1月13日，东华测试跌5.04%，截至发稿，报47.10元/股，成交2.03亿元，换手率5.23%，总市值65.15亿 元。 华润元大量化优选混合A（000646）成立日期2014年8月18日，最新规模2036.22万。今年以来收益 6.77%，同类排名2188/8836；近一年收益43.47%，同类排名3100/8091；成立以来收益98.95%。 华润元大量化优选混合A（000646）基金经理为李武群。 截至发稿，李武群累计任职时间9年271天，现任基金资产总规模1.68亿元，任职期间最佳基金回报 107.94%， 任职期间最差基金回报-33.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，江苏东华测试技术股份有限公司位于江苏省靖江市新港大道208号(沿江公路罗家港桥东北 侧)，成立日期1993年3月8日，上市日期2012年9月20日，公司主营业务涉及结构力学性能测试仪器及配 套软件的研发、生产和销售,并提供应用解决方案和技术服 ...

截至9月30日，东华测试股东户数1.38万，较上期减少8.31%；人均流通股5876股，较上期增加9.06%。 2025年1月-9月，东华测试实现营业收入3.85亿元，同比增长8.70%；归母净利润1.01亿元，同比增长 2.23%。 分红方面，东华测试A股上市后累计派现1.47亿元。近三年，累计派现6657.88万元。 东华测试今年以来股价涨1.23%，近5个交易日涨3.65%，近20日跌0.28%，近60日跌2.99%。 资料显示，江苏东华测试技术股份有限公司位于江苏省靖江市新港大道208号(沿江公路罗家港桥东北 侧)，成立日期1993年3月8日，上市日期2012年9月20日，公司主营业务涉及结构力学性能测试仪器及配 套软件的研发、生产和销售,并提供应用解决方案和技术服务。主营业务收入构成为：结构力学性能测 试分析系统71.99%，结构安全在线监测及防务装备PHM系统12.89%，电化学工作站10.54%，其他(补 充)4.58%。 东华测试所属申万行业为：机械设备-通用设备-仪器仪表。所属概念板块包括：工业4.0、工业互联网、 小盘、人形机器人、机器人概念等。 1月7日，东华测试盘中下跌2.02%，截至 ...

12月26日，东华测试盘中下跌2.04%，截至10:02，报44.66元/股，成交9012.51万元，换手率2.46%，总 市值61.77亿元。 资金流向方面，主力资金净流出880.53万元，特大单买入110.77万元，占比1.23%，卖出157.79万元，占 比1.75%；大单买入1320.82万元，占比14.66%，卖出2154.33万元，占比23.90%。 东华测试今年以来股价涨29.03%，近5个交易日涨3.33%，近20日涨3.16%，近60日跌13.25%。 东华测试所属申万行业为：机械设备-通用设备-仪器仪表。所属概念板块包括：小盘、科学仪器、人工 智能、DeepSeek概念、工业4.0等。 截至9月30日，东华测试股东户数1.38万，较上期减少8.31%；人均流通股5876股，较上期增加9.06%。 2025年1月-9月，东华测试实现营业收入3.85亿元，同比增长8.70%；归母净利润1.01亿元，同比增长 2.23%。 分红方面，东华测试A股上市后累计派现1.47亿元。近三年，累计派现6657.88万元。 机构持仓方面，截止2025年9月30日，东华测试十大流通股东中，香港中央结算有限公司位 ...

东华测试所属申万行业为：机械设备-通用设备-仪器仪表。所属概念板块包括：DeepSeek概念、人工智 能、科学仪器、工业互联网、工业4.0等。 截至9月30日，东华测试股东户数1.38万，较上期减少8.31%；人均流通股5876股，较上期增加9.06%。 2025年1月-9月，东华测试实现营业收入3.85亿元，同比增长8.70%；归母净利润1.01亿元，同比增长 2.23%。 分红方面，东华测试A股上市后累计派现1.47亿元。近三年，累计派现6657.88万元。 机构持仓方面，截止2025年9月30日，东华测试十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股273.35万股，相比上期增加179.70万股。华富科技动能混合A（007713）位居第四大流通 股东，持股190.00万股，为新进股东。 责任编辑：小浪快报 12月18日，东华测试盘中上涨2.06%，截至09:56，报43.07元/股，成交2973.75万元，换手率0.86%，总 市值59.57亿元。 资金流向方面，主力资金净流出85.53万元，特大单买入0.00元，占比0.00%，卖出122.24万元，占比 4.11%；大单买入531.6 ...

Core Viewpoint - Donghua Testing has experienced a significant stock price increase, with a 5.22% rise on December 1, reaching 45.55 CNY per share, and a total market capitalization of 6.3 billion CNY [1] Company Overview - Jiangsu Donghua Testing Technology Co., Ltd. was established on March 8, 1993, and listed on September 20, 2012. The company specializes in the research, development, production, and sales of structural mechanics performance testing instruments and related software, as well as providing application solutions and technical services [1] - The main revenue composition includes: 71.99% from structural mechanics performance testing analysis systems, 12.89% from structural safety online monitoring and defense equipment PHM systems, 10.54% from electrochemical workstations, and 4.58% from other supplementary services [1] Shareholder Information - Huafu Fund's Huafu Technology Momentum Mixed A (007713) has entered the top ten circulating shareholders of Donghua Testing, holding 1.9 million shares, which is 2.34% of the circulating shares. The fund has gained approximately 4.294 million CNY in floating profit today and 2.698 million CNY during the four-day price increase [2] - Huafu Technology Momentum Mixed A was established on November 6, 2019, with a latest scale of 1 billion CNY. Year-to-date returns are 79.81%, ranking 140 out of 8199 in its category, while the one-year return is 98.13%, ranking 67 out of 8131 [2] - The fund manager, Shen Cheng, has been in position for 3 years and 339 days, with a total asset scale of 4.667 billion CNY. The best fund return during his tenure is 49.9%, while the worst is 20.98% [2]

Core Viewpoint - Donghua Testing experienced a 5% decline in stock price, trading at 47.83 CNY per share, with a total market capitalization of 6.616 billion CNY as of the report date [1] Group 1: Company Overview - Jiangsu Donghua Testing Technology Co., Ltd. was established on March 8, 1993, and went public on September 20, 2012 [1] - The company specializes in the research, development, production, and sales of structural mechanics performance testing instruments and related software, as well as providing application solutions and technical services [1] - The revenue composition of the company includes: 71.99% from structural mechanics performance testing analysis systems, 12.89% from structural safety online monitoring and defense equipment PHM systems, 10.54% from electrochemical workstations, and 4.58% from other supplementary services [1] Group 2: Shareholder Information - Huafu Fund's Huafu Technology Momentum Mixed A (007713) fund entered the top ten circulating shareholders of Donghua Testing in the third quarter, holding 1.9 million shares, which accounts for 2.34% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 4.788 million CNY [2] - Huafu Technology Momentum Mixed A was established on November 6, 2019, with a latest scale of 1 billion CNY and has achieved a year-to-date return of 78.5%, ranking 180 out of 8147 in its category [2]

Summary of Donghua Testing Conference Call Company Overview - Donghua Testing specializes in structural mechanics testing, accounting for over 60% of its revenue with a gross margin close to 70%. The structural monitoring and PHM (Predictive Health Management) related businesses contribute approximately 20% with a gross margin of around 65%. The electrochemical segment accounts for a few percentage points of revenue [2][6][5]. Financial Performance - The company is projected to achieve total revenue of approximately 500 million yuan in 2024. The gross margin has consistently remained between 60%-65%, with R&D expenses exceeding 10% of revenue and R&D personnel constituting 38% of the workforce. The company has no debt and has shown significant cash flow improvement in the first three quarters of the year [2][7]. Market Position and Growth Potential - Donghua Testing's primary customers in structural mechanics testing are concentrated in the military (over 60%) and universities (around 20%). Compared to international leaders like NI and HBK, Donghua has substantial growth potential and opportunities to expand its market share through new product offerings [2][9]. Industry Dynamics - The domestic industrial PHM market is in a blue ocean phase, with an overall scale of about 10 billion yuan. Donghua has significant growth potential in this area, having recently expanded its workforce to accelerate growth in the coming years [4][12]. Product Development and Innovation - The company has made notable breakthroughs in six-dimensional force sensors and is positioned in the top tier domestically. The focus on anti-interference technology and transitioning from military to industrial applications is expected to yield greater achievements in high-end industrial sectors [4][14]. Future Outlook - China's R&D investment intensity is gradually increasing, currently at 2.65%, which is still lower than that of the US, Japan, and Germany. The "14th Five-Year Plan" is expected to further boost R&D investment in the military sector, maintaining a favorable outlook for the industry [10][11]. Competitive Landscape - Donghua's product matrix is relatively limited compared to competitors like HBK, which offers a full lifecycle of products from design optimization to operation. Donghua primarily focuses on physical testing, with recent developments in experimental simulation [11]. Revenue and Profit Structure - The revenue structure is primarily derived from three segments: structural mechanics testing (over 60% of revenue), structural monitoring and PHM (approximately 20%), and electrochemical products (a few percentage points). The custom measurement and simulation products currently contribute minimally but have significant long-term growth potential [6][2]. Recent Developments - Recent growth in the telephone workstation business, which achieved revenue of 80-90 million yuan last year, positions Donghua as a leader among domestic peers. The business is expected to reach 100-200 million yuan in the next 3-5 years [13][16]. Profit Forecast and Valuation - For 2026, the company is expected to achieve a profit of 200 million yuan, corresponding to a valuation of approximately 30 times its current market value. The potential of the humanoid robotics segment has not been fully priced in, suggesting a need for increased focus on this area [15]. Conclusion - Donghua Testing is well-positioned for future growth with a strong financial foundation, innovative product development, and significant market opportunities in both military and industrial sectors. The company's strategic focus on R&D and market expansion will be critical in capitalizing on emerging trends and demands in the industry [2][11][16].

Summary of Donghua Testing Conference Call Company Overview - Donghua Testing specializes in structural mechanics testing, accounting for over 60% of its revenue with a gross margin close to 70%. The structural monitoring and PHM (Predictive Health Management) related businesses contribute approximately 20% with a gross margin of around 65%. The electrochemical segment accounts for a few percentage points of revenue [2][6][5]. Financial Performance - The company is projected to achieve total revenue of approximately 500 million yuan in 2024. The gross margin has consistently remained between 60% and 65%, with R&D expenses exceeding 10% of revenue and R&D personnel constituting 38% of the workforce. The company has no debt and has shown significant cash flow improvement in the first three quarters of the year [2][7]. Market Position and Growth Potential - Donghua Testing's customer base for structural mechanics testing is primarily concentrated in the military (over 60%) and universities (around 20%). Compared to international leaders like NI and HBK, Donghua has substantial growth potential and opportunities to expand its market share through new product offerings [2][9]. Industry Dynamics - The domestic industrial PHM market is in a blue ocean phase, with an overall scale of about 10 billion yuan. Donghua has significant growth potential in this area, having recently expanded its workforce to accelerate growth beyond its core business [4][12]. Product Development and Innovation - The company has made notable advancements in six-dimensional force sensors, positioning itself in the top tier domestically. The focus on anti-interference technology and transitioning from military to industrial applications is expected to yield greater achievements in high-end industrial sectors [4][14]. Future Outlook - China's R&D investment intensity is gradually increasing, currently at 2.65%, which is still lower than that of the US, Japan, and Germany. The "14th Five-Year Plan" is expected to further boost R&D investment in the military sector, maintaining a favorable outlook for the industry [10][11]. Competitive Landscape - Donghua's product matrix is relatively limited compared to competitors like HBK, which offers a comprehensive lifecycle solution from design optimization to operation. Donghua's focus on physical testing and recent developments in experimental simulation indicate significant long-term growth potential based on sensor application versatility [11]. Revenue and Profit Structure - The revenue structure is primarily derived from three segments: structural mechanics testing (over 60% of revenue), structural monitoring and PHM (approximately 20%), and electrochemical products (a few percentage points). The custom measurement and simulation products currently contribute minimally but have substantial growth potential in the long term [6][2]. Recent Developments - Recent growth in the telephone workstations segment, which achieved revenue of 80-90 million yuan last year, indicates a leading position among domestic peers. This segment is expected to reach 100-200 million yuan in the next 3-5 years [13][16]. Profit Forecast and Valuation - The company is expected to achieve a profit of 200 million yuan in 2026, with a current market valuation of approximately 30 times earnings. The potential for the humanoid robotics segment has not been fully priced in, suggesting a need for increased focus on this area [15]. Conclusion - Donghua Testing is well-positioned for future growth with a strong focus on R&D, a healthy financial status, and significant opportunities in emerging markets such as industrial PHM and sensor technology. The company’s strategic initiatives and market positioning suggest a promising outlook for investors.

Group 1 - The core viewpoint of the news is that Donghua Testing has seen a significant increase in its stock price, rising by 5.44% to reach 51.97 CNY per share, with a trading volume of 1.91 billion CNY and a turnover rate of 4.62%, resulting in a total market capitalization of 7.189 billion CNY [1] - Donghua Testing, established on March 8, 1993, and listed on September 20, 2012, specializes in the research, production, and sales of structural mechanics performance testing instruments and related software, as well as providing application solutions and technical services [1] - The company's main business revenue composition includes: 71.99% from structural mechanics performance testing analysis systems, 12.89% from structural safety online monitoring and defense equipment PHM systems, 10.54% from electrochemical workstations, and 4.58% from other supplementary services [1] Group 2 - Among the top ten circulating shareholders of Donghua Testing, Huafu Fund's Huafu Technology Momentum Mixed A (007713) has newly entered the list in the third quarter, holding 1.9 million shares, which accounts for 2.34% of the circulating shares, with an estimated floating profit of approximately 5.092 million CNY [2] - Huafu Technology Momentum Mixed A (007713) was established on November 6, 2019, with a latest scale of 1 billion CNY, achieving a year-to-date return of 78.3%, ranking 207 out of 8147 in its category, and a one-year return of 89.83%, ranking 70 out of 8056 [2] - The fund manager of Huafu Technology Momentum Mixed A is Shen Cheng, who has been in the position for 3 years and 319 days, managing a total fund asset size of 4.667 billion CNY, with the best fund return during his tenure being 53.79% and the worst being 25.77% [3]

Group 1 - The core viewpoint of the news is that Donghua Testing has seen a stock price increase of 5.05%, reaching 46.16 CNY per share, with a trading volume of 102 million CNY and a turnover rate of 2.76%, resulting in a total market capitalization of 6.385 billion CNY [1] - Donghua Testing, established on March 8, 1993, and listed on September 20, 2012, specializes in the research, production, and sales of structural mechanics performance testing instruments and related software, as well as providing application solutions and technical services [1] - The main revenue composition of Donghua Testing includes: 71.99% from structural mechanics performance testing analysis systems, 12.89% from structural safety online monitoring and defense equipment PHM systems, 10.54% from electrochemical workstations, and 4.58% from other supplementary services [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bank of China holds Donghua Testing as a significant investment, with the Bank of China Yili Mixed A Fund (002614) holding 5,500 shares, accounting for 0.94% of the fund's net value, ranking as the sixth largest heavy stock [2] - The Bank of China Yili Mixed A Fund (002614) was established on August 9, 2016, with a latest scale of 7.2743 million CNY, and has achieved a year-to-date return of 11.27%, ranking 5,559 out of 8,154 in its category [2] - The fund manager of Bank of China Yili Mixed A is He Dalv, who has been in the position for 2 years and 143 days, with the fund's total asset scale at 61.976 million CNY, achieving a best return of 12.71% and a worst return of 10.71% during his tenure [3]