and chip testing is anticipated to improve after previous profit drag [2][5] Segment Performance - **Food Segment**: Expected to maintain high growth due to increased food safety awareness and contributions from the South African acquisition [2][4] - **Medical and Pharmaceutical Segment**: Anticipated to achieve double-digit growth in the second half of 2025, benefiting from reduced base pressure and positive developments in other businesses [2][4][6] - **Environmental Segment**: Revenue is expected to recover as base pressure eases [2][6] - **Consumer Products and Industrial Segment**: Continuous recovery and accelerated development are expected, with ship oil testing projected to grow by 20% to 30% due to new regulations [2][5] Profitability and Cash Flow - The overall profit level showed significant recovery in Q2 2025, with improved gross margins and good cash flow performance, expecting to recover approximately 10 million yuan [2][7] - The company is transitioning from a state of no cash recovery in the previous year to normal cash recovery in the current year [2][7] Future Outlook - For the second half of 2025, Huace Testing is expected to continue its recovery and accelerate growth across all major business segments [2][6] - The company aims for a minimum performance of 1.02 billion yuan, with potential to exceed 1.05 billion yuan [2][8] - The past three years of valuation adjustments were influenced by economic downturns, unmet internationalization expectations, and foreign capital withdrawal, but improvements are now evident [2][9][10] - The company is positioned for a turning point in performance and cash flow, with a projected growth rate of 15% to 20% as it expands into international markets [2][11] Strategic Initiatives - Huace Testing is focusing on international expansion, particularly in South Africa, Southeast Asia, and Europe, with an emphasis on acquisitions in consumer, food, ESG, and transportation sectors [2][4][8][11] - The company is expected to benefit from a more favorable foreign capital structure and improved market conditions [2][9][11]