重要内容提示： 基本情况 | 投资金额 | __120,000_万元 | | --- | --- | | 投资种类 | 安全性高、流动性好、风险较低的理财产品（包括但 | | | 不限于收益凭证、固定收益类的理财产品等） | | 资金来源 | 自有资金 | 证券代码：688337 证券简称：普源精电 公告编号：2026-008 普源精电科技股份有限公司 关于使用暂时闲置自有资金进行委托理财的公告 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。 已履行及拟履行的审议程序：普源精电科技股份有限公司（以下简称 "公司"）于 2026 年 3 月 16 日召开第三届董事会第二次会议，审议通过了《关 于公司使用暂时闲置自有资金进行委托理财的议案》。该事项无需提交股东会 审议。 特别风险提示： 公司委托理财将选择安全性高、流动性好、风险较低的理财产品，但金 融市场受宏观经济影响较大，公司将根据经济形势与金融市场变化情况，运 用相关风险控制措施适时、适量介入，但不排除受到市场波动的影响，而导 致投资收益未达预期的风险。 一、投资情况概述 ...

证券代码：688337 证券简称：普源精电 公告编号：2026-009 普源精电科技股份有限公司 第三届董事会第二次会议决议公告 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。 出席会议的董事对各项议案进行了认真审议并做出了如下决议： 1.审议通过了《关于使用超募资金及部分闲置募集资金进行现金管理的议 案》 同意公司在保证不影响募集资金投资项目实施、确保募集资金安全的前提下， 使用额度最高不超过人民币 50,000 万元（含本数）的超募资金及部分闲置募集 资金进行现金管理，用于购买投资安全性高、流动性好的保本型投资产品，使用 期限自公司董事会审议通过之日起不超过 12 个月。在上述额度和期限内，资金 可循环滚动使用，到期后将归还至公司募集资金专项账户。董事会授权公司董事 长或董事长授权人员在上述投资额度及投资期限内行使此次现金管理的投资决 策权并签署相关文件，包括但不限于：选择合格的专业金融机构、明确现金管理 金额、期间、选择产品/业务品种、签署合同及协议等。具体事项由公司财务部 门负责组织实施。 保荐机构对该事项发表了无 ...

Investment Rating - The report maintains a positive investment outlook on the optical module equipment industry, highlighting significant growth potential driven by AI developments and technological upgrades in packaging and testing equipment [2]. Core Insights - The demand for optical modules is experiencing explosive growth due to the expansion of AI computing power, with a shift from 400G to 800G and accelerating towards 1.6T, indicating a high demand cycle for equipment [2][23]. - The core value segments in the optical module packaging process are die bonding, coupling, and testing, which together account for over 60% of the value, with increasing precision and automation requirements [2][58]. - Domestic substitution, automation upgrades, and the introduction of advanced packaging present structural opportunities for equipment manufacturers, particularly in high-precision areas still dominated by foreign suppliers [2][32]. Summary by Sections Section 1: AI Development and Optical Module Demand - AI advancements are driving a surge in optical module demand, with a transition towards higher specifications like CPO and OIO expected to shape future trends [4][23]. - The optical module market is projected to see significant growth, with 800G and 1.6T modules expected to reach over 52 million units shipped by 2026 [24][26]. Section 2: Core Packaging and Testing Equipment - The main processes in optical module packaging include die bonding, coupling, and testing, which are critical for ensuring high performance and reliability [53][55]. - The report emphasizes the importance of high-precision die bonding and coupling processes, which are essential for achieving optimal optical performance [70][74]. Section 3: Key Companies and Investment Recommendations - The report recommends focusing on companies such as Robotech (coupling equipment), Keri Technology (die bonding), and others that are well-positioned to benefit from the industry's growth [2][32]. - It highlights the potential of companies like Lumentum and Coherent, which are expanding their production capacities to meet rising demand [33][32].

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

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〔 ...

Core Viewpoint - Six companies have received approval from the China Securities Regulatory Commission (CSRC) for their Hong Kong IPOs, indicating a positive trend in the market for new listings in the healthcare and technology sectors [1]. Group 1: Company Summaries - **Kefu Medical Technology Co., Ltd.**: Listed on the Shenzhen Stock Exchange in October 2021, Kefu is a leading provider of home medical devices in China, ranking second in domestic revenue for 2024. The company aims to list on the Hong Kong Stock Exchange and reported a revenue of 2.398 billion yuan for the first nine months of 2025, with a net profit of 222 million yuan [3][4]. - **Shenghong Technology (Huizhou) Co., Ltd.**: Listed in June 2015, Shenghong is a global leader in AI and high-performance computing PCBs, ranking first in revenue for AI and high-performance computing PCBs in Q1 2025. The company reported a revenue of 14.117 billion yuan for the first nine months of 2025, with a net profit of 3.248 billion yuan [5][6]. - **Shenzhen Maiketian Biomedical Technology Co., Ltd.**: Established in 2011, Maiketian is a global medical solutions provider with a valuation of 8.2 billion yuan after its E-round financing in 2023. The company reported a revenue of 787 million yuan for the first half of 2025, with a profit of 40.97 million yuan and a gross margin of 52.9% [7][8]. - **Beijing Shenyuan Intelligent Technology Co., Ltd.**: Founded in April 2009, Shenyuan is a leading AI decision-making technology company in China, ranking first in the marketing and sales decision AI application market. The company reported a revenue of 277 million yuan for the first half of 2025, with a net profit of 3.639 million yuan [10][12]. - **Puyuan Precision Electronics Co., Ltd.**: Listed on the Shanghai Stock Exchange in April 2022, Puyuan is the largest supplier of electronic measurement instruments in China, ranking eighth globally in 2024. The company reported a revenue of 597 million yuan for the first nine months of 2025, with a net profit of 2.255 million yuan [14][15]. - **Shenzhen Ledong Robot Co., Ltd.**: Established in November 2017, Ledong is a leading intelligent robotics company focusing on perception-based products. The company reported a revenue of 386 million yuan for the first half of 2025, with a net loss of 13.78 million yuan [16][17].

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].