展望未来，韬盛科技表示将聚焦国家战略需求，坚持高端化、规模化发展。公司将以客户需求与技术趋 势为导向，持续加大研发投入，致力于攻克高端测试接口核心关键技术，打破海外垄断，加快国产替代 进程，进一步扩大市场份额，巩固行业领先地位，致力于成为全球半导体测试接口领域的领先品牌。 在技术层面，韬盛科技已累计开发超过4,000种芯片测试接口技术方案，并具备高速高频测试探针的自 主研发与制造能力，能够满足从研发到量产阶段高低温、大电流、高功耗等严苛测试需求。公司已成功 突破微纳精密制造等关键技术瓶颈，形成了一系列自主工艺。 市场方面，公司已构建了覆盖半导体全产业链的广泛客户生态。报告期内，公司服务客户超700家，其 中包括在AI芯片领域深度服务的沐曦、摩尔线程等头部企业，在自动驾驶领域成为地平线第一大测试 接口供应商，并覆盖理想、蔚来等知名车企。在存储领域，公司为长江存储开发了首个支持512颗芯片 并行测试的国产DSA测试接口，助力存储产业链关键环节自主化。 依托在测试接口领域的技术积累，公司正向技术壁垒更高的晶圆测试探针卡领域纵深拓展。目前，其 MEMS探针卡已在AI芯片客户实现商业化落地，并在存储领域取得突破：2D ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has achieved significant performance growth through technological breakthroughs and domestic substitution opportunities, but this growth is heavily reliant on related party transactions, particularly with Company B, which accounts for over 80% of its revenue [1][2][4]. Financial Performance - From 2022 to 2024, the company's operating revenue increased from 254 million to 641 million, while net profit surged from 15.62 million to 233 million, with a staggering year-on-year growth of 1149.33% in 2024 [2]. - The gross profit margin for Qiangyi's sales to Company B was significantly higher than that for other clients, with margins of 49.90%, 51.66%, 58.19%, and 61.62% over the reporting period, compared to only 35.45% for other customers [4][6]. Dependency on Related Parties - Company B has consistently been the largest customer, with revenue contributions of 50.29%, 67.47%, 81.84%, and 82.83% from 2022 to the first half of 2025, indicating a dependency increase of over 32 percentage points in three and a half years [2][4]. - Despite the high gross margins, the company has not disclosed specific details about Company B, only stating it is a globally recognized chip design enterprise with a strong market position [5]. Related Party Transactions - The actual controller, Zhou Ming, has significant control over "Nantong Yuan Zhuyuan," which became the largest supplier to Qiangyi shortly after its establishment, raising concerns about the independence and fairness of transactions [7][9]. - Qiangyi transferred certain business lines to Nantong Yuan Zhuyuan at a low price, with the asset transfer value being nearly seven times lower than the actual value, indicating potential manipulation of financial data [8][9]. Inventory and Production Capacity - Qiangyi plans to raise 1.5 billion for expansion, with 1.2 billion allocated to the development and production of probe cards, despite current sales being insufficient to absorb existing production capacity [10][12]. - The company's inventory has been increasing, with year-end balances rising from 41.52 million in 2022 to 111.72 million in the first half of 2025, and the provision for inventory depreciation has also increased significantly, indicating potential risks [13].