一、公司拟发行不超过 24,802,200 股境外上市普通股并在香港联合交易所上 市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 证券代码：688337 证券简称：普源精电 公告编号：2026-005 普源精电科技股份有限公司 关于发行境外上市股份（H 股）获中国证监会备案的公告 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、准确性和完整性依法承担法律责任。 普源精电科技股份有限公司（以下简称"公司"）正在进行申请发行境外上 市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联合交易所"） 主板挂牌上市（以下简称"本次境外发行上市"）的相关工作。公司于近日收到 中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于普源精电科 技股份有限公司境外发行上市备案通知书》（国合函〔 ...

文/梧桐兄弟 3月6日，中国证监会公开信息显示，可孚医疗科技股份有限公司、胜宏科技（惠州）股份有限公司、 深圳麦科田生物医疗技术股份有限公司、北京深演智能科技股份有限公司、普源精电科技股份有限公 司、深圳乐动机器人股份有限公司6家企业港股IPO获中国证监会备案。 | 序号 | 企业名称 | 保荐人/主承销商 | 境内律师 | 备案时间 | | --- | --- | --- | --- | --- | | 1 | 可学医疗科技股份有限 | 华泰金融控股(香港) | 湖南启元律师事务 | 2026/3/6 | | | 公司 | 法国巴黎证券(亚洲) | 所 | | | 2 | 胜宏科技(惠州)股份 | 中信建投(国际)融资 J.P.Morgan Securities (Far | 北京市君合律师事 | 2026/3/6 | | | 有限公司 | East) Limited | | | | | | 广发融资(香港)有限公司 | | | | 3 | 深圳麦科田生物医疗技 | 华泰金融控股(香港) | 北京市嘉源律师事 | 2026/3/6 | | | 术股份有限公司 √ | 摩根士丹利亚洲有限公司 | 务所 | | ...

Investment Rating - The report maintains a "Positive" investment rating for the quantum computing industry [5]. Core Insights - Quantum computing has made significant breakthroughs, particularly in error correction, bringing it closer to fault-tolerant quantum computing and accelerating commercialization [3]. - Government policies supporting quantum computing as a new productive force are expected to create a larger market space and unlock performance potential [3]. - Investors are advised to focus on upstream core equipment and components, midstream integrated platforms, and downstream application security sectors [3]. Summary by Sections 1. Classic Computing Performance Bottlenecks - The performance of classical computing is showing signs of stagnation, with quantum computing emerging as a new paradigm for accelerated computation [9][14]. - Quantum computing leverages quantum superposition and entanglement to process information in parallel, significantly reducing computational complexity for specific problems [8][14]. 2. Mainstream Quantum Computing Technology Paths - Multiple quantum computing technologies are being developed, including superconducting, ion trap, neutral atom, and photonic quantum computing, each with its own advantages and challenges [8][41]. - The progress in quantum computing has accelerated, with significant advancements in quantum superiority and error correction capabilities [8][41]. 3. National Policies Focused on Quantum Technology - Major countries are formulating quantum technology strategies and investing heavily, with the U.S. and China leading in government support and funding [8][9]. - Policies are accelerating industry development through planning, financial investment, and export controls [9]. 4. Accelerating Development of the Quantum Computing Industry - The quantum computing industry is in its early commercialization stage, primarily focusing on research-grade systems and key components, with revenue largely driven by government and research institution demand [8][9]. - Key players in the industry include IBM, Google, and domestic companies like GuoShun Quantum and Benyuan Quantum, which are making significant progress in core technology development [8][9]. 5. Overview of Domestic Quantum Computing Companies - Notable companies include GuoShun Quantum, a national leader in quantum technology, and Turing Quantum, a leader in photonic quantum computing [8][9].

Investment Rating - The report does not explicitly state an investment rating for the quantum technology industry Core Insights - Quantum technology is moving towards practical applications, reshaping the future with a clear industrial chain consisting of upstream core hardware, midstream system integration, and downstream industry applications. The global quantum industry market size is expected to reach up to $97 billion by 2035, with quantum computing potentially creating value between $28 billion and $72 billion, quantum communication between $11 billion and $15 billion, and quantum sensing between $7 billion and $10 billion, totaling up to $97 billion. The overall market could reach $198 billion by 2040 [4][26] - The quantum technology industry is a strategic-level industry, with a quiet competition unfolding between nations. The U.S. leads in total authorized patents, while China holds 42% of global publications in quantum technology in the physical sciences, ranking first. Despite significant research achievements, China still lags behind the U.S. in commercialization. Public investment in quantum technology is expected to increase, reflecting China's determination to catch up [4][37] - The future value of the quantum technology industry chain is immense, with quantum computing expected to enter a large-scale and highly commercialized phase in the next decade. Key areas include quantum computing, quantum communication, and quantum precision measurement, with applications spanning defense, finance, telecommunications, and more [4][15] Summary by Sections 1. Quantum Technology: From "Physical Principles" to "Practical Applications" - Quantum technology utilizes quantum mechanics properties for information processing, sensing, and material manipulation. The core principles include quantum entanglement and superposition, which enable secure communication and parallel computation [10][11] 2. National Competition: China's Transition from "Single Champion" to "Comprehensive Development" - China leads in quantum technology publications and is expected to enhance its research results' commercialization. The country has a significant advantage in quantum communication, while it aims to strengthen its position in quantum computing and other areas [37][42] 3. Market Outlook and Breakthrough Focus - The quantum computing market is projected to grow significantly, with a potential performance breakthrough expected around 2027-2028. The market size is anticipated to rise from approximately $5 billion in 2024 to nearly $220 billion by 2030, driven by industry demand and technological advancements [68][69] 4. Investment and Financing Landscape - China leads in government investment in quantum technology, with $11.18 billion, significantly surpassing the U.S. at $7 billion. However, social financing efficiency in China remains low compared to the U.S., highlighting a need for improved investment strategies [57][52]

证券代码：688337 证券简称：普源精电 公告编号：2026-004 普源精电科技股份有限公司 2025 年 4 月 29 日，公司召开第二届董事会第二十六次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，公司全体董事出席会议，以 7 票赞成、0 票反对、0 票弃权的表决结果通过了该项议案。公司拟以自有资金通过 集中竞价交易方式回购部分公司 A 股股份，并在未来适宜时机用于股权激励计划， 回购资金总额不低于人民币 3,000.00 万元且不超过人民币 5,000.00 万元，回购 股份价格不超过人民币 56.79 元/股，回购期限自董事会审议通过本次回购方案之 日起 12 个月内。具体内容详见公司于 2025 年 4 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的《普源精电科技股份有限公司关于以集中竞价交易方 式回购股份的回购报告书》（公告编号：2025-019）。 因实施 2024 年年度权益分派，公司本次回购股份价格上限由不超过 56.79 元 /股调整为不超过 56.39 元/股。具体内容详见公司于 2025 年 7 月 21 日在上海证 券交易所网站（w ...

Core Viewpoint - Puyuan Precision Electric is experiencing a significant increase in revenue but a decline in net profit, indicating a clear trend of revenue growth without corresponding profit growth [1][9]. Financial Performance - In 2025, the company expects to achieve a revenue of 900 million yuan, a year-on-year increase of 16.04%, while the net profit attributable to shareholders is projected to be 85.21 million yuan, a decrease of 7.69% [1][9]. - The company's net profit margin has declined from 14.7% in 2022 to 11.9% in 2024, despite an increase in gross margin from 52.4% to 59.1% during the same period [4][14]. R&D Investment - Puyuan Precision Electric has significantly increased its R&D investment, with expenses rising from 131 million yuan in 2022 to 207 million yuan in 2024, leading to a R&D expense ratio that reached 28.43% in the first three quarters of 2025, well above the industry average of 15% [3][13]. - The company has expanded its R&D personnel from 184 in 2022 to 310 by the end of 2024, a growth of nearly 70% [13]. Revenue Structure - Despite the high R&D spending, the conversion of R&D investment into revenue has been slow, with self-developed technology products accounting for only 46.70% of total revenue as of mid-2025 [4][14]. - The DHO series high-resolution digital oscilloscopes have shown strong sales growth of 193.79% and 54.55% in 2023 and 2024, respectively, but the growth rate has slowed to 25.75% in the first three quarters of 2025, raising concerns about market saturation [5][14]. Capital and Financing - The company has raised a total of 2.438 billion yuan through various funding rounds, including an IPO and subsequent private placements, with all funds directed towards enhancing production capacity and R&D [2][12]. - As of the end of the third quarter of 2025, Puyuan Precision Electric had cash and cash equivalents of 337 million yuan and trading financial assets of 1.628 billion yuan, totaling 1.965 billion yuan, which accounts for over 50% of total assets [15]. Dividend and Cash Flow Concerns - The company has distributed a total of 255 million yuan in cash dividends from 2023 to mid-2025, with a significant portion benefiting the founding team, raising questions about the sustainability of its cash flow structure [16][17]. - The cash flow from operating activities was negative at -283,000 yuan in the first three quarters of 2025, indicating reliance on financial investments to cover operational cash outflows [17].

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]

Core Viewpoint - The company reported a preliminary financial performance for the year 2025, highlighting a revenue increase but a decline in net profit, indicating mixed operational results and the impact of increased R&D investments on profitability [1][2]. Financial Performance Summary - The company achieved an operating revenue of 900.23 million yuan, representing a year-on-year growth of 16.04% [2]. - The net profit attributable to the parent company was 85.21 million yuan, a decrease of 7.69% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was 37.60 million yuan, down 35.51% year-on-year [2]. - Basic earnings per share were 0.44 yuan, reflecting a decline of 10.20% [2]. - Total assets at the end of the reporting period were 3.58 billion yuan, a decrease of 7.10% from the beginning of the period [2]. - Shareholders' equity attributable to the parent company was 3.16 billion yuan, down 0.25% [2]. - The net asset value per share was 16.30 yuan, a decrease of 0.12% [2]. Operational Factors Influencing Performance - The company's core products and integrated solutions saw increased market penetration, particularly in the optical communication sector, leading to significant revenue growth from key clients [3]. - A series of innovative new products were launched in 2025, including the DNA5000/6000 vector network analyzers and the MHO900 high-resolution digital oscilloscope, which successfully opened new revenue streams [4]. - Increased R&D investments, including higher costs for personnel, materials, and equipment, have impacted net profit in the short term but are expected to support long-term growth [5][6]. Changes in Key Financial Metrics - The decline in net profit after deducting non-recurring gains and losses was primarily due to increased income tax expenses, which rose by 19.61 million yuan compared to the previous year, despite an overall increase in profit [6].

Group 1 - Jia Mei Packaging announced that the capital operation plan related to Magic Atom will be completely independent of the listed company, with no injection plan [2] - Shuangliang Energy indirectly participates in commercial aerospace projects but does not have direct cooperation with SpaceX [2] - Zhangyue Technology expects that the revenue from its AI short drama business in 2025 will not exceed 1% of its total annual revenue [2] Group 2 - Xianglu Tungsten stated that significant economic fluctuations in the countries of its main customers could greatly impact the demand for tungsten products and the recovery of accounts receivable [3] - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robot products [4] - Hanbo High-tech's subsidiary plans to acquire assets to layout the wet electronic chemicals industry [4] Group 3 - International Composite Materials confirmed that electronic-grade glass fiber is a key raw material for PCBs and that its operations are normal [5] - Jingrui Electric Materials plans to invest 600 million yuan to build a comprehensive base for key materials in the integrated circuit manufacturing industry in the western region [6] - Wenzhou Hongfeng intends to raise no more than 450 million yuan for the expansion of lithium battery copper foil and electronic copper foil projects [7] Group 4 - Zhi Chuang Data plans to procure servers from multiple suppliers, with a total expected amount not exceeding 11 billion yuan [8] - Zhangyuan Tungsten reported that its current operating conditions and external environment are normal, with no undisclosed significant matters [17] - Yida Co. plans to adjust the technical reform project for the production of 220,000 tons of epoxy propylene derivatives [19] Group 5 - Huazhong Bank reported a net profit of 27.2 billion yuan for 2025, a decrease of 1.72% year-on-year [27][28] - Jin Dike reported a net loss of 173 million yuan for 2025, despite a revenue increase of 40.13% [29] - Luan An Huan Neng reported a 16.8% year-on-year increase in coal sales in January 2026 [30]

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]