格隆汇9月3日丨谱尼测试(300887.SZ)于近期投资者关系活动表示，目前，公司已针对脑机接口业务开 展过相关检测，公司会持续关注相关领域，积极拓展相关业务。 ...

Group 1: Company Performance Overview - In the first half of 2025, the company focused on "maintaining some and reducing others, with moderate expansion," leading to a significant improvement in operating cash flow by 57.35% year-on-year, enhancing capital turnover efficiency [2][3] - Revenue for Q2 2025 increased by 24.38% compared to Q1 2025, while the net profit attributable to shareholders reduced losses by 38.10%, indicating a recovery in operational capabilities [3][17] Group 2: Business Strategy and Focus Areas - The company is actively integrating its core business segments, including food, environment, and medical laboratories, while expanding into emerging sectors like biomedicine and medical devices, which have shown promising revenue growth [2][4] - The long-term goal is to achieve a balanced revenue structure with a 50:50 ratio between chemical and physical testing services, while continuing to deepen traditional sectors like food and environmental testing [4][15] Group 3: Accounts Receivable Management - The company has strengthened accounts receivable management through enhanced credit control and optimized customer structure, implementing tailored collection strategies for major clients to ensure efficient debt recovery [2][3] Group 4: Market Outlook and Growth Opportunities - The company is optimistic about the growth of its biomedicine sector, leveraging its professional capabilities to maintain competitive pricing and increasing order volumes from well-known pharmaceutical companies [4][15] - Plans for overseas expansion are in the pipeline, with a focus on sectors such as electronics, medical devices, food, and automotive, considering acquisitions as a primary mode of entry [6][17] Group 5: Sector-Specific Insights - In the automotive testing sector, the company has achieved an 80% capacity utilization rate, with plans for upgrades to further enhance efficiency and profitability [7][17] - The elevator testing business is expected to maintain sustainability due to regular inspection demands and the growing number of elevators in operation [8][12] Group 6: Future Initiatives and Challenges - The company aims to capitalize on the upcoming business peak in the second half of 2025 by enhancing its overall competitiveness and focusing on high-demand sectors such as biomedicine, medical devices, and special equipment [10][17] - Traditional sectors like food safety and environmental testing will continue to be prioritized, with ongoing commitments to national safety standards and environmental monitoring initiatives [10][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 565 million yuan for the first half of 2025, a year-on-year decrease of 22.4%, with a net profit attributable to shareholders of -180 million yuan. In Q2 2025, revenue was 313 million yuan, down 20.5% year-on-year, and the net profit was -69 million yuan, showing a slight reduction in losses [2][6]. Summary by Sections Company Overview - The company has faced significant revenue declines in 2024 and the first half of 2025, with no clear signs of a turnaround. The revenue drop in Q2 2025 was slightly less severe than in previous quarters, indicating potential stabilization [11]. Business Segments - In H1 2025, the revenue breakdown by business segments showed: - Life Sciences and Health Environmental revenue of 367 million yuan, down 27.05% year-on-year - Automotive and Other Consumer Goods revenue of 106 million yuan, down 17.85% - Safety Assurance revenue of 58 million yuan, up 10.02% [11]. Future Outlook - The company plans to focus on deepening customer demand, particularly in biomedicine, cosmetics, medical devices, new energy vehicles, special equipment, low-altitude economy, and special industry testing sectors. It aims to improve laboratory capacity utilization and control capital expenditures while optimizing sales incentives and improving operational cash flow [11]. Financial Projections - The company is expected to recover from losses in the latter half of 2025, with projected revenues of 1.752 billion yuan, 1.986 billion yuan, and 2.243 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 13.7%, 13.3%, and 12.9%. The net profit attributable to shareholders is projected to be 37 million yuan, 152 million yuan, and 248 million yuan for the same years, indicating a gradual recovery in profitability [11].

Market Overview - The professional services sector experienced a decline of 2.2% on August 27, with Puni Testing leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Notable gainers included: - Zhonggang Tianyuan (002057) with a closing price of 11.45, up 4.38% and a trading volume of 1.32 million shares, totaling 1.53 billion yuan [1] - Gangyan Nake (300797) closed at 15.50, up 1.64% with a trading volume of 191,400 shares, totaling 300 million yuan [1] - Significant decliners included: - Puni Testing (300887) closed at 8.66, down 8.17% with a trading volume of 403,600 shares, totaling 365 million yuan [2] - Guangdong Jianke (301632) closed at 33.58, down 6.49% with a trading volume of 183,100 shares, totaling 630 million yuan [2] Capital Flow Analysis - The professional services sector saw a net outflow of 424 million yuan from institutional investors, while retail investors contributed a net inflow of 369 million yuan [2] - The table of capital flow indicates that: - Lanse Co. (600826) had a net inflow of 43.63 million yuan from institutional investors, but a net outflow of 51.76 million yuan from retail investors [3] - Key stocks like Zhonggang Tianyuan (002057) and Keri International (300662) also showed mixed capital flows with varying net inflows and outflows [3]

Core Viewpoint - The company, Puni Testing, reported a significant improvement in operational performance in the first half of 2025, with a revenue of 565 million yuan and a reduced net loss of 180 million yuan, indicating a recovery trend in its operational capabilities [1][2]. Group 1: Financial Performance - In the second quarter, the company achieved a revenue growth of 24.38% and reduced its net loss by 38.10%, showcasing a sequential improvement in operational performance [1][2]. - The operating cash flow improved significantly by 57.35% year-on-year, indicating enhanced capital turnover efficiency [2]. Group 2: Strategic Optimization and Business Focus - The company has actively pursued strategic optimization since 2023, focusing on core business areas and integrating various laboratory sectors, while reducing the proportion of food and environmental business [2]. - Puni Testing has implemented tailored debt collection strategies for major clients to improve accounts receivable management [2]. Group 3: Business Expansion and Competitive Strength - The company has made significant advancements in the biopharmaceutical testing sector, obtaining dual international certifications, which positions it among the few domestic non-clinical research institutions with such credentials [3]. - In the automotive testing sector, Puni Testing secured laboratory qualification authorizations from major automotive companies, enhancing its market recognition [3]. Group 4: Technical Standards and Social Contributions - The company achieved four authoritative certifications in national-level new pollutant detection, affirming its technical capabilities [4]. - Puni Testing has been recognized for its contributions to the development of green quality agricultural products and has been involved in national marine environmental monitoring tasks for five consecutive years [4]. Group 5: Market and Policy Drivers - The testing industry is benefiting from dual drivers of policy regulations and consumer upgrades, with increasing mandatory testing requirements in pharmaceuticals, medical devices, and food safety [5]. - The growth of emerging industries such as new energy and artificial intelligence is creating new testing demands, providing significant growth opportunities for the testing sector [5]. Group 6: Future Outlook - The company anticipates continued recovery in performance, supported by the ongoing development of a unified national market and marine economic strategies [6]. - Puni Testing aims to leverage its strong technical capabilities and comprehensive qualifications to meet nationwide one-stop testing demands and enhance its leading position in the industry [6].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 565 million yuan, down 22.43% year-on-year, and a net loss of 180 million yuan, a decrease of 4.83% compared to the previous year [1] Financial Performance - Total revenue for the second quarter was 313 million yuan, reflecting a year-on-year decrease of 20.46% [1] - The gross margin decreased to 24.36%, down 15.32% year-on-year, while the net margin fell to -31.73%, a decline of 34.66% [1] - The company’s accounts receivable accounted for 45.07% of total revenue, indicating a large volume of receivables [1] - The total of selling, administrative, and financial expenses was 212 million yuan, representing 37.46% of revenue, a decrease of 4.82% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents decreased by 60.21% due to increased purchases of bank wealth management products [3] - The net cash flow from operating activities improved by 57.35%, attributed to enhanced collection of accounts receivable and reduced costs [5] - The net cash flow from investing activities saw a drastic decline of 258.63%, primarily due to the purchase of bank wealth management products [6] - The net cash flow from financing activities decreased by 2591.76% as the company repaid bank loans [7] Operational Insights - The decline in revenue was attributed to strengthened customer credit management and adjustments in customer structure, alongside increased investment in emerging sectors [4] - Management expenses decreased by 30.52% due to enhanced management practices and reduced personnel costs [4] - The company’s historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 15.25% since its listing, and a particularly poor ROIC of -9.83% in 2024 [7][8]

Core Viewpoint - Punite Testing (300887.SZ) reported a decrease in institutional ownership in its semi-annual report for 2025, with a total of 44.899 million shares held by four institutional investors, representing 8.23% of the total share capital, down by 1.81 percentage points from the previous quarter [1] Institutional Ownership - As of August 25, 2025, four institutional investors disclosed their holdings in Punite Testing, totaling 44.899 million shares, which is 8.23% of the company's total share capital [1] - The institutional investors include Beijing Putai Zhongrui Technology Development Co., Ltd., Beijing Purui Hengxiang Technology Development Co., Ltd., Hong Kong Central Clearing Limited, and Barclays Bank PLC [1] - The overall institutional ownership percentage decreased by 1.81 percentage points compared to the previous quarter [1] Public Fund and Foreign Investment - One public fund, Wanjiayuan Chuangye Board 2-Year Regular Open Mixed A, was disclosed this period, unchanged from the previous quarter [1] - Foreign investment saw a slight increase, with Hong Kong Central Clearing Limited being the only foreign fund to increase its holdings this period [1] - Barclays Bank PLC is a newly disclosed foreign institution this quarter [1]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company does not have any preferred shareholders or related information during the reporting period [3] Group 2 - All directors attended the board meeting that reviewed the report [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters reported during the period [3]

Company Performance - The company, Puni Testing, reported a revenue of approximately 565 million yuan for the first half of 2025, representing a year-on-year decrease of 22.42% [1] - The net loss attributable to shareholders for the same period was approximately 180 million yuan, with a basic earnings per share loss of 0.3292 yuan [1] - In comparison, the revenue for the first half of 2024 was about 728 million yuan, with a net loss of approximately 171 million yuan and a basic earnings per share loss of 0.3138 yuan [1] Industry Context - The company is involved in testing services, which may be influenced by broader market trends and economic conditions affecting revenue generation [1]

Core Viewpoint - The company reported a revenue of 565 million yuan and a net loss of 180 million yuan for the first half of 2025, but showed signs of operational recovery with a 24.38% revenue growth and a 38.10% reduction in net loss in the second quarter compared to the first quarter [1][2]. Group 1: Strategic Adjustments and Operational Improvements - The company has proactively initiated strategic adjustments since 2023, focusing on core businesses and optimizing internal structures across food, environment, and medical laboratory sectors [2]. - The company has improved cash flow by 57.35% year-on-year, indicating enhanced capital turnover efficiency and overall operational capability [2]. - The company is actively managing accounts receivable, implementing tailored collection strategies for major clients based on their specific circumstances [2]. Group 2: Expansion into High-Growth Sectors - The company has accelerated its focus on high-growth sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles, establishing a foundation for sustainable development [3]. - The company achieved significant certifications in the biomedicine testing sector, becoming one of the few institutions in China with both AAALAC and GLP certifications [3]. - The company has expanded its testing capabilities in the new energy vehicle sector, gaining recognition from major automotive manufacturers [3]. Group 3: Contributions to Industry Standards and National Strategies - The company is involved in drafting national and industry standards in food, agriculture, and environmental sectors, supporting the "Healthy China" initiative [3]. - The company has been a key player in the national marine environment monitoring system, successfully completing its monitoring tasks for the 2025 spring voyage [3][4]. - The company is continuously upgrading its laboratories and enhancing testing capabilities, which is expected to further accelerate its profitability recovery [4].