Group 1 - Core viewpoint: Puyuan Precision Electric (688337.SH) reported its Q3 2025 results, indicating significant institutional investor interest with 18 institutions holding a total of 92.0044 million shares, representing 47.40% of the total share capital [1] - The top ten institutional investors collectively hold 45.65% of the shares, with a slight decrease of 0.64 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for 0.31% of the total, while 168 funds were not disclosed in the current period [2] - One new social security fund disclosed its holdings in Puyuan Precision Electric, while one fund was not disclosed compared to the previous quarter [2]

Core Viewpoint - The company reported a revenue increase of 11.68% year-on-year for the first nine months of 2025, but net profit decreased by 32.38%, indicating challenges in profitability despite revenue growth [2][3][4]. Financial Performance - For the first nine months of 2025, the company's revenue was CNY 597.39 million, with a net profit of CNY 40.66 million [2]. - In Q3 2025, revenue reached CNY 242.42 million, a quarter-on-quarter increase of 29.52%, and net profit was CNY 24.45 million, up 96.62% from the previous quarter [2]. - The overall gross margin for the first nine months was 55.00%, down 3.44 percentage points from the previous year, primarily due to increased manufacturing costs and market competition [6]. Product Sales Analysis - Sales of self-developed core technology platform products increased by 21.26%, accounting for 46.49% of total sales, with digital oscilloscopes making up 86.15% of this category [2][3]. - High-end digital oscilloscopes (bandwidth ≥ 2GHz) saw a sales revenue increase of 104.02%, contributing significantly to overall revenue [3]. - The MHO/DHO series high-resolution digital oscilloscopes experienced a 25.75% increase in sales revenue [4]. Solutions and Services - Revenue from solutions, including accessories and service products, grew by 22.71% to CNY 110.86 million, positively impacting overall performance [5]. Cost and Expense Management - R&D expense ratio was 28.43%, up 0.63 percentage points, while sales expense ratio increased to 15.14%, reflecting higher costs in these areas [7]. Shareholder Information - The company held its 31st board meeting on October 27, 2025, where several key resolutions were passed, including the approval of the Q3 report and the use of idle funds for cash management [15][32][51]. Fund Management - The company plans to use up to CNY 200 million of temporarily idle funds for cash management, investing in low-risk, liquid financial products for a period not exceeding 12 months [32][51]. - Additionally, the company approved the use of up to CNY 40 million of idle funds from asset purchase financing for similar cash management purposes [51][56].

Summary of Puyuan Precision Electric Conference Call Company Overview - **Company**: Puyuan Precision Electric - **Industry**: Electronic Measurement Instruments Key Points Financial Performance - Revenue for the first three quarters of 2025 decreased by 32.38% year-on-year, but Q3 net profit increased by 121.86% quarter-on-quarter, indicating a significant recovery in profitability [2][3] - Q3 2025 revenue reached 240 million yuan, a quarter-on-quarter increase of 29.52% [3] - Overall gross margin was 55%, down 3.44% year-on-year, primarily due to changes in manufacturing costs at the Malaysia production base, shipping costs, tariffs, and market competition [3][11] Core Technology and Product Sales - Sales revenue from the self-developed core technology platform increased by 21.26% year-on-year, accounting for 46.49% of total revenue [2][4] - The proportion of self-developed digital oscilloscopes rose to 86.15%, with high-resolution digital oscilloscopes seeing a 25.75% year-on-year revenue increase [5] - High-end digital oscilloscopes accounted for 29.84% of total sales, with the DS80,000 series revenue growing by 104% year-on-year [6] New Product Launches and Market Strategy - Five new products were launched from July to October 2025, including digital oscilloscopes and microwave RF instruments, which are expected to positively impact future performance [7] - The ISA 6,000 real-time spectrum analyzer, utilizing self-developed core technology, has strong market competitiveness and has secured significant orders, positively impacting gross margin and revenue [9] IPO and Fundraising Plans - The company has submitted a prospectus to the Hong Kong Stock Exchange, planning to issue no less than 10% of the total share capital post-issue, with funds aimed at overseas R&D, acquisitions, supply chain development, and global marketing [2][8] Market Demand and Growth Potential - Demand is primarily concentrated in the communication, semiconductor, and renewable energy sectors, with strong growth expected in high-end products and solutions [22] - The company anticipates significant growth in the microwave RF product line, contributing substantially to Q4 revenue [14] Future Outlook and Strategic Planning - The company aims to enhance its international presence and product offerings, focusing on high-end and differentiated solutions to improve overall gross margin [28] - The strategic plan includes leveraging global innovation resources and talent to achieve long-term development goals [28] Competitive Landscape - The competitive landscape in the Chinese electronic measurement instrument market is intensifying, but the company maintains a unique technological path to avoid homogenization and low-end competition [21][27] - The company is confident in achieving its stock incentive trigger value for the year, with expectations for improved gross margins in Q4 [23] R&D and Profitability - Significant investments in R&D have been made, with three new R&D centers established, impacting profits but expected to stabilize as revenue increases [13] - The company projects that gross margins will remain stable throughout the year, with potential for significant improvement driven by high-end products in 2026 [12] Conclusion - Puyuan Precision Electric is positioned for recovery and growth, with a strong focus on high-end products, international expansion, and leveraging its self-developed technology to maintain competitive advantages in the electronic measurement instrument industry.

Core Insights - The company reported a revenue of 597 million yuan for the first three quarters of 2025, representing a year-on-year growth of 11.68% [1] - The net profit attributable to shareholders was 40.66 million yuan, showing a year-on-year decline of 32.38% [1] - The non-recurring net profit was 2.26 million yuan, which reflects a significant year-on-year decrease of 89.85% [1] - The basic earnings per share stood at 0.21 yuan [1]

Group 1 - The core point of the article is that Puyuan Precision Electric (SH 688337) held its 30th meeting of the second board on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - For the year 2024, the revenue composition of Puyuan Precision Electric is 98.46% from the general electronic testing and measurement instruments industry and 1.54% from other businesses [1] - As of the report date, the market capitalization of Puyuan Precision Electric is 7.9 billion yuan [1] Group 2 - The article also mentions a separate news piece regarding a private shipping tycoon taking over Shanshan Group, indicating potential complexities in the restructuring process [1]

国泰海通证券股份有限公司 关于普源精电科技股份有限公司部分募集资金投资项目延 期的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为普源精电科技股 份有限公司（以下简称"公司"、"普源精电"或"发行人"）首次公开发行股票 并在科创板上市的保荐机构和持续督导机构，根据《上海证券交易所科创板上市 公司自律监管规则适用指引第1号——规范运作》《上海证券交易所科创板股票上 市规则》等有关法律法规和规范性文件的要求，对普源精电部分募集资金投资项 目延期等事项进行了认真、审慎的核查，发表如下意见： 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 9 月 4 日出具的《关于同意普源精 电科技股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]2039 号）， 本公司获准以简易程序向特定对象发行人民币普通股 5,300,676 股，每股发行价 54.71 元，募集资金总额为人民币 289,999,983.96 元，扣除总发行费用人民币 3,206,445.58 元（不含增值税），募集资金净额为人民币 286,793,538.38 元。目前 募集资金已全部到位，到位情况已经江苏苏港会计 ...

国泰海通证券股份有限公司 关于普源精电科技股份有限公司及全资子公司 使用发行股份购买资产并募集配套资金的部分闲置募集资金进行现 金管理及以协定存款方式存放募集资金的核查意见 国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为普源精电科 技股份有限公司（以下简称"公司"、"普源精电"或"发行人"）发行股份购买 资产并募集配套资金项目的独立财务顾问，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上海证券交易所科创板上市公司自律监管规则适用指引 第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关法律法规 和规范性文件的要求，对普源精电科技股份有限公司及全资子公司北京普源耐数 电子有限公司（以下简称"耐数电子"）拟使用部分暂时闲置募集资金进行现金 管理及以协定存款方式存放募集资金等事项进行了认真、审慎的核查，发表如下 意见： 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 7 月 15 日出具的《关于同意普源精 电科技股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可 〔2024〕1049 号），公司向特定对象发行人民币普通股（A 股）股票 2,166, ...

国泰海通证券股份有限公司 关于普源精电科技股份有限公司及全资子公司 使用以简易程序向特定对象发行股票募集资金的部分闲置募集资金 进行现金管理及以协定存款方式存放募集资金的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为普源精电科技股 份有限公司（以下简称"公司"、"普源精电"或"发行人"）以简易程序向特定 对象发行股票的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所科创板上市公司自律监管规则适用指引第 1 号——规范 运作》《上海证券交易所科创板股票上市规则》等有关法律法规和规范性文件的 要求，对普源精电及全资子公司西安普源精电科技有限公司（以下简称"西安普 源"）、上海普源精电企业发展有限公司（以下简称"上海普源"）和 Rigol Technologies(malaysia) SDN.BHD（以下简称"马来西亚普源"）拟使用部分暂时 闲置募集资金进行现金管理及协定存款方式存放募集资金等事项进行了认真、审 慎的核查，发表如下意见： 一、募集资金基本情况 二、募集资金使用情况 根据公司披露的《普源精电科技股份有限公司以简易程序向特定对象发行股 票募集说明书（注册稿 ...

证券代码：688337 证券简称：普源精电 公告编号：2025-065 普源精电科技股份有限公司 关于公司及全资子公司使用以简易程序 向特定对象发行股票募集资金的部分暂时闲置募集资金进 行现金管理及以协定存款方式存放募集资金的公告 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"）于 2025 年 10 月 27 日召开 了公司第二届董事会第三十一次会议、第二届监事会第二十九次会议，审议通过 了《关于公司及全资子公司使用以简易程序向特定对象发行股票募集资金的部分 暂时闲置募集资金进行现金管理及以协定存款方式存放募集资金的议案》，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，同意公司及公司 全资子公司西安普源精电科技有限公司（以下简称"西安普源"）、上海普源精电 企业发展有限公司（以下简称"上海普源"）和 Rigol Technologies(malaysia) SDN.BHD（以下简称"马来西亚普源"）使用额度最高不超过人民币 20,000.00 万元元（含本数）的 ...

证券代码：688337 证券简称：普源精电 公告编号：2025-066 普源精电科技股份有限公司 关于公司及全资子公司使用发行股份购买资产 并募集配套资金的部分暂时闲置募集资金进行现金管理及 以协定存款方式存放募集资金的公告 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"）于 2025 年 10 月 27 日召开 了公司第二届董事会第三十一次会议、第二届监事会第二十九次会议，审议通过 了《关于公司及全资子公司使用发行股份购买资产并募集配套资金的部分暂时闲 置募集资金进行现金管理及以协定存款方式存放募集资金的议案》，同意公司及 公司全资子公司北京耐数电子有限公司（以下简称"耐数电子"）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 4,000.00 万元（含本数）的暂时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（包括但不限于结构性存款、可转让大额存 单等），使用期限自公司董事会审议通过之日起不超过 12 个月 ...