Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

证券代码：688337 证券简称：普源精电 公告编号：2026-003 普源精电科技股份有限公司 2025年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载普源精电科技股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数据，未 经会计师事务所审计，具体数据以公司2025年年度定期报告为准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以未经审计的合并报表数据填列，最终结果以公司2025年度报告中披露数据为 准。 二、经营业绩和财务状况情况说明 （一）报告期内公司的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 报告期内，公司实现营业收入90,023.40万元，同比增长16.04%；实现归属于母公司所有者的净利润 8,520.50万元，同比下降7.69 %；归属于母公司所有者的扣除非经常性损益的净利润3,759.98万元，同比 下降35.51%；基本每股 ...

嘉美包装(002969)2月12日公告，公司基本面未发生重大变化，但公司股票价格严重脱离公司基本面情 况，存在市场情绪过热、非理性炒作风险。苏州逐越鸿智科技发展合伙企业（有限合伙）（简称"逐越 鸿智"）关联企业魔法原子机器人科技（无锡）有限公司（简称"魔法原子"）现有资本化路径与上市公 司无关。魔法原子主要从事具身智能机器人相关业务，正在筹划独立资本运作，相关资本运作计划将完 全独立于上市公司，不存在以任何形式注入上市公司的计划。逐越鸿智实际控制人俞浩承诺，取得上市 公司控制权后的36个月内，俞浩及其关联方不会对上市公司进行资产注入。 今日晚间重要公告抢先看——嘉美包装：魔法原子相关资本运作计划将完全独立于上市公司，不存在注 入计划；双良节能：间接参与相关商业航天项目，未直接与SpaceX合作；掌阅科技：公司2025年度AI 短剧业务收入预计不超过全年主营业务收入的1%。 【重大事项】 嘉美包装：魔法原子相关资本运作计划将完全独立于上市公司 不存在注入计划 双良节能：间接参与相关商业航天项目 未直接与SpaceX合作 双良节能(600481)2月12日公告，2月12日，公司在微信公众号发布了一篇名为《双良节能 ...

Financial Performance - The company reported a revenue of 900.23 million yuan for the fiscal year 2025, representing a year-on-year increase of 16.04% [1] - The net profit attributable to the parent company was 85.21 million yuan, showing a decline of 7.69% compared to the previous year [1] - The net profit excluding non-recurring gains and losses was 37.60 million yuan, which is a decrease of 35.51% year-on-year [1] - The growth in performance is attributed to the increased penetration of high-end products in the optical communication sector and the growth in orders for array measurement and control system solutions [1] Stock Performance - The stock price of the company was 44.29 yuan at the close on February 12, 2026, with a cumulative increase of 17.20% over the last five trading days and a year-to-date increase of 20.06% [2] - On February 11, 2026, there was a net inflow of 1.16 million yuan in main funds, followed by a net inflow of 5.70 million yuan on February 12, 2026 [2] - The trading volume reached 324 million yuan on February 11, 2026, with a turnover rate of 3.99%, indicating high market attention [2] Recent Events - On February 11, 2026, financing and securities lending data showed a financing purchase of 17.96 million yuan and a financing repayment of 28.19 million yuan, resulting in a net repayment of 10.22 million yuan [3] - The company had a securities lending balance of 19,500 shares and a total financing and securities lending balance of 1.81 billion yuan [3] - The company has gained market attention due to its involvement in commercial aerospace and quantum communication sectors, although the related order amounts are relatively small and have limited impact on performance [3]

营收增长的引擎来自两端：核心产品深度渗透，新品矩阵密集落地。 2月12日，普源精电发布2025年度业绩快报。报告期内，公司交出一份"营收创新高、利润暂承压"的结构性答卷：全年实现营业收入9.00亿元，同比增长 16.04%；但归母净利润8520.50万元，同比下滑7.69%，扣非净利润3759.98万元，同比降幅达35.51%。这一"增收不增利"的表象之下，是普源精电正在经历 的阶段性战略切换——用短期利润换取长期技术卡位。 这意味着，普源精电已从"单一仪器供应商"向"测试测量一体化解决方案商"的转型中迈出实质性一步。 值得关注的另一组数据是：报告期末公司总资产35.79亿元，较期初减少7.10%。在营收增长背景下总资产下降，可能指向库存去化、产能节奏调整或资本开 支周期波动。结合新品密集上市、核心产品放量的经营节奏，这一指标回落未必是收缩信号，更可能是经营效率改善的前置表现。 与营收稳健增长形成反差的是净利润的同比下滑。表面诱因是所得税费用较上年增加1960.86万元，叠加子公司税收优惠政策调整及递延所得税资产确认等 因素。 但真正的核心变量，藏在"研发投入持续加码"这八个字里。 公告明确表述：前沿技术攻关 ...

普源精电晚间公告，2025年度实现营业总收入9亿元，同比增长16.04%；净利润8520.5万元，同比下降 7.69%。报告期内，公司实现营业收入9亿元，同比增长16.04%；实现归属于母公司所有者的净利润 8520.5万元，同比下降7.69%；归属于母公司所有者的扣除非经常性损益的净利润3759.98万元，同比下 降35.51%；基本每股收益0.44元，同比下降10.20%。 ...

Core Viewpoint - Puyuan Precision Electric (688337.SH) reported a revenue of 900 million yuan for the fiscal year 2025, representing a year-on-year growth of 16.04%, while the net profit attributable to the parent company decreased by 7.69% to 85.205 million yuan [1] Group 1: Financial Performance - The company achieved an operating income of 900 million yuan, marking a 16.04% increase compared to the previous year [1] - The net profit attributable to the parent company was 85.205 million yuan, reflecting a decline of 7.69% year-on-year [1] Group 2: Business Development - The company has been promoting high-end products and integrated solutions through its self-developed core technology platform [1] - There has been a significant increase in the penetration rate of core products among key industry clients, particularly in the optical communication sector, where major client order volumes have seen substantial year-on-year growth [1] - The array measurement and control system solutions have formed a synergistic effect with hardware products, leading to important orders and further consolidating market competitiveness, which has become a key driver of revenue growth for the company [1]

2025 年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载普源精电科技股份有限公司（以下简称"公司"）2025年度主要 财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年度 定期报告为准，敬请投资者注意投资风险。 证券代码：688337 证券简称：普源精电 公告编号：2026-003 普源精电科技股份有限公司 一、2025 年度主要财务数据和指标 1 单位：人民币元 项目 本报告期 上年同期 增减变动幅度（％） 营业总收入 900,233,978.56 775,826,184.32 16.04 营业利润 90,010,989.81 93,474,544.24 -3.71 利润总额 89,328,729.31 76,818,176.80 16.29 归属于母公司所 有者的净利润 85,204,960.28 92,303,051.34 -7.69 归属于母公司所 有者的扣除非经 常性损益的净利 润 37,599,763.52 58,302,047.02 -35.51 基本每股收 ...

Core Viewpoint - Puyuan Precision Electric (688337.SH) reported a revenue of 900 million yuan for the fiscal year 2025, representing a year-on-year growth of 16.04%, while the net profit attributable to the parent company decreased by 7.69% to 85.205 million yuan [1] Group 1: Financial Performance - The company achieved an operating income of 900 million yuan, marking a 16.04% increase compared to the previous year [1] - The net profit attributable to the parent company was 85.205 million yuan, reflecting a decline of 7.69% year-on-year [1] Group 2: Business Development - The company has been promoting high-end products and integrated solutions through its self-developed core technology platform [1] - There has been a significant increase in the penetration rate of core products among key industry clients, particularly in the optical communication sector, where major client order volumes saw substantial year-on-year growth [1] - The array measurement and control system solutions have formed a synergistic effect with hardware products, leading to important orders that further strengthen the company's market competitiveness [1]

Core Insights - The company reported a revenue of 900.23 million yuan for the fiscal year 2025, representing a year-on-year growth of 16.04% [1] - The net profit attributable to the parent company was 85.21 million yuan, showing a decline of 7.69% compared to the previous year [1] - The net profit excluding non-recurring gains and losses was 37.60 million yuan, down 35.51% year-on-year [1] - Basic earnings per share decreased by 10.20% to 0.44 yuan [1] Business Performance - The company has been promoting high-end products and integrated solutions through its self-developed core technology platform [1] - There has been a significant increase in the penetration rate of core products among key industry clients, particularly in the optical communication sector, where major client orders have seen substantial growth [1] - The array measurement and control system solutions have formed a synergistic effect with hardware products, leading to important orders that further strengthen market competitiveness and drive revenue growth [1]