根据市场公开信息及8月20日披露的机构调研信息，知名私募正圆投资近期对1家上市公司进行了调研， 相关名单如下： 1）骄成超声 （正圆投资参与公司电话会议） 调研纪要：骄成超声在2025年上半年度综合毛利率同比提升，主要得益于产品结构变化和管理效率提 高。公司在半导体先进封装领域提供多种超声波设备，部分设备已批量出货或获得订单。配件如焊头、 底模等使用周期为1-2个月，换能器使用周期为1年。新能源电池设备业务去年承压，但今年订单有所好 转。超声波焊接设备用于固态电池极耳焊接，已有小批量订单并实现交付。公司研发团队强大，具备竞 争优势与核心竞争力。医疗领域产品布局有序推进，超声波口腔设备已取得注册证。超声波技术广泛应 用于新能源电池、线束连接器、半导体等领域，并持续拓展新应用场景。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优质产业之间的纽带，通过将客户资产配置 于符合发展趋势的优质公司，实现客户资产的保值 ...

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by a favorable product mix and strategic market expansions. Financial Performance - In Q1 2025, the company reported a revenue of 148 million yuan, representing a year-on-year increase of 22.35% [12] - The net profit attributable to shareholders reached 23.63 million yuan, a staggering increase of 2152.47% year-on-year [12] - The gross profit margin for the first quarter was 64.91% [12] Product and Market Insights - The increase in gross margin is attributed to a shift in product mix, with higher-margin products like wire harness connectors and semiconductor equipment gaining a larger share of revenue [2] - The primary revenue sources in Q1 2025 were ultrasonic equipment for wire harness connectors, new energy battery applications, and accessory business [3] - The company is optimistic about the wire harness connector and semiconductor sectors, expecting continued high demand due to established technology and market presence [4] Advanced Packaging and Medical Sector Developments - The company has made progress in the advanced packaging sector, with its advanced wafer ultrasonic scanning microscope receiving validation orders from well-known industry clients [5] - In the medical field, the company is advancing its ultrasonic dental equipment, which is expected to achieve sales within the year [6] Production Capacity and Expansion Plans - The company is currently operating at full capacity and is expanding production through the acquisition of precision manufacturing equipment [7] - Plans for overseas market expansion are underway, particularly targeting Europe with established products like ultrasonic equipment for wire harnesses and semiconductors [8] Strategic Collaborations - The company has signed a cooperation agreement with Shanghai Jiao Tong University to establish a joint laboratory focusing on advanced packaging and intelligent robotics, aiming to break foreign technology monopolies [11] Market Outlook - The company’s ultrasonic welding equipment in the power semiconductor sector is projected to see an annual market demand increase of approximately 500 to 1,000 million yuan [10] - The company is also exploring new applications for ultrasonic technology in aerospace and composite materials [11]