1月12日，苏试试验涨5.22%，截至发稿，报20.96元/股，成交6.00亿元，换手率5.81%，总市值106.59亿 元。 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案提供商,致力于环境试验设备的研发和生 产,及为客户提供从芯片到部件到终端整机产品全面的、全产业链的环境与可靠性试验验证及分析服 务。主营业务收入构成为：环境可靠性试验服务49.19%，试验设备31.27%，集成电路验证与分析服务 15.63%，其他(补充)3.91%。 责任编辑：小浪快报 从苏试试验十大流通股东角度 数据显示，南方基金旗下1只基金位居苏试试验十大流通股东。南方中证1000ETF（512100）三季度新 进十大流通股东，持有股数325.27万股，占流通股的比例为0.64%。根据测算，今日浮盈赚取约338.29 万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益 ...

1月9日，苏试试验涨1.94%，成交额13.42亿元。两融数据显示，当日苏试试验获融资买入额1.91亿元， 融资偿还1.34亿元，融资净买入5699.97万元。截至1月9日，苏试试验融资融券余额合计5.66亿元。 分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股东。天弘永利债券A（420002）、兴业兴睿两年持有期混合A（013910）退出十大流通 股东之列。 责任编辑：小浪快报 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 融资方面，苏试试验当日融 ...

1月9日，苏试试验盘中上涨2.05%，截至09:53，报19.94元/股，成交3.07亿元，换手率3.10%，总市值 101.40亿元。 责任编辑：小浪快报 苏试试验所属申万行业为：社会服务-专业服务-检测服务。所属概念板块包括：商业航天（航天航 空）、军民融合、专精特新、航天军工、轨道交通等。 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股东。天弘永利债券A（420002）、兴业兴睿两年持有期混合A（ ...

1月5日，苏试试验盘中上涨2.02%，截至10:04，报18.20元/股，成交1.76亿元，换手率1.95%，总市值 92.56亿元。 资金流向方面，主力资金净流入429.55万元，特大单买入1231.94万元，占比6.98%，卖出1026.26万元， 占比5.82%；大单买入3633.51万元，占比20.59%，卖出3409.64万元，占比19.32%。 苏试试验今年以来股价涨2.02%，近5个交易日跌1.03%，近20日涨15.41%，近60日涨0.94%。 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案提供商,致力于环境试验设备的研发和生 产,及为客户提供从芯片到部件到终端整机产品全面的、全产业链的环境与可靠性试验验证及分析服 务。主营业务收入构成为：环境可靠性试验服务49.19%，试验设备31.27%，集成电路验证与分析服务 15.63%，其他(补充)3.91%。 截至9月30日，苏试试验股东户 ...

资金流向方面，主力资金净流出327.18万元，特大单买入546.27万元，占比3.32%，卖出444.91万元，占 比2.70%；大单买入2883.63万元，占比17.52%，卖出3312.16万元，占比20.12%。 12月26日，苏试试验盘中上涨2.01%，截至09:51，报18.76元/股，成交1.65亿元，换手率1.78%，总市值 95.40亿元。 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 机构持仓方面，截止2025年9月30日，苏试试验十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股431.63万股，相比上期减少442.41万股。南方中证1000ETF（512100）位居第八大流通股 东，持股325.27万股，为新进股东。富国稳健增长混合A（010624）位居第十大流通股东，持股280.01 万股，为新进股 ...

分红方面，苏试试验A股上市后累计派现3.67亿元。近三年，累计派现2.11亿元。 资料显示，苏州苏试试验集团股份有限公司位于江苏省苏州工业园区中新科技城唯亭镇科峰路18号,苏 州工业园区方园街51号，成立日期2007年12月29日，上市日期2015年1月22日，公司主营业务涉及一家 工业产品环境与质量可靠性试验验证与综合分析服务解决方案提供商,致力于环境试验设备的研发和生 产,及为客户提供从芯片到部件到终端整机产品全面的、全产业链的环境与可靠性试验验证及分析服 务。主营业务收入构成为：环境可靠性试验服务49.19%，试验设备31.27%，集成电路验证与分析服务 15.63%，其他(补充)3.91%。 苏试试验所属申万行业为：社会服务-专业服务-检测服务。所属概念板块包括：商业航天（航天航 空）、军民融合、航天军工、专精特新、芯片概念等。 截至9月30日，苏试试验股东户数4.20万，较上期增加81.94%；人均流通股12034股，较上期减少 45.06%。2025年1月-9月，苏试试验实现营业收入15.32亿元，同比增长8.95%；归母净利润1.57亿元，同 比增长7.14%。 12月18日，苏试试验盘中上涨2 ...

Core Viewpoint - Suzhou Testing Group's stock has experienced a decline of 2.05% on November 12, with a current price of 15.29 CNY per share and a market capitalization of 7.776 billion CNY, despite a year-to-date increase of 31.70% [1] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.532 billion CNY, representing a year-on-year growth of 8.95%, and a net profit attributable to shareholders of 157 million CNY, up 7.14% year-on-year [2] - The company has distributed a total of 367 million CNY in dividends since its A-share listing, with 211 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 42,000, up 81.94% from the previous period, while the average circulating shares per person decreased by 45.06% to 12,034 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 442.41 million shares, and new entrants such as Southern CSI 1000 ETF and Fortune Steady Growth Mixed A [3] Business Overview - Suzhou Testing Group, established on December 29, 2007, and listed on January 22, 2015, specializes in environmental and quality reliability testing services, focusing on the development and production of environmental testing equipment [1] - The company's revenue composition includes 49.19% from environmental reliability testing services, 31.27% from testing equipment, 15.63% from integrated circuit verification and analysis services, and 3.91% from other services [1]

Group 1 - The company reported a year-on-year revenue growth of 21.01% in integrated circuit verification and analysis services for the first half of 2025 [2] - The expansion of the Shenzhen laboratory has been completed, and the laboratory officially relocated in May 2025 [2] - The current capacity utilization of the Shenzhen laboratory is gradually being released, indicating a positive trend in demand within the integrated circuit sector [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 18.87, down from the previous target of RMB 20.10 [4][7]. Core Insights - The company reported Q3 revenue of RMB 541 million, a year-over-year increase of 10.6%, but a quarter-over-quarter decrease of 3.6%. The net profit attributable to the parent company was RMB 39.55 million, down 9.4% year-over-year and down 48.2% quarter-over-quarter, primarily due to higher-than-expected credit impairment losses [4][5]. - The company expects that prior investments will drive revenue growth in the future, despite a decline in gross margin due to increased costs and credit impairment losses affecting net profit margin [6][4]. - The report forecasts a compound annual growth rate (CAGR) of 19.15% for net profit from 2025 to 2027, with projected net profits of RMB 2.52 billion, RMB 3.20 billion, and RMB 3.88 billion for the respective years [7][19]. Financial Projections - Revenue projections for the company are as follows: RMB 2,026 million for 2024, RMB 2,251 million for 2025 (up 11.13%), RMB 2,595 million for 2026 (up 15.30%), and RMB 2,977 million for 2027 (up 14.71%) [3][19]. - The net profit attributable to the parent company is projected to be RMB 229.41 million for 2024, RMB 251.63 million for 2025 (up 9.69%), RMB 320.37 million for 2026 (up 27.32%), and RMB 388.03 million for 2027 (up 21.12%) [3][19]. - The report indicates a decrease in gross margin to 38.68% in Q3, down 3.40 percentage points year-over-year, primarily due to declines in the gross margin of testing equipment and integrated circuit testing [5][6]. Cash Flow and Capital Expenditure - The company reported a 25% year-over-year decline in operating cash flow for Q1-Q3 2025, primarily due to an increase in accounts receivable, which stood at RMB 1.448 billion, up 14% year-over-year [6]. - Capital expenditures for Q1-Q3 2025 were RMB 228 million, a decrease of 25% compared to the previous period, indicating a reduction in equipment purchases [6].

Core Insights - Suzhou Su Test Experiment Group Co., Ltd. has seen a significant increase in stock price, with a year-to-date rise of 55.64% and a recent 5-day increase of 2.85% [1] - The company specializes in environmental and reliability testing services, contributing to a diverse revenue stream from various segments [1][2] Company Overview - Founded on December 29, 2007, and listed on January 22, 2015, the company is located in Suzhou Industrial Park, Jiangsu Province [1] - Main business segments include environmental reliability testing services (49.19%), testing equipment (31.27%), integrated circuit verification and analysis services (15.63%), and other services (3.91%) [1] Financial Performance - For the first half of 2025, the company reported a revenue of 9.91 billion yuan, reflecting a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 1.17 billion yuan, up 14.18% [2] - Cumulative cash dividends since the A-share listing amount to 3.67 billion yuan, with 2.11 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.49% to 23,100, while the average circulating shares per person increased by 14.27% to 21,903 shares [2] - Notable changes in major shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and Tianhong Yongli Bond A, while Xinyi Xinyi Two-Year Holding Mixed A has entered the top ten shareholders [3]