Zhejiang United Technology Co., Ltd. (000925)

Equity Research Report | Industry: Intelligent Transportation and Semiconductor Materials | Report Date: September 13, 2026 | As of the September 10, 2026 close; September 13, 2026 was a Sunday, and September 10 was the latest verifiable trading day. Technical indicators were calculated according to the methodology stated in the research notes; certain market and valuation data may differ due to platform update timing.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

The most decision-relevant characteristic of United Technology is currently that “revenue growth and narrowing losses coexist, but the core business has not yet achieved stable profitability.” In the first half of 2026, the company generated operating revenue of RMB 885 million, up 28.60% year on year; net loss attributable to shareholders of the parent was RMB 16.2704 million, while net loss attributable to shareholders of the parent excluding non-recurring items was RMB 46.7585 million. Net cash flow from operating activities was -RMB 233 million. The improvement in attributable net profit was partly affected by fair-value changes, gains from the disposal of financial assets, government subsidies and other non-recurring items. The quality of core-business earnings still requires further verification.

On the business side, intelligent transportation remained the core growth driver. Revenue in the first half of 2026 was RMB 607 million, up 38.21% year on year, with a gross margin of 26.05%; revenue from the pan-semiconductor manufacturing business was RMB 254 million, up 12.64%, with a gross margin of 35.18%. Full-year 2025 revenue was RMB 2.284 billion, up 12.88%, but net loss attributable to shareholders of the parent was RMB 62.2624 million. As of the end of 2024, contracts signed but not yet fully performed represented approximately RMB 4.256 billion in corresponding revenue. New intelligent-transportation orders in 2024 were approximately RMB 3.15 billion, providing some foundation for subsequent revenue recognition. However, order conversion remains dependent on project implementation, acceptance, settlement and collection progress.

The company’s traditional strengths are concentrated in urban rail transit signaling systems. Revenue from this business was RMB 1.257 billion in 2024, with a gross margin of 35.93%. Industry sources cited by the company indicate that its market share in urban rail transit signaling systems was approximately 23.5%–23.8%, ranking second, although disclosure methodologies differ. The semiconductor materials business covers 3–8-inch silicon materials, polished wafers, ground wafers and wafer-reclaiming services. It remains in a phase of continuous improvement in capacity utilization, product mix, yield and customer certification. The low-altitude economy, digital-intelligence and other new businesses have not yet provided specific data sufficient to demonstrate material revenue or profit contributions.

As of September 10, 2026, the company’s share price was RMB 8.16, in the lower-middle portion of its 52-week range and below the MA5, MA10 and MA20. MACD was weak. The recent decline was accompanied by relatively high turnover and net outflows of funds from major investors, indicating that short-term buying support remains unstable. The company is currently loss-making, so PE has limited reference value. Based on publicly available data, PB was approximately 1.7x. The core valuation question is whether the company can achieve sustained profitability, improve operating cash flow and reduce working-capital usage in its rail-transit business.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Intelligent transportation: Includes urban rail transit CBTC signaling systems, train operation control, communications and signaling system integration, upgrades and maintenance of existing lines, automatic fare collection and ticketing as well as network clearing systems, operations-management platforms, smart stations, big-data platforms and intelligent maintenance. Revenue in 2024 was RMB 1.530 billion, accounting for 75.61% of operating revenue, with a gross margin of 33.52%. Of this, urban rail transit signaling-system revenue was RMB 1.257 billion, accounting for 62.12% of operating revenue, with a gross margin of 35.93%; automatic fare collection and ticketing system revenue was RMB 273 million, accounting for 13.49%, with a gross margin of 22.39%.
• Semiconductor materials: Primarily operated by Zhejiang Haina Semiconductor Co., Ltd., a controlled subsidiary. Products include 3–8-inch semiconductor-grade monocrystalline silicon materials, polished wafers, ground wafers, wafer-reclaiming services and related silicon-based materials. In 2024, revenue from pan-semiconductor manufacturing was RMB 403 million, accounting for 19.93% of operating revenue, up 21.06% year on year, with a gross margin of 31.27%.
• Digital intelligence and other businesses: Includes digital intelligence for energy and mining, computing power and computing-power services, low-altitude-economy-related flight-control safety systems and integrated service platforms, digital healthcare, data-asset operations and industry digitalization solutions. Digital-intelligence revenue in 2024 was approximately RMB 66 million, accounting for 3.28% of operating revenue and declining significantly from 2023. These businesses remain in stages of cultivation, adjustment or expansion.
• Regional structure: Domestic sales in 2024 were RMB 1.903 billion, accounting for 94.03%; overseas sales were RMB 121 million, accounting for 5.97%. The company remains primarily focused on the domestic market.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

United Technology occupies two midstream positions: urban rail transit system integration and semiconductor materials manufacturing. The rail-transit business derives profits from signaling-system technology, project qualifications, engineering experience and customer resources. The semiconductor business is a midstream manufacturer of 3–8-inch silicon materials and related products, with profitability affected by raw-material prices, capacity utilization, product mix, yield and customer certification.

• The intelligent-transportation business procures signaling-control equipment, communications equipment, wayside equipment, onboard equipment, automatic fare collection and ticketing equipment, servers, network and information-technology equipment, electrical components, electronic components, as well as installation, construction and engineering services. In 2024, operating costs for the intelligent-transportation business were approximately RMB 1.017 billion. Major equipment and materials accounted for RMB 691 million, or 67.90% of intelligent-transportation operating costs; construction and installation, design services, project management and other costs accounted for RMB 326 million, or 32.10%.
• In 2024, procurement from the five largest suppliers was approximately RMB 482 million, accounting for 31.32% of total annual procurement; procurement from the largest supplier was approximately RMB 268 million, accounting for 17.45%. Procurement from related-party suppliers also accounted for 17.45%, indicating a certain degree of supply-chain concentration. The above data are based on the company’s 2024 annual-report methodology.
• The semiconductor materials business primarily procures high-purity polysilicon, graphite components, high-purity quartz crucibles and other auxiliary materials and production consumables. It mainly adopts a build-to-order model, arranging procurement and production according to orders and production plans.
• The company’s bargaining power over upstream bulk raw materials for the semiconductor business is relatively limited. Prices of polysilicon, graphite components and quartz crucibles, as well as equipment depreciation, energy prices, yield and capacity utilization, directly affect unit costs. The intelligent-transportation business, meanwhile, involves equipment procurement, system integration and engineering delivery, requiring the company to integrate upstream suppliers and assume responsibility for project management, commissioning and after-sales services.
• Key customers of the intelligent-transportation business include urban metro groups, urban rail transit construction and operating entities, rail-transit system integrators, and government and urban-infrastructure investment and construction entities. Customers are generally local state-owned enterprises, metro groups or government investment platforms. Projects are usually conducted through bidding, and collections are closely linked to fiscal funding, project acceptance and engineering settlement.
• United Technology’s sales to its five largest customers in 2024 were approximately RMB 982 million, accounting for 48.52% of total annual sales. The largest customer accounted for 16.62%, the second-largest customer accounted for 15.62%, and the two largest customers together accounted for 32.24%. This data comes from United Technology’s 2024 annual report and is presented on a consolidated listed-company basis. Specific customer names were not disclosed, so it is not possible to fully determine whether customers are metro groups, general contractors or other entities. The latest annual report shall prevail.
• Downstream rail-transit customers generally have strong project bargaining power. Industry competition is primarily conducted through bidding, project delivery cycles are relatively long, and projects are constrained by acceptance, settlement and the pace of local fiscal payments. The company’s bargaining power primarily derives from technical qualifications, project experience, its position in signaling systems and customer-certification barriers, rather than end-market brand premiums.
• Semiconductor-material customers include semiconductor discrete-device manufacturers, integrated-circuit companies, power-device enterprises, automotive-electronics and new-energy electronics manufacturers, as well as communications, industrial-electronics and consumer-electronics companies. Customers prioritize price, yield, supply stability and technical specifications and generally require lengthy product certification, quality validation and volume-supply processes.
• Haina Semiconductor’s 2024 annual report anonymized the names of major customers and suppliers. The customer concentration of the semiconductor segment therefore cannot be fully cross-checked using publicly available annual reports. Data for this area are incomplete; subsequent, more detailed disclosures by Haina Semiconductor shall prevail.
• As of December 31, 2024, the carrying balance of consolidated accounts receivable was approximately RMB 1.256 billion, equivalent to approximately 62.1% of operating revenue; the carrying balance of contract assets was approximately RMB 1.465 billion. Accounts receivable and contract assets together totaled approximately RMB 2.721 billion, equivalent to approximately 134.4% of operating revenue. The allowance for bad debts on accounts receivable was approximately RMB 171 million, while the impairment provision for contract assets was approximately RMB 44 million. The year-end carrying amount of accounts receivable was approximately RMB 1.085 billion, and the carrying amount of contract assets was approximately RMB 1.421 billion. In 2024, net profit attributable to the parent was approximately RMB 24 million. The carrying balance of accounts receivable was approximately 51x attributable net profit, while contract assets were approximately 58x attributable net profit, indicating significant working-capital usage in rail-transit projects. Cash collection is affected by performance, acceptance, settlement and payment progress.
• In terms of supplier concentration, procurement from the five largest suppliers in 2024 accounted for 31.32% of total annual procurement, while the largest supplier accounted for 17.45%. In terms of customer concentration, sales to the five largest customers accounted for 48.52% of total annual sales, while the largest and second-largest customers accounted for 16.62% and 15.62%, respectively. Customer-concentration data come from United Technology’s 2024 annual report. Specific customer names were not disclosed, and important customers of the semiconductor subsidiary were disclosed anonymously, preventing sufficient cross-verification of concentration in the semiconductor segment. The latest annual report shall prevail.

The company occupies a position in “technology- and system-integration-driven midstream manufacturing and engineering services.” It is neither an upstream resource monopolist nor a consumer-facing company with strong brand premiums. Profit improvement in rail transit depends on the gross margin of signaling-system projects, the proportion of existing-line upgrades, maintenance and digital services, improved collections and lower working-capital usage. Profit improvement in semiconductors depends on new-capacity commissioning, capacity utilization, product mix, yield, customer certification and raw-material cost control.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Net loss attributable to the parent excluding non-recurring items in the first half of 2026 was RMB 46.7585 million, with the loss narrowing 36.99% year on year. Net cash flow from operating activities was -RMB 232.94 million and remained a net outflow. In 2025, net loss attributable to the parent excluding non-recurring items was RMB 99.7973 million, while net cash flow from operating activities was RMB 149.62 million.

The company’s revenue grew significantly in the first half of 2026, with both intelligent transportation and pan-semiconductor businesses recording growth. However, both attributable net profit and attributable net profit excluding non-recurring items remained negative. The difference between attributable net profit and attributable net profit excluding non-recurring items was RMB 30.4881 million, mainly attributable to non-recurring items. These included approximately RMB 28.5381 million in gains and losses related to fair-value changes and the disposal of financial assets, and approximately RMB 9.4194 million in government subsidies. The core business has not yet achieved stable profitability. Intelligent-transportation revenue was RMB 606.74 million, up 38.21% year on year, with a gross margin of 26.05%; pan-semiconductor manufacturing revenue was RMB 253.88 million, up 12.64%, with a gross margin of 35.18%; digital-intelligence revenue was RMB 13.3786 million, down 13.27%, with a gross margin of 11.39%. Operating cash flow remains a net outflow, so earnings quality and cash-flow conditions require continued attention.

3.2 Earnings Forecast

The above data are forecasts from a single historical research report published by Southwest Securities on December 18, 2024, rather than valid multi-broker consensus estimates as of September 12, 2026. The report also forecast a compound annual revenue growth rate of approximately 12% and a compound annual growth rate of attributable net profit of approximately 43% over the following three years. As of September 12, 2026, no cross-verifiable multi-broker consensus forecasts for 2026–2028 had been identified, and no valid public institutional consensus EPS forecast had been found.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the share price was approximately RMB 7.99, and total shares outstanding were approximately 676 million, implying a total market capitalization of approximately RMB 5.4 billion. Another data source reported a September 10, 2026 closing price of RMB 8.16 and total market capitalization of approximately RMB 5.519 billion. Because the company reported a full-year loss in 2025 and remained loss-making in the first half of 2026, current TTM PE has no meaningful reference value. Market-data platforms generally display “--” or a negative PE, so PE valuation is not recommended. Public market data indicate a PB of approximately 1.44x–1.71x. Based on attributable net assets of RMB 3.23507 billion as of June 30, 2026 and approximately 676 million shares outstanding, net assets per share were approximately RMB 4.78. At a share price of RMB 7.99, static PB was approximately 1.67x. Current valuation mainly relies on PB, PS and expectations of future profitability. A PB of approximately 1.5x–1.7x has not yet reached an obviously low-PB level. If the rail-transit business maintains growth, semiconductor profitability improves, and expenses and cash flow are controlled, there is a basis for PB valuation recovery. However, given the loss excluding non-recurring items, net operating cash outflow and lack of recent institutional earnings forecasts, the valuation anchor remains unclear. The core valuation question is whether the company can achieve sustained profitability.

4. Recent News and Announcements

4.1 Share Repurchase Cancellation Completed; Share Capital Reduced by 146,047 Shares

The company disclosed on September 11, 2026 that cancellation of repurchased shares had been completed. The cancellation involved 146,047 shares, representing 0.0216% of total shares outstanding before cancellation, with a corresponding amount of RMB 1,023,178.45, effective from September 9, 2026. Following completion, total shares outstanding decreased from 676,369,858 to 676,223,811. The shares were originally intended for an employee stock ownership plan or equity incentives. Because the relevant purposes were not implemented within the prescribed period, the company changed the arrangement to cancellation and reduced registered capital. The company stated that the cancellation would not have a material impact on its financial condition or operating results, would not result in a change of control, and would not affect its listing status.

4.2 No Share Repurchase Plan Currently Being Implemented

At an investor-relations event on August 25, 2026, the company stated that it currently had no share repurchase plan under implementation. In the future, it may comprehensively use equity incentives, cash dividends, share repurchases, investor-relations management and ESG initiatives to enhance investment value. The cancellation completed in September 2026 involved previously repurchased shares and did not represent the launch of a new repurchase plan.

4.3 First-Half 2026 Results Showed Narrower Losses, but Loss Remained After Deducting Non-Recurring Items

The company’s 2026 interim report showed first-half operating revenue of RMB 885.36 million, up 28.60% year on year; net loss attributable to shareholders of the listed company of RMB 16.2704 million, compared with a loss of RMB 66.6978 million in the same period of the prior year, representing a 75.61% narrowing of the loss; net loss after deducting non-recurring items of RMB 46.7585 million, representing a 36.99% narrowing of the loss; net cash flow from operating activities of -RMB 232.94 million, compared with -RMB 461.21 million in the same period of the prior year; and basic EPS of -RMB 0.02. The company stated that improvements in revenue and losses were mainly related to growth in intelligent transportation and semiconductor-business revenue and improved gross margins. Increases in the fair value of related investments also generated a relatively large amount of non-recurring gains and losses.

4.4 First-Half 2026 Earnings Preview Was Broadly Consistent with Actual Results

On July 15, 2026, the company disclosed an earnings preview, estimating a net loss attributable to shareholders of the listed company of RMB 10 million–RMB 20 million for January–June 2026 and an estimated net loss after deducting non-recurring items of approximately RMB 38 million–RMB 48 million. The interim report subsequently showed an attributable net loss of RMB 16.2704 million and a net loss after deducting non-recurring items of RMB 46.7585 million, both within the previously announced ranges.

4.5 Unmanned-Sensing Technology R&D Fundraising Project Terminated; Remaining Proceeds Permanently Used to Supplement Working Capital

On July 29, 2026, the company disclosed the termination of certain fundraising projects. The relevant proposal was approved at the second extraordinary shareholders’ meeting of 2026 held on August 13. The total investment in the “Unmanned-Sensing Technology R&D Project” to be terminated was approximately RMB 263.3 million, including planned fundraising investment of RMB 115.1693 million. As of June 30, 2026, cumulative fundraising investment was RMB 6.1728 million, representing an investment progress of approximately 5.36%. Remaining fundraising proceeds were approximately RMB 110.7606 million; including interest income, the actual amount permanently used to supplement working capital was RMB 110.7932 million. Reasons for termination included changes in the industry competitive landscape, technical and supply-chain bottlenecks, and adjustments to the company’s strategic development direction. The proposal was approved by 97.3394% of the shares held by shareholders attending the meeting.

4.6 Proposed Cash Management with Idle Fundraising Proceeds and Internal Funds

On August 22, 2026, the company disclosed that it planned to use no more than RMB 180 million of idle fundraising proceeds for cash management. The quota would remain valid for 12 months from the date of approval by the board and could be used on a revolving basis. It also planned to use no more than RMB 200 million of idle internal funds at any given time to purchase highly secure, liquid, low- to medium-risk wealth-management products, likewise for a 12-month period. The company stated that the arrangements would not affect the normal operation of its core businesses and that it would disclose purchases and gains or losses from wealth-management products in accordance with regulations.

4.7 Liu Xin Entered the Top Ten Shareholders and Became the Second-Largest Shareholder

According to the company’s 2026 interim report, as of June 30, 2026, Liu Xin held 16,989,100 shares, representing a 2.51% stake, and was the company’s second-largest shareholder. The largest shareholder, Zhejiang Bozhong Digital Intelligence Technology Innovation Group Co., Ltd., held 27,478,300 shares, representing a 4.06% stake. The number of ordinary shareholders at the end of the reporting period was 79,193. The company’s dedicated share-repurchase account held 19,233,030 shares, representing 2.84%, which were not included in the list of the top ten shareholders under applicable regulations. Public information is insufficient to confirm Liu Xin’s specific purchase timing, purchase price, funding source or subsequent changes in holdings.

4.8 No Change in the Controlling Shareholder or Actual Controller

As of June 30, 2026, the company’s interim report disclosed that neither the controlling shareholder nor the actual controller had changed. The largest shareholder held 4.06%, while Liu Xin held 2.51%; neither met the criteria for designation as controlling shareholder or actual controller. The interim report also showed that Hong Kong Securities Clearing Company Limited, Allianz insurance asset-management products and Morgan Stanley had entered or appeared on the list of the top ten shareholders. The fourth employee stock ownership plan held 11,822,100 shares, representing 1.75%.

4.9 Zhaolin Fund Ceased Further Capital Contributions and Will Continue Operating Based on Paid-In Capital

On July 29, 2026, the company disclosed progress regarding the industrial fund established in cooperation with China Merchants Capital. The Zhaolin Fund had total subscribed capital commitments of RMB 752 million. As of the announcement date, all partners had cumulatively paid in RMB 376.5 million. Because the fund’s investment period expired in January 2026, continued capital contributions could result in idle funds and increase funding costs and related risks. Following consensus among all partners, no further contributions would be made, and the fund would continue operating through maturity based on the paid-in capital of RMB 376.5 million. The company had originally planned to contribute no more than RMB 50 million.

4.10 Special Fund Liquidation and Deregistration Completed; Investment Principal and Returns of RMB 9.1854 Million Recovered

On July 14, 2026, the company disclosed that Nanjing Zhihui Zongheng Equity Investment Partnership (Limited Partnership) had completed liquidation and deregistration. The company’s wholly owned subsidiary, United Technology Incubator, had cumulatively paid in RMB 4.8 million. After deducting costs and expenses, cumulative recovered investment principal and returns totaled RMB 9.1854 million. The fund made targeted investments in companies in the new-energy and intelligent-transportation sectors. Following deregistration, the company no longer held an interest in the fund.

4.11 No Recently Completed Material M&A Transactions Identified

As of September 12, 2026, publicly disclosed information did not identify any material equity acquisition, asset restructuring or major M&A transaction completed by the company between August and September 2026. Recent external-investment matters mainly involved cessation of further contributions to an existing industrial fund, liquidation and deregistration of a special fund, and cash-management arrangements.

4.12 Independent Directors’ Terms Expired; Company Proceeding with By-Election of Candidates

On August 22, 2026, the company disclosed an announcement regarding the resignation of certain independent directors upon expiration of their terms and the nomination of independent-director candidates. Independent directors Jia Liming and Yi Zhi were approaching the six-year continuous-service limit and applied to the board to resign from their positions as independent directors of the ninth board and from related special committees. The company simultaneously initiated the nomination of independent-director candidates. This matter represents a corporate-governance adjustment; the research notes did not indicate a direct connection with regulatory penalties or material operating risks.

4.13 Warning Letter from the Zhejiang CSRC in January 2026

In January 2026, the company disclosed that it had received a warning-letter measure from the Zhejiang Office of the China Securities Regulatory Commission. As of the search conducted on September 12, 2026, no new material regulatory penalty, regulatory inquiry letter or disciplinary action announcement involving the company between August and September 2026 had been identified. Failure to identify new matters does not mean that undisclosed or not-yet-disclosed matters absolutely do not exist.

4.14 Low-Altitude-Economy Business Remains at the Company-Description Stage

At its performance briefing on August 25, 2026, the company stated that its low-altitude-economy-related businesses mainly included the UniTFCC triple-redundancy flight-control computer, the UniSpace low-altitude integrated service platform and the UniPort smart public takeoff-and-landing-site management platform. The notes did not provide specific data demonstrating that these businesses had generated material contracts, orders or recognizable revenue. Future orders and profit contributions remain uncertain.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 10, 2026, United Technology closed at RMB 8.16. The short-term share price was below the MA5, MA10 and MA20. MACD was weak, while KDJ showed some oversold characteristics but had not formed a reliable golden cross. The share price was between the Bollinger middle band at RMB 8.49 and lower band at RMB 7.56. RMB 8.45–8.55 and RMB 8.7–8.8 represented important resistance zones during a rebound, while around RMB 8.1 and RMB 7.5–7.8 represented short-term and strong support zones, respectively. The recent decline was accompanied by relatively high turnover. Net outflow from major investors was approximately RMB 24.36 million on September 10, so short-term buying support requires further observation. Because net profit was negative in the first-half 2026 interim report, dynamic PE and TTM PE had no valid positive figures; this section therefore does not use PE for valuation.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is only a subjective scenario analysis based on closing data as of September 10, 2026, historical prices and technical indicators. It does not constitute investment advice or a deterministic price forecast.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high weight, approximately 60%; a subjective heuristic weight based on current technical conditions and fund flows, not a statistical probability): Price range of approximately RMB 8.00–8.60. Trigger conditions include the share price finding support near RMB 8.1 but failing to break through RMB 8.5–8.8, turnover remaining within the recent normal range of approximately RMB 250 million–RMB 450 million, funds from major investors no longer recording consecutive large net outflows, and no obvious systemic weakness in the market or in the rail-equipment and machinery-equipment sectors.
• Weak decline (medium weight; a subjective heuristic judgment, not a statistical probability): Price range of approximately RMB 7.50–8.10. Trigger conditions include consecutive closes below RMB 8.1, daily turnover increasing to more than RMB 400 million while the price continues to close lower, consecutive net outflows from major investors, and simultaneous weakness in small- and mid-cap stocks and related machinery-equipment and rail-equipment sectors.
• Strong rebound (low-to-medium weight; a subjective heuristic judgment, not a statistical probability): Price range of approximately RMB 8.60–9.20. Trigger conditions include reclaiming RMB 8.5–8.6, followed by a break above the MA10 near RMB 8.76; daily turnover reaching or exceeding recent highs, with trading volume on rising days clearly above the five-day average; a shift to consecutive net inflows from major investors; and positive catalysts from the related sectors or the company. After an effective break above RMB 8.8, the RMB 9.0–9.2 range should be monitored technically. If volume is below the recent average, the move would more closely resemble a weak technical rebound.

③ Fund Flow and Liquidity Background

As of September 10, 2026, turnover value over the most recent five trading days was approximately RMB 224 million–RMB 534 million, averaging approximately RMB 334 million. Turnover rates were approximately 3.89%–9.09%, averaging approximately 5.8%. Turnover value on September 10 was approximately RMB 375 million, with a turnover rate of 6.78%, accompanied by net outflows from major investors while the share price fell 5.56%. Over the most recent 10 trading days, funds from major investors recorded a cumulative net inflow of approximately RMB 6.87 million, but this comprised approximately 3 days of inflows and 7 days of outflows, indicating an unstable direction. In terms of shareholder structure, as of March 31, 2026, the ten largest shareholders held approximately 16.50% in total, and the number of shareholders was approximately 54,520, indicating relatively dispersed ownership. As of June 30, 2026, institutional holdings represented approximately 13.69% of tradable A-shares, with an overall net reduction from the end of 2025. The above shareholder and institutional data are subject to a quarterly lag, and the actual structure as of September 10, 2026 may already have changed. Given that daily turnover generally reached several hundred million yuan and single-day turnover rates could exceed 10%, the stock was not a low-liquidity small-cap stock, but recent volatility was high. Dispersed ownership and a phase of reduced institutional holdings mean that the share price may be relatively sensitive to short-term fund flows and market sentiment.

If turnover reaches or exceeds RMB 500 million for two consecutive trading days in the coming week while the closing price regains and holds RMB 8.5–8.6, this could serve as an observation signal for improved short-term buying support. If turnover increases but the share price continues to fall below RMB 8.1, this would more closely resemble a distribution or risk-release signal.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 8.1–8.5 support zone can stabilize on contracting volume; this is an observation framework, not a trading instruction.
• Observe whether RMB 8.5–8.8 can be effectively reclaimed with volume support; do not rely solely on an intraday momentary breakout; this is an observation framework, not a trading instruction.
• Observe the strong-support zone of RMB 7.5–7.8. If this area is breached on high volume, the technical pattern could weaken further; this is an observation framework, not a trading instruction.
• Observe whether funds from major investors shift from consecutive net outflows to consecutive net inflows and whether turnover can consistently reach approximately RMB 500 million; this is an observation framework, not a trading instruction.

The above scenario analysis is based on closing data as of September 10, 2026 and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, fund flows, the broader market and other factors. Technical indicators are inherently lagging and limited. The analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

The company’s core intelligent-transportation business operates in urban rail transit signaling systems and related system integration, while its semiconductor business operates in the market for 3–8-inch semiconductor-grade silicon wafers and related materials. Urban rail transit signaling systems have relatively high barriers in safety, technology, qualifications, engineering experience and customer certification. Projects are generally large and have long delivery cycles, with metro groups and government investment platforms as major customers. The market typically uses a bidding process. The semiconductor materials business mainly serves mature-process and specialty-process markets, including discrete devices, power devices, analog devices, industrial electronics and automotive electronics.

6.2 Competitive Landscape

• As of the end of 2024, 51 cities in mainland China had opened urban rail transit services, with 303 operating lines and approximately 10,990.80 kilometers of operating mileage. In addition, 242 lines in 65 cities were under construction, with planned construction mileage of approximately 5,173.05 kilometers.
• The 2024 urban rail transit signaling-system market, including maintenance, upgrades and onboard signaling systems, comprised approximately 50–54 procurement projects with a market value of approximately RMB 13.1 billion. Different sources use slightly different statistical methodologies for project numbers and amounts.
• According to the 2024 annual major-equipment statistics report issued by the China Association of Metros, nine signaling-system manufacturers undertook 50 urban rail transit signaling-system procurement projects in 2024.
• The four companies CASCO, United Technology, Traffic Control Technology and Shanghai Electric Thales accounted for more than 80% of total industry contract-award value in 2024, indicating a relatively concentrated industry.
• Industry data cited by the company indicate that United Technology’s market share in urban rail transit signaling systems was approximately 23.5%–23.8% in 2024, ranking second. The annual report disclosed 23.76%, while the annual board-of-directors work report disclosed 23.46%, a difference of 0.30 percentage points that may result from differences in market size, maintenance and upgrade projects, or onboard-system statistical methodologies.
• Product certification cycles in the semiconductor wafer industry are relatively long. Customers emphasize stable supply, yield and consistency. The industry is affected by the semiconductor cycle, consumer-electronics demand and power-device demand. New capacity must undergo equipment commissioning, customer validation and ramp-up. Haina Semiconductor’s differentiation includes coverage of 3–8-inch products, polished wafers, ground wafers and wafer-reclaiming services, as well as expansion into mature-application markets such as automotive electronics, new energy and industrial electronics.
• The company’s intelligent rail-transit business received approximately RMB 3.15 billion in new orders in 2024, with new orders exceeding RMB 2.5 billion for three consecutive years. As of the end of 2024, contracts signed but not yet fully performed represented approximately RMB 4.256 billion in corresponding revenue, expected to be recognized mainly from 2025 to 2029. However, order value does not equal future annual revenue or profit. Actual recognition depends on project progress, acceptance, customer payments and the pace of engineering implementation.

6.3 Major Competitors

United Technology directly competes with Traffic Control Technology, CASCO and others in urban rail transit signaling systems. Industry data cited by the company indicate a market share of approximately 23.5%–23.8% in 2024, ranking second, although the specific figures differ across disclosures. Compared with China Railway Signal & Communication, United Technology has weaker scale and railway coverage but is competitive in specialized urban rail transit signaling systems and certain local markets. Compared with Traffic Control Technology, the two companies have a high degree of business overlap. Compared with CRRC Times Electric, United Technology has weaker synergies in vehicles and equipment but a more pronounced specialization in urban rail transit signaling systems. In semiconductor materials, Haina Semiconductor is not one of China’s largest silicon-wafer companies. Its competitiveness primarily lies in the 3–8-inch size segments, mature processes, product certification and customer relationships, rather than the scale advantages of advanced-process 300-millimeter large silicon wafers.

7. Risk Factors

• Risk to earnings sustainability: The company reported an attributable net loss of RMB 62.2624 million in 2025 and an attributable net loss of RMB 16.2704 million and a net loss excluding non-recurring items of RMB 46.7585 million in the first half of 2026. The difference between first-half attributable net profit and net profit excluding non-recurring items mainly came from fair-value changes, gains from the disposal of financial assets and government subsidies. The core business has not yet established stable profitability.
• Operating cash flow and collection risk: As of the end of 2024, accounts receivable and contract assets together totaled approximately RMB 2.721 billion, equivalent to approximately 134.4% of annual revenue. Net cash flow from operating activities remained -RMB 233 million in the first half of 2026. Collections from rail-transit projects are affected by acceptance, settlement, fiscal funds and customer payment schedules. Revenue growth may continue to be accompanied by high working-capital usage.
• Customer-concentration risk: Sales to the five largest customers accounted for 48.52% of total annual sales in 2024, while the two largest customers together accounted for 32.24%. Changes in the bidding, construction, acceptance or payment schedules of major project customers could materially affect revenue recognition, cash collection and profit.
• Supply-chain and cost risk: Procurement from the five largest suppliers accounted for 31.32% of total annual procurement in 2024, while the largest supplier accounted for 17.45%. Equipment and materials accounted for 67.90% of intelligent-transportation operating costs. The semiconductor business is also affected by changes in polysilicon, graphite-component and quartz-crucible prices, energy, depreciation, yield and capacity utilization. Cost pressures could compress gross margins.
• Rail-transit project execution risk: Contracts signed but not yet fully performed represented approximately RMB 4.256 billion in corresponding revenue, expected to be recognized mainly from 2025 to 2029. However, order value does not equal actual revenue or profit. Delays in project implementation, system commissioning, acceptance, engineering settlement or customer payments could cause revenue recognition and profit release to fall below expectations.
• Uncertainty regarding semiconductor-business improvement: Although pan-semiconductor manufacturing revenue grew 12.64% year on year and gross margin reached 35.18% in the first half of 2026, profitability remains dependent on capacity utilization, product mix, yield, customer certification and demand for mature processes. Important Haina Semiconductor customers were disclosed anonymously, making customer concentration and order stability difficult to fully verify.
• New-business execution risk: Low-altitude-economy-related businesses remain primarily at the company-description stage. Existing data do not show that material contracts, orders or recognizable revenue have been generated. The unmanned-sensing technology R&D fundraising project was terminated after cumulative investment of only approximately 5.36%, with the remaining funds permanently used to supplement working capital. The commercialization and profit contributions of low-altitude economy, digital intelligence and other businesses remain uncertain.
• Valuation and market-volatility risk: The company is currently loss-making, so PE has limited reference value. Valuation mainly depends on PB, PS and expectations of future profitability. As of September 10, 2026, the share price was below several short-term moving averages, and the recent pullback was accompanied by relatively high turnover and unstable fund flows from major investors. If earnings recovery or cash-flow improvement falls short of expectations, valuation and the share price may come under pressure.

8. Conclusion and Outlook

The company’s medium-term growth thesis mainly rests on two factors. First, orders and project reserves in urban rail transit signaling systems and intelligent transportation, with demand for existing-line upgrades, maintenance and system integration potentially supporting a recovery in revenue. Second, growth in pan-semiconductor revenue and improvement in gross margin. If capacity utilization, product mix, customer certification and yield continue to improve, the business could make a greater contribution to profit. Both core businesses recorded revenue growth in the first half of 2026, indicating early signs of business-scale recovery.

However, from the perspective of earnings quality, the company remains in a transitional phase from revenue recovery to stable profitability. It reported a full-year loss in 2025, a loss excluding non-recurring items of RMB 46.7585 million in the first half of 2026, and continued net operating cash outflow. Accounts receivable and contract assets related to rail-transit projects are sizeable, while customer concentration is relatively high. Revenue growth may not translate simultaneously into cash collection and net profit. The termination of the unmanned-sensing technology R&D fundraising project and the permanent use of remaining proceeds to supplement working capital also indicate that the direction and investment arrangements for related businesses remain under adjustment.

Going forward, key areas of focus should include whether intelligent-transportation revenue growth can continue, whether project acceptance and collections improve, whether semiconductor gross margin and capacity utilization can continue to rise, whether profit excluding non-recurring items can turn positive, and whether operating cash flow can return to positive territory. From a technical perspective, RMB 8.45–8.55 and approximately RMB 8.7–8.8 represent resistance areas, while around RMB 8.1 and RMB 7.5–7.8 represent important support references. These price ranges only reflect the current technical condition and cannot replace fundamental and valuation analysis.

Data Sources

• United Technology (000925)_Company Announcements_United Technology: 2024 Annual Report_Sina Finance_Sina.com
• https://static.cninfo.com.cn/finalpage/2026-08-22/1225490549.PDF
• https://static.cninfo.com.cn/finalpage/2026-04-29/1225244487.PDF
• United Technology (000925) Earnings Forecast_F10_Tonghuashun Financial Services
• Southwest Securities—United Technology (000925): Dual Drivers of Smart Urban Rail and Low-Altitude Economy, Exploring New Digital-Intelligence Opportunities—241218.pdf
• United Technology (000925) A-Share Financial Reports—Publicly traded company
• United Technology (000925)_Stock Quotes, Market Overview_CFI.CN
• United Technology (000925) Stock Information—Data Platform
• United Technology (000925)_Company Announcements_United Technology: Summary of 2026 Interim Report_Sina Finance_Sina.com
• United Technology (000925)_Company Announcements_United Technology: Announcement on Completion of Share Repurchase Cancellation and Changes in Repurchased Shares_Sina Finance_Sina.com
• United Technology (000925)_Company Announcements_United Technology: Investor Relations Activity Record dated August 25, 2026_Sina Finance_Sina.com
• United Technology (000925) Earnings Preview_Sina Finance_Sina.com
• Zhejiang United Technology Co., Ltd.
• United Technology (000925): Use of Idle Internal Funds for Entrusted Wealth Management—CFi.CN
• Zhejiang United Technology Co., Ltd. Announcement No. 3 on Progress in Establishing an Industrial Fund in Cooperation with China Merchants Capital
• Zhejiang United Technology Co., Ltd. Announcement on Completion of Liquidation and Deregistration of a Special Fund and Progress of External Investment
• Zhejiang United Technology Co., Ltd. Summary of 2026 Interim Report|Shanghai Securities News
• Securities Code: 000925　　Securities Abbreviation: United Technology　　Announcement No.: Lin 2026—008

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the September 10, 2026 close; September 13, 2026 was a Sunday, and September 10 was the latest verifiable trading day. Technical indicators were calculated according to the methodology stated in the research notes, and certain market and valuation data may differ due to platform update timing. Information may be subject to time-related discrepancies. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.