证券代码：688112 证券简称：鼎阳科技 公告编号：2025-048 深圳市鼎阳科技股份有限公司 关于自愿披露公司发布新产品的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、新产品基本情况 多通道相参微波信号发生器 SSG6M80A 系列产品，产品频率覆盖范围从 9 kHz 至 20 GHz，频率分辨率可达 0.001 Hz，可精准同步应对复杂测试挑战。相 位噪声低至-136 dBc/Hz（@1 GHz，10 kHz 偏移，测量值），具备多通道稳定相 参、通道间独立可调、超低相位噪声、大范围输出功率、纯净频谱输出、高稳 2025 年 11 月 3 日，深圳市鼎阳科技股份有限公司（以下简称"鼎阳科 技"、"公司"）正式公开发布全新一代多通道相参微波信号发生器 SSG6M80A 系列产品，产品频率覆盖范围从 9 kHz 至 20 GHz，频率分 辨率可达 0.001 Hz，相位噪声低至-136 dBc/Hz（@1 GHz，10 kHz 偏移， 测量值），可广泛适配多种复杂场景，为行业用户提供更高效 ...

Core Viewpoint - Dingyang Technology (688112) officially launched its new generation multi-channel microwave signal generator SSG6M80A series on November 3, 2023, aiming to provide efficient and reliable microwave signal generation solutions for various complex scenarios [1] Product Details - The frequency range of the new product spans from 9 kHz to 20 GHz, with a frequency resolution of up to 0.001 Hz [1] - The phase noise is as low as -136 dBc/Hz at 1 GHz with a 10 kHz offset, indicating high performance [1] Market Potential - The company aims for large-scale sales of the new product, which will require further customer trials and evaluations [1] - There are potential risks associated with market promotion and customer acquisition not meeting expectations [1]

Core Viewpoint - Dingyang Technology (688112.SH) has announced the launch of its new generation multi-channel coherent microwave signal generator SSG6M80A series, showcasing the company's technological innovation and high-end product development strategy [1] Product Launch - The SSG6M80A series covers a frequency range from 9kHz to 20GHz with a frequency resolution of 0.001Hz and a phase noise as low as -136dBc/Hz [1] - Two power amplifier modules have also been introduced, covering low frequency to millimeter-wave bands [1] Strategic Implications - The new products represent significant advancements in the company's technological capabilities and are crucial for enhancing its core competitiveness [1] - However, the company faces potential risks in achieving large-scale sales, which depend on customer trials and evaluations, indicating challenges in market promotion and customer acquisition [1]

Core Insights - Dingyang Technology, established in June 2007 and listed on the Shanghai Stock Exchange in December 2021, is a leading domestic manufacturer of general electronic measurement instruments, benefiting from accelerated domestic substitution [1] Financial Performance - For Q3 2025, Dingyang Technology reported revenue of 431 million yuan, ranking 26th in the industry, with the industry leader, Chuan Instrument, at 4.89 billion yuan [2] - The net profit for the same period was 111 million yuan, ranking 13th in the industry, with the top performer, Chuan Instrument, at 469 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 7.57%, lower than the industry average of 27.43%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 61.13%, above the industry average of 43.50%, reflecting robust profitability [3] Executive Compensation - The chairman, Qin Ke, received a salary of 749,000 yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 39.69% to 7,271, while the average number of shares held per shareholder decreased by 28.41% to 21,900 shares [5] - Notable changes in the top ten shareholders included Hong Kong Central Clearing Limited increasing its holdings by 454,100 shares [5] Business Highlights - Dingyang Technology's Q3 2025 revenue reached a historical peak of 153 million yuan, with a net profit of 34 million yuan [5] - The company saw a 71.92% year-on-year increase in revenue from high-end products, with high-resolution oscilloscopes and microwave RF products showing significant growth [6] - The company plans to release new high-end products, including the SDS8000A oscilloscope in 2025 [5]

Summary of Dingyang Technology Conference Call Company Overview - **Company**: Dingyang Technology - **Industry**: Electronic Measurement Instruments Key Points and Arguments Financial Performance - Dingyang Technology reported a revenue of 431 million yuan for the first three quarters of 2025, representing a year-on-year growth of 21.67% [3] - Net profit attributable to shareholders was 111 million yuan, up 21.49% year-on-year, while the net profit excluding non-recurring items was 109 million yuan, reflecting a growth of 22.62% [3] - The revenue growth is primarily attributed to sustained R&D investment and a high-end product strategy, with high-end products accounting for 30% of total revenue, up 6 percentage points year-on-year [5] Product Development and Innovation - Since 2020, the company has launched 41 new products, with 11 released in 2025, including 7 high-end products [2][6] - The company focuses on the general electronic measurement field and plans to upgrade existing products while expanding into higher bandwidth ranges, including 30GHz and 60GHz [2][9] Market Demand and Trends - There is a rapid increase in demand from sectors such as telecommunications, semiconductors, new energy vehicles, and AI, particularly for AI server-related equipment [2][10] - The company is also monitoring developments in quantum computing, although it is not currently prioritizing this area due to its sensitivity [10] Customer Base and Sales Strategy - Dingyang Technology has expanded its key account (KA) customer base from a few to nearly ten, significantly contributing to revenue growth [7] - The company anticipates a steady increase in direct sales as high-end products are introduced and personnel are optimized [7] High-End Product Performance - High-end product revenue grew by 51.22% year-on-year, with average selling prices increasing by 10.11% [5] - Sales of products priced above 30,000 yuan increased by 46.53%, while those above 50,000 yuan saw a 56.65% increase [5] Future Growth Projections - The SDS 8,000A series is expected to become a significant revenue and profit growth driver in 2026, with potential sales of 50-100 units projected to generate over 50 million yuan in revenue [10] - The company expects to maintain a high growth trend in the coming years, driven by new product launches and market expansion [4][20] Market Conditions and Competitive Landscape - The domestic market is growing significantly faster than the overseas market, with expectations for a recovery in overseas sales as new products are launched [22] - The company faces limited competition in the high-end RF microwave product sector, primarily from a few foreign giants [15] R&D and Profitability - R&D expenses increased by over 40% year-on-year, reflecting the company's commitment to long-term growth despite short-term profit fluctuations [21][23] - The current profit level is moderate, with a focus on long-term potential rather than short-term gains [23] Supply Chain and Production Capacity - The domestic supply chain has matured, particularly in key components like ADCs, which support the development of high-end oscilloscopes [9][16] - The Malaysian factory has ramped up production capacity, addressing supply shortages and enhancing the company's operational efficiency [15] Additional Important Insights - The company is strategically positioned to leverage its technological advancements and market demand, ensuring a robust growth trajectory in the electronic measurement instruments sector [20] - The focus on high-end products and continuous innovation is expected to solidify Dingyang Technology's competitive advantage in the industry [6][10]

Core Insights - Dingyang Technology reported a revenue of 152,663,898.74 yuan for Q3 2025, representing a year-on-year growth of 16.63% [2] - The net profit attributable to shareholders of the listed company was 34,471,349.30 yuan, showing a year-on-year increase of 3.81% [2] Financial Performance - Revenue for Q3 2025: 152.66 million yuan, up 16.63% year-on-year [2] - Net profit for Q3 2025: 34.47 million yuan, up 3.81% year-on-year [2]

Core Viewpoint - Dingyang Technology (688112.SH) reported a revenue of 431 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 21.67% [1] - The net profit attributable to shareholders reached 111 million yuan, marking a year-on-year increase of 21.49% [1] - The basic earnings per share stood at 0.7 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 431 million yuan, up 21.67% year-on-year [1] - Net profit attributable to parent company shareholders: 111 million yuan, up 21.49% year-on-year [1] - Basic earnings per share: 0.7 yuan [1]

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-047 投资者可于 2025 年 11 月 20 日 （星期四） 至 11 月 26 日 （星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zqb@siglent.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 深圳市鼎阳科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 27 日 （星期四） 16:00-17:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 11 月 27 日 （星期四） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 三季度的经营成果及 ...

Financial Performance - The company's operating revenue for the first nine months of 2025 reached CNY 431.48 million, representing a year-on-year growth of 21.67%[5] - The net profit attributable to shareholders for the same period was CNY 111.35 million, with a year-on-year increase of 21.49%[5] - The gross profit margin for the first nine months of 2025 was 61.13%, while the net profit margin stood at 25.81%[9] - Total operating revenue for the first three quarters of 2025 reached ¥431,483,450.19, a 21.7% increase from ¥354,642,646.73 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥111,347,061.67, up 21.5% compared to ¥91,649,118.45 in 2024[23] - Operating profit for the first three quarters of 2025 was ¥118,110,824.68, an increase of 16.6% from ¥101,295,287.30 in 2024[23] - The total comprehensive income for the first three quarters of 2025 was ¥112,044,475.29, an increase from ¥91,080,735.49 in 2024[24] Research and Development - Research and development expenses for Q3 2025 amounted to CNY 36.81 million, a year-on-year increase of 42.65%, accounting for 24.11% of operating revenue[9] - Research and development expenses increased to ¥97,029,241.71 in 2025, representing a 39.2% rise from ¥69,734,120.91 in 2024[22] - The company has ongoing investments in new technologies and product development, although specific figures were not disclosed in the conference call[18] Product Performance - High-end product sales grew by 51.22%, contributing to an average price increase of 10.11% across the main product lines[6] - Revenue from high-resolution digital oscilloscopes increased by 95.40%, and revenue from RF microwave products rose by 80.10% in the first nine months of 2025[8] - The company has launched several new high-end products, including the SDS8000A high-resolution digital oscilloscope and the SDG8000A arbitrary waveform generator[10] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period increased by 81.31%, primarily due to higher sales and collections[14] - As of September 30, 2025, the company's total assets amounted to CNY 1,701,961,587.63, an increase from CNY 1,677,191,995.38 at the end of 2024[18] - The company's cash and cash equivalents reached CNY 1,238,078,516.16, slightly up from CNY 1,226,572,251.88 at the end of 2024[18] - Accounts receivable increased to CNY 85,059,040.22 from CNY 66,317,412.73, reflecting a growth of approximately 28.2%[18] - Inventory decreased to CNY 213,479,119.03 from CNY 237,369,205.68, indicating a reduction of about 10.1%[19] - Total current liabilities decreased to CNY 97,582,568.40 from CNY 105,369,494.54, a decline of approximately 7.5%[19] - The company's total liabilities were CNY 128,767,236.75, down from CNY 143,914,492.17, representing a decrease of about 10.5%[20] - The total equity attributable to shareholders increased to CNY 1,573,194,350.88 from CNY 1,533,277,503.21, reflecting a growth of approximately 2.6%[20] Shareholder Information - There are no significant changes in the top ten shareholders or their holdings compared to the previous period[18] Earnings Per Share - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.70, up from ¥0.58 in 2024[24] Financial Expenses - The company experienced a decrease in financial expenses, reporting a net financial income of -¥27,868,907.09 in 2025 compared to -¥26,383,400.43 in 2024[22]

Core Points - The core point of the news is the equity transfer involving Shenzhen Dingyang Technology Co., Ltd., where major shareholders reduced their holdings through a price inquiry transfer, affecting their ownership percentage significantly without changing the control of the company [2][8][24]. Group 1: Transfer Details - The price for the inquiry transfer was set at 34.18 yuan per share, with a total of 3,184,000 shares being transferred [2][12]. - Following the transfer, the combined shareholding of Qin Ke, Shao Haitao, Zhao Yafeng, and associated entities decreased from 71.26% to 68.99%, marking a change that touches a 5% integer multiple [2][8][24]. - The transfer was part of a broader context involving dividend distribution, stock incentive plans, and passive dilution [2][21]. Group 2: Shareholder Information - The transferring parties, including Qin Ke, Shao Haitao, and Zhao Yafeng, are identified as the controlling shareholders and actual controllers of Dingyang Technology [3][4]. - The entities involved in the transfer, Dingli Xiangyang, Zhongli Kangding, and Boshitongyu, are recognized as acting in concert with the aforementioned shareholders [3][4][21]. Group 3: Historical Context - Prior to the transfer, the shareholders' equity was affected by a cash dividend of 0.85 yuan per share and a capital reserve increase of 0.49 shares per share, which increased their total shares from 76,008,000 to 113,251,920 [7][23]. - The shareholding percentage was further diluted due to the implementation of stock incentive plans, leading to a gradual decrease in ownership before the inquiry transfer [7][23]. Group 4: Regulatory Compliance - The transfer process adhered to regulations set forth by various laws and guidelines, ensuring fairness and compliance with market standards [14]. - The inquiry transfer was conducted with the participation of 432 institutional investors, receiving six valid bids during the subscription period [13].