11月25日，骄成超声涨5.01%，截至发稿，报101.79元/股，成交1.11亿元，换手率0.96%，总市值117.80 亿元。 数据显示，交银施罗德基金旗下1只基金重仓骄成超声。交银荣鑫灵活配置混合A（519766）三季度增 持14.72万股，持有股数27.73万股，占基金净值比例为3.55%，位居第十大重仓股。根据测算，今日浮 盈赚取约134.78万元。 资料显示，上海骄成超声波技术股份有限公司位于上海市闵行区沧源路1488号2幢三层，成立日期2007 年2月13日，上市日期2022年9月27日，公司主营业务涉及超声波焊接、裁切设备和配件的研发、设计、 生产与销售,并提供新能源动力电池制造领域的自动化解决方案。主营业务收入构成为：配件31.42%， 新能源电池超声波设备25.86%，服务及其他18.51%，线束连接器超声波设备13.92%，半导体超声波设 备8.03%，非金属超声波设备2.09%，其他(补充)0.18%。 从基金十大重仓股角度 截至发稿，余李平累计任职时间3年260天，现任基金资产总规模7.51亿元，任职期间最佳基金回报 88.56%， 任职期间最差基金回报85.14%。 风险提示：市场 ...

Core Viewpoint - Jiao Cheng Ultrasonic experienced a 5.5% increase in stock price, reaching 107.55 CNY per share, with a total market capitalization of 12.447 billion CNY as of November 5 [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, is located in Minhang District, Shanghai, and was listed on September 27, 2022 [1] - The company specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as providing automation solutions for the new energy battery manufacturing sector [1] Revenue Composition - The revenue breakdown of Jiao Cheng Ultrasonic is as follows: - Accessories: 31.42% - Ultrasonic equipment for new energy batteries: 25.86% - Services and others: 18.51% - Ultrasonic equipment for wire harness connectors: 13.92% - Ultrasonic equipment for semiconductors: 8.03% - Ultrasonic equipment for non-metal materials: 2.09% - Others (supplementary): 0.18% [1] Fund Holdings - Huatai Baoxing Fund holds a significant position in Jiao Cheng Ultrasonic, with its Huatai Baoxing Industrial Upgrade Mixed Fund A (021792) owning 20,000 shares, accounting for 5.66% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 50.65% and a one-year return of 46.43%, ranking 838 out of 8150 and 961 out of 8043 in its category, respectively [2] Fund Manager Information - The fund manager of Huatai Baoxing Industrial Upgrade Mixed Fund A is Shang Shuo Hui, who has been in the position for 8 years and 229 days [3] - The total asset size of the fund is 1.006 billion CNY, with the best return during the manager's tenure being 134.54% and the worst being -38.16% [3]

Core Viewpoint - The stock of Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. has increased by 5.5%, reaching 107.55 CNY per share, with a total market capitalization of 12.447 billion CNY [1] Company Overview - Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, and went public on September 27, 2022 [1] - The company specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as providing automation solutions for the new energy battery manufacturing sector [1] Revenue Composition - The revenue breakdown of the company's main business is as follows: - Accessories: 31.42% - Ultrasonic equipment for new energy batteries: 25.86% - Services and others: 18.51% - Ultrasonic equipment for wire harness connectors: 13.92% - Ultrasonic equipment for semiconductors: 8.03% - Ultrasonic equipment for non-metal materials: 2.09% - Others (supplementary): 0.18% [1] Fund Holdings - A fund under Bank of China Securities holds a significant position in Jiao Cheng Ultrasonic, with 26,400 shares, accounting for 4.46% of the fund's net value, making it the eighth largest holding [2] - The fund, Bank of China New Energy Mixed A (005571), has a total scale of 35.507 million CNY and has achieved a year-to-date return of 42.84% [2] Fund Manager Performance - The fund manager, Zhang Lixin, has been in position for 2 years and 318 days, with the fund's total assets amounting to 14.8 million CNY [3] - During Zhang's tenure, the best fund return was 4.4%, while the worst was -5.35% [3]

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in revenue and net profit in the first three quarters of 2025, driven by stable product margins and strong demand in the lithium battery and semiconductor sectors [8]. Financial Performance - In the first three quarters of 2025, the company's main revenue reached 521 million yuan, a year-on-year increase of 27.53% [8]. - The net profit attributable to shareholders was 94.02 million yuan, up 359.81% year-on-year, while the net profit after deducting non-recurring gains and losses was 76.17 million yuan, an increase of 673.31% [8]. - The gross profit margin stood at 65.05% [8]. Business Segments - The company maintains stable gross margins across its product lines, although slight fluctuations occur due to customer product upgrades and changes in product structure [2]. - In the lithium battery sector, the company has established long-term partnerships with key customers, enhancing its competitive edge and market position [3]. - The company is actively expanding its product offerings in the wire harness connector sector, which is increasingly used in electric vehicles and energy storage applications [5]. Product Development - The company has made significant advancements in the semiconductor field, with products like ultrasonic welding machines and advanced ultrasonic scanning microscopes achieving mass production and delivery [6]. - The company is also exploring applications in aerospace and medical fields, leveraging its core ultrasonic technology to meet emerging market demands [7]. Market Outlook - The lithium battery market is expected to continue its growth trajectory, supported by the rapid expansion of the energy storage market and ongoing technological advancements [3]. - The company is optimistic about maintaining its profitability as it enhances its product offerings and increases the proportion of high-margin products in its sales [4]. Institutional Interest - Over the past 90 days, seven institutions have rated the stock, with five giving a "buy" rating and two an "increase" rating, indicating strong institutional interest [8].

Core Points - The stock of Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. fell by 5.22% to 109.41 CNY per share, with a trading volume of 128 million CNY and a turnover rate of 0.99%, resulting in a total market capitalization of 12.662 billion CNY [1] Company Overview - Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. was established on February 13, 2007, and went public on September 27, 2022. The company specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The revenue composition of the company's main business includes: - Accessories: 31.42% - Ultrasonic equipment for new energy batteries: 25.86% - Services and others: 18.51% - Ultrasonic equipment for wire harness connectors: 13.92% - Ultrasonic equipment for semiconductors: 8.03% - Ultrasonic equipment for non-metal materials: 2.09% - Others (supplementary): 0.18% [1] Fund Holdings - Huatai Baoxing Fund has a significant holding in Jiaocheng Ultrasonic, with its Huatai Baoxing Industrial Upgrade Mixed Fund A (021792) holding 20,000 shares, accounting for 5.66% of the fund's net value, making it the eighth largest holding. The estimated floating loss today is approximately 120,600 CNY [2] - The Huatai Baoxing Industrial Upgrade Mixed Fund A was established on September 24, 2024, with a latest scale of 19.6441 million CNY. Year-to-date returns are 60.51%, ranking 721 out of 8,152 in its category; one-year returns are 56.12%, ranking 850 out of 8,038; and since inception returns are 59.31% [2] Fund Manager Information - The fund manager of Huatai Baoxing Industrial Upgrade Mixed Fund A is Shang Shuohui, who has been in the position for 8 years and 223 days. The total asset size of the fund is 1.006 billion CNY, with the best fund return during his tenure being 141.92% and the worst being -38.16% [3]

Group 1 - The core point of the news is that Jiao Cheng Ultrasonic experienced a decline of 5.22% in its stock price, reaching 109.41 CNY per share, with a total market capitalization of 12.662 billion CNY [1] - Jiao Cheng Ultrasonic, established on February 13, 2007, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The company's main business revenue composition includes: 31.42% from accessories, 25.86% from new energy battery ultrasonic equipment, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other supplementary sources [1] Group 2 - According to data, a fund under Bank of China Securities holds a significant position in Jiao Cheng Ultrasonic, with the Bank of China New Energy Mixed A Fund (005571) owning 26,400 shares, accounting for 4.46% of the fund's net value, making it the eighth largest holding [2] - The Bank of China New Energy Mixed A Fund has reported a year-to-date return of 55.55%, ranking 968 out of 8152 in its category, and a one-year return of 50.14%, ranking 1177 out of 8038 [2]

Group 1 - The core point of the news is that Jiao Cheng Ultrasonic experienced a decline of 5.07% in stock price, closing at 114.50 CNY per share, with a trading volume of 348 million CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 13.251 billion CNY [1] - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and accessories, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The company's main business revenue composition includes: 31.42% from accessories, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from ultrasonic equipment for wire harness connectors, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other supplementary sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bank of China Securities holds a significant position in Jiao Cheng Ultrasonic, specifically the Bank of China Securities New Energy Mixed A (005571), which held 26,400 shares in the third quarter, accounting for 4.46% of the fund's net value, ranking as the eighth largest heavy stock [2] - The estimated floating loss for the fund on the current day is approximately 161,200 CNY [2] - The Bank of China Securities New Energy Mixed A fund, established on August 2, 2018, has a latest scale of 35.507 million CNY, with a year-to-date return of 53.03%, ranking 1033 out of 8155 in its category, and a one-year return of 44.67%, ranking 1369 out of 8029 [2]

Core Insights - On October 13, Jiao Cheng Ultrasonic saw a stock price increase of 11.97% with a trading volume of 728 million yuan [1] - The company reported a financing buy-in amount of 95.51 million yuan and a net financing buy of 10.27 million yuan on the same day [1] - As of October 13, the total financing and securities lending balance for Jiao Cheng Ultrasonic was 332 million yuan, which is 2.78% of its circulating market value [1] Financing and Securities Lending - The financing buy-in for Jiao Cheng Ultrasonic on October 13 was 95.51 million yuan, with a current financing balance of 332 million yuan, exceeding the 90th percentile level over the past year [1] - In terms of securities lending, there were no shares repaid on October 13, with 900 shares sold, amounting to 93,100 yuan at the closing price [1] - The securities lending balance was 34,120 yuan, which is below the 50th percentile level over the past year, indicating a low position [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment [2] - The company's revenue composition includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, and 2.09% from non-metal ultrasonic equipment [2] - For the first half of 2025, Jiao Cheng Ultrasonic achieved a revenue of 323 million yuan, representing a year-on-year growth of 32.50%, and a net profit of 58.04 million yuan, reflecting a significant increase of 1005.12% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Jiao Cheng Ultrasonic was 4,733, a decrease of 4.88% from the previous period [3] - The average circulating shares per person increased by 6.54% to 14,948 shares [3] - The company has distributed a total of 144 million yuan in dividends since its A-share listing [3]

Core Viewpoint - On October 10, 2023, Jiao Cheng Ultrasonic experienced a decline of 8.02% in stock price, with a trading volume of 468 million yuan, indicating market volatility and investor sentiment concerns [1] Financing Summary - On the same day, Jiao Cheng Ultrasonic had a financing purchase amount of 78.05 million yuan, with a repayment of 71.70 million yuan, resulting in a net financing purchase of 635.45 thousand yuan [1] - As of October 10, the total financing and securities lending balance for Jiao Cheng Ultrasonic was 322 million yuan, representing 3.01% of its circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had no shares repaid or sold in the securities lending market on October 10, with a remaining securities lending balance of 22.16 thousand yuan, which is below the 20th percentile of the past year, indicating low activity in this area [1] Company Overview - Jiao Cheng Ultrasonic, established on February 13, 2007, and listed on September 27, 2022, is located in Shanghai and specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment and components, as well as automation solutions for the new energy battery manufacturing sector [2] - The company's revenue composition includes: 31.42% from components, 25.86% from new energy battery ultrasonic equipment, 18.51% from services and others, 13.92% from harness connector ultrasonic equipment, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other sources [2] - For the first half of 2025, Jiao Cheng Ultrasonic reported a revenue of 323 million yuan, a year-on-year increase of 32.50%, and a net profit attributable to shareholders of 58.04 million yuan, reflecting a significant year-on-year growth of 1005.12% [2] Dividend and Shareholder Information - Since its A-share listing, Jiao Cheng Ultrasonic has distributed a total of 144 million yuan in dividends [3] - As of June 30, 2025, the number of shareholders was 4,733, a decrease of 4.88% from the previous period, with an average of 14,948 circulating shares per person, an increase of 6.54% [2][3] - Notable institutional shareholders include Dazheng Technology Consumer Stock A, which increased its holdings by 122,800 shares, and new shareholder Fuguo Emerging Industry Stock A/B, holding 955,600 shares [3]

Group 1 - The company achieved a revenue of 323 million yuan in the first half of 2025, representing a year-on-year growth of 32.50% [2] - The net profit attributable to shareholders reached 58.04 million yuan, with a significant year-on-year increase of 1005.12% [2] - The growth in revenue is primarily driven by increased sales of ultrasonic equipment for new energy batteries, connector ultrasonic equipment, and related accessories [2] Group 2 - The company reported a non-recurring net profit of 46.27 million yuan, attributed to the increase in main business income and a higher proportion of high-margin products [2] - The company has strengthened its operational management, leading to improved efficiency and profitability [2] - Research and development investment amounted to 75.58 million yuan, a 5.46% increase year-on-year, accounting for 23.41% of the revenue during the reporting period [2] Group 3 - The company specializes in providing ultrasonic technology and application solutions, focusing on the research, design, production, and sales of ultrasonic welding, cutting, and testing equipment [3] - The company is actively exploring applications of ultrasonic technology in the semiconductor sector while leveraging its technological advantages in high-end industrial applications [2][3]